Agile Cost Management Quiz and Flashcards

Which of the following options is the best approach to accommodate uncertainty while maintaining the budget for a high-variability project managed by Agile methodology?

What is the main difference between cost management in Agile methodology and traditional predictive approach?

If a high-variability project under strict budget needs to accommodate uncertainty, what can be done to stay within the cost constraint?

What is the main challenge in managing the cost of a high-variability project under strict budget in Agile methodology?

Which of the following options is NOT a suitable approach to accommodate uncertainty while maintaining the budget for a high-variability project managed by Agile methodology?

Accommodating Uncertainty in Agile Project Management

To accommodate uncertainty in a high-variability project under Agile methodology, while maintaining the budget, the best approach is to prioritize features and allocate the budget to the most valuable ones first.

Cost Management in Agile vs Traditional Approach

The main difference between cost management in Agile methodology and traditional predictive approach is that Agile methodology focuses on prioritizing and allocating the budget to features, whereas traditional approach focuses on defining a fixed scope and estimating the costs.

Managing Cost Uncertainty in Agile

To stay within the cost constraint in a high-variability project, Agile teams can use techniques such as prioritization, feature splitting, and acceptance criteria to adjust the scope and allocate the budget accordingly.

Challenges in Managing Cost Uncertainty

The main challenge in managing the cost of a high-variability project under strict budget in Agile methodology is to balance the need to accommodate uncertainty with the need to stay within the budget constraint.

Unsuitable Approach to Accommodating Uncertainty

One approach that is NOT suitable to accommodate uncertainty while maintaining the budget for a high-variability project managed by Agile methodology is to pad the budget with contingencies, as this does not address the root cause of uncertainty and can lead to wasted resources.

This quiz explores cost management in Agile projects with high variability. It focuses on how to accommodate uncertainty while staying within budget. Participants will be asked to select suitable options for managing project costs in this scenario.