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  • @awyndham 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 _______________ .

    bottom-up approach because This approach can produce more realistic cost estimates than top-down.

  • The bottom up approach will be more suitable since you as project can be involved in getting cost of supplies. However if you are running out of time is better to combine all three approach where and when necessary.

  • It depends, 1 approach might be better than the other in some projects, but there might be a case wherein it would be better to use 2 or all approaches.

  • I am of the strong opinion that Bottom-up approach would work best. This is because the person in charge is able to think ahead of time and formulate projected costs which makes him able to explain to another, input corrections easily and adjust as the need arises. However, the danger might be that he won't include all cost as there are some things that are best explained through experience. In this sense, we can advice him to get the help of a professional who is highly experienced in that field. This can be the top-down approach explained above.
    While the parametric is a great method, I don't think it will apply to all projects. For instance, Nonprofits organisation who may not have a unit cost they can easily multiply like the example stated above.

  • Bottom-up approach is better because it is more detailed and costs estimates can be verified.

  • The most effective way to estimate activity costs is the Top-Down approach because it allows you to engage experts, carry out research and maintain a level of control. This is especially important because more often than not, the activities at this level are time sensitive, and if you go to the people on the ground and use the bottom-up approach, you may find that getting everyone to hand information to you is time-consuming. The parametric approach on the other hand, while simple and accurate, does not apply to every situation, unlike the Top-down approach.

  • the best way possible is evaluating both the bottom up and the top bottom approach. in doing this you will have an holistic approach of the entire process.

  • Talking about the project means resources. And among those resources, budget is the best part of it. Planning to planning means a lot of things. My have found the answer of my question of the first module.

  • My question is that. It's possible to program manager to play the role of finance manager?

    R
    1 Reply
  • For Estimating Activity Costs i believe all 3 approaches are to be combined to get a much desired result.

    R
    1 Reply
  • @OSWELL said in Module 2 Discussion: Estimating Costs:

    In my opinion, the bottom-up approach of estimating activity cost is muct better because the operating employees thus those will actually implement the project is like to give realistic cost for compilation to get the budget.

    In my opinion, the bottom-up approach of estimating activity cost is muct better because the operating employees thus those will actually implement the project is like to give realistic cost for compilation to get the budget. if there is data available parametric is the best

  • I believe that you should use the _______ approach whenever possible because _______________ .

    The ideal method to estimate the cost of project is the combination of Top-down, bottom-up and parametric. However, in the reality, the most accurate method would be bottom up as it gives the most closer to the realistic one. If the accurate data is available, parametric would be more logic so preferable.

  • When generating cost estimates I think it is best to use the bottom-up approach because the employees are the ones using the money and they would give realistic cost estimates. It is best to consult an employee who is experienced and honest.

  • @awyndham 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 _______________ .

    Combination of Bottom up approach and Parametric approach

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

  • I believe a combination off all three methods would work best. Starting with the bottom up approach will probably give you a good estimate. The top up approach will then help you determine the accuracy of this estimate after which you can add on the parametric cost since these are often pretty standard.

  • I strongly believe that the bottom _up approach will be the most realistic way to preparing a budget for any project. This is send because the persons involved in the budgeting will be the ones to be implement the budget.

  • I believe the bottoms-Up approach would be most effective.

    This is due to the fact that the person in charge of each activity would submit the cost top complete their activity. Though the disadvantage of this would largely consist of dishonesty, this can be minimized with an approach to demand a detailed outline of how the allocated funds are spent.

  • i believe that the most appropriate to budgeting is to mix bottom-up and Top-down approaches

  • I believe that the aproache of boom-up can be considered as the best one, we need to know where to start

  • I believe Parametric Method is the most convenient and used by many organizations, bottom up approach may waste a lot of time and more lying from the employees. Top down approach will need a lot of time to come up with a decision.

  • In terms of cost estimates, I think the bottom-up approach is the best one, because it’s going to come from people who are active in the field. they will also have to take responsibility for this budgetary information. in addition it would be possible to verify them by the method of setting.

