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Question

What is the "budget" method of cost estimation?

a.

Using a fixed budget for the project

b.

Using the estimates of the competitor's bid

c.

Scheduling the project to meet a specific deadline, regardless of the actual time needed

d.

Settling for a shorter time frame than what is actually needed

Posted under Software Engineering

Answer: (c).Scheduling the project to meet a specific deadline, regardless of the actual time needed Explanation:The "budget" method of cost estimation refers to scheduling the project to meet a specific deadline, regardless of the actual time needed, such as "We want to show our product at the trade show next year, so the software needs to be written and tested within the next nine months, though we realize that this is rather tight."

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Q. What is the "budget" method of cost estimation?

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