PMI PMP Project Manager Certification

Category - Cost Management

Which is NOT an imperative input to accurate cost estimating?
  1. Risk register
  2. Resource pool
  3. Lessons learned
  4. Earned value
  5. Labor costs
Explanation
Answer: d - Another one of those migraine instigating questions - well, the answer is d. Earned Value is used to calculate performance, not as an input cost estimation. All the others are integral to estimating. It’s key on the exam to separate techniques and metrics from inputs. This question really requires you to recognize the Earned Value is a technique, as opposed to an input.

Key Take Away: I know some of you are probably scratching your head as to why the answer isn’t c. Lessons learned may impact how estimating is actually done at a firm so it’s not a direct input like the other two, but it could have significant relevance for some situations. The Project Management Institute really values lessons learned.
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