Answer :
Final answer:
Cost, time, and budget estimates are critical for any project as they provide a comparison basis between the actual and the planned. They help identify discrepancies and make necessary adjustments. The art of estimating involves understanding cost variables and their implications. It is True
Explanation:
Yes, it is true that cost, time, and budget estimates are indeed the lifeline for control in any project. They serve as a standard for comparison of what is actual and what has been planned throughout the life of the project. A well-planned estimate helps in making an accurate comparison and ascertaining whether a project is progressing according to the schedule and within the budget.
The art of estimation involves having a definite understanding of variables and their relationships. It even breaks down total costs into fixed cost, marginal cost, average total cost, and average variable cost as each offers unique insights for the firm. Government organizations like the U.S. Department of Transportation also applies these estimates to determine the reasonable measures for safety regulations in automotive industry, for instance, limiting the cost per life saved to $3 million or less.
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