Funding limit reconciliation is a tool and technique of which Project Cost Management process?
Answer(s): D
7.3.2.5 Funding Limit ReconciliationThe expenditure of funds should be reconciled with any funding limits on the commitment of funds for the project.A variance between the funding limits and the planned expenditures will sometimes necessitate the rescheduling of work to level out the rate of expenditures. This is accomplished by placing imposed date constraints for work into the project schedule.Process: 7.3 Determine BudgetDefinition: The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.Key Benefit: The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled.Inputs1. Cost management plan2. Scope baseline3. Activity cost estimates4. Basis of estimates5. Project schedule6. Resource calendars7. Risk register8. Agreements9. Organizational process assetsTools & Techniques1. Cost aggregation2. Reserve analysis3. Expert judgment4. Historical relationships5. Funding limit reconciliationOutputs1. Cost baseline2. Project funding requirements3. Project documents updates
In complex projects/ initiating processes should be completed:
Answer(s): B
A project manager requesting industry groups and consultants to recommend project intervention is relying on:
Answer(s): C
4.1.2.1 Expert JudgmentDefinition: Judgment is often used to assess the inputs used to develop the project charter. Expert judgment is applied to all technical and management details during this process. Such expertise is provided by any group or individual with specialized knowledge or training and is available from many sources, including:Other units within the organization, Consultants,Stakeholders, including customers or sponsors, Professional and technical associations, Industry groups,Subject matter experts (SME), and Project management office (PMO).
The degree, amount, or volume of risk that an organization or individual will withstand is called risk:
The following is a network diagram for a project.What is the critical path for the project?
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