High School

We appreciate your visit to Cost time and budget estimates are the lifeline for control they serve as the standard for comparison of the actual and the planned throughout the. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!

Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project.

True

False

Answer :

Final answer:

Yes, cost, time, and budget estimates are indeed crucial for controlling a project. They provide a benchmark for comparing the project's actual progress and performance against the planned estimates. This is crucial in project management and other sectors such as government regulations.

Explanation:

The statement that 'Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project' is indeed true. These estimates are essential tools in project management that, when done right, provide a reliable benchmark for tracking the project's progress and performance against the initial plan.

In the business world, especially in project management, to make headway in estimation, different variables such as cost, time, and budget need to be considered about one another. For example, the cost estimates might be further broken down into fixed cost, marginal cost, average total cost, and average variable cost. Each of these components provides its unique insights and helps to create a more accurate and comprehensive estimation of the project's total cost.

Similarly, budget estimates and time estimates play a similar role in helping project managers plan and control project outcomes. For example, an efficient use of these estimates is reflected in decision-making processes in government agencies. Case in point, when the U.S. Department of Transportation makes safety-related decisions, the cost per life saved is an essential piece of information used to justify their choices and ensure they are reasonable and proportionate in extension to their benefits.

Learn more about Project Cost Estimation here:

https://brainly.com/question/33325448

#SPJ11

Thanks for taking the time to read Cost time and budget estimates are the lifeline for control they serve as the standard for comparison of the actual and the planned throughout the. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!

Rewritten by : Barada