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I believe that I should use the Bottom-up approach whenever possible because this approach can produce more realistic cost estimates than top-down.

For me parametric is good choice for budget estimation b/c most of project activities are measurable in term of unit even management cost could be estimated relative to this approach.

In my opinion, the most effective way to generate cost estimates is through a comprehensive and systematic approach that combines accurate data, thorough analysis, and expert judgment.

I think combining the three is the effective way to make the budget because it results in enhanced accuracy. By combining different methods, you can improve the accuracy of your budgeting process. Top-down methods provide an overall perspective and strategic alignment, while bottom-up methods allow for detailed input from individual departments or stakeholders. Parametric methods utilize historical data and statistical models to estimate costs. The combination of these approaches helps capture a broader range of perspectives and factors, leading to more accurate budget projections.

These all three approach could be used by our organization depending on type of activity being solved,for me parametric is preferable to me as it can be carried out by single person because the unit of measurement is already set up so it has guidance and accuracy.

I believe that you should use parametric approach whenever its possible because it defines project scope and estimates.

I believe that you should use the Bottom-up approach whenever possible because it creates cost estimate this approach can produce more realistic cost estimates than Top-down.

Parametric is the best, it takes away the element of dishonesty and gives room for a transparent and easy to understand budget.

I believe one should use the bottom-up estimates because the people involved in spending the money will likely know the cost of the materials they would be using.

Interesting

Am still finding it difficult to understand Gantt Chart

I think an overlap application of all the three approaches would be efficient. Depending on the kind of project being implemented, whether for social impact or profit-based, an input of all three is required. The parametric approach would be best-fit having set quantifiable parameters to work with. The Bottom-up approach will ensure exclusive involvement of the ground project implementers, and their input can be cross-checked using the Top-down approach where experts or project managers who have implemented similar projects before can provide input.

for me parametric, because its realistic than askimg the individuals and also finding out from other experts who may not have the same ideas as you.

I believe that the three approaches should be used interdependently whenever possible. Top down aside being fast, allows for the opinions of research and experts, bottom up being realistic as it involves the person/people to spend, and parametric approach to filter cost inflation if any.

I believe a holistic approach that would combine all the three approaches discussed above is the best.This is because the estimates are likely to be more accurate which will help to mobilize sufficient finances for the project.

I believe that the bottom-up approach is best. To me, the folks doing the work and the spending have the most realistic idea of spending.

There are three approaches to budget: top-down, bottom-up and parametric. One approach serves better in one situation but may not equally at other. In result, each approach has benefits and limitations. Therefore, it is better to use all approaches according to the demand of time and situation.

For me I think the parametric method would be best option in calculating cost. Bottom to up though would have given a more realistic picture of prices has a high probability of being inflated by the people doing the costing. Parametric method can be utilized, then maybe compared with the bottom up budget.

My opinion is that using the 3 approaches in combine may better for the quality estimating costs, as per my understanding.

In my previous role, I was also tasked with budget management and I adopted the parametric approach. However, I also liaised with the finance and procurement team to develop the budget in newer projects.

for me bottom up approach is the best as the people on the ground know the exact costs

I believe you should use the bottom up approach with the involvement of the senior Management giving guidelines because the project team understand the details of the expenses in reality than most of the top Management

Estematin G duration

In my opinion, I think the parametric approach is the most effective way to generate cost estimates, and you should use it whenever possible because knowing the cost per unit makes it reliably easy to calculate activity costs. This is only difficult to use when the cost per unit of activity is not known.

A better way to estimate cost than this will be a combination of a parametric model with a bottom-up or top-Down approach

I agree with you. But this is only the best, provided you know the cost per unit of every activity. So, the first thing is to research the cost per unit of every activity.

For me, it is better to combine the 3 approaches (top down, Bottom up, parametric). This is because one approach may be suitable for some activity, while it may not be suitable for other activities

From my point of view, using a bottom-up approach is better than other options. Using this participatory approach will help boost budget accuracy and accountability. In addition to this, employees active involvement in the budgeting process increases their sense of ownership and motivates them to work hard to realize project goals.

I believe that you should use the Parametic Approach to estimate your Activity Cost because it's easier to calculate using cost per unit multiplied by number of material/product you've generated in your project plan in Work breakdown Structure(WBS)

i believe the approach to estimate the costs will totally depend on the type of the project. If the project entails something where the cost per unit is calculable then the parametric approach will be best but if the cost can't be calculated then a mix up of top to down or bottom to up approach will be useful

Generating cost estimates in project management is a crucial aspect of planning and executing successful projects. Here are some key points to consider:

Scope Definition: Start by clearly defining the project scope. Understand what needs to be done, the project's objectives, and any constraints or assumptions. This forms the foundation for estimating costs accurately.

