Bottom-up estimating

Bottom-up estimating

A method of estimating a component of work. The work is decomposed into more detail. An estimate is prepared of what is needed to meet the requirements of each of the lower, more detailed pieces of work, and these estimates are then aggregated into a total quantity for the component of work. The accuracy of bottom-up estimating is driven by the size and complexity of the work identified at the lower levels. Generally smaller work scopes increase the accuracy of the estimates.

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Part of Speech: noun
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Industry/Domain: Business services
Category: Project management
Company: WSDOT
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Related terms

bottom-up estimating

Business services; Project management

A method of estimating a component of work. The work is decomposed into more detail. An estimate is prepared of what is needed to meet the requirements of each of the lower, more ...

bottom-up estimating

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In general, computation of a price with regard to time and resource requirements upon which a firm quotation is based.

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The process of calculating the cost of a project. This can be a formal and exact process or a quick and imprecise process.

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project life cycle

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direct costs

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skill

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project management (PM)

Business services; Project management

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

direct labor costs

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Costs accruing from expended labor excluding the bonus portion of overtime, insurances, and payroll taxes.

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