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  • Top-bottom would be preferable as you achieve your aim within a short time while getting the cost-related information you want.

  • cost estimates its better on the parametric but its too extremely expensive on the contrary top-down also best but time consuming.

  • Parametric estimates are more reliable because they take into consideration real cost on the market

  • I think you should use what you feel works for you.
    What makes your work effective the most.

  • For me, I believe that the combination of both top-down and bottom-up will be best to apply hence it will help you to compare and contrast. although the application of both maybe more time consuming. however, it will in my own opinion give one the best look into estimating the costs

    P
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  • I was planning to ask the same question when I get to the discussion too and it is here already, i think like the last clause stated, it is better to use the three, the experts maybe too detailed and forget to capture some risk, individuals in bottom up may want to extort and market prices may change for the parametric

  • Bottom-up method is the most appropriate one for smaller organisations, however, mostly Erasmus+ project managers in the first place consider the parametric method.

  • I completely agree with you. However, you need to consider that this can be only implemented for the stabilise economies. If the economy of x country is not stabile, that would cause the estimate the future prices too. Do you agree or disagree?

  • I will blend two approaches the bottom-up and the parametric approach, The individuals who will actually be spending the money will create cost estimates and instead of putting in their own estimated figures I urge them to use the parametric approach for the estimates. The cost-per-unit, that way prices can cross-checked and verified by someone or everyone to make sure that we don't have cases of dishonesty in expenses.

  • i think we should go through all the three approaches and we will get the clear idea after that than we can go for the final budget

  • I would have love to use the parametric method of estimating cost but because this method is not realistic, I think the top-down method is good, but the best is to combine the three as it has been recommended by the tutor.

  • estimating costs is one of the important aspect of a project the three approaches top-down, bottom-up, parametric
    the one to avoid is the top-down but for smoot project to go on parametric i prefer and a touch of the bottom-up.

  • I would use a combination of the 3 systems, Top down research practices are helpful and quick whereas the bottom-up system is to be used rather carefully. Although it provides a more realistic estimate it can take up too much time and is not always completely transparent. A mix of them all is more likely to give accurate estimates.

    P
    1 Reply
  • I believe that you should use parametric aproach whenever possible because, you have a cost per unit and you can calculate with your own hands.

  • I believe that you should use the Bottom to top estimate cost because it is more effective than the others. with this you can be at a saver end even when you have to make a research on ur own, it will still help you plan appropriately for gain rather than loss.

  • I believe they are all applicable methods but they also have their limitations and strengths depending on where they are used. But in a social project like the ones in out examples I will strongly suggest the bottom-up method because the people working with you may know better about how those things will cost. And it will save stress compare to the parametric.

  • I think the most effective approach is to use the the parametric if the cost per unit is known, but if not known, it is better to use a combination of all three approaches.

    P
    1 Reply
  • For me, combination of three should be the best. Each approach have positive and negative aspects as well. Depends on the project including timeframe allocation, etc. We need to adjust every time we start the projects.

  • I believe the best approach would be the parametric approach. After you've done your good grounds research. You can safely design a good budget estimate because the prices are real. However the cost-per-unit might increase before implementation of the activity and might cause you to overshoot your estimated budget.

  • I believe the best approach would be the parametric approach. After you've done your good grounds research. You can safely design a good budget estimate because the prices are real. However the cost-per-unit might increase before implementation of the activity and might cause you to overshoot your estimated budget.

  • Thanks for sharing

  • A combination of all three methods is perfect.

  • A combination of all three methods is perfect

  • each approach works best depending on the type of the project

  • I'm in the view that using parametric approach is the best, because is the situation where you have the actual money of what you planned and from there I'm sure one will have a smooth work done.Bur,in the other hand combining the all approaches maight be the best way.

  • I believe that combining the three approaches is the best way to estimate cost. This is because all project activities differ from one another. However, most of the projects I have worked for usually set up/estimate cost by the top-down approach. In some cases, the Project Lead may ask the team to validate the figure estimated, however, the final cost is subject to the Project Lead's discretion.

  • If you have quite a experience then you should consider bottom up approach and based on the received data analyse the appropriate inputs and use your experience for being close to the real figure.

  • I would use the Top-down Method

    It is the most advantageous and is quicker than the other two methods, plus it opens up your mind as it involves
    researching and putting of ideas together. To avoid loosing touch with the real costs, I'd contact suppliers directly to
    find out what the real costs are to help me do real estimates for the project.

