Question: 1. Explain life cycle costs, tangible and intangible costs, direct and indirect costs. What is reserves in cost management? 2. What is a sunk cost?

1. Explain life cycle costs, tangible and intangible costs, direct and indirect costs. What is reserves in cost management?

2. What is a sunk cost? Provide an example. Why is it difficult to ignore them?

3. How is project cost management different when using an agile approach?

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