Thursday, November 1, 2007

PMP Challenge Question - 11/1

Rather than post another question today, I'm going to catch up on the answers for the three challenge questions. The sad news is, there is no winner to the contest :( The good news is I still have a PMP Exam Prep "kit" to give away, so will probably have another contest soon.

I had a few folks get one question right, but no one was able to answer more than one correctly.

The 9/15 question was pretty straightfoward once you got to the heart of the question and eliminated the unnecessary information in the problem statement. You just had to add together the three Actual Cost numbers -- $395, $330, and $450 -- to come up with the final answer of $1,175.

In a similar manner, the 10/1 question had some extra information. The NPV or Net Present Value is the sum of the revenues, less the expenses. The time period doesn't matter, so the largest NPV is the correct answer. In this case, it was Project B ($60K>$40K).

Finally, the 10/15 question asked for 7 solid benefits of the WBS. There are obviously many to choose from, but here is my list:

1) Helps you think through the project so all work tasks are clearly identified.
2) Aids accuracy of the bottom up estimating process.
3) It makes a good team building exercise.
4) Builds justification/business case for necessary project resources.
5) Builds team and stakeholder consensus around key tasks and estimates.
6) Helps project team members see their roles.
7) Helps project team members and stakeholders see how the work of the project is integrated.

So stay tuned for another PMP Challenge Question on 11/15 and don't forget to watch for the next contest!

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