Cost analysis method, which uses mathematical method to use fit between past data observations and cost functions is termed as

Solution (By Examveda Team)

Cost analysis method, which uses mathematical method to use fit between past data observations and cost functions is termed as quantitative analysis method. Quantitative methods emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys, or by manipulating pre-existing statistical data using computational techniques.