Guide on Expert Judgment - PMBOK Guide Seventh Edition: Cost Estimating

What is Expert Judgment?
Expert Judgment, as defined by the PMBOK Guide Seventh Edition, is the process of consulting with a subject matter expert to provide reliable and accurate information for project management. It's a vital tool in many areas including cost estimating. The expert's knowledge and experience help in generating accurate cost estimates.

Why is it Important?
Expert Judgment is important because it helps in ensuring that projects are accurately predicted and thus managed successfully. Experts bring in a wealth of knowledge and can help in identifying risks, opportunities, and even potential problems that may not be evident to the project manager or the team.

How does it work?
Expert judgment involves consulting with a subject matter expert or group of experts. They provide their inputs based on their experiences, knowledge, and understanding of the project or the task at hand. These inputs are then used to create more accurate and reliable cost estimates.

Exam Tips: Answering Questions on Expert Judgment
In the PMP examination, questions regarding Expert Judgment may come in various forms. Here are some tips:
Understand that expert judgment is a tool and technique used in many processes. Remember that expert knowledge can come from any relevant source, internal or external to the organization.
Recognize that expert judgment isn't always perfect. It's possible for experts to disagree, and their knowledge may need to be validated.
Know that the expert judgments will help identify risks, validate approaches, and can influence the planning and executing of a project.