    R
    1 Reply
  • In my point of view, it is important the estimating costs must be done by the person who,is in charge of project its means the finance staff, they know all information about the price of the things that they need to buy. Specialy in country when a s saler see a stranger coming from his shop all the price he ask will be increase because they know the stranger don't have a good information. That why Bottom-up is the best estimating cost if you want focus your scope.

  • I believe we should bottom up because it enables one to know the current charge for each of the activity

  • To my opinion , it should be the bottom up approach because it helps you to get the exact estimate for the project

  • I think as suggested in the literature, the bottom up approach combined with the top down approach is the best way to develop budgets. The parametric approach is very limited in its practicability especially when it comes to engaging services which cannot always be broken down into a unit cost as can more easily be done with products and other tangible items.

    The bottom up approach can help with ensuring a more realistic and grounded costing associated with the realities of the actual implementation of the project. This becomes ever more important in being able to identify and budget for those hidden costs associated with the actual implementation of the project. The outcomes from the bottom up approach can be supported by the top down approach to ensure greater transparency in the costing process. Understandably using a combined approach for budgeting exercises will require some dedicated time and certainly will be more practical for smaller and simpler projects rather than complex and multi-tiered projects. But in the end, the combined approach can help to ensure a more rigorous and effective budgeting process.

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

    My question is that. It's possible to program manager to play the role of finance manager?

    @Jean_Pierre i think it is possible for the program manager to play the role of the finance manager because i have worked in a few instances where that has happened, in both cases of small and large funded projects and it worked out well enough in these cases. It will mean more work for the project manager but it is not impossible to happen.

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

    In terms of cost estimates, I think the bottom-up approach is the best one, because it’s going to come from people who are active in the field. they will also have to take responsibility for this budgetary information. in addition it would be possible to verify them by the method of setting.

    @Bogyon i think you are making a strong point here about the people in the field having a better understanding of actual cost issues. Also utilizing a system to ensure greater transparency is an important consideration with this bottom up approach

  • @Biodun01 said in Module 2 Discussion: Estimating Costs:

    For Estimating Activity Costs i believe all 3 approaches are to be combined to get a much desired result.

    @Biodun01 My question though is how practical it is to utilize all three approaches with the same budgeting exercise...can it be reasonably and effectively done in a rational way?

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

    I think it depends. for a building project it is obvious that a parametric approach is best. in my view Bottom-up works better for field operations

    @TapfumaCh I take your point and find it very interesting...never thought about it from that perspective. I never did any project that entailed a significant building component so i don't have that perspective you shared.

  • I believe that the bottom-up approach is is the most effective way to budget if the involved teams are honest because they have better knowledge on the reality at the local level. However, a hybrid of all methods could be incorporated in the process to balance between time constraints and integrity of the process.

  • Course Ambassador

    I will like to mention that it most important that we try as much as possible to master all approaches.
    Estimating cost is a very importance and vital skill.

    Great replies, Guys.

  • For my line of work, being in hospitals, has seen using more frequently the parametric type of budgeting. This is usually because we work with units (patients, medical supplies etc) so we often have an idea of the units that will be needed to complete a project.

    However I do believe that working Top-Down is an effective budgeting way, as usually it is the management level that know what is actually available to create a budget. They are often more aware of the full financial capacity that can be utilised more so than the personnel involved with the actual implementation.

    H
    1 Reply
  • In my opinion, the Bottom-up approach is the best to use. One of the most important reason is because it is people on the project who will actually spend the money that go out to get the estimate in real time. By this they must remember to include all service charges or hidden costs attached to an activity that may not be foreseen by experts in the Top-down or Parametric approach.

  • In my opinion, the Bottom-up approach is the best to use. One of the most important reason is because it is people on the project who will actually spend the money that go out to get the estimate in real time. By this they must remember to include all service charges or hidden costs attached to an activity that may not be foreseen by experts in the Top-down or Parametric approach.

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

    For my line of work, being in hospitals, has seen using more frequently the parametric type of budgeting. This is usually because we work with units (patients, medical supplies etc) so we often have an idea of the units that will be needed to complete a project.

    However I do believe that working Top-Down is an effective budgeting way, as usually it is the management level that know what is actually available to create a budget. They are often more aware of the full financial capacity that can be utilised more so than the personnel involved with the actual implementation.

