PMP® Practice Quiz

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PMP® Practice Quiz - 23

In an automobile company in which you are the project manager, the allowable standard deviation for a product to be delivered by the contractor is less than 0.002 inches. However, product testing has revealed that the actual deviation is slightly more than 0.002 inches. You believe that the variation from the permissible deviation is negligible. In this case, you must: *

1 point

Allow the product, since deviation from the company standards is small..

Document the lower quality level of the product, ask the contractor for an explanation, and try to find a solution..

Reject the product outright.

Allow the product this time, but mentor the contractor to be more quality conscious henceforth..

You are nearing project completion and want to get feedback about the overall project performance. From project management perspective, a project is considered to be successful when: *

1 point

The project manager announces the completion of the project..

The project meets the stated project objectives..

The sponsor announces the completion of the project..

The customer is happy because you provided additional features which she had not expected..

Which of the following elements of the organizational process assets is not necessary to be updated in the Administer Procurements process? *

1 point

Procurement audits.

Correspondence.

Payment schedules and requests.

Seller performance evaluation documentation.

You are in the build phase of your project, when you realize that because of a design error, the product will not meet the performance parameters specified by the customer. In this context, you should: *

1 point

Revise downward the performance parameters so that the product developed will satisfy those parameters.

Discuss with your team to try and find alternative methods to solve the issue.

Escalate to your management team.

Ask for additional funding from your business sponsors to accommodate the new requirement.

Which of the following BEST describes when the baseline can be changed? *

1 point

Only under emergency conditions

The original baseline is always maintained throughout the project

With any approved changes

When the project sponsor determines it is appropriate

All of the following are tools of Perform Quality Control EXCEPT: *

1 point

Cost of quality.

Inspection.

Control charts.

Flowcharting.

An example of the contract price in a cost plus fixed fee (CPFF) contract is: *

1 point

$10,000 plus fee.

Costs, whatever they are, plus $10,000 as fee.

$10,000

$150 per hour.

You are managing a software engineering project. Your team is having trouble completing their object design tasks. One of your team members tells you that her friend at another company sent her a copy of a software package they own that will help your team meet its deadline. Without that software package, your project will probably be late. But you don't have enough money in the budget to purchase it. What's the BEST way to handle this situation? *

1 point

Tell the team member not to use the software, and accept that the project will be late.

Use the software so that your project comes in on time.

Purchase the software so that you have a licensed copy.

Tell the team member that you need to maintain plausible deniability, so she should just do what's necessary and not tell you about it.

Which of the following regarding performance reporting is CORRECT? *

1 point

It is done during project planning and project executing.

It is done during project planning and project monitoring and controlling.

It is done during project monitoring and controlling and project closure.

It is done during project executing and project monitoring and controlling.

Your project will most likely be completed in 10 weeks. At the worst, the project will require 19 weeks, and if everything goes well, the project will be completed in 7 weeks. What is the PERT estimate for the project? *

1 point

10 weeks.

11 weeks.

9 weeks.

Cannot be determined with the information provided.

In your project, probabilities are estimated and the alternatives are expected to be as follows: 25% probability for $ 25,000 profit; 50% probability for $ 40,000 profit; 25% probability for $ 100,000 profit. What is the expected profit in your project? *

1 point

$40,000

$50,000

$51,250

$53,750

During project executing, a project team member informs the project manager that based on her observations, the project cannot meet the quality standards set for it. What would be the LEAST effective thing for the project manager to do? *

1 point

Review the quality plan.

Continue the Perform Quality Assurance process.

Review the project scope statement.

Hold a meeting on the issue.

A seller on your project tells you that he no longer thinks the project will provide the benefits he wanted when he signed the contract. Because of this, he no longer thinks it is in his best interest to continue. What should you do FIRST? *

1 point

Remind him that you have a contract, and he is required to continue.

Document his issues.

Send a letter to terminate the contract.

Hold a meeting to determine the details of the problem.

