What are the differences between bottom-up and top-down estimating approaches?

Question: What are the differences between bottom-up and top-down estimating approaches? Under what conditions would you prefer one over the other?

Solution: Estimates are mainly of the following types based on the purpose required, time available for preparation and the level of detail required:-

Top-Down Estimation Approach :-This approach is also known as parametric estimating or Approximate estimate approach. The estimate is prorated from previous projects similar in scope, capacity (approximately)and technology ……………

Bottom-Up Estimation Approach:- This approach is also known as detail or resource-driven estimating. The estimate is based on a well-defined engineering data including vendor quotes, fairly complete plans, specifications, unit prices and time for completion…….

To access full answer, place your order now.

Related Articles

Want to hire our professional Writers?

We guarantee, 100% privacy and confidentiality, free perks (outline/plan, cover page, table of contents, bibliography) and properly-researched paper.