As the project manager on a medical research project, you begin estimating the costs for the project. The project sponsor on the project, who has worked on similar projects before, tells you that the project should cost approximately $1 million. However, your team developed an estimate using a parametric model and came up with an estimate closer to $3 million. The estimate you should use is:
a. $1 million
b. $3 million
c. $1.5 million
d. $4 million