PMP Questions ID 2893 the project team recently participated in a working session to determine the costs associated wit

The project team recently participated in a working session to determine the costs associated with individual activities. To produce a more accurate estimate, they broke each activity down further into smaller chunks. What will this activity yield?

Select one

Basis of estimates

Project budget

Cost estimates

Cost baseline

You’ve gathered cost estimates for the activities of your current project. Most of the activities can be completed with existing staff resources. The summary cost estimate for existing resources is $535,000. You will also need to hire contractors to perform some of the activities that require specialized skills. You’ve received a bid from a local vendor for $137,000 for these services. Which of the following statements are true?

Select two

You’ve determined a quantitative estimate of the cost to the organization to perform the activities of the project.

The cost of the vendor services to your organization is considered pricing (from the buyer’s perspective), which is a business decision on their part.

The procurement SOW can be prepared by either the buyer or the seller, and it should be as accurate as possible, as you will use this SOW in the contract award.

You should use purchase price as the sole criterion for choosing among vendors when you have multiple qualified sellers from which to choose.

You are working on the risk management plan for your current project and need to document how the risk activities will be recorded for the benefit of future projects. Which part of the risk management plan addresses these issues?

Select one

Lessons learned

Thresholds

Tracking

Reporting format

You work for a company that writes billing software programs for the communication industry. Your customer is located in a country that limits the number of foreigners allowed into the country. You identify this risk in your risk management plan. The critical point during the project is installation and setup. You might do which of the following, given these circumstances?

Select one

Develop a shared response strategy

Develop a cause-and-effect diagram that identifies the risk and shows the cost effect of each choice on the objectives of the project

Use sensitivity analysis to determine the causal influences of these risks and the time ordering of the events

Develop a mitigation plan for installation and setup

Sue leads a PMO that is in the process of shifting the organization from using predictive to more adaptive approaches to delivering project outcomes. While coaching one of her project managers on Agile practices, she explains that Agile teams focus on rapid product development. What reason is Sue likely to provide for carrying out this approach?

Select one

Rapid product development allows for a reduced amount of change.

Rapid product development allows for globalization of the project team.

Rapid product development allows for early project completion.

Rapid product development allows the team to obtain feedback.

New PMP Question & Answers with explanation