Briefly define top-down and bottom-up design model.
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The top-down approach and Bottom-up approach are two popular approaches that are used in order to measure operational risk.
Top-Down Design, is characterized by an extensive planning and research phase that leads into the development of a product. Bottom-Up Design, takes the opposite approach. While goals for a product are still outlined, the assembly of a product is done on a system by system basis.
While the Top-Down approach allows for structured control of a project, the Bottom-Up approach lends itself to more experimentalism.