Asked by
Jessica Miller
on Oct 11, 2024
Verified
A major advantage of the high-low method of cost estimation is that it omits all data from the analysis other than the lowest and highest costs.
High-low Method
A technique used in managerial accounting to estimate fixed and variable costs associated with production or business operations based on the highest and lowest levels of activity.
Cost Estimation
The process of forecasting the cost of completing a project with a defined scope.
- Determine and evaluate the weaknesses and advantages of different techniques utilized in estimating costs.
Verified Answer
NR
Learning Objectives
- Determine and evaluate the weaknesses and advantages of different techniques utilized in estimating costs.
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