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Bottom-up estimating definition

Accounting Tools

Related Courses Contract Management New Manager Guidebook Project Management What is Bottom-Up Estimating? Bottom-up estimating involves the estimation of work at the lowest possible level of detail. These estimates are then aggregated in order to arrive at summary totals.

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Scope of work definition

Accounting Tools

A supplier may break down the scope of work into a detailed document that it uses to monitor the progress of work towards the deliverable stated in the scope document. Related Articles Cost Containment Critical Path Method Scope Creep Top-Down Estimating

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Budget definition

Accounting Tools

Structure of a Budget At the most minimal level, a budget contains an estimated income statement for future periods. Next, sales estimates are made, based on historical sales information and estimates from the sales department. The outcome may be run through several iterations before a reasonable budget model is created.

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External dependency definition

Accounting Tools

Related AccountingTools Course Project Management Related Articles Critical Path Method Front End Loading PERT Chart Top-Down Estimating A third example is when a building inspector must issue a permit before the wiring for a building will be approved. The permit is an external dependency.

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Project slack definition

Accounting Tools

Related Articles Cost Containment Cost Overrun Scope Creep Top-Down Estimating Example of Project Slack Ten days are scheduled to complete a task, even though only four days are required to do so. This results in slack of six days.

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Scope creep definition

Accounting Tools

How to Minimize Scope Creep To minimize scope creep, the project manager should evaluate each change request, estimate its impact on resource requirements, and consult with the project sponsors to see if they are willing to accept (and fund) the request.

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The #1 City for Accountants and More Stories from The Accounting Podcast

Blake Oliver

In episode 352, my co-host David Leary and I break down need-to-know news, such as the top cities for accountants, how Donald Trump defrauded banks, tightened audit confirmation rules, the latest AI developments, and a surprising admission from a Deloitte CEO. What factors propelled Salt Lake City to the top spot? Think again.