Your organisation is bidding for a construction project, which consists of building a commercial complex in the heart of the city. Your organisation has worked on a similar project that was one-third the size of this one but completed it with a cost overrun of 20%. As a project manager, you have already prepared the scope statement and the WBS and are now preparing cost estimates for the construction project. Which cost estimation technique would you use for the construction project? Discuss the advantages and disadvantages of your chosen technique in the context of the construction project.
500 WORDS