please give simple, clear and short answer

1. Discuss a context where it would be appropriate to bid for contracts with low profit margins. What does this environment suggest about the competition levels?

2. Discuss how global economy relate to cost estimation and cost control for many project organizations?

3. Discuss the importance of cost estimation in project planning? Describe how it relates Work Breakdown Structure and the project schedule?

4. Assume that your are developing a software application for your company. Provide examples of the various types of costs (labor, materials, equipment and facilities, subcontractors, etc.) and how they would apply to your project.

5. What are the pros and cons of personal time charge as a cost estimate for a project activity