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 reserve mean? Should a reserve amount 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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