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Describe the bottom-up and top-down approaches

Describe the components of bottom-up and top-down approaches to managing labor costs and decide which would be most important to use in either your current work environment or one with which you are familiar. Explain your reasoning.

In your response, imagine that managers will be part of the budgeting process and may, based on your business, amend, revise, or adopt new approaches to compensating, rewarding, and incentivizing the workforce.

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A top down approach is one that estimates cost by looking at the project as a whole. It is based on opinions of experts or estimate costs on the basis of similar projects. Bottom up approach, on the other hand, is used when a project is broken into individual elements or smaller modules or end items. The cost for each individual element or ...

Solution Summary

Describe the components of bottom-up and top-down approaches to managing labor costs and decide which would be most important to use in either your current work environment or one with which you are familiar. Explain your reasoning.

In your response, imagine that managers will be part of the budgeting process and may, based on your business, amend, revise, or adopt new approaches to compensating, rewarding, and incentivizing the workforce.

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