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  • In 1984 the Local Government system was re-introduced, followed by its reform in 1996, where it was accompanied by the Decentralization by Devolution policy.

    The policy shifted from the former centralized system to the decentralized local governance system (Max, 1991). For that matter, the local government Reform was used as a driving vehicle of Decentralization by Devolution (D-by-D) policy to strengthen the local government authorities with the overall objective of improving service delivery to the public (Ngwale, 2005).

    Thus, the transfer of power is made through transferring power of the decision making, functional responsibilities and resource from central government to local government authority (URT, 2006)

    All in all, D by D in Tanzania emphasize the participation from the grassroots, therefore bottom up Approach reflect our Decentralization by Devolution policy in which every project starts with the community ideas.

  • I believe bottom-up approach is better because this will create ownership of the program activities where the lower level implementer will take responsibility better. where possible random "spot checks" need to be done by the higher level management on the estimated costs from this approach to limit the occasional dishonesty. Perhaps the lower level people need to be told this is a normal procedure and has nothing to do with "prefecting". The top-down approach can prove disastrous especially where the time for budgetary estimates and the time for actual procurement varies considerably leading to major discrepancies especially if there was under-budgeting.

  • @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'd be more comfortable in combining both Bottom-up approach and parametric approach for cost estimate. It may be time consuming but it allows us to gather more accurate cost.

  • I believe that Bottom-up approach is better than two of other approaches because it gives more accurate figures and enhanced morale due to the ability to participate in the process. Bottom-up budgeting, sometimes referred to as participative budgeting because of the participation required at all levels, starts with a list of things individual departments want or plan to do such as projects, assigns a cost to each project, and then totals up all the projects in each department to arrive at an overall budget number.

  • Course Facilitator

    @awyndham said in Module 2 Discussion: Estimating Costs:

    I believe that you should use the top_down approach whenever possible because it will give realistic costs if it is combine with discount rate,

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  • I believe that one should use the Bottom- UP method of estimating costs whenever possible because the costs generated are relatively real considering that they are generated by middle staff that actually spends

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

    @awyndham said in Module 2 Discussion: Estimating Costs:

    I believe that you should use the top_down approach whenever possible because it will give realistic costs if it is combine with discount rate,

    rightly so

  • The most effective approach is bottom up since Individuals who link direct with the project activities have almost correct estimates of cost thus formulating the best budget

  • If possible, use a combination of all three approaches because that would give you a more realistic budget.
    My thoughts.

  • In my opinion the three approaches should be combined to achieve goals on schedule.

  • honesty is not something that is easily found among employees in Nigeria, so in my own opinion combining the three approach will help generate the closest to accurate cost of activities.

  • @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 bottom-up, because This approach can produce more realistic cost estimates ,

  • I consider the bottom-up approach as the most effective way to generate cost estimates. As opposed to the top-down approach, it produces more realistic cost estimates at the same time the individuals spending the money are responsible for creating the cost estimates.

  • The buttom up approach since it can give more realistic cost estimates.

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

    ample 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 advantage of this approach is that it is relatively quick and simple.You should use also the Bottom-up and Parametric approach to make sure that you did a good cost estimation.

  • The most effective approach is utilizing the three approaches all together. Having understood that is an estimated cost, using a single approach will increase the chances of underestimating the cost of the project. Hence the best approach is to use the three approaches in cost estimate of project as the weakness of the top-down will be addressed by the bottom up and voice versa and also the parametric approach helps to combat wild estimates that may be made on certain materials or activities that are clear to be costed by anyone.

  • @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 _______________ .

    In my own opinion, i believe you should use the parametric approach , as this is what we often use in my organization for activity budgeting because it is more realistic and easy and it also simplifies the activity cost to the donor, if a budget narrative is not required.

  • In my opinion a blend of all three approaches will be the best so as to be able to get the best budget and minimise over-inflating prices by staffs.

