1. How are top-down and bottom-up budgets created? What advantages does each approach hold over the other? (5 marks) 2. What is a budget contingency and what are three reasons it might be useful? (5 marks) 3. What is the underlying theory to the three time estimates approach? What data distribution should be applied in this case and what confidence should a project manager place in the calculations associated with this technique? (5 marks) 4. Discuss any five approaches to reducing the critical path. Which is the most effective and which is the most difficult to achieve? Why? (5 marks) 1. How are top-down and bottom-up budgets created? What advantages does each approach hold over the other? (5 marks) 2. What is a budget contingency and what are three reasons it might be useful? (5 marks) 3. What is the underlying theory to the three time estimates approach? What data distribution should be applied in this case and what confidence should a project manager place in the calculations associated with this technique? (5 marks) 4. Discuss any five approaches to reducing the critical path. Which is the most effective and which is the most difficult to achieve? Why