Exam PMP topic 1 question 303 discussion

This is for an agile project. You would want client representation first before doing an analogous estimate. It is not stated that the scope is known so the minimal viable product may be very different than similar projects, thus making A the favorable choice.

The answer is definitely C. As the definition of PMP. "Lessons learned" is a work review recorded by those who participated in the "project" work after the work is completed. "lessons learned" mainly records the reasons for the success of the work and the reasons for the failure. "History information" is also called history records. "History information" records quantitative data after the completion of various project work, including the actual construction period, actual cost used, and the actual number of resources used after the work is completed. If you want to choose D Then the answer should be described like this "Review the history information from similar projects."

analogous estimating techniques

I think we can gain insight into the project by reviewing the lessons learned.

CHATGPT answer is D review lesson learned

C. Review the completion costs of similar projects. This option is the most appropriate because: Historical Data: Reviewing the completion costs of similar projects provides concrete data that can be used to estimate costs more accurately. This data can help predict the resources, time, and budget needed for the new project based on past experiences. Benchmarking: Similar projects serve as benchmarks, allowing the project manager to make more realistic and evidence-based cost estimates.

Review the lessons learned from similar projects.

A very good question, I would like to have the answer in real life :). I think C, the question is about costs, how should the lesson learned help giving a price?

One method to enhance budget estimating is to review budget-related lessons learned from similar projects

Ensure the client representative is involved in the estimation: In agile projects, it's essential to involve the client or customer representative in the estimation process. They can provide valuable input and insights into their priorities, requirements, and expectations, which can help make the estimation more accurate. Agile values customer collaboration, so their involvement is crucial.Option A) because it aligns with the agile principles of customer collaboration and responding to change. Therefore, Option A is the most important consideration in this context

D review lesson learned

C. Review the completion costs of similar projects. To provide a cost estimation for the business case in an agile project, it's helpful to review the completion costs of similar projects or reference historical data from similar agile projects. This can provide valuable insights into the expected costs based on past experiences. While involving the client representative, including contingency, and reviewing lessons learned are important aspects of project planning, reviewing completion costs from similar projects is the most direct way to estimate costs for the business case.

Maybe I am overthinking this, but I believe the correct answer is A. It is my understanding that Agile favours bottom-up estimating ahead of analogous. Additionally, you cannot estimate costs before understanding the scope of the project, the customer representative will be able to provide an understanding of the features that need to be developed or prioritized, based on this information you can then go ahead and estimate costs.

D. Review the lessons learned which includes the cost estimation.

C relies on empiricism to (help to) solve the problem of cost estimation in a agile project

D. Review the lessons learned from similar projects.

Collect and document the lessons learned and feedback from the sources you identified. You can use surveys, interviews, focus groups, workshops, or questionnaires to ask specific and relevant questions that can help you identify the root causes, impacts, and solutions of your cost problems. Examples of questions you may ask include: what were the main sources of cost overruns and variances in your project? How did you measure and report your cost performance and progress? How did you handle and mitigate the cost issues and changes? What were the best practices and success factors for cost control in your project? What were the challenges and risks for cost control in your project? And what would you do differently or improve for cost control in your future projects?