To estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.

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You are the project manager for three projects. You are about to estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.

Project A

This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.

Recommendation: For Project A, it is recommended to use External Benchmarking as the estimation method. Since there are other companies that have performed similar work, leveraging their cost data and performance metrics will provide more accurate estimates. External benchmarking allows you to compare your project with industry standards and learn from the experiences of others in similar projects. This method can provide valuable insights into cost drivers, potential risks, and realistic cost expectations for Project A.

Project B

The work of this project has not likely been done before by anyone. You are breaking technological barriers in this project. As such, it is imperative you get accurate cost estimates.

Recommendation: For Project B, the most suitable estimation method would be Expert Judgment. Since the project involves breaking technological barriers and unique work, relying on the expertise and knowledge of subject matter experts is crucial for accurate cost estimation. Experts who have experience in similar cutting-edge projects or possess deep domain knowledge can provide valuable insights and estimations based on their expertise. Their judgment can help identify potential cost drivers, assess risks, and provide informed estimates for Project B.

Project C

This project will be a scale-up of a project done last year. All the same processes will be used. The costs for the material and other resources should be scalable based on last year’s costs.

Recommendation: For Project C, the most appropriate estimation method would be Parametric Estimation. Since the project is a scale-up of a previous project with similar processes, parametric estimation allows for the use of historical data and cost models to estimate costs based on known variables. By analyzing the cost data from the previous year`s project and considering the scalability of resources, such as materials, the parametric estimation method enables a more accurate estimation of costs for Project C.

To estimate costs for these three projects. Given