You are the seller for a procurement contract and your team is receiving bids or proposals for evaluation. These will be evaluated during: *

1 point

Conduct Procurements process.

Plan Procurements process.

Administer Procurements process.

Select Sellers process.

Which of the following is NOT correct about network diagrams? *

1 point

A critical path can run over a dummy.

All the project interdependencies are shown.

Float is the amount of time an activity can be delayed without delaying the project.

The path with the dummy is always the critical path.

You're managing a highway construction project. The foreman of your building team alerts you to a problem that the inspection team found with one of the pylons, so you use an Ishikawa diagram to try to figure out the root cause of the defect. What process is being performed? *

1 point

Quality Management.

Plan Quality.

Perform Quality Control.

Perform Quality Assurance.

You are managing a software engineering project, when two team members come to you with a conflict. The lead developer has identified an important project risk: you have a subcontractor that may not deliver on time. The team estimates that there is a 40% chance that the subcontractor will fail to deliver. If that happens, it will cost an additional $15,250 to pay your engineers to rewrite the work, and the delay will cost the company $20,000 in lost business. Another team member points out an opportunity to save money another area to offset the risk: if an existing component can be adapted, it will save the project $4,500 in engineering costs. There is a 65% probability that the team can take advantage of that opportunity. What is the expected monetary value (EMV) of these two things? *

1 point

- $14,100

$6,100

- $11,175

$39, 750

When your project is nearing completion, the customer requests you to include an additional feature in the final product. You realize that this feature was discussed with the project sponsor in an earlier meeting and he was against having this feature. What will be the BEST course of action? *

1 point

Include the feature, as it will improve customer satisfaction.

Include the feature --otherwise, the project will not be accepted by the customer.

Talk with the sponsor on the benefits of having this feature.

Decline the customer request and advise her to create a change request.

All of the following are parts of the Perform Quality Control process EXCEPT: *

1 point

Pareto charts.

Control charts.

Inspection.

Quality audits.

A project has a schedule reserve of 28 days when the customer adds scope not previously planned for. The change has a 40 percent chance of delaying the project by an additional 14 days. What should be done? *

1 point

Add more resources to the project.

Look for ways to cut 14 days of work from another activity.

Add 5.6 days to the schedule reserve.

Plan to add 14 days of overtime to the project.

Which of the following is the MOST beneficial result of the project manager knowing the critical path? *

1 point

She would know where extra resources should be placed.

She would know what activities she needs to focus on while managing the project.

She would know where stakeholders need to be assigned to the project.

She would know where there is float on the project.

In the executing phase of your project, you lose some key resources. Some new people have joined, and you (the project manager) set up a meeting to get the team together. What should be the most important agenda item for this meeting? *

1 point

Discussing team building activities.

Inviting the team members to share their past project experiences.

Reviewing WBS and responsibilities of all team members.

Planning risk responses for existing risks.

You've been contracted by an industrial design firm to manage their contracting. Your client asks you to take over the negotiations for an important contract to design a new lighting remote control system. You've narrowed it down to one seller, and now you're working with the legal department at the buyer to negotiate the terms of the contract. Which of the following BEST describes your goal? *

1 point

You want to get the best deal for your client by making sure the seller's price is as low as possible, no matter what it costs them.

You want to get a fair deal for both the buyer and the seller.

You want to make sure that the seller gets as much money as possible.

You want to prolong the negotiation so that you earn a higher fee.

Which enterprise environmental factor defines how work is assigned to people? *

1 point

RACI matrix.

Project Management Information System (PMIS).

Resource histogram.

Work authorization system.

Which of the following is NOT a tool or technique used in Estimate Activity Durations? *

1 point

SWAG Estimation.

Parametric Estimation.

Analogous Estimation.

Three-Point Estimation.

