alogous Estimation: It’s one way to estimate the project and it perhaps estimate from the alike projects, so that they would easily make it done. It takes similar estimation from another project as both are looks like same. We would definitely go with this approach when two projects are having the same resources and complication. In this approach, we can modify the anything even once the plan got approved by the panels. Moreover, Panels reveal their decision after having detail understanding of the submitted project plan which requires some years of experience. Parametric Estimation: Usually this estimation will calculate based on core parameters which are common to other projects as well. For instance, Victor decided to rent two boats from third-party dealers for 4 hours. The dealer replied him like “rent for single boat is $30 per hour”. Victor has estimated his budget and he come to conclusion that he needs to allot $240 for his project. So here the estimation will be calculated based on the two parameters such as no of boats and how many hours. Similarly, the project plan can be changed at any level. Bottom-Up Estimation: This is estimation which takes lots time to estimate and its very detailed estimation for each and every item in the project. Usually, some of the micro management would like to have this kind of estimation. This estimation should include all the cost for each item such as labor cost, materiel cost, contractor cost, etc. For example, Victor has decided to shop in Amazon.com. So, he has gone through amazon website to identify price of each item and came to conclusion. Activity-Based Estimation: This is one of the rarest estimation people do nowadays. It’s just made use of all activity and estimate cost for each and every activity. The activity might be from local from the company or it could be from third-party contractors. As explained before, scheduling and budgeting are tightly coupled. If something goes wrong with the planning and it did not go well as planned, then it’s going to affect the budget directly. Fo>