Question: 1. Describe why it is necessary to develop a baseline budget for a project. 2. List and describe items that should be included when estimating

1. Describe why it is necessary to develop a baseline budget for a project.

2. List and describe items that should be included when estimating activity costs.

3. What does the term contingencies mean? Should contingency costs be

included in a project proposal? Explain your answer.

4. What is the problem with making cost estimates too conservative or too

aggressive?

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