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Method for Reliable Cost Estimation

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2. Of the 2 approaches (below) to cost estimation, which in your view likely produces the most reliable estimates? Explain

The engineering approach to cost estimation is based on the least cost available technology needed to achieve a given level of abatement.

The survey approach to cost estimation relies on estimated abatement expenditures obtained directly from polluting sources.

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STEP 1
The engineering approach to cost estimation is based on the least cost available technology needed to achieve a given level of abatement.

In practice the engineering approach estimates cost by doing a detailed analysis on an industrial engineer's evaluation of the inputs that are required to carry out a particular activity and of the prices of those inputs. From the practical point of view this approach is modified to have a broader user base with greater differences between the user and designer in terms of skill & experience. Moreover the components related to usability are estimated independently by specialized team. They focus on the persons who use ...

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