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%

	Project	Cost Phase I	Cost Phase II	Cost phase III	Total
1	Defining your data and data structure	1.2	2.3	0	3.5
2	Understand how data is used	1.5	0.8	0.2	2.5
3	Identify data interdependencies	0.8	2	0.2	3
4	Link data to data holds and retention schedule	0.7	1.3	0.5	2.5
5	Design approaches to de-identify and dispose of data	2.7	5	0.3	8
6	Develop data disposition initiatives and implement them	0.5	1.5	1	3
7	Establish a road map to implement initiatives	0.825	1	0.675	2.5
		8.225	13.9	2.875	25

Question: Assuming that the total cost provided were the normal cost. The optimistic cost were 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.