The project manager is trying to manage conflicting stakeholder requirements. The IT manager wants a new management information system. To lower costs, the system architect emphasizes technical excellence, and the programming contractor wants to maximize profits. To balance the needs of several stakeholders and achieve lasting resolution of conflicts, the most desirable conflict resolution technique is: *

1 point

Confrontation.

Smoothing.

Withdrawal.

Forcing.

A project team member informs you that a particular task is taking much more time than what was budgeted. You are surprised because you, as a project manager, had not anticipated this delay, and you ask for status reports and forecasts from all project team members. Which process group are you in? *

1 point

Initiating.

Executing.

Monitoring and Controlling.

Planning.

Which statement on conflicts is true? *

1 point

Conflict resolution should focus on people, not issues.

Conflict is natural and forces a search for alternatives.

Conflict should always be handled in private and not in the team.

Too much openness is a common cause of conflict.

A team meeting during project executing is the BEST format to: *

1 point

Determine project status.

Communicate.

Make changes to the project.

Authorize changes to the project.

During the executing process group of the project, you realize the subcontractors are working with incomplete and different project scope statements. As the project manager, what should you do FIRST? *

1 point

Check the work completed against the correct project scope statement.

Review the scope with the stakeholders.

Document the inconsistencies to the sponsor, calculating the cost of nonconformance.

Stop work until the scope issue is resolved.

You are working as a project manager in a company; you get to know that a person managing another project of your company has furnished false reports about his PMP experience and credentials. What should you do in this context? *

1 point

Report violation of the PMP code of conduct to PMI.

Report violation of the PMP code of conduct to PMI only if found true after verifying the facts.

Report violation of the PMP code of conduct to PMI and then verify the facts..

Report the violation to your manager.

In your project, you have been sub-contracting your IT development work to four consultancy firms. In this context, all the following statements relating to transferring of risk to a contractor are true EXCEPT: *

1 point

Risk transference nearly always involves payment of a risk premium.

Fixed price contract always transfers the risk to the seller.

Cost-plus contracts may transfer the cost risks to the buyer.

Contracts may be used for the transference of liability for specified risks to another party.

After identifying a risk to your project, you determine that there is a high probability of the risk occurring with a low consequence. What mitigation strategy is BEST to adopt? *

1 point

Eliminate the consequence of the risk.

Avoid the risk.

Add the risk to the watchlist.

Insure against the risk.

Which of the following is NOT an input to the Develop Project Management Plan process? *

1 point

Outputs of the planning processes.

Project Charter.

Expert judgment.

Enterprise environmental factors.

A project manager is working on a large construction project. His plan says that the project should end up costing $1.5 million, but he's concerned that he's not going come in under budget. He's spent $950,000 of the budget so far, and he calculates that he's 57% done with the work, and he doesn't think he can improve his CPI above 1.05. Which of the following BEST describes the current state of the project? *

1 point

The project is likely to come in under budget.

The project is likely to exceed its budget.

The project right on target.

There is no way to determine this information.

You are in the process of procuring nuts and bolts for a car manufacturing company. This is a readily available product for which there are several acceptable sellers. In this context, which of the following would serve as the most important selection criterion/criteria? *

1 point

Technical capability and references.

Overall or life-cycle cost.

Production capacity and interest.

Purchase price.

At a critical milestone in a development project, it is determined that implementation is two months behind schedule. The project manager is concerned that the root cause is lack of conformance to requirements in the design of the new billing system. More extensive measurements are taken to see if this is, in fact, the problem. Such measurements are: *

1 point

Not needed. The schedule should be compressed.

An example of Perform Quality Control.

Not going to show why the schedule is delayed.

Part of the Perform Integrated Change Control process.

Which of the following is NOT true about portfolio management? *

1 point

The portfolio manager judges success of the portfolio by combining data from all of its programs and projects.

A portfolio can contain projects and programs.

A portfolio is organized around a business goal.

A portfolio is always a group of programs.

You note that the ability to influence the cost of a project is: *

1 point

Greatest at the early stages of the project.

Greatest at the middle of the project.

