Question

Briefly describe the purpose of an Independent Technical Assessment and an Independent Cost Estimate.

Answer 1

Independent Cost Estimate:- Independent Cost Estimate is used to determine the price reasonableness and unreasonableness when conducting local purchase. Independent Cost Estimate will tell you what you would expect to pay for a particular product or service. The main purpose of Independent Cost Review Guide is to provide uniform guidance and best practices of prices reasonableness. It also provide decision-makers with an assessment on the quality of cost estimate.

Independent Technical Assessment:- It requires personnnel other than the subordinates like managers and other staff involved in the project, it always requires a approval of some higher level of authority. Independent Technical Assessment is very important i those cases where some problems comes in between the projects because we can correct that problem during our assessment period before implementing the things. The main purpose of the Independent Technical Assessment is to reduce the project risks.