Apply costing methods, tools, and techniques to the project. There are many methods available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following: Expert judgment Analogous estimating Parametric estimating Bottom-up estimating Three-point estimating Reserve analysis Cost of quality Project management estimating software Vendor bid analysis You should apply 2 of the above methods to determine a worst-case scenario budget. Please put your calculations in a spreadsheet similar to the following: Deliverables The following are the overall project deliverables: Create the following new section: Costing Methods and Tools Select 2 of the costing methods, and discuss why they will support developing a realistic budget. Provide an example of computations for a few of the activities for the 2 selected methods. Fill in a table similar to the example table so that your 2 different total project budgets are based on the 2 selected methods. Discuss what type of contingency budget you will put in place based on the 2 budgets to mitigate an underestimation.
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