There are four main types of project cost estimates: analogous, top-down, bottom-up, and parametric. Tom DeMarco, a well-known author on software development, suggests that there are four typical problems with IT cost estimates: Estimates are done too quickly, people lack estimating experience, human beings are biased towards underestimation, and management desires accuracy (Schwalbe, 2016).
Read Chapter 7 in your textbook, as well as the article “Plant Design: How Much?” by Peter Kauders (2014). Then, select one of the main project estimate types, describe it, and discuss which of the cost estimate problems are most likely to occur when it is used. Then, use the information from your readings to describe at least one possible approach for minimizing the problems you’ve discussed.
At least 200 words and be supported by at least one additional professional or academic source.
