1. Why are accurate cost estimates so important, yet so difficult, in project planning? What are the implications and consequences of overestimating costs?
2. What is the purpose of a contingency fund (management reserve)? How is the contingency fund used and controlled?
3. How is the overhead rate determined?
4. How do changes in requirements cause cost escalation?
5. What is the relationship between phases of the project life cycle and cost escalation?
6. Explain the difference between a cost estimate and a cost target.
7. Describe the different kinds of contingency amounts and the purposes each serves.
8. Distinguish recurring costs from nonrecurring costs.
9. How are time-based forecasts prepared and how are they used?
10. How were management and supervisory costs handled in the budget?
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