Professional Custom Accounting: Why is a cost management plan important?
Provide responses to the following questions
1. You are providing a review of contractor bids for a component of your upcoming project. What can be done to determine whether or not a vendor’s bid is reasonable?
2. Describe the conditions for which parametric, analogous and bottom up estimation techniques work best, and provide 2 examples in support of each method.
3. Why is a cost management plan important? How does the plan benefit the project manager?