Answer the following True False questions (20 points) Utilize BOLD TEXT to indicate the correct answer] 1. Parametric cost estimates utilize a "bottom-up" approach 2. Engineering cost estimates require detailed designs 3. "Rough order of magnitude" estimates are most often True False True False True False associated with Parametric cost estimating 4. Engineering cost estimates are quick and easy to develop True False 5. Class 1 estimates are the initial/basic estimate, usually involving the largest range of error True False 6, According to Standish, more than 50% of all IT projects experience cost overruns of 51% or more True False 7. Tetlock believes Hedgehogs make better forecasters due to their cognitive style that is biased towards a single idea or approach. When developing a cost estimate, determining the estimates purpose" is one of the most important steps True False 8. True False Updating an estimate is recommended only when it is easily achieved 9. Tue False 10. Analogy estimates are based upon years of highly accurate True False data, therefore is the gold standard whenever possible