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…….

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