The top-down approach is favored by upper management for estimating project time and cost, while NPV analysis and regression analysis provide additional tools for project evaluation in business.
Top Down Approach: The top-down approach to estimating project time and cost is typically completed by upper management. In this method, a high-level estimate is made before breaking it down into more detailed estimates.
Net Present Value (NPV): NPV analysis is a commonly used approach that involves estimating all costs and benefits associated with a project over a specific time horizon and assigning monetary values to them to determine if the project is profitable.
Regression Analysis: Regression analysis is a statistical method used to analyze the relationship between variables. While not directly related to estimating project time and cost, it can be used in project management for forecasting purposes.
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