Estimating the Cost of Running a Project Essay

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Budgeting and Cost Estimation

The top-down budgeting approach is the preferable approach. Through the strategy, there are better cost control and management. It employs the experience of top management for better and realistic project approximations. However, various costs accompany such benefits. First, it should be identified that the procedure can cause friction between the top, middle, and lower level managers. The major reason to this is the presence of a zero-sum game where a particular manager acquires what another losses. However, it is pertinent to identify that there are delays in the return on investment. Additionally, the strategy has a lower impact on the overall organization. In this case, the management has to be patient in order to enjoy the benefits that accompany the approach. The approach involves very high deployment coverage during the early stages.

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In contrast, the bottom-up budgeting has an advantage of being detailed from the start. In this case, costs can be directly linked both to the individual and to WBS tasks. However, it is pertinent to identify that the practice is time consuming and control is highly shifted from the top-rank management. The top own approach employs the tactical and limited coverage during cost estimation. Unlike the top-down approach, this strategy involves an earlier return on investment. The management can also identify the organizational changes within a shorter period. However, it should be identified that the structure of the organization that is established might have to be changed later. Additionally, the rollout has a higher impact because on the immediate changes to repository owners.

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