Total Cost of Ownership & Cost Estimation Tools1.) Explain what total cost of ownership means to you. Illustrate in practical terms how decisions made in the planning and execution of a project can impact the cost of maintaining the product.Software or computerized tools such as Microsoft Project, Excel, and other simulation or statistical tools are often used to assist with cost estimating. These computerized tools simplify and automate the use of different cost estimate techniques and also facilitate faster calculation.2.) List and differentiate common estimating techniques. Analyze each one to determine how to select and use one that is most appropriate for your project. Discuss the available computerized tools that will help you in the application of the different estimating techniques.