1) Would you prefer to use the bottom-up or top-down budgeting project cost control? What are the advantages and disadvantages associated with each approach?

100 words.

2) Why is cost estimation such an important component of project planning? Discuss how it links together with the Work Breakdown Structure and the project schedule.

100 words.

3) Calculate the direct cost of labor for a project team member using the following data:

Hourly rate: $55/hour, Hours needed: 150, and Overhead rate: 35%

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1) Would you prefer to use the bottom-up or top-down budgeting project cost control? What are the advantages and disadvantages associated with each approach?
Top down budgeting would be preferred over bottom up budgeting cost control. This is because it results in better costs outcomes. Additionally, top down budgeting draws on experiences of the past to come up with new and reasonable project estimates for different jobs. Most advantages …

358 words APA