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Compare and contrast top-down versus bottom-up estimating and discuss how the project costs are influenced by the quality and accuracy of estimates.

The estimation of the project activity durations is important to the process of project budgeting. According to Chen & Huang (2021), estimating project activity involves estimating the number of work periods necessary to complete individual practices and activities with estimated resources. The primary benefit of the process is that it offers enough time for each activity for effective completion. There are similarities and differences between top-down and bottom-up estimating.

           In the top-down estimation approach, estimations are made about the deliverables duration, including the identification of major deliverables. On the other hand, bottom-up estimates provide detailed estimates for every individual task, which makes up all the deliverables (Chen & Huang, 2021). Generally, top-down estimating is conducted first before it is followed up with the bottom-up estimating approach.

           Notably, a top-down approach provides an overview of the system, specifics, but does not provide details. Chen & Huang (2021) noted that the individual elements of the system requirements specification were in great detail before its application. On the other hand, a bottom-up approach pieces together systems to give rise to more complex systems thus is time-consuming. The schedule is attributed to direct input from experts as part of the project implementation.

           Project costs are influenced by the quality and accuracy of estimates. According to Chen & Huang (2021), project priority can influence resource assignment, and influence time and cost. Given that project estimates in terms of quality and accuracy is a complex process, the project costs tend to depend on the quality of time, and cost estimates, with the intention to improve variables. These variables are considered when making project estimates, thus influence the overall costs, quality, and accuracy.             Accordingly, there are three activities/actions one would implement to assure stakeholders that the project is managed within scope and schedule. One of the activities/actions is to engage stakeholders in the estimates. It involves ensuring stakeholders understand the project certainty or uncertainty as it regards scope and schedule. Another action/activity is working with the team to ensure the project is broken down into tasks and deliverable s, thus making it easier for stakeholders to understand. Lastly, I would ensure that I communicate constantly with the intention of ensuring I highlight the entire process as it regards to project scope and schedule.