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

Material costs, labor and services costs, facilities costs, equipment costs, information technology costs and other costs have to be taken into account when required to produce project deliverables or results (MindEdge, 2014).Top-down estimating or analogous estimating approach allows the use of more holistic data from previous projects which in turn aids with the risk reduction to overlook costs and work activities (Rowland, 2019). This estimation can be done quickly, easily used with similar projects and can be used with less information known of the upcoming project. The disadvantages is that it can provide rough or inaccurate estimates and require the team to have expertise in order to compare and complete a project (MindEdge, 2014). The approach should be used more for a ball-park magnitude or rough estimates when limited details are provided.

A good definition of the projects tasks are need in order to identify and create the range of estimates needed for bottom-up method. The amount of data available will be included by the maturity of the project, the product or services and the quality of data collected (Rowland, 2019). Estimates are determine for each task making plans for a project easy to be changed and estimates to be produced (MindEdge, 2014). The disadvantages include the time consumption involved, inaccurate estimates and the approach can be costly. Both estimate approaches can result in inaccurate estimates and require expertise and team members to provide devoted attention and time. In contrast the top-down can be done faster than the bottom- up estimating approach. Bottom-up approach provides more accurate estimates than all methods of estimation. In order to determine the best estimating approach to use the organization should determine what will best suit the actual project.