To estimate the costs of a new project that is similar to a project that was implemented last year, the project manager meets with a group of experts from the previous project. The group uses a three-point estimating technique. The project manager submits the estimated budget to the project sponsor for approval. The project sponsor, who is new to the company, is concerned because the budget exceeded their expectations.
What should the project manager do?

Question

To estimate the costs of a new project that is similar to a project that was implemented last year, the project manager meets with a group of experts from the previous project. The group uses a three-point estimating technique. The project manager submits the estimated budget to the project sponsor for approval. The project sponsor, who is new to the company, is concerned because the budget exceeded their expectations.

What should the project manager do?

Mareah Allawi · Accepted Answer

Review the historical information and lessons learned from last year's project to justify the new budget estimate

Mareah Allawi · Answer

Review the organizational process assessment to determine if a contingency reserve was considered in the budget estimate

Mareah Allawi · Answer

Change the budgeting technique to a more accurate, bottom-up cost estimation

Mareah Allawi · Answer

Use soft skills to convince the project sponsor to approve the new budget estimate

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