Activity cost estimates and the project schedule are inputs to which Project Cost Management process?
Answer(s): D
7.2.3.1 Activity Cost EstimatesActivity cost estimates are quantitative assessments of the probable costs required to complete project work. Cost estimates can be presented in summary form or in detail. Costs are estimated for all resources that are applied to the activity cost estimate. This includes, but is not limited to, direct labor, materials, equipment, services, facilities, information technology, and special categories such as cost of financing (including interest charges), an inflation allowance, exchange rates, or a cost contingency reserve. Indirect costs, if they are included in the project estimate, can be included at the activity level or at higher levels.Process: 7.3 Determine BudgetDefinition: The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.Key Benefit: The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled.Inputs1. Cost management plan2. Scope baseline3. Activity cost estimates4. Basis of estimates5. Project schedule6. Resource calendars7. Risk register 8. Agreements9. Organizational process assetsTools & Techniques1. Cost aggregation2. Reserve analysis3. Expert judgment4. Historical relationships5. Funding limit reconciliationOutputs1. Cost baseline2. Project funding requirements3. Project documents updates
In project management, a temporary project can be:
Answer(s): C
Which document in the project management plan can be updated in the Plan Procurement Management process?
Process: 12.1 Plan Procurement ManagementDefinition: The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.Key Benefit: The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it.Inputs1. Project management plan2. Requirements documentation3. Risk register4. Activity resource requirements5. Project schedule 6. Activity cost estimates7. Stakeholder register8. Enterprise environmental factors9. Organizational process assetsTools & Techniques1. Make-or-buy analysis2. Expert judgment3. Market research4. MeetingsOutputs1. Procurement management plan2. Procurement statement of work3. Procurement documents4. Source selection criteria5. Make-or-buy decisions6. Change requests7. Project documents updates
Which type of probability distribution is used to represent uncertain events such as the outcome of a test or a possible scenario in a decision tree?
Decision Tree Analysis. A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.- Can only be used with discrete data.
Which change request is an intentional activity that realigns the performance of the project work with the project management plan?
4.3.3.3 Change RequestsA change request is a formal proposal to modify any document, deliverable, or baseline. An approved change request will replace the associated document, deliverable, or baseline and may result in an update to other parts of the project management plan. When issues are found while project work is being performed, change requests are submitted, which may modify project policies or procedures, project scope, project cost or budget, project schedule, or project quality. Other change requests cover the needed preventive or corrective actions to forestall negative impact later in the project. Requests for a change can be direct or indirect, externally or internally initiated, and can be optional or legally/contractually mandated, and may include:Corrective action—An intentional activity that realigns the performance of the project work with the project management plan;Preventive action—An intentional activity that ensures the future performance of the project work is aligned with the project management plan;Defect repair—An intentional activity to modify a nonconforming product or product component;Updates—Changes to formally controlled project documents, plans, etc., to reflect modified or additional ideas or content.
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