consider whether one process would result in more accuracy than another and discuss why.in the example below.

Project cost management is defined in our text as estimating, budgeting, and controlling costs so that the project can be completed within the approved budget (MindEdge, 2014). Estimating practice tends to address such issues as (1) who is going to do the work, (2) what the work content is (detailed specifications), (3) when the work is going to be done (scheduling), (4) where the work is going to be performed (on-site, in a factory - to be subsequently assembled on-site) and (5) how the work is going to be performed (Akintoye, 2000). Top-down estimating is a technique used by upper-level management to estimate the cost of a new project by using information from a previous, similar project (n.d., 2020). This approach is commonly used when there isn't as much information available and in the early phases of the project. Bottom-up estimating involves the estimation of work at the lowest possible level of detail. These estimates are then aggregated in order to arrive at summary totals. By building detailed cost and time estimates for a work package, the probability of being able to meet the estimated amounts improves (Bottom-Up, 2020). The benefit of top-down is that the major tasks are quickly identified, and the details are later refined by the project team. However, the downside is that details might be missed without a detailed review by the project team (Project Management Strategies, 2020). The bottom-up approach results in a more detailed schedule, but its also a time-consuming approach compared with the top-down task planning approach. The schedule you create is based on direct input from experts who will be implementing the project; its also a useful technique to build teamwork (Project Management Strategies, 2020). In the end, factoring in management reserves can also be very helpful should the estimates be off, they are meant to cover any unplanned and unpredictable changes in the project scope and cost.