From the course: Accounting Foundations: Cost Estimating
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Properly contextualizing data
From the course: Accounting Foundations: Cost Estimating
Properly contextualizing data
- What if I said to you, "Here's 500"? What crosses your mind? Am I giving you $500? Did you get 500 points? Or is it some cryptic code you don't get? In every situation, context matters, but even more so when properly estimating costs. Whenever you conduct an estimate, there must be additional technical, programmatic, and other contextual information with the numbers to give value and meaning, we call this contextual completeness. The best way to appreciate contextual completeness is to use examples. Okay, so let's say in March, 2011, I purchased a 2010 Ford F-150 Crew Cab 4x4 pickup truck with 40/60 split leather seats, optional power and tow package, and a heavy duty automatic transmission for $23,000. This explicit example provides the cost for a specific model of truck, the quantity, and contextual information identifying the truck model and accessories. So if you decide to purchase another truck, you have…
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