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Homework #5 Cost Estimating 1. Define the following terms a. Forecasting b. Extrapolate c. Interpolate d. Complexity e. Life Cycle Cost f. Expert Judgement E. Learning Curve h. Work Breakdown Structure (WBS) i. Data Normalization 2. Explain the purposes for cost estimating. 3. Provide 5 factors that could contribute to an inaccurate estimate. What is a primary reason for project failure? Compare and contrast the difference between Comparative Costing, Parametric Costing, and Empirical costing, which method is considered a "bottom-up" approach and explain why it is considered bottom-up? 4. 5. Explain the purpose of a Gantt Chart