    M
    1 Reply
  •  COMBINE top down and bottom up and occasionally use the parametric. Because , the parametric is easy to calculate but does not give a realistic  result.
  • I feel the parametric approach should be used where necessary because it doesn't give room for insincerity by employees. Once the cost per unit has been stated and multiplied by the quantity needed.no additional cost can be added.

  • I don't belivee there is a one-size-fits-it-all cost estimate type, the best approach will be to combine each type of cost estimate so that they can complement one another and cover up their individual weakness.

  • Good day.
    Suppliers too can be dishonest, as a matter of fact, there is a higher chnace the supplier (as opposed to your workers) will be dishonest.

  • I personally prefer the parametric approach as it makes your estimate and the actual amount spent clear. With that, there is no room for assumptions.

  • I believe that you should use the parametric because it gives you the exact estimate on each item needed for the project.
    It also provides reliable cost-per-unit estimates that have been properly calculated.
    There's also Little to no room for errors.

  • The Parametric Approach is the best way to analyze the approximate cost of a project , while preparing schedule in Primavera p6 I loaded the cost against each activity and finally at the end of project we reached at projected cost . it was under budget

  • In project management and project implementation, costs is very important.

    As a project manager, one should understand the various costs implication in program activities delivery. For example, A project manager should lined the costs of the project in define d and specific categories. For example; is the cost activity related? or the cost is associated with the operations of the the project. Moreover, is it human resources, or administrative?

    All these costs should be fully planned and organized , as well as categorized in the successful execution of the project.

  • The best approach for me is the bottom- up approach. i would give an example from my organization where estimating transport for motorcycles has always been difficult depending on areas. in this case we asked the people to send us their amounts and afterwards we verified. this approach shares the reality on the ground but must be conducted strategically to control the disadvantage of over-estimation.

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  • I believe that you should use the top-down approach whenever possible because firstly it is quick and easy to use. Also with the help of experts, researches and input from other managers it becomes easy to figure out the resources needed for a particular project especially if its a new project. the different experiences shared by will most likely make it easier for the project manager o come up with a more feasible cost estimate.

  • To me the pragmatic approach would be best one because it gives the better understanding of the product coast and how much you may need to spend and see if it could be within your budgets or not

  • Prametric rather, sorry for auto typo

  • I think a combination of the three methods is fine, starting with the bottom-up method, top-down method to remove excesses from dishonest budgets and the parametric method for expenses it can be applied to

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  • In my opinion I think the bottom up approach is the best. This is because it allows the project manager make consultation with those who will be executing the project thereby producing more accurate budget

  • talking on estimate activity cost budgeting, i think that, i will go for bottom -top , that is if i am given enough time to draft by budget for the project, but how ever, top-bottom is good when the project comes as an emergency. regarding the parametric , it is good but for some one who is more focus on health project , think will prefer top-bottom and bottom-top approach more often for my projects. i can recommend parametric for those involve in building and construction given that most of their prices are standards and this approach is best for such projects.

  • yeah that is very true, it gives the project manager that latitude to work and consult with colleagues. but how ever it is not the best when it comes to emergencies in my opinion, here i think top-bottom is good.

  • it is good no doubt but how does an expert in your opinion tells me what i constantly face in the field while carrying out a particularly activity. they would either over estimate or underestimate the cost of the said activity. on this note i stand with bottom - top.

  • i agree with your view entirely, but with the knowledge that every project planning most be flexible and adjustable.

  • I think using the bottom up approach because it is more likely to produce realistic estimates

  • All the three approaches are good depending on the situation and setting. However combining the three approaches would be most effective in the sense that all factors will be captured for instance using the top down approach, the project manager will have input from other key positions which can be compared with the technical people on the ground by using bottom up approach. To estimate the exact costs the parametric approach can be used by costing the activities per item.

  • parametric is the best to use in any situation for me because of the fact that it's simple and factual based.

  • Use parametric approach

  • In my opinion, the bottom-up approach will give more realistic estimates. The persons from the field for example are more likely to provide more accurate expenses estimates. It is then the project manager's responsibility to check the information provided.

  • For me, i prefer a hybrid of the three approaches; top-down, bottom-up, and parametric to maximize accuracy and minimize bias likely to be caused by using any one approach in isolation.

  • Cost estimates can be generated using the Top-down approach that involves getting estimates from managers, the Buttom-up that involves getting estimates from the end users and by also calculating needed items per unit cost.

