Making estimates under deadlines

Successful project managers work well under deadlines, making crucial decisions as best as possible in often short periods of time. Estimating the cost as part of a project proposal is one of these crucial decisions. You need to make accurate cost estimates to ensure the success and profitability of the work. However, you also need to make estimates quickly in order to submit a proposal on time, and to avoid spending too much non-billable time on proposal development. In this Discussion, you will analyse the role of estimates in project planning.

To complete this Discussion:

Post an essay in which you critically analyse how you would adopt to estimating costs in this scenario:

1- As a project manager, you are asked to prepare the budget estimate for an IS/IT application for a client for whom a similar IS/IT application was delivered in a different project three years ago.

2- The budget estimate has a short deadline.

The essay should reply all above questions.

I need it in word format with minimum 400 wordsand maximum 550 words. At least 4 references cited in text, and one referenced figure or image.

it prefere to take one of the reference from:

Lientz, B.P. (2011) Information technology project management. New York: Palgrave Macmillan.