    Hi, this makes me get to understand that the type of organisation or project will determine what approach to estimating project costs is most suitable.

  • @awyndham 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 _ Top down_____ approach whenever possible because as mentioned, expenses occurred in the previous project we can easily estimate and edit according to the requirement. Time taken to this method is also less than the other method anyway overhead charges to be added to this as well.__ .

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


    Top-down ,this method has the idea of the expenses occurred for each steps in previous projects and can act to minimize or maximize accordingly , project manager knows why increase or decrease the cost .

  • I believe that you should use the three approaches when ever possible because all types of expenses will be tackled in order to produce a thorough project budget.

  • generating cost estimate is really one of the hardest line

  • @awyndham 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___top down approach___ approach whenever possible because __we as well as our team can work together and can come up with more accurate cost estimation. _____________ .

  • I will be more comfortable usining the Botttom-up approach because it produces more realistic cost

  • Yes @HadizaUmmi I think that is a valid point. The organisation and the way it operates should define how budgets and activities can be created. Even e.g Larger organisations vs smaller ones; they would have varying amount of stakeholders involved and differing project budget 'templates' which would then dictate what type of budgeting would be relevant.

  • The bottom up budgeting is the best approach as it gives a more realistic budget from the people who will actually implement the project

  • ITS JUST BEING SO GREAT GETTING EXPOSED TO THIS APPROACHES

  • WHEN ESTIMATING I THINK COMBINING THE THERE APPROACH IS THE BEST.

  • @awyndham 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 _______________ .

    Bottom-up, because, this approach can produce more realistic cost estimates than the other two

  • I think it is good that you use combination of all the 3 approaches when we estimate the project budget based on activities. Select the possible best approach appropriatly.

  • As I think we use three approaches by steps from top down to asume about cost after that we creat cost estimate by bottom-up. After that we can update and collect all the information by survey the real price of materials, human, other fees to compare with the estimate cost by the top down and bottom - up finally we can calculate the parametric of cost and can estimate the cost as detailed.

    Top down => bottom - up
    (Top down + bottom - up ) => Parametric
    ==> Generating cost estimates = result of top down + result of bottom-up + Result of the paremetric
    :) :) :)

    Have anyone agree with me??

  • And i appreciated the parametric :)

  • Course Ambassador

    Parametric is the best way to create a budget, there is a parable that say, if you want to do something do it once and for all, though the process is difficult, but it is better a gather information on the market value of the product and labor that you will be working with.

  • Bottom-up approach combined with Parametric approach should suffice for me. This would help check for over blotted cost/expenses from employees. Yes, some items may not in unit, such items should be procured from trusted dealers with invoices and receipt documented.

  • the bottom top approach is the best in my own opinion for generating budget. those in charge of the project will do the market survey and come up with cost.

  • The process of preparing the budget by the bottom-up approach is the best because it helps have a realistic budget. But, it's good to prepare the budget with neutral persons that will not part to the implementation to avoid the bias of inflations.

  • Bottom-Up and parametic is more realistic. Top-Down can be used control Bottom-Up estimates.

  • I believe that you should use the bottoms up approach whenever possible. The approach can be hastened by initiating the response through quick servers to generate faster responses

  • I believe that the bottom-up approach is more effective because even if the cost estimate from the implementing employees are too high, they can always be moderated at the top and they can be complemented by the parametric approach.

  • As regards to Project Cost Estimation, Triangulating of the three Methods is the best way to come up with the Project Costs, since when you use the three methods; top-down, bottom-up, and parametric, you will have fully exhausted all methods despite the time consumed.

  • i believe that combining all the three approaches so that each is best used where applicable is the best way to generate estimates

  • There are three approaches to creating activity based budget viz-a-viz Top down, Bottom up and Parametric and each of these approaches has its merits and demerits. Therefore, the choice of approach to be used is largely depends on the prevailing circumstances surrounding the project. If the project is urgent and requires quick implementation, Top down is recommended because it is simple and generate quick result. However, if sufficient time is available for the execution of the project and you want a more realistic cost estimates, Bottom up and parametric approaches are recommended.
    Conclusively, in my own opinion, whichever approach that is chosen by the project manager, all project activities, expenses and supporting services must be captured.

  • @awyndham 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 _______________ .

