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list at least two (2) different types of estimates and describe the use of each.

i want to know about the different types of estimates and the description of the project management. i have  assesment i want the clue about the project mamagement for project estimating services functions and the fundamentals of project management and the scope of the project - the concerpt of work break down structure/ implement project  admistration processes as reguired and the project life cycle and posible phases and the role onf project manager
asked 6 years ago by anonymous

1 Answer

One basic way of categorizing estimates is as top down or bottom up.

Top down estimates use heuristics or rules of thumb to get the basic estimates.

Bottom up estimates use the WBS to identify the work packages and estimate each for time, cost, and resources.  It gets a more precise estimate since the work is broken into smaller pieces.

It is often good to do both.  If the project team does a bottom up estimate, the project manager should have a top down estimate ready for comparison purposes - it is useful to determine if the team estimate is in the right ballpark and identify if there might be gaps or areas that need more planning.
answered 6 years ago by sdcapmp (45,840 points)

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