Free PMI Project Management Professional Practice Question

A project manager is preparing a budget estimate for a new software development project. The project scope includes the development of a mobile application with features similar to a previous project, but with additional functionalities requested by the client. Which of the following approaches should the project manager take to estimate the budgetary needs accurately?

  • Increase the budget by 30% compared to the previous similar project to account for the additional functionalities requested by the client

  • Analyze current market rates for resources required to develop the mobile application and calculate the total budget based on these rates

  • Conduct a risk assessment to identify potential challenges and allocate a contingency budget to mitigate these risks

  • Review lessons learned and historical data from the previous similar project and adjust the budget based on the additional functionalities requested by the client

This question's topic:
PMI Project Management Professional / 
Process
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