PROBLEMS WITH COST ESTIMATION ( you can use hours x rate to get ballpark numbers) list contigencies

1. Low Initial Estimates

2. Unexpected Technical Difficulties

3. Lack of Definition

4. Specification Changes

5. External Factors

Using the Project Charter Document, discuss how problems could creep into the project (remember the Project Charter can be updated during a project but it is completed in the first draft before the project starts). Make sure you have an example of each on of the 5 problems listed here.