Answer: template method
Explanation:
The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as template method.
It should be noted that estimating time and cost are vital because it helps schedule work, develop needs of cash flow and show progress of a project.
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The liabilities will be understated.
Standardization and innovation play critical roles in the development of goods and services. Standardization allows for a stabilized starting point in which to move forward and develop other goods and services which is related to innovation. Standardization provides stability, a known factor which can be relied upon, whereas innovation is riskier and may not come to be successful endeavor. However, like all risk, that is the payoff for the investment in innovation, for if the innovative good or service can be successfully brought to market, the dividends for a payout can be well worth it.
