1. Describe an environment in which it would be common to bid for contracts with low profit margins. What does this environment suggest about the competition levels?

2. How has the global economy affected the importance of cost estimation and cost control for many project organizations?

3. Imagine you were developing a software package for your company's intranet. Give exs of the various types of costs (labor, materials, equipment and facilities, subcontractors, etc.) and how they would apply to your project

4. Give reasons both in favor of and against the use of personal time charge as a cost estimate for a project activity.

5. Think of an ex of parametric estimating in your personal experience, such as the use of a cost multiplier based on a similar, past cost. Did parametric estimating work or not? Discuss the reasons why.

6. Consider the common problems with project cost estimation and recall a project with which you have been involved. Which of these common problems did you encounter most often? Why

7. Would you prefer the use of bottom-up or top-down budgeting for project cost control? What are the advantages and disadvantages with each approach?