Answer is?

Submitted by krantikumar50 on Fri, 07/06/2012 - 11:44

Hi All,


 


Please tell me the answer to this? Once I have the answer then I shall present the answer with the logic.


 


 


Q:--- Your project has reached a stage where you are not ready to estimate the costs. Which of the following input will help you the most?

 



a. Three point estimate


b. Parametric Estimation


c. Project Charter


d. Project Schedule


 


HINT: Pls remember what SS said few days/weeks back, almost 80% of the Q-A are based out of ITTOs, and this Q-A is also one of them.


 


Warmly, KK...

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PMP / CAPM exam Question bank
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karthik21

Fri, 07/06/2012 - 14:14

 Kranthi

My guess is a. Three point estimate

krantikumar50

Fri, 07/06/2012 - 14:28

Nopes. Its not PC.


 


Please read the hint again.


By the way, I had guessed Three Point Estimate, however, after I read the reasoning, I remembered SS again, like always :)


KK....

Freebyte

Fri, 07/06/2012 - 14:59

Its Parametric

krantikumar50

Fri, 07/06/2012 - 15:28

Nopes. Two out and only two more left!!!

pmp_target

Fri, 07/06/2012 - 15:41

3 point is when u have the data in hand..

parametric - when u have access to historical info. on similar data (charge per sq ft. )

if u r not ready, it would mean that we r not yet in time management phase yet .. so have to go back to previous phase when would be scope .. but given teh choise between charter or schedule - i'm inclined towards charter

krantikumar50

Fri, 07/06/2012 - 16:06

Sirji, At the very onset I said remember what Saket Sir aka SS had said. Is PCharter related to estimating cost in any way through the ITTOs? Please check the ITTOs for estimate costs again and you would only find Schedule. Parametric and 3 points are Ts&Ts and not inputs or outputs. Answer is Schedule which invariably is an input to estimating cost. By the way, congrats on getting PMP, pmp-target. Warmly, KK... :)

jcrajput (not verified)

Fri, 07/06/2012 - 16:07

Project Charter. Because, PM is not ready to estimate budget so he has not yet started any type of estimation. He can use budget constraint specified in charter to calculate ROM (Rough order or Magnitude) for initial cost estimate.

jcrajput (not verified)

Sat, 07/07/2012 - 20:04

Can anyone please verify the answer on this?


Thanks

sspawar

Sun, 07/08/2012 - 08:25

Q:--- Your project has reached a stage where you are not ready to estimate the costs. Which of the following input will help you the most?

Project at any stage have an AC of work done, and if some body able to access schedule then only problem is Rates, at which items ( deliverables) are to be executed. But question itself saying - not READY

(able) to estimate cost, means you have no data regarding rates of item as well as schedule. If you will able to get project schedule, it does not mean you will be able estimate cost.

Next in question actually help in what respect is being asked is not elaborated.

If q asks that which of the following input will require you first to create an estimate cost of budgetary level or a detailed cost estimate, then - "Project Schedule" is correct answer.

if q asks which input will help you most to show instantly the cost of any order, then "project charter" will be the correct answer.

I dont know what is source of Q? BUT It is purely my analysis.

Regards

diba_perfect

Sun, 07/08/2012 - 08:45

 sahi jawab Pawarji..! aap jeet chuke hian 2 crore rupaye! badhiyan..

 

on a more serious note, when's your exam scheduled Pawarji?

krantikumar50

Sun, 07/08/2012 - 09:00

Hey Diba,


 


I do not think Pawarji needs simple certifications like PMP, etc etc.


 


Someone who has the audacity, and rightly so, to pinpoint errors in PMBOK, do you think he will ever go for PMP. I do not think so. Respected Pawarji Sir is beyond these miniscule things. His presence on forums like Zilla and all is solitary to help lesser mortals like me.


 


I also had asked this question to him once, but after reading his posts realised SILLY ME!!!


 


Warmly, KK....

krantikumar50

Sun, 07/08/2012 - 08:51

Hi SS, Diba, and respected Pawarji Sir,


 


1st thing first. I do not know how to say it but now let me tell you what exactly the problem as well as the answer is. Once again Apologies.


 


When I saw the question somewhere, I liked it. And instead of doing ctrlC + ctrlV, I started keying in. While keying, or even after then, I did not realise that instead of typing the word "NOW", I keyed in "NOT". Oops, sorry!!!


 


Since the word is now and that completes the question. Since Project Schedule is an input to Estimate Cost, therefore, the answer should be Project Schedule. Sorry buddies!!!


 


I would ensure that I do NOT commit such silly mistakes going forward. Apologies again.


 


Warmly, KK... :( :( :(

diba_perfect

Sun, 07/08/2012 - 09:26

KK,

Your question had a typo but Pawarji still answered it correctly.

I am convinced now that Pawarji surely deserves not 2 but 100 crore!

 

~ With utmost regards,

Diba