TOPIC: Cost estimate question

Here's a question I had on a simulated exam in Cost Management. I need someone to break down the explanation in easy to understand terms. I don't fully understand the reasoning the exam gave.

You just completed a cost estimate on the project, and you're assuming there's a 15% chance you will exceed this estimate. You are:

A. Above the mean
B. Above the median
C. Below the mean
D. Below the median

The exam said that the correct answer was A. However, I can't understand their explanation of how I am to figure this out on the real exam.

Hi Jay -

Can you please provide the source for the question? Was it the PM Prepcast's exam simulator or a product from another vendor?

To be honest this one has me confused as well, as you would typically see median and mean used to describe central tendency among a collection of data points, not as a quality of cost estimates. But I might be misunderstanding the context. Did the simulator provide additional feedback other than the correct answer?

Hi Jonathan! I actually can't remember where I saw this question. It was either the PM PrepCast or from Rita's bank of questions. Those are the only simulated exams I've taken so far.