PMI Updated PMP Exam Questions and Answers by corey

 To avoid the problem of inaccurate cost estimation, as indicated by a CPI of 0.65, bottom-up estimating should have been used. This method involves estimating the cost of individual tasks in detail and then aggregating them to arrive at a total project cost. It is more accurate than analogous estimating because it considers the specific details of the current project rather than relying on the cost data of past projects, which may not be directly applicable. Bottom-up estimating allows for a more granular and accurate assessment of the project’s financial requirements.

When a project is running behind schedule, it is essential to address the issue through proper change management processes. The project manager should issue a change order to the change control board (CCB) to review and approve changes to the project that may include rebaselining the schedule. This process ensures that any modifications to the project plan are documented, evaluated, and authorized before implementation, maintaining the project’s integrity and stakeholders’ expectations.

In Agile and Scrum methodologies, the product owner plays a crucial role in the sprint review meeting. The statement that the increment is ready to be delivered to the customer implies that the product owner has evaluated the increment against the Definition of Done (DoD). The DoD is a shared understanding within the Scrum Team of what it means for work to be complete. This ensures that the increment meets the necessary quality standards and is ready for release123.

The planning phase is the stage where detailed project planning occurs, including the development of schedules, timelines, and milestones. According to the PMBOK® Guide, during the initiation phase, the project manager works with stakeholders to define the project at a high level. Concrete dates for the most important project milestones are typically established during the planning phase, as this is when the project’s scope, activities, resources, and timelines are defined in detail12.