Question $2$: $(3$ marks$)$ As a project manager at a technology firm, you are responsible for estimating the costs associated with a specific work element. Suppose a certain task requires $25$ hours of labor from a technician with an hourly wage of $$17\mathrm{.}50.$ Additionally, overhead charges are $84$ percent of direct labor charges. Furthermore, $12\%$ of personal time should be factored into the estimate. Calculate the total estimated cost for this work element, including labor, overhead, and personal time. Explain the process and formula you used to derive this estimate and how it contributes to the project's financial management and overall success.