Work Breakdown Structure (WBS): Create a detailed WBS that breaks down the project into smaller, manageable tasks or work packages. This hierarchical structure helps identify all the components that require resources and cost estimation.

Resource Identification: Identify the resources needed for each task or work package. This includes labor, materials, equipment, and any other necessary inputs. Consider both internal and external resources.

Cost Categories: Categorize costs into direct and indirect categories. Direct costs are directly attributed to specific tasks, while indirect costs (overheads) are incurred for the project as a whole. Don't forget to account for contingencies and reserves for unforeseen events.

Estimation Techniques: Use various estimation techniques, such as expert judgment, historical data analysis, parametric modeling, and three-point estimates (most likely, optimistic, pessimistic), to determine cost values for each resource and task.

Cost Data Sources: Gather cost data from reliable sources, industry benchmarks, supplier quotes, and historical project records. This helps in making accurate cost estimates.

Software Tools: Utilize project management software or dedicated cost estimation tools to streamline the process and perform calculations efficiently. These tools often provide templates and formulas for cost estimation.

Risk Assessment: Assess the potential risks that could impact project costs. Develop a risk management plan to mitigate these risks and include risk-related costs in your estimates.

Documentation: Maintain detailed documentation of your cost estimates, assumptions, and methodologies used. This documentation is essential for project audits and tracking changes.

Review and Validation: Have cost estimates reviewed by relevant stakeholders, including subject matter experts and financial experts, to ensure accuracy and completeness.

Monitoring and Control: Continuously monitor project costs throughout its lifecycle. Compare actual costs to estimated costs and implement corrective actions if there are significant discrepancies.

Communication: Keep stakeholders informed about cost estimates, changes, and financial performance. Transparent communication is essential for managing expectations.

Updates: Regularly update cost estimates as the project progresses and new information becomes available. Adjustments may be necessary due to changes in scope, resource availability, or market conditions.

Summarily, generating cost estimates in project management involves a systematic approach that combines accurate data, effective estimation techniques, and ongoing monitoring. It is a dynamic process that plays a pivotal role in project planning, execution, and overall project success.

I will go with the parametric approach any day,any time. This very approach is not only the most realistic approach but also one that deals decisively with issue of accountability,biases,manipulation, padding,delay and unnecessary bottlenecks.
In this approach,what you see,is what you get. Cost is estimated base on reality with the prices of commodities/goods,services in the market. With this approach money is assigned to specific things with their actual prices and not based on speculations.

This budget approach would would provides project managers with a more accuracy and certainty than the other approaches.

The choice between top-down, bottom-up, and parametric project cost estimation methods depends on project complexity and available data. Top-down estimates are quick but less accurate, while bottom-up offers detailed accuracy but is time-consuming. Parametric estimates use mathematical models for accuracy, but require relevant data and tools. The best approach depends on the project's specifics.

bottom to top approach and parametric approach this is because the bottom to top approach give room for people for a more realistic budget while the parametric helps to give unit cost for transparency in areas where applicable.

I'd rather Bottom up, although time consuming, because the project manger or employee IN charge knows the specific activities and will know how to source for costing. and improvise should need be. This is a great idea especially when the person IN charge has integrity.

The parametric approach trumps the bottom-up or the top-down approach when making cost estimates. parametric estimates is more of a calculation using available parameters and costs that can be be verified based on prevailing price and quantity. The other two can be subjective as employee interest could be factored into the estimates.

In my opinion, combining the three approaches remains the best option. As far as I am concerned, cost estimation is not that complicated since we have been implementing projects in a very specific area for more than 20 years. The only factor that can change certain costs is regulation and inflation.

The most best approach to use in estimating budget will be using the bottom up and parametric approach. Especially I am using a previous project guiding me.The bottom up,the implementers,experienced will help in budgeting. The parametric will assist when I know a unit cost a given amount x $ then y units will cost xy $

PARAMETRIC ESTIMATING IS THE BEST AS IT PUTS IN TO ACCOUNT ALL THE UNIT COST FOR THE PROJECT

Parametric seems to be the best option because calculations are quite accurate.

