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cost analysis

a systematic determination of the costs associated with the implementation of a program’s services. These include direct personnel, material, and administrative costs, calculated from the perspective of a given purchaser (e.g., government agency, client), budgetary category, and time period. Once determined, these costs are utilized further in cost–benefit analysis or cost-effectiveness analysis.

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Psychology term of the day

May 10th 2024

estimator

estimator

n. a quantity calculated from the values in a sample according to some rule and used to give an approximation of the value in a population. For example, the sample mean or average is an estimator for the population mean; the value of the sample mean is the estimate.