Question

According to the PMBOK, the rough order of magnitude for the summary budget within the project charter is.

a. 100% to 200% accuracy
b. 25% to 75% accuracy
c. 5% to 10% accuracy
d. none of the above

Answer 1

The rough order of magnitude for the summary budget in the project charter according to PMBOK is typically scaled to be within minus 25% to plus 75% accuracy, indicating a high level of uncertainty at the project's initial phase.

Step-by-step explanation:

According to the Project Management Body of Knowledge (PMBOK), the rough order of magnitude (ROM) for the summary budget within the project charter is typically within minus 25% to plus 75% accuracy.

This means that the estimated budget provided at the charter stage of a project can be expected to be within 25% less or 75% more of the actual costs that will be incurred. The purpose of providing a ROM is to give stakeholders a high-level view of potential costs while acknowledging the significant uncertainty that exists at the beginning of a project.