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Question

How can cost estimation be done in a situation where the requirements are known and stable?

a.

By using a formalized cost model

b.

By using expert opinions

c.

By using a trial and error approach

d.

Either by a or b

Answer: (d).Either by a or b Explanation:In this situation, one of the formalized cost models or experts in the domain may give a reliable estimate, which can then be used to guard the project's progress and set a target to be achieved.

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Q. How can cost estimation be done in a situation where the requirements are known and stable?

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