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197 New PMP Cost Questions & Answers with explanation

51.
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
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52.
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
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53.
A definitive estimate is
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54.
Which of the following does not assess the value project management brings to an organization?
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55.
The project manager is working on a high-profile project where completing the project within budget is critical. The project manager is new, but well-trained, and is excited to see that the project is spending less than budgeted. As a result, the project manager was planning to take a holiday when a more senior project manager warned him that he has some important work to do on the project. Why would the senior project manager give such a warning on this project
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56.
A trend report was given to the project manager, who reacted to the report by investigating what activity or activities had not been done, but should have been done, to date. What did the report show
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57.
The difference between the cost baseline and the cost budget can be best described as:
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58.
Estimate at completion (EAC) is a periodic evaluation of:
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59.
Monitoring cost expended to date in order to detect variances from the plan occurs during:
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60.
You have estimated the project cost to be us $850k within -25/+75 percent of actual. This is a
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