PMI-RMP Certification Training - Case Study 4

The video tutorial discusses a project managed by Alex with a $5 million budget and a 24-month timeline. It covers the use of three-point estimation for effort and cost, and addresses stakeholder concerns about project completion confidence. Alex is advised to perform quantitative risk analysis, using standard deviation to provide confidence levels. The tutorial also suggests using Monte Carlo simulation for predicting project outcomes and determining additional contingencies.

What is the budget allocated to Alex for the project?

• $3 million

• $7 million

• $5 million

• $10 million

What technique did the team use for effort and cost estimation?

• Critical Path Method

• Three-point Estimation

• Monte Carlo Simulation

• PERT Analysis

What should Alex do to provide meaningful information to stakeholders about project completion confidence?

• Perform qualitative risk analysis

• Increase the project budget

• Perform quantitative risk analysis

• Extend the project timeline

What confidence level is associated with ± 2 standard deviations?

• 68.3%

• 99.9999%

• 95.5%

• 99.73%

What simulation method can be used to predict the probability of project completion within budget and schedule?

• SWOT Analysis

• Gantt Chart Analysis

• Monte Carlo Simulation

• PERT Analysis