Which is the correct formula for calculating expected activity cost for three-point estimating?
Answer(s): C
6.5.2.4 Three-Point EstimatingThe accuracy of single-point activity duration estimates may be improved by considering estimation uncertainty and risk. This concept originated with the program evaluation and review technique (PERT). PERT uses three estimates to define an approximate range for an activity’s duration: Most likely (tM). This estimate is based on the duration of the activity, given the resources likely to be assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.Optimistic (tO). The activity duration based on analysis of the best-case scenario for the activity.Pessimistic (tP). The activity duration based on analysis of the worst-case scenario for the activity.Depending on the assumed distribution of values within the range of the three estimates the expected duration, tE, can be calculated using a formula. Two commonly used formulas are triangular and beta distributions. The formulas are:Triangular Distribution. tE = (tO + tM + tP) / 3Beta Distribution (from the traditional PERT technique). tE = (tO + 4tM + tP) / 6Duration estimates based on three points with an assumed distribution provide an expected duration and clarify the range of uncertainty around the expected duration.
Monte Carlo is which type of risk analysis technique?
Answer(s): B
Monte Carlo Simulation. A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.
When addressing roles and responsibilities, which item ensures that the staff has the skills required to complete project activities?
Which of the following reduces the probability of potential consequences of project risk events?
Answer(s): A
4.3.3.3 Change RequestsA change request is a formal proposal to modify any document, deliverable, or baseline. An approved change request will replace the associated document, deliverable, or baseline and may result in an update to other partsof the project management plan. When issues are found while project work is being performed, change requests are submitted, which may modify project policies or procedures, project scope, project cost or budget, project schedule, or project quality. Other change requests cover the needed preventive or corrective actions to forestall negative impact later in the project. Requests for a change can be direct or indirect, externally or internally initiated, and can be optional or legally/contractually mandated, and may include:Corrective action—An intentional activity that realigns the performance of the project work with the project management plan;Preventive action—An intentional activity that ensures the future performance of the project work is aligned with the project management plan;Defect repair—An intentional activity to modify a nonconforming product or product component;Updates—Changes to formally controlled project documents, plans, etc., to reflect modified or additional ideas or content.
The project manager needs to review the templates in use. The templates are part of the:
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