QUESTION 2 [22 MARKS] QUESTION BASED ON THE CONTENT OF CHAPTER 7 Monitoring and controlling project cost 2.1 The major product of project cost management is cost estimations. Discuss in detail the different type of cost estimates and provide a good exam of each. (11) 2.2 Assuming the small graduation recording system project you are busy with will last for 6 months but so far you have only completed 3 months into the project that is budgeted to cost R120 000 upon completion at the 6th month. Assume that the actual cost of the project is R50 000, the budgeted cost of the work performed in other words known as earn value is R55 000 and the authorized budget for the scheduled work is R60 000. Given the information in the paragraph above please answer the following questions a. Calculate the CV, SV, CPI and SPI b. What is your comment on the performance of the project at this stage? (2) c. Calculate what the estimate at the completion of the project would be. What does that tell you about the project? d. Given all the above calculations, work out an estimate on how long it will take to finish the project. (1)