  • I believe that the bottom-up approach is the most effective when looking to create a project budget. Although it can be time consuming, it will be more precise compared to just researching possible prices. If organizations continue to track costs, it should be easier over time to estimate costs from this approach.

  • I believe that the bottom-up approach is the most effective as it places ownership of budget portions into the hands of those who will actually carry out the specific activity. It is a good guideline for each individual, and helps build accountability. It can also highlight employees who aren't honest with their cost reporting.

  • Course Facilitator

    @Din 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 believe that you should use the parametric approach whenever possible because it provides the project manager with a clear picture of the actual activity cost of the project. Even though time consuming it affords the project manager with the appropriate avenue for preparing an accurate project budget.

  • I believe that you should use the top down approach because it is relatively quick and simple

  • @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 am of the belief that the Bottom Up approach is the best just because estimates come directly from the people who shall be performing the activities.

  • Bottom-Up Approach is the best way to go because it is based on realistic budgeting. Aside from providing realistic prices, people on the ground can also provide insights on other related costs that may not have been taken into consideration in planning.

  • Course Facilitator

    @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 _______________ .
    For me all the methods can be best effective but depending on the size of project and internal control system of the organisation.

  • @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 _______________ .

    In my view, the bottom -up approach is the most realistic in my context though there might be some dishonest dealings. This can be cross checked through market survey.

  • @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 think the best option is the bottom-top approach. This because it gives the best individuals opportunity to know for the fact how much is to be put or spend in procuring equipment to be used in the project.

  • if i were to chose,Top-down,Bottom-up & Parametric.because, to make a right decision they are all needed.

  • In the fields of management and organization, the terms "top-down" and "bottom-up" are used to describe how decisions are made and/or how change is implemented. A "top-down" approach is where an executive decision maker or other top person makes the decisions of how something should be done
    In my own opinion, I believe that the bottom-up approach is the most effective
    Because Bottom-up budgeting has many advantages including more accurate figures and enhanced morale due to the ability to participate in the process. However, there are disadvantages to the process such as the potential for over-budgeting, cost overruns, and lack of management control over the process and spending

  • I believe that you should use the bottom-up-approach whenever possible because The advantage of this approach is that it is relatively quick and simple.I will use also the Bottom-up and Parametric approach to make sure that I did a good cost estimation

  • I believe in the three approaches as it works differently at different situations, because the sole aim is to proffer solution to budgeting. However in my organization bottom up approached is used.

  • To me i think the bottom up approach is the best because it allows many stakeholders to participate and own the entire project. This creates sustainability in the project.

  • I believe you should use the bottom-up approach because it will give a better estimate. The spender of the budget might have better idea of current price of goods and services than anyone involved in the project, as such they are bound to provide reliable information to work with in the budget.

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

    In my own opinion, I believe that the bottom-up approach is the most effective method of generating budgets. The individuals that are in charge of the Project will do the market survey and come with the cost of materials and add such to miscellaneous expenses that may come up. It does not need the coming together of experts and seeking for research results as in the case of top-down. It is also better than Parametric method because not all materials are sold with unit Prices

    @Draigboje I support this your opinion of bottom-up as it can give you near perfect estimates of goods and services.

  • I believe you should use the bottom-up approach because it will give a better estimate. The spender of the budget might have better idea of current price of goods and services than anyone involved in the project, as such they are bound to provide reliable information to work with in the budget.

    1 Reply
  • Course Facilitator

    I believed we combined the three different approaches that is the Top-bottom,bottom-top and parametric approaches. Reason for this is that we will have a very inclusive budget estimation process which will satisfy all parties involved for transparency sake. Top-bottom approach might not too clear because they will base their estimation on past experiences whilst bottom-top may know the actual prices, but because they are going to do most of the work might try to be dishonest for personal gains.

  • Course Facilitator

    @Vigorjust said in Module 2 Discussion: Estimating Costs:

    I believe you should use the bottom-up approach because it will give a better estimate. The spender of the budget might have better idea of current price of goods and services than anyone involved in the project, as such they are bound to provide reliable information to work with in the budget.

