PMI-RMP · Question #602
PMI-RMP Question #602: Real Exam Question with Answer & Explanation
The correct answer is D: Estimation and probability analysis tools (i.e. Monte Carlo simul-ations). In a situation where there are concerns about finishing the project within the budget due to delays and cost increments, using estimation and probability analysis tools, such as Monte Carlo simul- ations, is appropriate. These tools help the risk manager to model potential outcom
Question
The risk manager for an IT project developing a software application has a major stakeholder concerned that the project will not conclude within the available funding. The risk manager found delays in the iterations and increments in the project's budget, potentially increasing the duration by two weeks. What tools should the risk manager use to properly decide the risk of not finishing the project within the budget?
Options
- AStakeholder management and communication tools
- BTeam performance reports and analysis tools
- CSchedule management tools (i.e., Gantt Charts)
- DEstimation and probability analysis tools (i.e. Monte Carlo simul-ations)
Explanation
In a situation where there are concerns about finishing the project within the budget due to delays and cost increments, using estimation and probability analysis tools, such as Monte Carlo simul- ations, is appropriate. These tools help the risk manager to model potential outcomes based on different scenarios, providing a statistical probability of staying within the budget or finishing on time. This data-driven approach allows for more informed decision-making regarding the project's financial risks.
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