ProjectTimeManagement(3)-paper-2-ppp.docx

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Running head: PROJECT TIME MANAGEMENT 1 Project Time Management Name Institution
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PROJECT TIME MANAGEMENT 2 Part 1: Project Estimation Approaches Every project begins as an idea with different fulfilment approaches. The management and team players identify key pillars in accomplishing the set goals and outline the timelines for the activities. The implementation process requires a deep analysis and response to some of the most technical questions regarding the project like its sustainability and profitability. The concept of predicting the time and resources needed to accomplish the set objectives boils down to project estimation. Team members have different estimation approaches depending on the nature of a project. However, the chapter focuses on two main approaches, top-down and down-up estimation approaches. 1. Top-down Estimating Technique The technique centers on the feasibility exercise conducted by senior management based on the available information regarding the project. While in most cases the participants use general information from the field, the trend is shifting towards the application of information based on experience and expert input. The top management collects needed information to establish if the project is viable (Project Management Institute, 2013 p. 175). Additionally, the approach assists in establishing a quick analysis on the dynamics involved like stakeholder’s participation and the overall benefits. The top-down approach is basically an initiative from the top management with team players having to abide by the parameters set from the senior management team. Considering its descending approach, it remains the quickest estimation approach. Its direct guidelines and evaluation parameters makes it less elaborate and time consuming particularly in large projects.
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PROJECT TIME MANAGEMENT 3 Despite this benefit, it fails to incorporate the technical details in a project that may give a misleading information on the implementation procedure. 2. Bottom-up Estimation Technique The technique can only take place after the management and team members access a comprehensive understanding of all dynamics in a project. It is detailed and more involving with the management having to incorporate the views of all parties involved. The estimation approach involves a step-by-step breakdown of every activity and resources needed to accomplish the project. In this approach all members play a central role in communicating their position regarding the changes. The top management may have their position but the central pillar in the discussion emanates from the participants and team members. It lacks elaborate structures since the participants are drawn from different professional backgrounds.
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