Question: a) Good cost planning requires a basic understanding of how organizations account for cost. Explain the characterization of cost components and the two approaches to

a) Good cost planning requires a basic understanding of how organizations account for cost. Explain the characterization of cost components and the two approaches to estimating project costs. b) What is Risk Planning? Describe Risk identification, Risk Probability& effect, and Risk Response strategy. c) Describe briefly how you transform a WBS into a Network Diagram and draw a network diagram for the following set of activities Activity Predecessors Duration in working days A Start None Project 5 B A 15 C A 5 D A 10 E C and D 15 F B and E 5 G F 5

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