    I believe that you should use the bottom up approach whenever possible because it promotes direct participation on plan with the beneficiaries.

  • @awyndham 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 _______________ .

    I believe that the bottom-up approach is the best approach because the project implementers are on the ground. These people know how the costs are on the market and it is for them to give cost estimates and add in miscellaneous expenses if necessary. This is much better than Top down and parametric approaches.

  • @awyndham 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 _______________ .

    I believe that you should use the parametric approach whenever possible because it is most accurate as determining the cost of a project or item it prevent the project from being above budget

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

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

    I believe that you should use bottom-up whenever possible because the costs are more realistic and accurate; however, if you use top-down, then build in buffers and double-check some key cost drivers with those who are on the ground.

  • @awyndham 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 _______________ .

    I believe that the bottom-up approach is the best approach because the project implementers are on the ground. These people know how the costs are on the market and it is for them to give cost estimates and add in miscellaneous expenses if necessary. This is much better than Top down and parametric approaches.

  • i think the bottom-up approach is the best because the person spending is the one estimating the cost.even if that person can be dishonest but there are market prices which are almost standard on the market.

  • In my opinion, choosing the best approach among the three is depending on the nature, type, complexity, and context of the project. But, in most contexts bottom-up approach is relatively a smart approach to get a reliable and closer result.

  • Drawing from my experiences, the bottom-up approach in combination with the parametric, whenever possible must be applied. However, inflation and political instabilities can blow your budgets off the charts but key is honest reporting and following financial procedure when changes have to be made inline of course with the project charters flexibility rules

  • Estimating costs also depends on the nature of projects. The projects we implement have usually have similar activities that incur same sort of expenditures. Only when we add new activities to our projects do we consult partners and employees on cost estimates.

  • Combining both top down and bottom up approaches
    why?
    I find that despite its disvantage but the first approach have advantages such as simple, rapid and it is based on group work,
    by the combining the first one and the second one we will have the estimate cost from the first group which are (reseracher , expert, managers) and in the same time we will have the estimate cost from the individuals who will actually be spending the money and then we well meet the real cost

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

    I believe that you should use the parametric approach whenever possible because it is more logical and allows for proper calculation of cost

    I think that we may use the approach which appropriately estimate the budget any of the approach is best which is based on situation.

  • I believe the bottom top approach is the best especially when combined with the top bottom approach because it would actually reflect the current market price and reduce the issue of adjusting or increasing budget

  • I think the bottom-up approach is the best, because there will be transparency and unity in working, since the project team generated the budget, hence, they will work willingly, and he/she would be responsible for his activity. Hence, there will be limited risk.

  • I think it would be good if you try all the three and see which gives more realistic cost and help reduce the project budget spending.

  • I believe that you have to use an approach that suits the project design. Using a combination of all three would work for certain programs.

  • @awyndham 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 _______________ .

    Personally, I believe that the best approach is the bottom-up approach because it is simply realistic and the people who really know the market price are carried along. Despite the assumed mischief from the people making the expenses, there may not be shortfalls in the real costs of the main expenses. However, we can also combine it with the parametric for better outcome.

  • @awyndham 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 _______________ .

    There is no best approach among the three, it all depends on the activity or circumstance at hand. there are situations where you just have to guess the cost using the top-down approach; another situation may warrant you to request that your team members send in estimates base on activity assigned to them - bottom-up approach; and situation where you can just estimate the total cost base on the knowledge of unit cost and required quantity - the parametric approach.

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

    his 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

    In my own opinion, the most effective way to generate cost estimate is to use the bottom-up approach, because the individual that will utilize the money will have time to conduct costs survey of items needed in his/her project and give cost per item. This will be more realistic and unconstraint as the individual knows exactly what she is looking for in terms of costs and quantities.

  • In my opinion, I believe the a combination of Bottom-Up and Parametric is the best. In my Organization, we usually consult the people that are going to spend the money to give us an estimation of the cost and we usually use the ''parametric'' to estimate a group of items we want to use. After gathering all the information, we slightly use the ''Top-down'' approach to deliver the final estimated budget.

