Here is the way you can use Bottom Up estimating techniques in Project management…
Bottom-Up Estimating technique is a method of estimating the duration of each work package in the Work Breakdown Structure.
In using the Bottom Up estimation, the estimate is then rolled up or aggregated for progressively higher levels within the Work Breakdown Structure.
The Project Manager reviews estimate features and add the required overhead estimate to compile the total project cost.
In Bottom Up Estimating, you are calculating the cost of your project from the ground up in order to know the total cost of your project. This is normally used for Project that you are well versed in how it is been done.
Bottom-Up Estimating techniques is the most accurate method but it is also challenging, costly and time-consuming.
When to use Bottom Up Estimating techniques…
You can use Bottom Up Estimating when more details are available to you about how each of the work packages will be carried out. That means you must know that needed to be done on the project before you can use this method of calculation.
You also use Bottom Up estimating technique when you need more accurate estimating. In using it, you have to know all the activities that needed to be done before you can apply this method of estimation.
It is also time-consuming. You can only use this method of estimation when you have the ample time that you want to devote to estimation.
You should also use Bottom Up estimating techniques for work packages with the highest level of uncertainty associated with cost. Make sure that you weigh the additional accuracy provided by bottom-up estimating against the additional cost of making the estimates.
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