part 1:Project Cost EstimatesThere are four main types of project cost estimates: analogous, top-down, bottom-up, and parametric. Tom DeMarco, a well-known author on software development, suggests tha

part 1:Project Cost EstimatesThere are four main types of project cost estimates: analogous, top-down, bottom-up, and parametric. Tom DeMarco, a well-known author on software development, suggests that there are four typical problems with IT cost estimates: Estimates are done too quickly, people lack estimating experience, human beings are biased towards underestimation, and management desires accuracy (Schwalbe, 2016).Read Chapter 7 in your textbook, as well as the article “Plant Design: How Much?” by Peter Kauders (2014). Then, select one of the main project estimate types, describe it, and discuss which of the cost estimate problems are most likely to occur when it is used. Then, use the information from your readings to describe at least one possible approach for minimizing the problems you’ve discussed.At least 200 words and be supported by at least one additional professional or academic source.Part 2:Emergency Call Box Project – Part 4: Cost EstimateIn your previous assignment, you were assigned as the project manager of a project to install several emergency call boxes on a 100 acre college campus and created a WBS for the project. Referring to that WBS and the example in Figure 7.2 on page 279 of your textbook, create a cost estimate for your project.Your assignment should: Describe all costs including: Labor costs for project team Material costs Labor costs for external suppliers Total cost of the project Review the table attached to complete the rest of the assignment