    I totally agreed but on the other hand they might hick the price because as they are the spender they may want some extra cash for their personal gains. So to prevent such I think we bring everybody onboard.

  • I think parametric is the most effective way of estimating cost in most of the situation because it is objective and based on the evidence of costing in previous budget.

  • In my opinion the 3 approaches are necessary in generating a budget. In order for the top management to come up with a decision of how much budget to approve, the Bottom -Up approach can be done first. Summarize it and have this be used in the Top Down Approach. The parametric approach can be applied once necessary and can use the Bottom - Up budget result. So parametric will be the tool to use in defining the Approved Budget. It is in parametric where u can do some reasonable changes and adjustment of the budget if necessary.

  • In my opinion, the outcome of a good project budgeting plan should relatively depend upon both top-down & bottom-up insights and inputs. The bottom-up approach might seem preferable, but I had experiences about some middle & bottom level staffs avoiding to participating within project budgeting process, as they are afraid of the blame games to be followed along, if the project spending are over the allocated budget in the future.

  • I believe that Bottom-up along with parametric is the most effective, Parametric is accurate and can't go wrong as long as your calculation is accurate. On the other hand, Bottom-up is time consuming but it involves many opinions and most of them might have engaged similar work and have the experience in estimating the cost of specific activities.

  • @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 a combination of the Top Down and the Bottom Up Approach is the best and ideal way. this is because with these you not only have a pull of the necessary resources at your Disposal but also the Knowledge buy the experts in Top down and the ones to spend on the activity brings in some kind of equilibrium because then almost all the important factors to be considered are shared among the two before coming up with the appropriate cost allocations to each activity. On the other hand the parametric approach comes in handy when the project to be implemented is a replica of some other identical project thus exact cost per unit might easily be accessed by Budget ing team but in all cases a consideration of all methods is more ideal so that you do not limit yourself to the possibility of coming up with the best Budget allocations

  • @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 think the bottom top approach is not only realistic, it is also effective if you succeeded in recruiting the right guys. Because honesty is given as a limitation to this approach, I hold the view that if you succeed with your recruiment, then you would have presumably recruited the honest ones. Also, if you are an effective and motivational manager you can get it going pretty fast and conclusive in good time.

  • For me, the Bottom-up is the best approach in creating cost estimate, because, its will better help the individuals who actually doing the spending to be involve and form part of the process. Even though, it's time consuming and difficult to coordinate but it gives a realistic cost estimates than Top-Bottom; experts and other managers come together with a cost estimate-even though it's quick and simple but may not the real cost as Bottom-up. Again, the Bottom-up is far more better than the parametric because not all items may have a cost per unit that can be reliably calculated.

  • @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 _______________ .

    To my best knowledge I believe using either of the three to generate cost when necessary is better because sometimes you might not have all the expert you need in your project at your disposal so in that case you can either meet an employee or you have a cost- per unit to get the accurate estimate of a particular item.

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  • I believe that the bottom-up approach is the most effective method of generating budgets. The individuals that are in charge of the Project will do the market survey and come with the cost of materials and add such to miscellaneous expenses that may come up. that is my thought

  • The Bottom- Up approach as the persons who are going to perform the tasks are involved in drawing the cost estimates. They well know what they will be doing and so are better able to provide real cost estimates.

  • In my organization, the Bottom Up approach is what we are using and in my opinion it is the best compared to Top Bottom and Parametric approaches because it places responsibility at the door step of all participants. It is also gives more realistic budget than Top Bottom which can sometimes lead to over budgeting.

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

    In my organization, the Bottom Up approach is what we are using and in my opinion it is the best compared to Top Bottom and Parametric approaches because it places responsibility at the door step of all participants. It is also gives more realistic budget than Top Bottom which can sometimes lead to over budgeting.

    In my organization we are using all three approaches of budgeting and costing as per need of the project activities. We have to realize which approach is suitable and not stick with one.

