Question

What type of estimate is a cost estimation tool that involves estimating individual work items or activities and summing them to get a project total

Answer 1

The answer is Bottom-Up estimates.

Bottom-up estimating involves the estimation of work at the lowest possible level of detail.

The estimates so calculated are then aggregated to arrive at summary totals. The probability to meet the estimated amounts improves substantially by building detailed cost and time estimates for a work package.

In other words, bottom-up estimating approximates an overall value by approximating values for smaller items and using the sum of these values as the overall value.

This cost estimation tool is often used when detailed information is available about lower-level activities. It can be especially useful when estimating projects that are similar to ones that were completed in the past.

Hence, a Bottom-Up estimate is a cost estimation tool that involves estimating individual work items or activities and summing them to get a project total.

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