Question

You are the project manager assigned to construct a new 10-story office building. You are trying to estimate the costs for this project. You start by assigning the costs associated with each of the project activity. Then you sum up all the individual costs into a final cost estimate. Which type of cost estimation technique did you use?

Answer 1

Answer:

Bottom-up Estimation

Explanation:

Bottom-up estimation is a type of project cost estimation that considers the cost of individual project activities and finally sums them up or finds the aggregates. The summation gives an idea of what the entire project will cost.

This is an effective way of estimating the cost of a project as it evaluates the costs on a wholistic basis. It also considers the tiniest details during the estimation process. The process moves from the simpler details to the more complicated details.