Greatest at the project closure stage.

Constant throughout the project.

The director (information systems) in your company is in the process of creating a project charter to formally authorize a new project in your company. In this context, what should be done FIRST? *

1 point

Develop Project Management Plan.

Identify a project manager for the project.

Acquire Project Team.

Integrate the work of the project with the ongoing operations of the performing organization.

A project team is in the design stage of a new mountain bicycle prototype. The team is in the process of identifying which type of frame and material will provide high performance at a low cost. Which of the following is the MOST likely technique used to determine these variables? *

1 point

Benefit cost analysis

Ishikawa diagram

Design of experiments

System flowchart

The customer and project manager need to verify the scope of the deliverables. This will help to: *

1 point

Ensure proper project selection.

Create WBS.

Obtain customer's acceptance of the project deliverables.

Mitigate project risks.

While completing work for your project, the seller's subcontractor suffers a major fire. The fire destroys the heating system they were building for your project. What is the BEST thing to do? *

1 point

Stop payment on invoices for the heating system until work begins again.

Check to ensure the subcontractor was covered by insurance.

Be prepared to extend the deliverable due date.

Tell the seller to stop work on the part of the project that involves the heating system until their subcontractor can recover from the fire.

The Cost baseline is developed during which process? *

1 point

Perform integrated change control.

Estimate costs.

Develop schedule.

Determine budget.

Theory X postulates that people: *

1 point

Are motivated by pay.

Have expectations.

Need to be watched every second.

Can direct their own efforts.

Earned value measurement is an example of: *

1 point

Performance reporting.

Planning control.

Ishikawa diagrams.

Integrating the project components into a whole.

The project work is underway when you discover that your specifications are incomplete. However, you are not sure of the extent of the problem. Unfortunately, the project has a very tight timeline for your review of the seller's submittals and for completing the project. What should you do FIRST? *

1 point

Hold a meeting with the stakeholders to determine what areas are incomplete.

Tell the seller to stop work until further instructed.

Begin comparing your requirements to the specifications at the same time you hold a meeting with the stakeholders to determine what areas are incomplete.

Have the seller stop work on the parts of the project that are completely defined.

Which of the following is NOT a part of the project management plan? *

1 point

The lifecycle selected for the project.

The level of implementation for each of the processes.

The organization's staffing and retention guidelines.

Techniques used to communicate with stakeholders.

Who has the MOST power in a projectized organization? *

1 point

The project manager

The functional manager

The team

They all share power

Which of the following is NOT found in a project charter? *

1 point

The business case for the project.

Constraints and limitations on the project work.

Procedures for managing changes to contracts.

Assumptions that have been made about the project.

The CEO of ABC bank is concerned about the increase in "call answering time" in the bank's call center (i.e., customers have to wait longer for their calls to be answered by an operator). She wants to improve call center processes to decrease the "call answering time." What should the CEO do to address the situation? *

1 point

Set up a PMO.

Assign a very competent project manager to manage activities in the call center.

Move to a projectized organizational structure.

Continue with a functional organizational structure, and try to streamline activities.

Tom is the project manager of an accounting project. He has just finished defining the scope for the project and is creating the WBS. He goes to his organizational process asset library and finds a WBS from a past project to use as a jumping off point. Which of the following is the tool of the Create WBS process is he using? *

1 point

Decomposition.

Delphi Technique.

Brainstorming.

Templates.

You will use the Conduct Procurements process to receive bids or proposals and apply the selection criteria for selecting a provider. Which of the following tools and techniques can be used for the Conduct Procurements process? *

1 point

Procurement negotiations, bidder conferences, and independent estimates.

Procurement negotiations, contract types, and bidder conferences.

Procurement negotiations, make-or-buy analysis, and independent estimates.

Performance reporting, advertising, and independent estimates.

All of the following are found on a control chart EXCEPT: *

1 point

The rule of two.

An assignable cause.

A control limit.

A sample.

