Independent variables are factors that are manipulated or controlled in experiments to observe their impact on a dependent variable. In statistical modeling or research, they are considered the “inputs” that influence changes in the outcome. For instance, in a cost estimation model for a construction project, independent variables might include labor hours, material costs, and project complexity, while the dependent variable would be the overall project cost.
Galorath’s Use of Independent Variables
Independent variables are crucial in Galorath’s process for predicting project costs and timelines. By analyzing variables such as resource availability, project scope, and technology, Galorath develops detailed cost models that deliver accurate projections. This approach supports clients in industries like defense, aerospace, and software development in making informed decisions about budgets, resource allocation, and schedules. Galorath’s application of independent variables helps clients manage risks effectively and achieve better project outcomes through improved forecasting and cost management.
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