Je crois bien que l'approche paramétrique est meilleure

yeah, i believed the three approach is suitable for project implementation and it is dependent on the nature of the project

During budgeting, i strongly suggest you use the parametric method if possible because by so doing you will have a more realistic and accurate estimate for your project

yeah, i believed the three approach is suitable for project implementation and it is dependent on the nature of the project

I believe the most effective approach is to combine all of them. For instance, using the top-down approach initially to establish a rough budget and then refining the estimate with a bottom-up or parametric approach as more project details become available can strike a balance between speed and accuracy.

the most efficient way to generate estimated costs is to combine the three approaches, bottom-up, top-down and parametric

As someone who works on consultancy projects in an EU environment, I believe that the most effective approach to generating cost estimates in project management involves a combination of both top-down and bottom-up methodologies. Starting with a top-down approach allows for the quick estimation of major cost elements based on historical data or expert judgment. This initial high-level estimation provides an early indication of the project's financial scope and feasibility. However, to ensure accuracy and granularity, it is crucial to complement this with a detailed bottom-up planning phase. By breaking down the project into smaller components, analysing each in detail, and estimating their costs individually, we can identify potential cost drivers, risks, and opportunities for optimization. This hybrid approach not only provides a realistic baseline for budgeting but also offers the flexibility to adapt as the project progresses and more precise information becomes available. Ultimately, combining top-down and bottom-up techniques maximises the accuracy and reliability of cost estimates while allowing for agility in project management.

I believe that you should use the bottom-up approach whenever possible because it offers the highest precision and accuracy in cost estimation. This approach breaks down a project into its smallest components, allowing for a detailed assessment of costs at the task level. This precision is essential for accurately budgeting complex projects, identifying risks early, ensuring transparency, tracking progress effectively, and customizing the estimate to project-specific requirements. While it can be time-consuming, the bottom-up approach provides the most reliable cost estimates.

In my opinion, I believe that combining the three approaches is good because the limitations of the approaches can be compensated by each other. At the same time, one approach can be used to verify or confirm the other.

Generating cost estimates depends on the nature of markets, products, equipment, and so on. In my opinion, for a company like ours, the parametric cost estimate approach is better since most of the device's price is known.

I think personally that the most effective is the Bottom-up strategy because I think that they often have the most experience. They know how much things actually cost and are aware of hidden cost that you might not be aware of form the top-down. I also think that the parametric can be effective when you using products/ services that way but that they bottom-up still could provide more insight in hidden costs and expensives not taken into account just just cost-per-unit metrics.

I believe that you should use the bottom up cost because it is more realistic and it is better to be late than short of funds

I prefer bottom up apprach in designing budget for the project as it give clear and real costs of activities.

i think that bottom up is the best approach as it is realistic than top down

Parametric approach is the best method for me, b/ce parametric tests is that they are more powerful and precise than other.

I believe that you should use a bottom up approach with a blend of Top down to make the process faster and to increase the accuracy since you will eliminate any kind of fraud that might have occurred if you only used the Bottom up approach

When indicators are met and sustainability is maintained, top-down project management costs rise.
From the bottom up, meeting project deadlines and standards is crucial, as are parametric calculations.

Mostly, in Cambodia, they use top down.

The best way to come up with project budget is to use both of the three methods. This way you get a wider view of the project budgeting!

I believe that you should use the bottom-up approach whenever possible because it offers a highly detailed and accurate cost breakdown.
The bottom-up approach involves breaking the project down into individual work packages or components and estimating the cost for each of them. This level of detail provides a comprehensive understanding of where the project budget is allocated, making it easier to control costs and identify areas that may require adjustments.
While the bottom-up approach may be more time-consuming than top-down or parametric methods, its accuracy and ability to support cost control make it the most effective for complex and critical projects.

I believe top-down is the best way to generate costs because it gives chance to the whole team to come together and set up costs in a professional manner ,I also like the aspect of research because this means the actual costs of items will be looked into hence helping the costs listed to be within budget,top- down also gives each member of the team responsibility to be on the look out of costs and sticking to the budget inorder to manage the resources available.

Parametric is the simplest and easier way to do budgets. In most instances it provides realistic and sometimes almost near accurate costs per unit.