You work for a seller that is bidding on a contract. Which type of contract has the MOST risk for your company? *

1 point

CPIF.

T&M.

FP.

CPAF.

Project integration management includes the processes and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities. For successful project integration management, you definitely need(select the best answer): *

1 point

A strong matrix organizational structure in your company.

A good communication management plan.

Good project selection techniques.

Positive stakeholders who support the project.

You're creating source selection criteria for your contract. What process are you in? *

1 point

Plan Procurement and Acquisitions.

Plan Contracting.

Request Seller Responses.

Conduct Procurements.

The requirements of many stakeholders were not approved for inclusion in your project. Therefore, you had a difficult time receiving formal approval of the project management plan for this project. The stakeholders argued and held up the project while they held meeting after meeting about their requirements. The project was finally approved and work was begun six months ago. All of the following would be good preventive actions to implement EXCEPT: *

1 point

Keep a file of what requirements were not included in the project.

Make sure the change control process is not used as a vehicle to add back the requirements into the project.

Maintain an issue log.

Hold meetings with the stakeholders to go over the work that will not be added to the project.

A manager has responsibility for a project that has the support of a senior manager. From the beginning, you have disagreed with the manager as to how the project should proceed and what the deliverables should be. You and she have disagreed over many issues in the past. Your department has been tasked with providing some key work packages for the project. What should you do? *

1 point

Provide the manager with what she needs.

Inform your manager of your concerns to get her support.

Sit down with the manager at the beginning of the project, attempt to describe why you object to the project, and discover a way to solve the problem.

Ask to be removed from the project.

Three items from the issue log have been assigned to a team member. However, no action has been taken by the agreed-upon due date. After three calls to the team member, the work is finally completed. Which of the following is the BEST preventive action to take NOW? *

1 point

Remove the team member from the team if possible.

Meet with the team member to uncover the reasons why there were problems.

Make sure the action item list is distributed to all the right parties.

Make sure items assigned in the action item list are accepted by the team members they are assigned to.

Two people are arguing about what needs to be done to complete a work package. If the project manager wants to know what is going on, she should pay MOST attention to: *

1 point

What is said and when.

What is being said, who is saying it, and the time of day.

Physical mannerisms and what is being said.

The pitch and tone of the voices, and physical mannerisms.

You are starting to write your project charter with your project sponsor when the senior managers ask for a time and cost estimate for the project. You have not yet gathered many of the project details. What kind of estimate can you give? *

1 point

Analogous Estimate.

Rough Order of Magnitude Estimate.

Parametric Estimate.

Bottom-up Estimate.

Who should always issue the project charter? *

1 point

A person internal to the project organization.

A project initiator or sponsor.

A low-level manager of the performing organization.

A high-level manager of the performing organization.

All of the following are NOT parts of a project management plan EXCEPT: *

1 point

Baselines.

Milestone list.

Risk register.

Lessons learned.

An obstacle to team building in a matrix organization is that the: *

1 point

Team organization is technically focused.

Team members are borrowed resources and can be hard to motivate.

Teams are too centralized.

Teams are too large and therefore very hard to handle.

Which of the following is NOT an output of the Close Project process? *

1 point

Project closure documents.

Project management methodology.

Project files.

Formal acceptance documentation.

Please refer to the table. What is the slack of task 5? *

1 point

-1

In your project, you are reviewing and maintaining realistic start and finish dates for project activities. This should be done as part of: *

1 point

Sequence Activities.

Estimate Activity Durations.

Develop Schedule.

Define Activities.

The policies, methodologies, and templates for managing projects within the organization should be supplied by the: *

1 point

Project sponsor.

Functional department.

Project management office.

Project manager.

Your project just completed, and one of your subcontractors has sent you floor seats to the next big hockey game to thank you for your business. What is the BEST way to respond? *

1 point

Thank the subcontractor, but do not give him preference in the next RFP.

Thank the subcontractor, but politely refuse the gift.

