ENTREPRENEURSHIP

Detailed explanation-1: -Bottom-up estimating in project management is a method of estimating project duration or cost by aggregating the estimates of the lower-level components of the Work Breakdown Structure (WBS).

Detailed explanation-2: -What is required for using the template method of bottom up estimating? Range estimating will provide an estimation for a “high” and “low” cost and/or time frame to complete a project.

Detailed explanation-3: -Bottom-Up estimates. The bottom-up approach at the work package level can serve as a check on cost elements in the WBS by rolling up the work packages and associated cost accounts to major deliverables. Similarly, resource requirements can be checked.

Detailed explanation-4: -The Top-down approach is practical for the initial stage of strategic decision-making and in situations where the information required to develop accurate duration and costs estimates is not available in the initial phase of the project.

Detailed explanation-5: -The bottom-up estimation process itself requires a lot more resources than other techniques such as analogous estimating (top-down estimation). The project must have been broken down to the work package and activities level for you to apply bottom-up estimating technique.