What is population in the context of estimating?

In the context of estimating, population refers to the complete set of elements of interest that are relevant to the study or analysis being conducted. This includes all potential items, data points, or entities that you want to draw conclusions about when making estimates.

For example, if you are estimating costs for a particular type of construction project, the population could consist of all similar projects that have been completed within a certain timeframe. By defining the population accurately, estimators can ensure that they have a comprehensive view of the data needed to make informed and accurate estimates.

The other choices do not capture the essence of what a population represents in estimating. While the total number of projects, average costs, or number of stakeholders may be relevant metrics, they do not encompass the broader definition of a population as the complete set of items relevant to an estimate. Understanding population is crucial in the field of cost estimation since it lays the foundation for sampling and gathering data effectively.