Ask for tickets for the entire team, so that it is fair to everyone.

Report the subcontractor to PMI.

Performance reports should address all the needs of: *

1 point

Management.

Team members.

The project manager.

Stakeholders.

The float of an activity is determined by: *

1 point

Performing a Monte Carlo analysis.

Determining the waiting time between activities.

Determining lag.

Determining the amount of time the activity can be delayed before it delays the critical path.

All of the following are inputs to the Develop Schedule process EXCEPT: *

1 point

Vacation schedules.

Need for delay between ordering equipment and installing it.

Assumption that the software will be released without any damaging bugs.

Planned start and finish dates for each activity.

Which of the following represents information presented in its order of priority and helps focus on the MOST difficult issues? *

1 point

A flowchart

A fishbone diagram

A control chart

A Pareto chart

In which process do you create the Risk Breakdown Structure? *

1 point

Risk Identification.

Risk Response Planning.

Qualitative Analysis.

Risk Management Planning.

A project has just begun when one of the stakeholders asks the project manager about making a change to the format of the deliverable for activity Y. She wants to know how to go about submitting the change for review. The project manager should direct her to: *

1 point

The change control board.

The communications management plan.

The sponsor.

The change control system.

During its first winter, a multi-year construction project experienced weather-related schedule delays that all the local parties involved described as typical for this area. What should the project manager do to integrate this information into the project schedule? *

1 point

Lengthen the estimated activity duration for all activities scheduled to occur the following winter.

Reevaluate the schedule to determine the potential impact.

Leave the current project schedule unchanged and work the issues as they arise next year.

Make changes to the project management plan in order to maintain the current project schedule.

Resource calendars provide information on a specific resource or a category of resources. They show how a project team member might be unavailable (on vacation or in a training program) or how a labor contract can limit certain workers to certain days of the week. Resource calendars are valuable inputs to: *

1 point

Develop an approximation of the monetary resources needed to complete project activities.

Aggregate the estimated costs of individual activities or work packages to establish an authorized cost baseline.

Manage the actual changes when and as they occur.

Monitor work performance against funds expended.

In Plan Quality process, you are using benchmarking as a tool to facilitate quality planning. In this context, all the following statements about benchmarking are accurate EXCEPT: *

1 point

Compares actual or planned project practices to those of other projects.

Done only within the performing organization.

Generates ideas for improvement and provides a basis for measuring performance.

Can be within the same or another application area.

Management wants the project completed in 40 days. The cost performance index (CPI) is 1.1, the project critical path duration is 38 days with a standard deviation of two days. What is the maximum project float? *

1 point

Zero days

Two days

Four days

One day

Based on past estimates, there is a 25% probability for a particular event to occur every year. If a project lasts for three years, what is the probability of the event happening in the third year? *

1 point

0.15625

0.0625

0.25

0.75

Perform Integrated Change Control process requires coordinating changes across knowledge areas. A proposed schedule change control must often be integrated with all the following EXCEPT: *

1 point

Cost.

Quality.

Staffing.

Communications.

A person who has been working as a project expeditor for the past three years has just been named as project manager for a construction project in a neighboring state. The construction crew has worked together for a number of years. One of the project manager's responsibilities is to pursue all of the historical risk information available, but he doesn't have enough time to access all available sources. The project manager would be best served by relying LEAST on which of these sources? *

1 point

Project files

Published benchmarking reports

Project team knowledge

Lessons learned databases

The processes used in Project Communications Management are: *

1 point

Identify Stakeholders, Plan Communications, Distribute Information, Manage Stakeholder Expectations, and Report Performance.

Plan Communication, Report Performance, and Integrated Change Control.

Plan Communication, Administrative Closure, Report Performance, and Distribute Information.

Report Performance, Distribute Information, and Administrative Closure.

