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What is statistical calculation?
What is statistical calculation?
Statistical cost estimation is a method of using statistics to the range of values for an estimate and the probability that the actual costs will be between the two values occur in the region to be determined. This is the same technique used in the PERT method, which is discussed in Chapter 5 discusses "What is the PERT method The PERT technique is used to estimate the duration of the project. Here it is applied to the cost estimate. The calculations are exactly the same as they are here in the PERT technique. Most of the time in our cost estimates with an estimated range of values that a 95 percent probability that the actual cost of the estimated position, which in the field are satisfied. This is the range of values, the expected value of the cost plus two standard deviations and minus two standard deviations. 652
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