Which cost estimating approach involves collecting expert opinion and redistributing it through several iterations?

Which cost estimating approach involves collecting expert opinion and redistributing it through several iterations?

• A. A single expert estimate
• B. Historical data is used
• C. Where expert opinion is collected, summarized and redistributed through several iterations
• D. A purely engineering calculation

Answer: (C)

Iterative expert judgment uses structured rounds of input from subject matter experts, with each round’s results collected, summarized, and redistributed back to the group for another pass. This feedback loop continues through several iterations, helping the team converge on a more reliable estimate by combining diverse expertise and reducing individual biases. This approach is especially valuable when hard data is scarce or uncertain, so expert insights can guide the estimation process and be refined until consensus emerges. A single expert estimate lacks that iterative refinement, relying on one person's judgment. Historical data focuses on past results rather than current expert input, and a purely engineering calculation depends on technical modeling rather than iterative consensus from experts.

Iterative expert judgment uses structured rounds of input from subject matter experts, with each round’s results collected, summarized, and redistributed back to the group for another pass. This feedback loop continues through several iterations, helping the team converge on a more reliable estimate by combining diverse expertise and reducing individual biases. This approach is especially valuable when hard data is scarce or uncertain, so expert insights can guide the estimation process and be refined until consensus emerges.

A single expert estimate lacks that iterative refinement, relying on one person's judgment. Historical data focuses on past results rather than current expert input, and a purely engineering calculation depends on technical modeling rather than iterative consensus from experts.