The top-down and bottom-up approaches
In class we discussed how to plan for potential risks of a project. Explain the top-down and bottom-up approaches, listing advantages and disadvantages of each. Give me an example of a project and the potential risks you might encounter, list at least 5 potential risks. For these 5 risks, tell me how you would prioritize them. (hint: you will need to create your own numbers for each risk using the method we discussed in class). What steps would you take to address these risks with your team?
Sample Solution
Top-down and bottom-up are both strategies of information processing and knowledge ordering used in a variety of fields. Each approach can be quite simple – top-down approach goes from the general to the specific, and the bottom-up approach begins at the specific and moves to the general. These methods are possible approaches for a wide range of endeavors, such as goal setting, budgeting, and forecasting. The top-down approach can spawn many positive business impacts through unique aspects of management, including: creating clear lines of authority, standardized products and services, facilitating quality control, and streamlining tasks and achieving goals quickly. However, the top-down style of management creates distance between that team and decision-makers. This can lead to poorly-informed decisions if leadership doesn’t ask for input or feedback from their project team.
