Questions and Answers
What is the purpose of aggregating cost estimates by Work Packages?
Which of the following is NOT included in the project management plan?
What document contains the results of risk analysis and response planning?
What should be checked to ensure that constraints are met in the budget?
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What is a primary purpose of creating a cost baseline as an S-curve?
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Which of the following costs may be added to the budget during cost aggregation?
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Which item is included in the Basis of Estimates document?
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What is a common component of indirect costs that should be added to the budget?
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What does a larger number of dots indicate in the context of estimation?
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Which T-shirt size would likely be chosen for the user story about creating a user profile?
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How should user stories be selected for a sprint?
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What method can be used to quantify a team's capacity in a sprint?
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What is recommended at the end of each sprint regarding team capacity?
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What is the significance of using the Fibonacci sequence in estimation?
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Why are T-shirt sizes used in estimating tasks?
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What is the main purpose of selecting user stories for a sprint based on value?
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What is the purpose of Lee reviewing session feedback from other attendees?
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What does Andre need to manage effectively during the event?
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Which item was identified as having the largest T-shirt size in the product backlog?
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What is one of the objectives of the Homepage item in the product backlog?
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What feature is included in the product backlog to assist attendees in navigating the event location?
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Which of the following tasks is classified as 'XS' in T-shirt sizing?
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What aspect of the website project does the Responsive Design item address?
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What is the goal behind implementing social media integration in the event website?
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What is a major challenge faced by virtual teams?
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Which step comes first in the problem-solving process?
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What is the purpose of an issue log in project management?
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Which resource selection might typically be considered the baseline for assessing quality and time costs?
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Using video communications in virtual teams can help to mitigate which of the following challenges?
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What is the primary function of team performance assessments?
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What should be considered when solving a problem to ensure ethical choices?
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What is one recommended approach to improving communication in virtual teams?
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Which tool helps record past project experiences to benefit future phases?
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In resource management, what does a work performance report encompass?
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What is the highest priority user story listed for Andre?
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Which Fibonacci value corresponds to the user story of Lee entering a discount code?
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What total story points are allocated combined for Andre's stories about creating a profile and paying?
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Which user story has a priority of 4?
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What feature is described as needed by Lee regarding security?
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Which user story has the least priority according to the content?
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How many story points are assigned to Lee's request to review session feedback?
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What does Andre need to manage his time effectively according to his user story?
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What is the team capacity for story points mentioned in the context?
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Which Fibonacci number is used to estimate the effort for Andre's ability to provide feedback?
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What benefit does Lee gain from entering a discount code?
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Which feature allows Lee to find his next session via phone?
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What user story has the highest Fibonacci value assigned?
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What does the user story for Andre state regarding managing cash flow?
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Study Notes
Cost Management Overview
- Develop and manage budget through a project management plan, comprising a cost management plan, resource management plan, and scope baseline.
- Aggregate cost estimates by work packages using control accounts that connect to financial systems.
- Risk response costs, overhead costs, contingency reserves, management reserves, and profit for external work may be added to the budget.
Risk Contingency and Overheads
- Include risk contingency and indirect costs when estimating the total budget.
- Ensure the final budget adheres to predetermined constraints.
- Create a cost baseline represented as an S-curve for effective tracking.
Inputs for Budgeting
- Project documents must contain a basis of estimates, detailed cost estimates, project schedule, resource calendar, and risk register.
- Agreements related to contracts or other cost elements are essential to budget formulation.
Relative Estimating Techniques
- T-shirt sizing method is used for estimating effort or complexity for user stories (XS, S, M, L, XL, XXL).
- Relative sizing can be performed using the Fibonacci sequence to establish story points for tasks or user stories.
- Team capacity can be quantified using story points or ideal days, optimizing sprint planning accordingly.
Sprint Selection Criteria
- Selection of backlog items for a sprint should prioritize the highest value until team capacity is reached.
- Review team capacity at the end of each sprint to identify improvements.
Managing Virtual Teams
- Virtual teams face challenges such as cultural differences, communication barriers, different time zones, and technological issues.
- Effective communication, clarity, and video interactions can mitigate challenges in virtual collaboration.
Resource Management Tools
- Utilize issue logs to track unexpected resource needs and lessons learned registers to inform future project phases.
- Clearly define team assignments and responsibilities to enhance project focus.
- Work performance reports provide insights into resource needs based on controls of schedule, cost, and quality.
Problem-Solving Framework
- Address issues methodically: identify, define, investigate, analyze, solve, and verify solutions.
- Maintain an ethical approach when evaluating and implementing solutions to problems.
Resource Assignment Considerations
- When selecting marketing specialists, evaluate options based on experience and availability, considering time costs and quality of work.
- Baselines are designed to ensure a balanced approach in resource selection that meets project requirements.
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Description
This quiz focuses on the essential aspects of project cost management, including the creation of control accounts, risk contingency considerations, and establishing a cost baseline using an S-curve. It also emphasizes the importance of project management plans and ensuring budget constraints are met.