  • I believe that the parametric approach is relatively easier and more effective out of the three, any project manager can handle it without being necessarily an expert in budgeting. however, by using this appraoch, one must make sure that cost-per-unit of each item is accurate.

  • I believe a combination of all the three cost estimating approaches is ideal because it will ensure the accuracy of the estimates.

  • In my organization, we use the parametric approach most of the time since it gives us the actual unit rate. These unit rates can be updated from time to time by checking various listed suppliers in the market. Moreover, since every project has different scopes and quantities, having unit rates will be a great tool to easily compute the budget and funding requirement.

  • i would prefer using Top-Down and Bottom-up approach. This way, a research has been made to be able to counter any dishonest employee who may be involve in the spending.

  • I think all three options come in handy because certain projects have different approaches towards generating cost estimates.

  • I believe using the three approaches are optimal. Start with the top down approach, consult the project staff and get a bottom down approach. Then you can include the parametric approach when necessary.

  • i think it is best to use the bottom-up approach because you engage those that are going to spend the budget directly

  • I agree with using all 3 approaches because in delivering a project there are so many components involved and the appropriate applications of these 3 approaches would make the budget wholesome

  • While designing a project and working on the budget, I tend to apply more of Bottom to top and parametric approaches however I'm of the opinion that all 3 approaches would need to employed for a wholesome project budget

  • Bottom up approach as it get the best estimates on the activities needed to be done and it doesn't take long

  • For me parametric approach is the best approach

  • For me, I believe that the parametric approach to budgeting is the best, it leaves little room for inaccuracy.

  • I believe that I would use all three approaches whenever possible because the top-down approach is relatively quick and simple, while the bottom-up approach would produce more realistic cost estimates than top-down and the paramedic approach have a cost-per-unit that can be reliably calculated. .

  • Parametric approach is the best for me because it provides actual costs and not assumptions and it eliminates possibility of inflating or decreasing costs which might affect project implementation

  • The parametric approach is the best because we proceed from the per unit from which we can find the global price.

  • I believe the most effective way to generate cost estimates is to combine all three approaches and use one depending on the particular activity. There is no one size fits all approach for problem solving, thus applying the right approach based on the kind of activity is the most effective.

  • Parametric approach I'd the best in my own opinion because it's a straight forward and plain all you need to do correct is to have the correct calculated units before multiplying .

  • There are some activities which may not be measured in units for example food for the people in attendance at a given activity.

  • I believe you should use the bottom up approach because it helps you get a clear understanding of the project based on the people involved in the project.

  • In my own understanding of the three approaches to to generating costs estimates, I feel there is one method which is independent of the othr in terms of generating reliable and accurate cost estimates. Each method has its own advantages and disadvanages, therefore, the combination of the three approach will give the most reliable and accurate cost estimates.

    1. First make your own estimates basing on expert input, consultations from other managers and also from research data then compare these cost estimates from what the other people who will directly be spending the money. any exageration from them will be interrogated by the cost estimates from the research done with your other team of managers.

    2. then all those costs whose cost per unti we know, will be calculated basing on those particular costs giving a very reliable nd accurate cost estimates for the budget.

    So alll the three ways to generate an activity based budget are quite important and should be used side by side to make sure we arrive at a very sensible and close to perfection cost estimates for the activity budget.

  • the top-down approach is the best one to use for cost estimation in my opinion because the intervention of experts or managers and also research, will allow to minimize as much as possible the risks of not knowing the real costs. By being informed by research, I believe that the question of the reality of the costs can be solved.

    I
    1 Reply
  • I believe the bottom-up approach is better. Even though it's time-consuming, it provides realistic estimates because the project implementers themselves are involved, and they give very accurate figures to reflect the reality on ground.

  • I understand your point, but don't you think the experts may not have a feel of the reality in terms of actual estimates? I think the bottom-up approach is much better in that regard.

  • I think the parametric is most appropriate to use when it is possible because it just entails getting the cost per unit and multiply it by the total number of units needed. However, you can use all the three approaches if you have the time and depending on the cost estimates that is needed. for instance they are estimates that you can not apply the bottom-up approach because of the peculiarity involve but they some that you will need them. it also applies to others.

  • My name is Ballé Emmanuel yes

  • Budget decision should be done when the exact plans are being brown down in segments & estimated sectional break up cost is decided.

