The estimated cost for the data disposition project is $25 million. The total investment cost for each phase:

Phase 1 - 32.9%

Phase 2 55.6%

Phase 3 11.5%

No	Project	Cost in Millions $	Total
1	Defining your data and data structure	phase 1=1.2	phase 2= 2.3	phase 3 =0	total =3.5
2	Understand how data is used	1.5	.8	.2	2.5
3	Identify data interdependencies	.8	2	.2	3
4	Link data to data holds and retention schedule	.7	1.3	.5	2.5
5	Design approaches to de-identify and dispose of data	2.7	5	.3	8
6	Develop data disposition initiatives and implement them	.5	1.5	1	3
7	Establish a road map to implement initiatives	.825	1	.675	2.5
total phase 1= 8.225	total phase2= 13.9	total phase3= 2.875	Totals all = 25

Q1- Assuming that the total cost provided was the normal cost. The optimistic cost was under-estimated by 30%, and the pessimistic cost exceeded the normal cost by 20%. Prepare a budget using an appropriate estimation technique and justify your choice. Explain to the directors how your team will handle inaccurate estimation issues.

Please provide explanations too for the answer