Discuss the following:
1. It provides five specific areas or reasons that cost estimation seems to occur. Describe a project that you have been involved with where at least one of these factors occurred. How would you improve the cost estimation method with the knowledge you have gained?
2. The ability to plan an effective budget is critical to the understanding of planned and actual costs in a project. The only way to understand both schedule performance and the accuracy of the budget is to create a baseline. Use your text reading and the ProQuest article by Marcia Jedd to describe the linkage of a time phased approach to budgeting and the importance of a baseline for the project. How does this baseline enable measurement of project health?