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Project Time and Costs Estimation Student’s Name Institutional Affiliation Project Time and Costs Estimation The estimation of project time and costs is critical towards determining the efficiency and success of a given undertaking. The top-down approach of evaluation is a strategic model used to evaluate the feasibility of a project. A phase estimating best fit the arriving of a working model for evaluation unlike template and consensus method. References Phillips J. J. & Phillips P. P. (2016). Handbook of training evaluation and measurement methods. Routledge. Stamelos I. & Angelis L. (2001). Managing uncertainty in project portfolio cost estimation. Information and Software Technology 43(13) 759-768. [...]
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We have identified three approaches for estimating project time and costs: the Top-down Approach, the Bottom-up Approach, and a Hybrid: Phase Estimating Approach. Within each approach, there are various estimating methods used to determine project time and costs, and each estimating method has positive and negative features. You are to choose one of the Top-down Approach methods (consensus, ratio, apportion, function point, or learning curves), one of the Bottom-up Approach methods (template, parametric, and range estimating), and the Hybrid: Phase Estimating Approach. Compare your two selected methods of estimating time and cost to each other. Along with a comparison to the Hybrid Phase regarding positive and negative features of each, create hypothetical scenarios in which each method would be the best alternative to use, and explain why. Use at least one peer-reviewed source beyond the text, course content, and course readings to support your position.
Subject Area: Project Management
Document Type: Paraphrasing
