2. List at least two strengths and weaknesses of the approach used
3. If you prefer the current method, then discuss how the process might be improved? If you don’t prefer the current estimating method, then provide a justification of why the method should be changed.
4. Which approach is best for the project on planning phase?
Answer preview
In my opinion, the bottom-up method is suitable for estimating any project. It is because it has a high level of accuracy. Also, by balancing over and underestimation within the project components, the method minimizes risks. However, the method requires improvement by including data from similar projects done before. This way, the project manager can use previous data to estimate the cost incurred during the integration of project components.
During the planning phase, the stakeholder might want to have a high level of confidence. Therefore, estimating each project component based on what the team members know and feel is not a good approach. As a result, the best method is the top-down method, which allows the stakeholder to consider previous projects’ data. This approach also allows the project team
