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Guide to Bottom-Up Estimating Based on PMBOK Guide Seventh Edition

Bottom-Up Estimating is a method used in project management for estimating the cost and duration of a project.
Why is it important?
It is essential for the successful management of any project because it allows a more accurate estimate of a project's time and cost by breaking down the project into smaller, more manageable tasks.
What is it?
Bottom-Up Estimating is the process of breaking down a project into smaller components and estimating the cost and time required to complete each task. These estimates are then summed up to determine the total project cost and duration.
How it works?
Each task or activity of the project is evaluated individually. The cost and time are estimated for each of these tasks. All these estimates are then added together to form the total for the project.
How to answer questions regarding Bottom-Up Estimating in an exam:
Understand the concept and method of Bottom-Up Estimating thoroughly. Be clear about the steps involved in this process and how to apply them. Practice various hypothetical situation-based questions.
Exam Tips: Answering Questions on Bottom-Up Estimating:
1. Always remember that Bottom-Up Estimating provides more accurate results but requires more time.
2. Know the difference between Bottom-Up and Top-Down Estimating.
3. Focus on practice questions that involve calculation of total cost and duration considering the individual task estimates.

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Bottom-Up Estimating practice test

Bottom-up estimating is a cost estimation technique that involves breaking down the project scope into its smallest work packages or tasks, and then aggregating the costs for each of these elements to derive the total project cost. This approach requires a detailed understanding of the work required at each stage of the project, along with the resources needed to perform the work, such as labor, materials, equipment, and other inputs. Bottom-up estimating allows for a more granular and accurate assessment of project costs, as it accounts for the specific circumstances and requirements of individual work packages, rather than relying on high-level, abstract assumptions or past experience alone. However, this technique can be time-consuming and resource-intensive, as it requires comprehensive planning, as well as in-depth knowledge of the project's scope and cost drivers.

Time: 5 minutes   Questions: 5

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