30 New PMP Questions & Answers with explanation
11.
John is the project manager for a large construction project. He has just completed a Monte Carlo analysis simulation when he learns from a team member that some of the cost estimates used in the simulation were incorrect. John is highly risk-averse and concerned about this issue, so he meets with his team to discuss options for how to move forward. Based on this information, which choice below best describes what the team would likely do with the results from the Monte Carlo analysis?
Select one
12.
A project manager has completed a detailed wbs and cost estimates for each work package. To create a cost baseline from this data, the project manager will:
Select one
13.
You just completed a cost estimate on the project, and you're assuming there is a 15 per chance you will exceed this estimate. You are
Select one
14.
The customer responsible for overseeing your project asks you to provide a written cost estimate that is 30% higher than your estimate of the project's cost. He explained that the budgeting process requires managers to estimate pessimistically to ensure enough money is allocated for projects. What is the best way to handle it
Select one
15.
You provide a project cost estimate for the project to the project sponsor. He is unhappy with the estimate, because he thinks the price should be lower. He asks you to cut 15 percent off the project estimate. What should you do?
Select one
16.
Which of the following is a key way to improve activity cost estimates
Select one
17.
Which estimating method tends to be most costly for creating a project cost estimate?
Select one
18.
Breaking down project activities into smaller components in order to obtain a more accurate cost estimate and then aggregating the estimates of the lower-level components is:
Select one
19.
A project uses rounding of activity cost estimates data to the nearest $100, uses staff hours as the unit of measure for resources, and has a variance threshold of 10 percent deviation from the baseline plan. These approaches are typically documented in the:
Select one
20.
For many procurement items, the procuring organization can either prepare its own cost estimates or have an outside professional estimator prepare a cost estimate. This estimate serves as a:
Select one