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An increasingly common approach in organizations that do not want to take the time to provision components from scratch is to evolve software to component status. This is referred to as the "bottom-up" or "components-as-you-go" approach.
In other cases, requirements definition and analysis phases may start with a much broader brief: to expose common requirements across several business areas without the benefit of previously developed software. This is referred to as the "top-down" or "components-in-advance" approach.