Explain why many IT professionals may overlook project expenditure management and the effect this may have on project completion. Explain the budgeting method for the project. What are sunk costs? Provide examples of both typical IT sunk costs and individual sunk costs. Why is it so difficult to disregard them?

How does requirement prioritization contribute to project success, and what methods can be used for prioritizing requirements?

Prepare and print a one-page cost model for the project, similar to the one provided in Figure 7-2. Use the following WBS, and be sure to document assumptions you make in preparing the cost model. Assume a labor rate of $100/hour for the project manager and $60/hour for other project team members. Assume that none of the work is outsourced, labor costs for users are not included, and there are no additional hardware costs. The total estimate should be $200,000. 1. Project management 2. Requirements definition

What do you think about adding slack to individual task estimates? If you were asked to add a project buffer for the entire project, what would be your response to your manager? Explain your reasoning. What would be one ethical issue when imposing slack and/or project buffering/slack?