Page 7 - Managerial Accounting-MGT 145
P. 7
Module 1: Cost Measurement and Estimation
Search the link below for (2) two videos on
Steven Marks' Accounting Toolbox:
"Math for Accounting: Basic Concepts" and
"Math for Accounting: Managerial Concepts“
https://learn.saylor.org/mod/page/view.php?id=8217
Module 1. REQUIREMENT
Answer the following questions:
1. What is the process of estimating?
2. What is the role of a cost estimator?
3. Why do estimates must be detailed, organized and archived?
4. What are the different classes of cost estimate?
5. What is the difference between stochastic and deterministic
methodology in estimation?
6. What are the six (6) risks that affects estimate accuracy?
7. Cost Estimates are affected by 3 items, what are these items
that affect Cost Estimate?
