3. Provide 5 factors that could contribute to an inaccurate estimate. What is a primary reason for project failure?
4. Compare and contrast the difference between Comparative Costing, Parametric Costing, and Empirical Costing. Which method is considered a “bottom-up” approach and explain why it is considered bottom-up?
5. Explain the purpose of a Gantt Chart?
6. Explain why it is important to document your assumptions when developing a cost estimate?
7. Explain why data normalization is required when utilizing data from multiple sources. Name one common method to normalize historical cost data.
8. Discuss three cost estimating challenges that you could encounter when developing the cost estimate for the tallest building in the world.
9. Why would you want to update an estimate?
10. What is the first step in developing a cost estimate?
11. Cite, in order, the twelve “Cost Estimating” steps. Which of the twelve steps do you think is the most important and why?
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