Objectives
1 To explain the importance of cost estimation for managerial decision-making.
2 To explain the different methods of cost estimation and their relative
advantages and disadvantages.
3 To describe the different types of empirical study which are used in cost
estimation.
4 To explain the types of problem which are encountered in statistical cost
estimation.
5 To explain how these problems apply in different ways to short-run and
long-run situations.
6 To explain how these problems can be overcome.
7 To describe and interpret the different types of cost function in mathematical
terms.
8 To explain the specification and estimation of the learning curve.
9 To examine and interpret the findings of various empirical studies