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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 _______________ .

    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.

  • @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.

  • @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.

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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.

  • @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.

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  • 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

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