Question

The bottom-up method of estimating where work package time and costs for past projects are used as a starting point for a new project and adjustments are made based on differences in the new project is known as the ___________ method.

Answer 1

Answer: Template method

Explanation: Despite the similarity between the work package time and cost for the past projects, the tool of the new project may need to be developed to a higher degree of complexity. This approach helps the company to formulate a prospecting strategy, measure expenses, and formulate an estimate of income and expenditure for a short period of time. However, it can promptly curtail assessment mistakes.