cost management -

Submitted by vijayavadrevu on Sat, 03/30/2013 - 18:25

 During project executing, a new project manager is assigned to the project and finds that the activity cost estimates for the project have rarely been accurate. Which of the following was most probably not done?

A) Obtain a cost constraint from management, create a work breakdown structure and develop a project management plan

B)Obtain a cost constraint from management, perform risk assessment and form a team

C)Form a team, create a work breakdown structure and use historical records from previous projects

D)Form a team, develop a project management plan, and perform a risk assessment

 

Answer is given as ( C ). Can someone explain please?

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sspawar

Sun, 03/31/2013 - 03:01

 Vijaya,

what is sources of questions

Most of questions recently are not properly narreted/structured, I think you should follow few standard and well known study materials.

for more practicing -- scordo/ estrella/ kimheldman/ oliver lehmann/ farndale/pmstudy/pmp4sure/pmchamp/simplilearn/velocyteach/edwel/pmzilla/ are sufficient.

either you should have to create a skill, that which qusn is asked incorrectly.

I also know this is the reason that you are asking about them.

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in above qusn create a work breakdown structure is a part of DPMP.

thus A C and D are all correct.

Form team - not pmbok term

vijayavadrevu

Sun, 03/31/2013 - 17:19

 Sure Sir. I'll go by your advise. Also I shall give the source of questions also

 

Regards

Vijaya

sandeepdel

Mon, 04/01/2013 - 00:33

 Hi..looks like your source is based on very old version. Please disregard this question. 

Renji2013

Mon, 04/01/2013 - 03:25

Well, there are issues with the terminologies used ..


Choices A,B, D. Why  the team is not getting  acquired before the risk asessment process (Qualitative). This is wrong because risk  process usually happens after the define scope and runs along with the develop scheduling and cost estimating process. So the team is required for the activity definition etc ( Create WBS doesnt mandate the need of the team members especially in a large project with WBS at very high levels ).


Creating project management plan after creating WBS doesnt make sense. Project management plan skeleton is prepared FIRST in the planning plase and then subsidiary plans are added later and get it approved, before execution.


Choice C : historical thing is a PMIsm. Embrace it. T eam (Experts) combined with Historical data (templates, old estimates, parametric data) will create a good estimate. It will be more accurate when risk assessment is also incorporated.


regards


Renji