Assignment 16 - ENCE 320 Chapter 9 Questions p.275-276 1...

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ENCE 320 Chapter 9 Questions p.275-276 1. Describe why it is necessary to develop a baseline budget for a project. It is necessary to develop a baseline budget for a project in order to set parameters to follow for the project. Otherwise spending will get out of hand and there will be no goals to shoot for. 2. List and describe the items that should be included in this section. Some costs included in a proposal include, but are not limited to, materials, labor, subcontractors and consultants, equipment and facilities rental, and travel. 3. What does the term contingency mean? Contingencies refer to costs to cover unexpected situations that may come up during the project. Contingency costs should be included in a proposal to a certain extent. Including every possible problem that could arise is unrealistic and will only lead to a non-competitive estimate. 4. What is the problem with making cost estimates too conservative or too aggressive?
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