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QUESTION 26 Using Monte Carlo simulation the following data has been generated: The mean or expected cost of the project is found to be $138000. The variance of the project cost is shown to be $64000000. The project team want 99% confidence in having enough budget to cover the costs. If the baseline project budget given to the team is average or expected cost. What is the total needed budget to cover all the possible expenses. 226000 186000 162000 138000 QUESTION 27 The following data is reported by a project manager. He is asking you to analyze the situation and let him know of the needed duration and budget contingency to mitigate the situation at this stage of project? Note: Use EVM for Cost and EDM for Duration. TPD: Total Planned Duration TED: Total Earned Duration TAD: Total Actual Duration BPD: Baseline Planned Duration (Project Duration) PV: Planned Value EV: Eamned Value AC: Actual Cost BAC: Bidget At Completion 160 120 160 eeks weeks Weeks 60 Weeks 1000 800 1200 2000 . 80 weeks and $3000 b. 40 weeks and $2800 .20 weeks and $1000 d. 18 weeks and $800 QUESTION 28 There is an important relationship between project cost management and project risk management. As a major process in project cost management, risk identification should be done continously. As a result a. the needed contingency normally goes up as we move toward completion b. the contingency budget goes down as more risks are identified. c. the approved contingency budget stays the same but the available funds normally go down. d. there will be no change in the availble contingency as we progress toward completion of the project