Question

Describe how computers have improved "back-of-envelope" techniques in cost analysis?

Answer 1

A back-of-the-envelope a rough computation specifically jotted down on any available scrap of paper like envelope. It is more likely a guess however less than an accurate computation of mathematical proof. It is less detailed but provides precise results. This can be done quickly. With the improvements in computing power, reductions in computing costs, and increase in computing speed have thus come together to transform the back of the envelope' techniques. People can use more sophisticated techniques for cost analysis because such technique allows real time complex calculations. There are several algorithms programmed into computer to carry tough calculations that were not possible before.