Cost Estimation: Top 3 Aspects of Cost Estimation (With Diagram)
The following points highlight the top three aspects of cost estimation. The aspects are: 1. Short-Run Cost Estimation 2. Long run Cost Estimation 3. Cost Forecasting. Aspect # 1. Short-Run Cost Estimation: The techniques of short-run cost estimation are the following: a) Simple Extrapolation: The term 'extrapolation' refers to the assignment of value to a sequence of results, beyond the [...]