PMI PMP Exam Dumps - Valid Questions Answers

When a new deliverable is proposed, the project manager should evaluate its impact on the project’s scope, time, cost, and quality. A cost-benefit analysis is a systematic approach to estimate the strengths and weaknesses of alternatives and is used to determine options that provide the best approach to achieve benefits while preserving savings12. It involves comparing the expected costs of project actions to the expected benefits in order to choose the best option3.

References:

• Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition.
• ProjectManager.com. (2023). Cost-Benefit Analysis: A Quick Guide with Examples and Templates1.
• Wrike.com. (2023). Cost-Benefit Analysis in Project Management Explained2.
• Project-management.com. (2023). Cost Benefit Analysis - Formula, Example & Definition3.

Releasing a minimum viable product (MVP) is a strategy used to quickly get a new product or service version with enough features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users. This concept is part of the agile methodologies that emphasize the value of early and continuous delivery of valuable software and align with the principles of iterative development and customer collaboration. It is a way to validate the market demand for the product and adjust the product direction early in the development process to avoid the risk of being outpaced by competitors. References: The information provided aligns with the agile practices and principles outlined in the PMI’s foundational standards and guides, such as the PMBOK® Guide and the Agile Practice Guide, which are part of the PMP reference materials12. Additionally, the Professional in Business Analysis Reference Materials also support the importance of early stakeholder engagement and iterative development for successful product outcomes3.

According to PMI’s best practices, a project manager should communicate any discrepancies found in the project charter, especially those related to the budget, as soon as possible. It is crucial to address these issues early on to avoid future risks and to ensure that the project has all the necessary resources for successful completion. The project manager should not start the project with known gaps in the budget or reduce the quality of deliverables to compensate for budgeting errors. References: PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition.