Question

Because costing decisions are often made before costs are incurred, managers rely on ______

Answer 1

Because costing decisions are often made before costs are incurred, managers rely on Estimated costs.

An estimated cost is an approximate calculation of what it will cost to produce goods or complete a project in the future. Both fixed and variable costs for labor, supplies and capital are included.

By making it easier to understand long-term costs, feasibility, returns, and risk, calculating the estimated cost supports project management and capital planning. It serves as a crucial evaluation tool for software and project-based organizations before offering price quotes to customers in the construction industry.

Cost estimating enables you to accomplish your goals within the budgetary restrictions set by executives and stakeholders. When establishing a project's parameters, precise project cost estimating must come first because it is one of the characteristics of successful progress

   

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