Please answer each question in 300 words or more. Please also cite all sources and list references.

·         Why is it important to develop a time-phased budget for a project? Discuss how project budgets are developed in an organization with which you are familiar. What improvements would you suggest?

 Â·         What are the differences between bottom-up and top-down estimating approaches? In what situation would you prefer one to the other? Provide an example to support your answer.