Question

Chp 5

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

4. What are the major types of costs? Which costs are controllable by the project manager?

6. Define what a “white elephant” is in project management. Provide a real-life example

Answer 1

3-COMPARISON OF TOP-DOWN AND BOTTOM-UP-

Assessing length is a critical piece of planning an undertaking. It lets you know before execution whether your task will finish in the ideal time span, accepting all works out as expected. And, if assets are applied, it will likewise let you know before initiation whether your venture will create income. There are various kinds of evaluating strategies, including one-point assessing, undifferentiated from evaluating, parametric assessing, three-point estimating.There are additionally two methodologies: top-down assessing and bottom-up assessing. In the top-down methodology you will gauge the term of deliverable and/or significant deliverable. In bottom-up assessing you give definite appraisals to every individual assignment making up your deliverable. Bottom-up assessing is progressively precise, yet necessitates that the task be all around characterized before beginning of evaluating. For the most part, top-down assessing is done first and afterward caught up with bottom-up evaluating. Microsoft Project permits you to show the distinction between the bottom-up gauge and top-down gauge on the Gantt graph. Along these lines you can concentrate in on gauges where there is difference.

Along these lines, rather than the rundown task span being naturally processed dependent on the related individual undertakings, we physically enter the term of the synopsis task. Having done this, we find in Figure 2 by the water line and dark outline bar line being equivalent length that the 'Destruction Piping' deliverable top-down gauge and bottom-up gauge are equal; no requirement for additional examination here. The 'Introduce Piping' and 'Introduce Thrust Block' deliverable both have shorter top-down assessments than bottom-up gauges. Here the dark outline line speaks to the top-down gauge and the red admonition line shows the bottom-up gauge. On account of the disparity between the two assessments we realize we have to investigate the appraisals engaged with the bottom-up gauge of these two deliverable. In the last deliverable, 'Quality Assurance', the bottom-up gauge showed with the water line is shorter than the rundown task. We should reevaluate the top-down gauge and make certain the bottom-up gauge here isn't excessively hopeful.