问题如下：
Steve is considering investing PZ Inc. and he asks three of his analysts to forecast the 2018 income statement for PZ. Based on the summary of the analysts’ key assumptions, the modeling approach used by Anderson to project future net sales is most accurately classified as a?
选项：
A.hybrid approach.
B.top-down approach.
C.bottom-up approach.
解释：
B is correct.
考点：Approaches For Equity Valuation Models
解析：B是正确的。自上而下的方法通常从整体经济层面开始。Anderson假设行业销售额与名义GDP的增长速度相同，但PZ的市场份额将下降1.5个百分点。由此可见Anderson没有使用任何自下而上方法的元素，因此，没有采用混合方法。
请问Phil也是top-down吗？
