Final answer:
Bottom-up estimating is a method used in project management to estimate the total cost or duration of a project by breaking it down into smaller components. The major methods of bottom-up estimating include parametric estimating, analogous estimating, and expert judgment.
Step-by-step explanation:
Bottom-up estimating is a method used in project management to estimate the total cost or duration of a project by breaking it down into smaller, more manageable components. There are several major methods of bottom-up estimating:
- Parametric Estimating: This method uses statistical data and mathematical models to estimate project costs or durations. It is based on historical data and is most accurate when the project can be broken down into repetitive tasks.
- Analogous Estimating: Also known as top-down estimating, this method involves using the actual costs or durations of similar past projects as a basis for estimating the current project.
- Expert Judgment: This method relies on the expertise and experience of individuals or teams familiar with the project or industry. They use their knowledge to estimate costs or durations based on their understanding of the project requirements.