An in house estimate used in a price analysis can best be describe as: Using an Index to determine if price increases are fair and reasonable. Comparing quotations received when competitively bidding items and prices from published lists from multiple vendors to determine if prices are fair and reasonable. A price estimate prepared by in house engineers and financial analysts to determine if quoted prices are fair and reasonable. Using historical prices from the same or similar products or services to determine if the current price offered by a supplier is fair and reasonable. Inflation and volume need to be considered when comparing. Comparing prices with publicly available government contracts and public sector bids to determine if the prices quoted by a supplier are fair and reasonable