Exam PMP topic 1 question 724 discussion

Order of magnitude estimation is a technique used for rough, high-level estimation, usually in the early stages of a project, when details about the project are limited. It is a quick and straightforward method to provide a rough idea of the project's overall cost or effort. In this case, the project manager needs to submit the project for urgent funding approval. Therefore, the project manager needs to provide an estimation of the project cost to request the necessary funds. Since the project is vital to the organization, the project manager needs to ensure that the estimation is reasonable and takes into account any risks that may impact the cost. The Scrum team has worked together for over 3 years on multiple projects and delivered the previous project under the approved budget. Therefore, the team's experience and past performance can be used to provide a rough estimate using the order of magnitude estimation technique. The team can use their expertise and knowledge to provide a rough estimate of the overall cost of the project.

a budget estimate

Order of magnitude is needed for urgent funding approval.

It should be Order to magnitude estimation.

In the context of an urgent project vital to the organization, where the Scrum team has a strong track record of successful project deliveries and familiarity with the technology, story points estimation would provide a quick and effective way to estimate the effort required. It leverages the team's collective knowledge and experience to estimate the size and complexity of the work involved, allowing for a more accurate assessment of the project's scope and timeline. Additionally, story points estimation aligns well with Agile principles and practices, making it a suitable choice for Agile teams like the one described.

D Apologies for the oversight. Given the urgency and importance of the project, along with the Scrum team's extensive experience, using story points estimation technique would be appropriate. Story points are a common estimation technique in Agile projects and would allow the team to quickly estimate the effort required for completing the project based on their collective understanding and familiarity with the technology. Adigun.

Given the context that the Scrum team has worked together for over 3 years on multiple projects and delivered the previous project under the approved budget, it would be beneficial to use Story Points (Option D) as the estimation technique. Story points are a unit of measure for expressing an estimate of the overall effort that will be required to fully implement a product backlog item or any other piece of work. This method is commonly used in agile projects and is based on the team’s past experience, which in this case is substantial. The team’s familiarity with each other’s work habits and the project domain increases the accuracy of story point estimation. It allows the team to account for the complexity of the new technology in their estimates, making it a suitable choice for this scenario.

B. Order of magnitude

In the given context, where urgent funding approval is needed, and the project involves a new technology, an order of magnitude estimate would be suitable. This type of estimation provides a high-level, rough estimate based on historical data or expert judgment. Given that the Scrum team has worked together for over 3 years on multiple projects and has a track record of delivering under budget, using an order of magnitude estimate would provide a quick and reasonably accurate estimate for the urgent funding approval.

Story Points. Team has worked together over 3 years...

Given the context that the Scrum team has worked together for over 3 years on multiple projects, and the project will use a new technology, the best estimation technique would be: D. Story points. Rationale: In Agile and Scrum, story points are a common method of estimating work complexity. They allow teams to estimate work without focusing on the exact time it would take, which is particularly useful when dealing with new technologies where precise time estimation can be challenging.

D. Story points

option B is correct, since Story Points (option D) are typically used for estimating the effort required to complete user stories, not for determining project costs and timelines.

Rough order of magnitude (ROM) refers to an initial estimate of the cost of a project or parts of a project. It has an expected accuracy of -25% to +75% according to the PMBOK (other sources suggest -50% to +50%). In other words, the actual costs of a project are typically expected to be between 75% and 175% (or 50% to 150%) of the ROM estimate.

The facts that the team is a SCRUM and that the involvement of new technology imply that there is uncertainty in scope and hence budget cannot be a definite one. Besides there is urgency for budget approval. Thus, for me ROM is the best answer

Option B, Rough Order of Magnitude (ROM) estimate is also a valid estimation technique when there is an urgent need for funding approval. However, ROM estimates are typically used when there is a high level of uncertainty about project requirements, scope, and objectives. In this scenario, it is mentioned that the project is vital to the organization and the entire Scrum team has worked together for over 3 years on multiple projects. This suggests that there is a higher level of certainty regarding the project requirements, scope, and objectives, and a budget estimate would be more appropriate in this context.

what is the real right answer?