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Exam PMP topic 1 question 474 discussion

Actual exam question from PMI's PMP
Question #: 474
Topic #: 1
[All PMP Questions]

To estimate the costs of a new project that is similar to a project that was implemented last year, the project manager meets with a group of experts from the previous project. The group uses a three-point estimating technique. The project manager submits the estimated budget to the project sponsor for approval. The project sponsor, who is new to the company, is concerned because the budget exceeded their expectations.
What should the project manager do?

  • A. Review the organizational process assessment to determine if a contingency reserve was considered in the budget estimate
  • B. Review the historical information and lessons learned from last year's project to justify the new budget estimate
  • C. Change the budgeting technique to a more accurate, bottom-up cost estimation
  • D. Use soft skills to convince the project sponsor to approve the new budget estimate
Show Suggested Answer Hide Answer
Suggested Answer: B 🗳️
by rajeshtk at April 8, 2023, 5:30 p.m.

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mrwriting
6 months, 3 weeks ago
Selected Answer: D
Experts in previous project estimated. Why PM needs historical data from previous project?
upvoted 1 times
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victory108
1 year, 2 months ago
Selected Answer: B
B. Review the historical information and lessons learned from last year's project to justify the new budget estimate
upvoted 1 times
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Thirukj
1 year, 4 months ago
Selected Answer: B
Correct answer is B
upvoted 2 times
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Debugs_Bunny
1 year, 6 months ago
Selected Answer: B
B. Review the historical information and lessons learned from last year's project to justify the new budget estimate The project manager should review the historical information and lessons learned from last year's project to justify the new budget estimate. By providing this context, the project manager can help the project sponsor understand the basis for the estimated costs and why they might be higher than initially expected. This approach not only supports the credibility of the estimation process but also helps the project sponsor make informed decisions about the project budget. While other options may be considered, providing a clear justification based on historical information should be the first step.
upvoted 2 times
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rajeshtk
1 year, 6 months ago
Why not C ?
upvoted 2 times
Jamrock
1 year, 2 months ago
Because this is the estimate the group uses on prior projects and changing it will not help.
upvoted 1 times
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SAJSAJ
7 months, 2 weeks ago
should be c
upvoted 1 times
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