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TOPIC: Cost estimate question

Cost estimate question 1 year 6 months ago #6599

  • Jay Fitzgerald
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Here's a question I had on a simulated exam in Cost Management. I need someone to break down the explanation in easy to understand terms. I don't fully understand the reasoning the exam gave.

You just completed a cost estimate on the project, and you're assuming there's a 15% chance you will exceed this estimate. You are:

A. Above the mean
B. Above the median
C. Below the mean
D. Below the median

The exam said that the correct answer was A. However, I can't understand their explanation of how I am to figure this out on the real exam.

Cost estimate question 1 year 6 months ago #6691

  • Jonathan Emmons
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Hi Jay -

Can you please provide the source for the question? Was it the PM Prepcast's exam simulator or a product from another vendor?

To be honest this one has me confused as well, as you would typically see median and mean used to describe central tendency among a collection of data points, not as a quality of cost estimates. But I might be misunderstanding the context. Did the simulator provide additional feedback other than the correct answer?
Jonathan Emmons, PMP
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Cost estimate question 1 year 6 months ago #6712

  • Jay Fitzgerald
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Hi Jonathan! I actually can't remember where I saw this question. It was either the PM PrepCast or from Rita's bank of questions. Those are the only simulated exams I've taken so far.
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