Shawn,

This is a question that comes up again and again. And yes... it is mostly outside of what is required for The PMI-ACP Exam. Unfortunately, this is also something that cannot easily be explained in 2-3 paragraphs in a forum... This is more something that is fit for a complete 4 hour classroom presentation.

That much said, the best I can do is ask you to take a look at Module 05 of The Agile PrepCast. I believe that the concepts and ideas needed to answer your question are included here and once you've seen those lessons you should have the basic answer to the question.

Perhaps this question will be answered in a future article, however, can someone provide some advice. We often have to provide a quotation very early on in the process. I am curious how this is handled with The Agile approach, as requirements continue to evolve. In "typical" project management this would go through change management. I am imaging as the requirements evolve, this could result in added costs. Is this typically understood with customers, when The Agile approach is used. We often work with customers that expect the cost to be defined once up front.

I realize this is not specific to the exam discussion, but I would appreciate some insight and comments on this.