Which LCC analysis method is best described as relying on expert opinion rather than formal models?

Which LCC analysis method is best described as relying on expert opinion rather than formal models?

• A. Expert Judgement
• B. Parametric
• C. Parkinsonian technique
• D. Taconomy method

Answer: (A)

When estimating life-cycle costs, some methods lean on formal, repeatable models and data, while others depend on the knowledge and judgment of experienced professionals. The approach that relies on expert opinion rather than formal models is Expert Judgement. It’s used when data is scarce, uncertainties are high, or novel situations lack established models. Experts draw on their experience to estimate cost drivers, maintenance needs, and risk factors, providing valuable context that models might miss. Of course, this makes the estimate more subjective, so it’s often used in conjunction with data-driven methods to balance intuition with evidence.

When estimating life-cycle costs, some methods lean on formal, repeatable models and data, while others depend on the knowledge and judgment of experienced professionals. The approach that relies on expert opinion rather than formal models is Expert Judgement. It’s used when data is scarce, uncertainties are high, or novel situations lack established models. Experts draw on their experience to estimate cost drivers, maintenance needs, and risk factors, providing valuable context that models might miss. Of course, this makes the estimate more subjective, so it’s often used in conjunction with data-driven methods to balance intuition with evidence.