New PMP Question & Answers with explanation
The Cost Performance Baseline is a time-phased budget and is used as a basis to measure, monitor, and control overall cost performance of the project. It is usually displayed in the form of:
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You are in the initiation phase of your project, and you believe the project can be completed for $100,000. However, you are an experienced project manager and know that many things can happen between the initiation phase and the closure of the project. In the project charter, you have provided an estimate of $75,000 to $175,000. This is an example of:
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Your vice president asked you what the Estimate at Completion (EAC) will be for a small project you are working on. You were given a budget of $30,000, and to date you have spent $20,000 but only completed $10,000 worth of work. You are sure the future work will be accomplished at the planned rate. What is the EAC?
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John, a project manager for Code Crashers, Inc., has a project with a group of inexperienced programmers that will develop a software package that creates Material Safety Data Sheets (MSDS) for a chemical company. This situation strongly resembles a project his colleague, Peter, worked on in 2006. If John needs to come up with a rough order of magnitude estimate, what tool or technique should he use?
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A project’s financial management reserves are determined in which process:
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