PMP Questions ID 2895 the project sponsor emails the project manager urgently requesting the latest measurement of cumu

The project sponsor emails the project manager urgently requesting the latest measurement of cumulative work performed, expressed in terms of the approved budget. The sponsor notes that they must have this information by end of day to prepare for a critical meeting the next morning. What information is the sponsor looking for?

Select one

Actual cost

Planned value

Budget at completion

Earned value

Projects that combine elements of different life cycles to achieve a specific goal are said to use what type of project life cycle?

Select one

Agile

Hybrid

Predictive

Experimental

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

Cost estimates

Basis of estimates

Cost baseline

Project budget

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?

New PMP Question & Answers with explanation