Top bottom and paremetric for possible items

I believe that you should use the Bottom-up of approach whenever possible because this approach can produce more realistic cost estimates

To combine the three approaches top down, bottom up and parametric

Its best to use all approaches, the top-down can be used for things that the managers know the prices of and they are sure, the bottom-up is very good when the managers do not really go into the fields and most operations are run by the other people, parametric is good for things like stationary where you can get a quotation

For me, the most effective way to generate costs would be applying the three approaches because of the different circumstances involved in the different activities. For instance; if i am to estimate the cost of salaries, i may require top-down approach based on the research for the different positions, for activities that require quotations, parametric is effective because unit costs are defined. And for field based activities where we have facilitation costs, these are easily determined by the bottom-up approach due to community dynamics.

i think we must try to use each approaches, the best option will appeared according to data based on reality that got from the information, it is important to for identify if there is something different from every information that we got.

i should always try 3 that approaches, the top-down, bottom-up and parametric. because i want to identifying if there is some thing different between every information that i got.

I believe that you should use the parametric approach whenever possible because it is measurable and easy to make changes whenever there is an update on the costs that you learn by using the other methods. Of course the combination of three approaches is the best one can do. For this you can also compare the difference between estimations by different methods and figure out the answer.

I go with the parametric because it avails you the opportunity to sort for prices of the items you need by yourself when you barging the cost yourself.

I believe that you should use the bottom - top approach whenever possible because

In my understanding, the parametric is more reliable, as it becomes a maths equation, and it can be simply obtained. However I do understand that not all activities costs can be calculated through this approach, so I would look into the Top down and probably make a comparative exercise with Bottom Down and understand how significantly different the results are. Perhaps make an average out of them and include % of deviation, to be on the safe side.

I believe we c use a combination of top-down approach with parametric because the former is easier and reliable and parametric can complement it fully because it focuses of per unit /per cost

I believe making use of the 3 approaches makes input of everyone count. Different amounts from the 3 approaches and then be averaged to se e the effective figure to work with.

I agree to the Parametric approach being the best because it can be easily used by anyone to estimate the budget costs.

I believe that you should use the Parametric approach whenever possible because it is pure science and mathematical formulas. I mean one pus one will always be two, therefore with this approach one can never go around unless they do not know how to count, and such cannot be as a Project Manager should have basic excel and numerical skills .

Indeed I agree especially because i work in the public health sector, and one of the key activities is calling people who have missed their appointment to come and collect medication. this activity cannot e costed by the parametric approach, and top bottom approach will work however to a limited extent, as senior managers do not know how long does each conversation takes, how many times must you repeat the call etc

Indeed but it can be time consuming , so i think different activities for different approaches but they cannot be bundled as a fit-it-all approach

I do believe that it will of great importance whereby we can consider the Top - Down type of an approach in estimating the costs incurred in the structured project design. The reason being that, it would e very important to involve other managers and experts who have a broader experience as well as great expertise with the relevant study to draw up the project estimation costs. It may happen that one may leave out some of the important issues or activities that would need to be involved in budget and therefore affect the maturity and objective of the project in terms of the budget. Even though it could have some negative challenges somehow, but i do believe that it would be a suitable approach to adopt in the preparation for the estimation costs, as compared to the other approaches in estimating the project costs.

In may opinion parametric estimation is good for projects, because you calculate the things you need before implemention.

Combination of both Top- Down approach and Parametric, because they are easy and understandable, and simple approach,

risk and Assumpttions
Supply of Sanitary Pads might not be successful due to transport delays and it poses risks
Schools Girls might not be familier with the sanitory pads or worse might not know the pads.
Sanitary Pads might be given to wrong persons.
Money might not be enough to buy hence shortage to supply on time

Estimating costs is an essential element of project management and financial planning for individuals, businesses, and organizations. It involves predicting the expenses associated with a particular project, product, or service.

For me, a top-down approach may be appropriate. As the project progresses and more information becomes available, a shift towards bottom-up or parametric approaches may be beneficial for greater accuracy.

I believe that you should use the Parametric approach whenever possible because it is pure science and mathematical formulas. I mean one plus one will always be two, therefore with this approach one can never go around unless they do not know how to count, and such cannot be as a Project Manager should have basic excel and numerical skills .

The parametric cost estimate seem to be the most objective. However, if time is limited, the top down approach should be used. If the project gives significance to answering the needs of grassroot level cooperation, bottom down should be used. Ideally, in all settings, a combination of parametric and bottom down should be standardized.

I WOULD ADVICE TO USE PARAMETRIC APPROACH BECAUSE IS NOT COSTLY AND IT IS EASY, NOT COMPLEX AND REFECTS ACTUAL COSTS

For me, bottom-up is more realistic because it takes into consideration every activities to be undertaken in the course of project implementation. More importantly, it often involves people who will be spending the money to come up with costing of the activities which is more realistic.

