Assume you are a project manager at a software engineering consulting firm. One of your key responsibilities is planning and estimating software engineering projects. A client organization has sent you a set of high-level features that it needs for a new software product. You must prepare a proposal that contains your approach, cost, and schedule. The client requires that you submit a fixed-price (schedule and cost) bid. Describe how you would prepare such a bid and how you would deal with the risks presented by the fixed-price requirement.

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The project would be developed and implemented using the formal project methodology approach. The cost and schedule estimates would be provided during the planning phase. The first task would be to communicate with the consumer and identify their requirements. Since they need high-level features, it would be important to list these features in an objective manner so that the project goals are clearly set. The same should be approved from the client as this would form the basis of all project decisions. The next step would be to develop a work breakdown structure that would list all the activities which should be performed to achieve the goal. The work breakdown structure would identify the smallest unit of work packages that should be performed so that the goals are met...
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