Question: 22. Please identify in each scenario below what goes in the blank (the types of estimates are: Guessing, Budgetary Estimate, Rough Order of Magnitude Estimate,

22. Please identify in each scenario below what
22. Please identify in each scenario below what goes in the blank (the types of estimates are: Guessing, Budgetary Estimate, Rough Order of Magnitude Estimate, Definitive Estimate, Profit Margin Estimate) (the types of methods are: Sunk cost estimate, predecessor modeling, bottom- up estimate, parametric modeling, analogous estimate) (the types of funding are: critical path reserves, management reserves, Gantt chart reserves, contingency reserves, none of these) a) You work at City Hall. Your team is planning a building project to rezone and promote a clean-up of the downtown shopping district which is part of the mayor's election campaign plan. One of the projects would start in about 5 years from now. You need an estimate of how much the project for building of a garden park with a fountain and a Walking path will cost. This estimate is so that the mayor can make it part his re-election campaign promises. The estimate needs to have an accuracy of about +/- 50% This type of estimate is a b) For the initial estimate, there was another park built in the financial district of the city that was completed about 2 years ago. That Park was a similar size and has similar amenities as the park that the mayor is proposing in his election promises. By the time that park was completed, the final cost was $780,000. If you use the final costs from this previous project as your estimate, what type of estimating method have you used? c) The Mayor was successfully re-elected. Your project has been accepted by city council and now you are getting the project put in the budget to arrange funding for the project

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