Question 1: What are some of the pitfalls in cost estimating? What steps can a project manager take to address potential cost overruns? What steps can a project manager take to make controlling costs easier? Can these steps also be leveraged to control other areas of a project, such as a project's scope or schedule? Explain your answer.
Question 2: What is the relationship between risk management and quality management of a project? Why is it important to have both risk and quality management in place? What happens to a project's success if you focus too much on one and not enough on the other? Explain your answer.