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Answer 1:
Top down and bottom up approaches are complementary approaches that can be used to estimate the cost of resources required to complete the project within the time and quality parameters. In the top down approach, the top managers develop total project duration and cost estimates on the basis of their past experience and information about the project. These managers generally have little knowledge about the basic processes and they develop estimates on the basis of their judgment. Such approach is suitable for macro projects with unstable scope and high uncertainty. Some of the popular methods are consensus methods, apportion methods, ratio methods, etc. Analogy, group consensus and mathematical relationships are used to develop the cost estimates. On the other hand, bottom-up approach focuses on the basic processes and elements to be done to complete the project. The work breakdown structure (WBS) is developed and the cost associated with the work packages and identifiable work units is determined so that the overall project cost can be estimated by summing the costs of different work packages....

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