Question

Under what conditions would the bottom-up approach to estimating project times and costs be the best choice? Provide two examples of a bottom-up approach and identify when and how each is used in estimating project cost

Answer 1

The bottom-up approach to estimating project times and costs is best used when there is a high level of uncertainty or complexity in a project. Two examples of a bottom-up approach are task-based estimation and analogous estimation.

Step-by-step explanation:

The bottom-up approach to estimating project times and costs is best used when there is a high level of uncertainty or complexity in a project. It is also useful when there are multiple smaller components or tasks that make up the overall project. Two examples of a bottom-up approach are:

1. Task-based estimation: In this approach, each task or activity is estimated individually, taking into account the resources required and the time needed to complete it. These individual estimates are then aggregated to determine the total project time and cost.
2. Analogous estimation: This approach involves comparing the current project to similar past projects in terms of size, complexity, and resources required. By using historical data, estimates can be made based on past project performance. This approach is particularly useful when there is limited information or data available for the current project.

Both of these bottom-up approaches allow for a more detailed and accurate estimation of project times and costs, taking into account the specific tasks involved and the unique characteristics of the project.