- Part I: What are the differences between bottom-up and top-down estimating approaches? Under what conditions would you prefer one over the other?
- Part II: Can you think of a biblical verse that applies to this weeks reading? Why do you think it applies?
Week 3 Threaded Discussion
Part I
There are a few differences when it comes to top down and bottom-up approaches to creating cost estimates for a specific project or task. Both approaches have their pros and cons, depending on what is needed from the project team and what other components will go into ensuring that the project is completed in a timely manner. Lets first start off with the top-down approach. Top-down estimates usually are derived from someone who uses experience and/or information to determine the project duration and total cost. However, these estimates are sometimes made by top managers who have very little knowledge of the component activities used to complete the project (Gray & Larson, 2021). Where a top-down approach may be the better option usually pertains to the uncertainty of the project, if theres an unstable scope, or if its a small internal project within the company.
The top-down estimate is pretty self-explanatory, the estimate is determined from the top of upper management and trickles down to the lower level project members. The bottom-up approach functions differently. If possible and practical, you want to push the estimating process down to the work package level for bottom-up estimates that establish low-cost, efficient methods. This process can take place after the project has been defined in detail. Good sense suggests project estimates should come from the people most knowledgeable about the estimate needed. The use of several people with relevant experience with the task can improve the time and cost estimate. The bottom-up approach at the work package level can serve as a check on cost elements in the WBS by rolling up the work packages and associated cost accounts to major deliverables (Gray & Larson, 2021). It should be noted that it also takes time and money to create a bottom up or top-down approach. A bottom-up estimate considers the time and resources the project would take and since its created with project members who are most familiar with the project, it usually garners more accurate expense estimates. If I were a project manager, I would mainly use the bottom-up approach to creating cost estimates unless other qualifications are required. For instance, if the project is smaller and internal, I may utilize a top-down approach. If Im dealing with a fixed price contract and costs are my main concern, I would utilize a bottom-up approach.
Part II
For chapter 6 of this weeks readings, developing a project schedule was discussed and analyzed. Its important to schedule things properly as moving with haste and no direction can lead you down many wrong paths. In the book of Ephesians verse 5:15-17 it states, Look carefully then how you walk, not as unwise but as wise, making the best use of the time, because the days are evil. Therefore, do not be foolish, but understand what the will of the Lord is. This verse showcases the importance of being mindful and precise about the way you chose to live and the things you do. Everything around us is worldly, and it is easy to deter from the righteous path. It is important to understand the will of the Lord, and schedule/align your souls purpose with that will.
References
Gray, C. F., & Larson, E. W. (2021). Project Management: The managerial process (8th ed.). McGraw-Hill.
2)Israel A. Perryman
Part I: What are the differences between bottom-up and top-down estimating approaches? Under what conditions would you prefer one over the other?
When time and cost estimates are not able to be made or predicted the top-down estimate approach follows suit. From the beginning all the way down to the last step that is what the name states top or highest level down to the lowest. The information with this approach is not always a reliable source to go off of. Another downside to it is that the definition of tasks is not easily understood, that is what the WBS is for however, these two do mesh well. The bottom-up estimate approach is the common one most choose. The reliability and trust in estimate data are high due to the nature of the approach. Starting from the bottom one can easily schedule and keep up to date on tasks as well as maintain a healthy budget.It is practical to use when project schedules and budget from previous similar projects are available for reference. (Pang, 2018). Not having to reinvent the wheel can save a large amount of time and money in the long run. I feel I would choose this method over the top-down for those exact reasons.
Part II: Can you think of a biblical verse that applies to this weeks reading? Why do you think it applies?
1 Peter 4:10 (ESV) reads, As each has received a gift, use it to serve one another, as good stewards of God’s varied grace. Getting project estimates and keeping the budget aligned with those estimates can sometimes be a challenging task. In order to keep it at bay, we are to be good stewards of it, ensuring that not too much is spent, both time and money. The blessing about this is if there is leftover that can go into another area of the project in essence serving another purpose. The bible can be interpreted into many views and thoughts but that scripture, to me, touched perfectly on this week’s readings about estimating time, costs, and resources.
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