  • in estimating activity costs, the parametric and the bottom-up methods will work very well together as one is able to combine ideas from staff members that may be working directly with the project and also from a project manager's individual survey or research about the costs. Ofcos it is also necessary for a top-down imput or estimate that may give an idea of industry best poractices to be employed.

  • It depends on the nature of the project your are taking. I consider an approach to be the best if only it is going to serve my project properly.

  • I think the parametric is most appropriate to use when it is possible because it just entails getting the cost per unit and multiply it by the total number of units needed. However, you can use all the three approaches if you have the time and depending on the cost estimates that is needed. for instance they are estimates that you can not apply the bottom-up approach because of the peculiarity involve but they are some that you will need them. it also applies to others.

  • I believe Parametric approach is the best approach to estimating project cost, because numbers never lie. Once you have the accurate cost of a deliveries and the quantity needed, then your estimate will surely be right. You can't go wrong on this approach except the cost gotten isn't right or the quantity needed for the project wasn't properly stated.

  • @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    @ThaoTran said in Module 2 Discussion: Estimating Costs:

    This is the module 2 discussion. You may participate in this discussion after beginning module 2.

    In this module, you have learned about three approaches to estimating project costs: top-down, bottom-up, and parametric.

    In your opinion, what is the most effective way to generate cost estimates? Make sure to explain your response.

    Sample response: I believe that you should use the _______ approach whenever possible because _______________ .

    The best approach would ideally be to employ all three approaches so as to cut down on the disadvantages of any while allowing to fully explore all their advantages.

  • Cost estimation need to be as realistic as possible. Bottom-up cost estimation provides most realistic estimates. However, the implementation team honesty have a bearing to the results. Complimenting this with top- down estimation to verify cost ranges is key to ensure realistic estimations.

  • I think the easiest way to estimate costs would be to use the parametric approach. If you have a reliable estimate of the cost-per-unit, then it will be easy to get a project's budget by multiplying this factor by the quantities required. However, this approach is not always appropriate, and we would have to make use of either top-down or bottom-up approach. I think the issue with the bottom-up approach is that dishonesty is rampant in societies where we tend to work, so this would be a difficult situation to control and avoid going over-budget. It would be beneficial in those cases to count with the expertise of a local person that can help to make cost estimates and then try to assemble a budget based on his/her input. Budgeting is a critical phase and it is necessary to devote time and resources so as to build a budget as accurate as possible.

  • I consider the Bottom Up Approach as the most effective because the project manager is directly involved. He will take time to examine every required activity and associated costs in light of the current reality. He is also in a position to make provision for slight cost variations.

  • I consider the bottom up approach as effective in activity based budgeting because the project manager is directly involved. He will examine in details all the required activities and the associated costs in light of current realities. He will also have first hand information on possible short-term cost variations.

  • they course have been exciting and easy to do now accounting has came in words or written form so now i'm stuck in here. huuu
    but slowly we will get there

  • To me, parametric approaches work the best as long as the individual knows the really cost of the items needed in the market especially in the world of today where prices fluctuates everyday.

  • I think we most probably have the most effective and realistic cost estimate when we strategically use a bottom-up approach. This is because the estimate will be coming directly from the market or seller. Though this approach might be compromised or manipulated at some point, it can be the most effective if properly measures a put in place.

  • I believe that you should use the use of the top-down approach whenever possible because it involves consulting experts and it is relatively easy and fast .

  • I believe that I should use top-down approach whenever possible because it is quick and simple , but not only that but also it is no time-consuming sothat a project is done in compliance with the estimated time.

  • In my point of view the third approach is best methods for project budget break down estimate.

  • The most effective way is to combine the three approaches. Engage the project team (bottom-up) to be updated on the latest costs, at the same time engage finance manager for historical records (top-down). Similarly, check the current market costs (parametric). So combining the three is the best.

  • I do believe that you should use more of the bottom -up approach because it gives a perfect view from the grassroots however with the issues of dishonesty, it can be backed up by the top down approach where necessary and need is required for clarity.

  • For some items go with parametric approch, but for wages and othe expenses to check with experts and labours

  • I agree with you that parametric is the best approach to use, as one check out for the cost of an item and multiply by the number they want to purchase. That way, you’re sure of your coat estimate and won’t be surprised with coat when you’re ready for purchase.

  • I believe using the parametric approach is best because one may have already found out the cost of an item and will only need to multiply by the number they would want to get. That way, you’re sure of having the same or similar cost estimate when you’re ready to make purchase.

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