Question: The best method for estimating costs is: Top down estimating beginning with the total budget and breaking down Bottom up estimating starting with the work

  1. The best method for estimating costs is:
    1. Top down estimating beginning with the total budget and breaking down
    2. Bottom up estimating starting with the work hours and rates for each role
    3. Obtaining estimates and actuals for similar projects from other benchmark companies
    4. Obtaining standard activity costs and durations from the PMBOK
  2. What best practice approach would one take to prioritize work when you dont have enough time to perform detailed work on every item?
    1. Top-down analysis
    2. Bottom-up analysis
    3. Risk-based analysis
    4. Monte Carlo simulation analysis

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