I believe the bottom- up approach is the best way to estimate the project cost. Though, the employees may be dishonest in the figures they present, one can decrease the figures presented by a standard percentage (subject to research on the market value) to attain the correct value.

Generating accurate cost estimates involves a blend of structured analysis, historical data, expert judgment, and thorough understanding of the project. Here are steps that can help create effective cost estimates:

Define Scope Clearly: A precise understanding of what the project entails is crucial. Detailed project scope documentation helps in identifying all necessary resources and tasks.

Work Breakdown Structure (WBS): Break down the project into smaller, manageable components. This hierarchical structure helps in identifying all necessary activities and resources required for each part of the project.

Historical Data and Benchmarking: Reviewing similar past projects can provide invaluable insights. Utilize historical data to estimate costs, timeframes, and resources needed for comparable tasks.

Resource Estimation: Gather information on the resources required—materials, labor, equipment, etc. Leverage expert judgment or consult with professionals to estimate resource costs accurately.

Risk Analysis: Account for uncertainties and risks. Create contingency plans and factor potential risks into cost estimates to avoid surprises.

Use of Estimation Techniques: Employ various estimation techniques such as analogous estimation, parametric estimation, or three-point estimation to get a range of probable costs.

Software Tools: Use specialized software tools for cost estimation that factor in variables, dependencies, and complexities to provide more accurate estimates.

Regular Review and Update: Cost estimates should be revisited and updated regularly, especially when significant changes occur in the project scope or market conditions.

Documentation and Assumptions: Clearly document all assumptions and constraints made during the estimation process. This transparency helps in understanding the basis of the estimates.

Stakeholder Involvement: Engage stakeholders throughout the estimation process. Their insights and knowledge can contribute to a more comprehensive estimation.

Contingency Planning: Allocate contingency reserves to accommodate unexpected expenses or scope changes. A standard practice is to set aside a percentage of the total project cost for contingencies.

Review and Validation: Have a peer review or independent validation process in place to ensure the accuracy and reliability of the estimates.

By integrating these approaches, project managers can generate cost estimates that are comprehensive, realistic, and account for various factors influencing project execution. However, it's important to note that cost estimation is inherently uncertain, and while these methods can improve accuracy, unexpected changes can always arise during project execution.

I believe there is no one single approach to consider the best but been able to combine both three approaches works well for me. I know it would be time consuming but this can be covered by my scope and time framing.
I want the best results so I wouldn't rush to give wrong estimates.

A major challenge faced by our company is that a significant number of projects exceed their designated budgets. This often stems from cost estimations for project activities failing to account for the current market prices of required resources.

I believe there is no one single approach to consider the best but been able to combine both three approaches works well for me. I know it would be time consuming but this can be covered by my scope and time framing.
I want the best results so I wouldn't rush to give wrong estimates.

The parametric method present the easyiest manner to estimate costs and can be reliable if the nature of tasks are countable, in other side when you have to estimate intangible tasks it become more difficult

I believe that in my work I should use the parametric approach, since we do have a cost per unit for most products and services, which allows me to reliably calculate the budget needed for the ordering of the products that will be needed for the services.

The most effective way for me is a combination of research and parametric-based budgeting. Normally, we already have a fair idea of budget line items like personnel, travel, communication. For travel cost for example, we find out the published rates for accommodation per day and multiply that with the number of travelers.

In my opinion, the most effective way to generate cost estimates is by using a combination of top-down and bottom-up approaches. Top-down involves using historical data, expert judgement, and industry benchmarks to provide an overall estimate. Bottom-up involves breaking down the project into smaller tasks and estimating the cost for each individual task. By combining these approaches, we can account for both the big picture and the specific details, resulting in a more accurate cost estimate. In addition, regularly reviewing and updating the estimate throughout the project can help to ensure that any changes or unforeseen costs are accounted for.

I believe that you should use the combination of all three approaches whenever possible because in reality some of the cost may vary or remain undermined.

The combination of top-down and bottom down approaches is better where there is no option to count the materials to calculate parametric method.

A budget estimate is a forecast of the capital needed for the project activities or a program. A budget is the maximum amount of money an organization or an individual is willing to spend on a project. It is a more detailed and specific financial plan for the project.

Both approach are best and applicable depends to where/when and kind of project tended. Though the best aproach which can be technically and incredible is parametric approach. This is because of the use of cost per unit which is reliable calculated realistic cost. You may multiply the cost per unit times the given number which is transparency approach to all hence no doubt to who is well understood the approach.