Monitoring and controlling project cost 2.1 Differentiate between the three types of cost estimates and provide a good exam of each (do not use examples In the textbook). (6) 2.2 The e-commence application for the Open University of Africa, has 10 activities to be completed before the whole project can be done. Assuming that according to the project team plan, the cost of the e-commence application is set to be R15, 000 per activity and is approximated to complete in 20 days. However, 5 days into the project the team have spent R85000 and have finished 6 activities. You are asked to write a report on how the project is performing and what is left in terms of cost and time. Your Earned Value Management (EVM) report should include calculations on: planned value, actual cost and earned value. Actual cost, cost variance, cost performance index, schedule variance and schedule performance index. Finally, the report should indicate what the calculations values indicate in terms of the project performance. 2.3 Use the information below to create a cost spreadsheet for a short-course your development team offered to a small development team on project estimation. The spreadsheet should contain calculations on your company's projected total costs, total revenues, and total profits. (10) You will charge $600 per person for a two-day class. You estimate that 30 people will attend the class, but you want to change this input. Your fixed costs include $500 total to rent a room for both days, setup fees of $400 for registration, and $300 for designing a postcard for advertising. You will not include your labour costs for this estimate, but you estimate that you will spend at least 150 hours developing materials, managing the project, and giving the actual class. You would like to know what your time is worth given different scenarios. You will order 5,000 postcards, mail 4,000, and distribute the rest to friends and colleagues. Your variable costs include the following: a. $5 per person for registration plus 4 percent of the class fee per person to handle credit card processing, assume that everyone pays by credit card b. $.40 per postcard for printing if you order 5,000 or more c. $.35 per postcard for mailing and postage d. $25 per person for beverages and lunch e. $30 per person for class handouts Be sure to have input cells for any variables that might change, such as the cost of postage and handouts. Calculate your profits based on each of the following numbers of people who might attend: 10, 20, 30, 40, 50, and 60. In addition, calculate what your time would be worth per hour based on the number of students. Try to use the Excel data table feature to show the profits based on the number of students. If you are unfamiliar with data tables, just repeat the calculations for each possibility of 10, 20, 30, 40, 50, and 60 students. Print your results on one page, highlighting the profits for each scenario and what your time is worth.