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PMP Preparation Aug 14 - Sep 11 (tim)

tim jerome

Well-Known Member
Trainer
This is Tim's Weekend am (IST) PMP Prep class; feel free to ask, debate, and contribute to conversations -
 
Hi Tim ,
I was going through the notes and wanted to check with you on RBS - understood that it's an artifact , List of resources and relationship to the scope. Can you pls explain how the BOM and Bill of Quantity will be part of RBS( Resource Breakdown Structure)?
 

Vikram Soni

New Member
Hi -- On Simplilearn LMS - Practice Assessment -- How do I know if my marked response is correct or incorrect. Would I know this post submission of all 180 questions on the assessment?
 

Gaurav Madan(1971)

Active Member
I think it should be option A. Since as a PM, you need to assess/estimate the cost associated with some tolerance level included. Still if customer want us to quote 30% more, its best we get more insights from them.
It means we as PM should not add 30% as reserve fund to our estimate of project cost to share customer as written cost estimate what he has requested?
 
It means we as PM should not add 30% as reserve fund to our estimate of project cost to share customer as written cost estimate what he has requested?
The decision should only be taken following the change management process. Because in first place itself, the cost would have been provided taking into account the client's pessimistic approach (must have been discussed earlier) and project budgets do include provisions for contingencies. If still the client is asking to increase the cost, it should be thoroughly reviewed by the PM & Team to look for any risks/ changes which might not have been accounted for.
 

gautam_kaistha

Well-Known Member
Hi, What should be correct answer:
View attachment 19593
The PM has provided the estimates. Customer wants him to pad his estimates. Customer wants to cater for unforeseen risks, since all the anticipated risks would already have been factored in the estimates provided by the PM. Hence, I would like to categories this as the 'Management Reserve' which needs to be added over and above the project budget (which already include the contingency reserves). Management reserves are added as lump sum to the overall project budget. Hence I would like to choose the last option.
Rest SMEs can explain better.
 

Gaurav Madan(1971)

Active Member
Not sure how explanation is fitting here:.. Never it was mentioned that time is not flexible in question. With budget being fixed option C wouldn`t be good? Any ideas ?
1632141392497.png
 

Gaurav Madan(1971)

Active Member
As question does not mention that it is from Agile methodology, answer(green) seems to be correct but for agile should mine answered(wrong) be fine as Agile methodology mentions team to involve in decision making as part of delegation?
1632578166952.png
 

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