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Hello everyone! Here is this week's free PMP exam sample question from the PM Exam Simulator.
Estimating costs demands expert skills. Which of the following is most important to document when estimating costs?
A. Documentation of all assumptions made
B. Documentation of any known constraints
C. Indication of the range of possible estimate
D. Documentation of the basis of the estimate
HINT: All of the choices are examples of the supporting details you must attach to each cost estimate. But which one is the most important?
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Answer and Explanation:
The correct answer is D.
All of the choices are examples of the supporting details you must attach to each cost estimate. However, the documentation of the basis of the estimate is most important since this will be the justification for and reasoning behind the estimate you are presenting to your management for approval. All other information is secondary.
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This interview with Simona Fallavollita (LinkedIn Profile) was recorded at the magnificient Project Management Institute (PMI)® Global Conference 2017 in Chicago, Illinois. We discuss the how, what, why and when of the changes that are coming to the PMP exam.