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I believe that the Bottom-Up approach is the best. Though it may be time consuming, it is the one that provides the most accuracy in estimating the actual budget. In having the experts in their respective fields lay down the costs for each activity, it is more likely that the costs will be more reflective of the actual expenses.

I believe parametric is the best way to generate cost estimates as it gives the most correct and consistence cost prices as it is on market.

In my personal opinion, Bottom up should be mostly use, because the project team might have being in the community where the project is going to be implemented and almost know all of the local materials should there be need and they might do window shopping before under taking such activities.
However, all the three are necessary base on the situation. So the project manager has to be discretional in useing any of the three i.e. it may depends on the type of project and cost attached to.

I believe the parametric method is most suitable considering the need to be accountable for project funds. It also help the project team crate a realistic budgets and understand the scope of the project. In my previous organization item and process cost and delivery timelines are compiled in the form of a catalog by the admin/ procurement department, and managers use these cost elements to compile their budgets. These cost are mostly standard however it has its down sides. Inflation might change the cost of certain commodities and processes cost might change as government or institutions change policies and procedures. even though these changes might be minimal their overall combined effect might affect the budgets.

Nice Class

It is very important to have a good cost estimates