  • I believe u use all three approaches as much as possible to compliment each other

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

    I believe that bottom up approach will work because the project implementer are at the bottom. They know the actual cost of the deliverable or for the whole project. However, the advantage is dishonesty. On The other hand, different situations, settings or types of project will determine the kind of approach used in budgeting.

    With both the top-down and bottom-up approaches having advantages and disadvantages over each other, I believe it will always be most effective to combine the two and compliment each other and add the parametric approach where it is applicable.

  • @awyndham 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 _______________ .

    I believe that you should use both the top-down and bottom-up approaches as muvm as possible to compliment each other's strengths and augment each other's weaknesses. However, where necessary, the parametric approach should be considered.

  • The best way to do cost estimate is bottom up 1) you get accurate prices from the people who do the actual work 2) even if the workers may be dishonest the estimated cost is till applicable and easily verifiable 3)) it’s very easily to collect cost data

  • I think that you should use the bottom -up approach in a situation where most purchasing of project materials will be done from the field locations by direct project implementors in the field because costs of goods varies from places to places hence field workers can easily estimate the correct costs in their areas of operation or locality

  • Bottom-up approach

  • As regards to Project Cost Estimation, Triangulating of the three Methods is the best way to come up with the Project Costs, since when you use the three methods; top-down, bottom-up, and parametric, you will have fully exhausted all methods despite the time consumed.

  • I believe that top-down approach must be done first and then the bottom up approach

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

    Sample response: I believe that you should use the bottom approach whenever possible because it aims to use updated information hence the estimates can be trusted

  • I prefer the Top-down Approach because it involved stakeholders like experts and other managers that are directly link to the project.

  • @awyndham 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 _______________ .

    While the bottom -up method can bring the most realistic estimates for generating cost estimates i would combine the three methods. the top-bottom method will help in giving the general guideline for the costs in the industry while the parametric can be useful where the project doesnot have an expect on the area or is outsourcing then the parametric method can help in setting parametrs for the ventors. The issues of time consttaints will also be helpful in deciding on the costing method to use

  • I believe the best option is parametric. Because you can calculate for staff salary the day's wage for duration of the activity or project, for external consultants the cost of the service, the cost the equipment or materials, etc.

  • In my regard, the bottom-up is the most effective coupled with the parametric cost estimates budget. The officer who is charge in his/her section is the best person to really understand what will be the most important activity and how much will it cost to achieve it, provided that he/she is honesty. Regardless of it, it is so critical that the project manager has good background information on the critical path so that he/she may provide good check and balances on finances.Furthermore, parametric cost estimates are easy up to follow and can be easily understood; hence should be used where applicable.

  • In my own opinion, I think using all the three types of cost estimating will be more effective because the top-down will save you from time consuming but not accurate estimate cost and whiles the bottom-up will gives more realistic cost estimate but time consuming and also the parametric will help to estimate cost per unit. So in all, using all these three approach helps account and effectively estimate cost for a project.

  • Combination of the three.

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

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

    I believe that you should use the bottom up approach whenever possible because the people in this level are aware of what goes on in the ground. for example as a project manager I have to make a budget that was created for me which is a total mess. activities are not properly budgeted for

  • In my opinion, I believe that the Parametric approach should be used whenever possible because it will informed on accuracy and getting information on cost-per-unit of materials are also relatively easy to do
    Thank you.

  • I also think the bottom-up will be the most appropriate approach for estimating activity cost. That is because; the people with the right knowledge of cost price will be involved...getting experts together may not likely give a realistic cost. And to avoid having to request more funds after the actual fund have been released due to inaccuracy in the cost of items may not be the best for any project.

  • I believe the bottom up approach works best as persons on the ground are usually better at understanding the real and hidden costs of executing parts of the project. My advice would be to put measures in place to monitor spending and approval of funds once the project is approved and the budget allocated. This would help mitigate worries about dishonest team members.

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

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

    I believe that you should use the a combination of approaches whenever possible. The key piece is that you are using estimates that are realistic, so finding the appropriate information from experts (ie. top-down approach) or going straight to the source of those that know best about the activities should be done in tandem.

  • @awyndham 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 _______________ .

    I believe that you should use all three approach whenever possible because in that way we can cross-check all estimates and be comfortable the project is reasonably budgeted for.

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