  • @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.

  • 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

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  • @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 the bottom-up approach whenever possible because it's the most realistic one out of the three. What better way to know the actual costs of things than to consult the people who will be doing the spending? I personally prefer to be as realistic as possible and to limit the surprises as much as I can.

  • I also believe that bottom-up approach produces realistic costs since the people involved are the ones to do the actual project implementation.

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  • @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

    Truly stated

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  • I prefer combination of the three approaches for the sakemof accuracy! The top-Down and Bottom-Up approach Will be used to generate a tentative budget which will be compared with the result of the parametric approach so as to arrive at a more realistic and accurate budget

  • Combination of the 3 approaches has no negative consequences but leads to accuracy which is one of the hallmarks of any project. My thoughts though!

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

    @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

    Truly stated

    I agree with you broo but still a combination wouldn't hurt no body!

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

    I also believe that bottom-up approach produces realistic costs since the people involved are the ones to do the actual project implementation.

    You are on point, Boro!

  • @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

    You are on point Boro!

  • @Oluwakemi26 said in Module 2 Discussion: Estimating Costs:

    @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 _______________ .

    To my best knowledge I believe using either of the three to generate cost when necessary is better because sometimes you might not have all the expert you need in your project at your disposal so in that case you can either meet an employee or you have a cost- per unit to get the accurate estimate of a particular item.

    Guam!

  • In my opinion ,I would go for Bottom up approach, since this involves the actual implementers and would bring realistic cost estimates since they are on the ground. However from the information gathered on budgeting all the approaches should be considered depending on the activities or service to be offered.

  • Course Facilitator

    @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 gives the accurate cost estimate of the number of units required in a project and it does not give room to ambiguity as well as dishonesty in the expected expenses.

  • Course Facilitator

    @Draigboje said in Module 2 Discussion: Estimating Costs:

    In my own opinion, I believe that the bottom-up approach is the most effective method of generating budgets. The individuals that are in charge of the Project will do the market survey and come with the cost of materials and add such to miscellaneous expenses that may come up. It does not need the coming together of experts and seeking for research results as in the case of top-down. It is also better than Parametric method because not all materials are sold with unit Prices

    Did you consider the disadvantages? My thought is that it will build in excess cost that will increase the cost of the project.

  • I believe it is best to use the parametric method whenever possible because it will give you the most accurate costs broken down per unit. However, since not everything is broken down into unit costs the next best approach to use it the bottom up as it gives the people who are actually spending the money a voice on what prices they have paid in the past or what they estimate they will spend on the current project.

  • Use bottom-up approach because project implement will feel budget ownership.

  • @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 bottom up approach whenever possible because the staffs at field are the one who surely know the right activities to implement and their exact estimation, too .

  • I believe you should use a combination of the 3 approaches whenever is possible because it will help compare the projected budgets and come out with a more realistic budget for the project.

  • buttom up and parametric depending on the Project. Will try to use at least 2 to increase certainty

  • I believe the bottom-top approach is the best of all the three, because it directly involves the real participants who themselves do all the calculations and arrive a conclusion as regards the cost

  • I will go for the top-down method because it will involve experts opinion and research of previous project work which could give you some clear picture of what to expect. In my view, insincerity may occur in the bottom up where people are given the opportunities to generate their own expenses. They might either increase or understate because of the lack of information.

  • for me the top down estimate is better as it allows for a faster product achievement.

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

    In my own opinion, I believe that the bottom-up approach is the most effective method of generating budgets. The individuals that are in charge of the Project will do the market survey and come with the cost of materials and add such to miscellaneous expenses that may come up. It does not need the coming together of experts and seeking for research results as in the case of top-down. It is also better than Parametric method because not all materials are sold with unit Prices

    I agree with you

  • @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 in the use of bottom up approach whenever possible because it is more realistic even if it is time consuming and difficult to coordinate

  • @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?

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

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  • @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
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  • 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.

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