PMP Question

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reshdimp19
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Joined: Fri Jul 17, 2020 2:54 am

PMP Question

Sat Jul 18, 2020 9:10 am

You Have been assigned as Project manager on a Construction project For a new Bus Station.The construction contract awarded to your Company is Firm fixed price . In a firm fixed priced contract , what type of cost estimating technique is used ?

A. Analogous Estimating
B. Bottom-up Estimating
C.Parametric estimating
D. One -Point Estimating

My answer was A - Analogous Estimating . Justification behind the answer are clear requirement , Determined deadline , transparency .With this its clearly shown the prject manager has similar experience in handling the same project that lead to Analogous Estimate .

can you please comment on my answer . Tq
manishpn
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Re: PMP Question

Sun Jul 19, 2020 4:15 pm

reshdimp19 wrote:
Sat Jul 18, 2020 9:10 am
You Have been assigned as Project manager on a Construction project For a new Bus Station.The construction contract awarded to your Company is Firm fixed price . In a firm fixed priced contract , what type of cost estimating technique is used ?

A. Analogous Estimating
B. Bottom-up Estimating
C.Parametric estimating
D. One -Point Estimating

My answer was A - Analogous Estimating . Justification behind the answer are clear requirement , Determined deadline , transparency .With this its clearly shown the prject manager has similar experience in handling the same project that lead to Analogous Estimate .

can you please comment on my answer . Tq
Hello, this question is not of good quality
In general there is no relationship between how the project is estimated vs type of the contract.

the parameters used to decide on type of contract is based on the nature of the project, scope , timelines, etc
Similarly the estimation technique to be used depends on the nature of the project, how much do we know about it from past , what kind of expertise do we have within the team etc.

If I have to put my bet on this, when we go for a FFP, the scope should be very matured and known in detail, which means that the best option will be to do bottom up estimation to be able to get the best view of the project scope an cost.

if we do not have a good scope definition, the buyer will end up paying for every scope change

Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/
reshdimp19
Posts: 4
Joined: Fri Jul 17, 2020 2:54 am

Re: PMP Question

Tue Jul 21, 2020 3:49 am

Hi Manish ,


Thank you for the reply . I am digesting the answer . i was having mixed feeling of 2 answers which was Analogous Estimating and Bottom Up . My answer kind of lead to Analogous Estimating due to Fixed Price Contract . But for somehow , Bottom Up was still running on my head for not making any mistakes or error in project that will add more more cost that is borne by the project sponsor .
Now that i am clear. Thank you
reshdimp19
Posts: 4
Joined: Fri Jul 17, 2020 2:54 am

Questions on Costing Management

Sat Aug 01, 2020 2:03 am

1. Which of the following is not done as part of Performance Measurements ?

A. Calculating Planned Value
B. Calculating Earned Value
C. Calculating ETC
D. Calculating Cost Variance

It seems like all parameter above is vital in accessing performance measurement . i Dont have an idea which one to choose .But the answer is B . Can someone guide on this .


2. Which is NOT true about Analogous Cost Estimating
A. Uses Expert Judgment
B. Used when reference projects are similar
C. Does not require high expertise on part of estimators as estimates are based on previous projects
D. Useful in early phases of the project

My set of knowledge on this was Analogous Cost Estimating does attributes of a previous project similar to current project . These attributes may include but not limit to scope , cost , budget , duration . I sense C could be the best answer . Meaning it still require an expertise since the previous project may not be 100% identical and this could prevent from padding effect . Please share your thoughts .Thanks
manishpn
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Re: PMP Question

Sat Aug 01, 2020 7:54 pm

Please use one thread per question, repost your questions in new thread
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/
reshdimp19
Posts: 4
Joined: Fri Jul 17, 2020 2:54 am

Question Scope Management

Mon Aug 10, 2020 9:03 am

The work breakdown structure can best be thought of as an effective aid of __________communication

A. Team
B. Project Manager
C. Customer
D. Stakeholder

The answer is C . However , i answered D as customers too were listed in the stakeholders . Can someone throw your personal input on this ? Tq
manishpn
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Re: PMP Question

Mon Aug 10, 2020 9:17 pm

please post new question in new thread
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

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