A project manager is working on a construction project. The company owner asks the project manager to provide cost estimates for the new decoration project within 4 hours. How will the project manager be able to complete this task?
A.
Call a meeting with the project team to identify the most appropriate approach
B.
Tell the owner that a rough order of magnitude will be provided
C.
Contact a subject matter expert (SME) for advice and consultation
D.
Tell the owner that the task requires more time and expertise
A team can be relocated and occupied, how to gather it within 4 hours? the expected answer is based on the knowledge of an order of magnitude at the beginning of a new project -25 / +75%, answer B
Answer B is the most appropriate in this situation. The project manager should inform the owner that a rough order of magnitude will be provided. This approach will give the owner an initial idea of the costs involved, but it will not be a detailed estimate. The project manager can then work with the project team and subject matter experts to refine the estimate and provide a more accurate cost estimate. Calling a meeting, contacting a subject matter expert, or telling the owner that the task requires more time and expertise will not help the project manager to complete the task within the given timeframe.
It's an early-stage cost estimate used in project management to provide a quick approximation of the project's cost and effort when limited information is availabl
A Rough Order of Magnitude is the initial estimate that is often done before a project is started. The PMBOK suggests that the ROM estimate should have an accuracy of - 25 percent to + 75 percent, here "A project manager is working on..." B is to steere you away
Company owner is trippin' with that 4hr BS but he is signing your paychecks. A ROM is an effective approach assuming you might not have enough time scheduling a meeting with the team or SME.
I initially thought B, but a Rough Order of Magnitude (ROM) is usually done during the initiation phase of the project. Given that this is a NEW decoration project, there might be no ROM to reference and meeting the team to gather information (A) will be the best approach.
Answer A sounds a right action “ Call a meeting with the project team to identify the most appropriate approach” because only after this some outcome will be there. With B, it’s a message only but not the cost outcome
As much as B seems like the correct answer but lets go back to the PMP mindset specifically these points: Aim for answers that have inclusiveness and collaboration, or an action by the Project Manager.
• Don’t rush into action in your answers – first:
1. Assess and analyse the situation (i.e. review the plan or brainstorm with your team) to
understand the Root Cause of the issue.
2. Review your plan
3. Meet with stakeholders to work out a solution
4. Take Action
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