Crucial Exams

PMI Project Management Professional Practice Question

You have been tasked to estimate the budget for a new project. Your current project is similar in scope to a completed project from two years ago, which had a final cost overrun of 10% due to unexpected regulatory changes. Considering this, what should your first step be in estimating the budgetary needs for the current project?

  • Start with a new budget estimate without consulting past projects as every project is unique and should be treated independently.

  • Use the same cost base as the past project, but add in a buffer for inflation over the past two years.

  • Review the financial documents and the lessons learned from the past similar project to identify areas that led to cost overruns.

  • Increase the total budget estimate by 10% based on the cost overrun from the past project.

PMI Project Management Professional
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