You are asked to select tools and techniques to implement a quality assurance program to supplement existing quality control activities. Which of the following would NOT be appropriate for this purpose? *

1 point

Quality audits

Statistical sampling

Pareto charts

Focus groups

In your project, you can use all the following tools and techniques for Plan Risk Responses process EXCEPT: *

1 point

Strategies for negative risks or threats.

Contingent response strategies.

Expert judgment.

Simulation.

The project manager must identify _________, determine their requirements, and then manage and influence those requirements to ensure a successful project. *

1 point

Functional managers

Stakeholders

Scope

End users

You are reviewing the expense reports for one of your team members when you notice a payment he made in another country. You think the payment is a bribe. What is your FIRST course of action? *

1 point

Seek legal advice.

Contact the payee in the other country and ask if the payment was a bribe.

Ignore the problem; it is in the past.

File a permit authorizing the team to make such payments.

As you complete each deliverable for your project, you check that it is correct along with your stakeholders and sponsors. Which process are you performing? *

1 point

Scope Definition.

Activity Definition.

Scope Verification.

Scope Control.

During project executing, the project manager determines that a change is needed to material purchased for the project. The project manager calls a meeting of the team to plan how to make the change. This is an example of: *

1 point

Management by objectives.

Lack of a change management plan.

Good team relations.

Lack of a clear work breakdown structure.

In order to decrease the risk on the project, the project manager decides during project executing to change resources on a near-critical path activity. If she is unsure whether such a change must be formally done on the project, she should look at the: *

1 point

Configuration management plan.

Change control system.

Integrated change control.

Change control board.

People associated with the organization in which you are working with have been complaining about the lack of information regarding upcoming changes and want to get information now. Some of them feel what they have heard about your project means they will lose their job or be forced to find a difference position within the company. Luckily for you, the SPI is at 1.08 and the CPI is at.99, so you feel confident of success. What is the BEST way to deal with this situation? *

1 point

Update the organizational process assets and reassess the risks of this type of situation occurring again.

Use face-to-face meetings to gather further information about the issues and use the issue log to track the issues to completion.

Use smoothing to let the people know they are not in fact going to lose their jobs, and fight for better feedback in the future.

Have the people submit a change request so their concerns may be addressed, and have the change control board review the change for merit.

Your software project team informs you that another team working at the company built a tool that will save three weeks on the project. You ask the other team's project manager to have his team members share the tool with your team members. Which BEST describes this strategy? *

1 point

Exploiting.

Sharing.

Enhancing.

Accepting.

Your project is now in the executing stage. You are continuously monitoring and controlling risks to minimize negative risks and to take timely action. Risk audits are helpful in this context because they: *

1 point

Examine and document the effectiveness of risk responses.

Help in reassessment of risks.

Provide trends in the execution of the project, which can be reviewed using performance data..

Provide inputs required for the project planning stage.

While doing a cost-benefit analysis, you determine that a new project has 60% probability of earning a profit of $ 1,000,000 or 30% probability of incurring a loss of $ 500,000. What is the Expected monetary value of the decision? *

1 point

$400,000

$600,000

$450,000

$200,000

A company uses a management technique that employs quality assurance techniques to continuously improve all processes. This is called: *

1 point

Just In Time Management.

Kaizen.

Ishikawa Diagrams.

Inspection.

In your project, the procurement statement of work (SOW) describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the product. In this context, the details of the procurement items' descriptions: *

1 point

May vary, based on the nature of the item or needs of the buyer.

Should be at the level of work breakdown structures.

Should be at the activity level.

Should be at the level required in the proposal.

A contract where the buyer reimburses the seller the costs incurred by her, and also provides for fixed amount of profit is also called: *

1 point

Cost plus incentive fee contracts.

Cost plus fixed fee contracts.

Time and material contracts.

Cost plus award fee contracts.

Lessons learned are BEST completed by: *

1 point

The project manager.

The team.

The sponsor.

The stakeholders.

In your project, you have just conducted a risk data quality assessment to evaluate the degree to which the data about risks is useful for risk management. What is your next step? *

1 point

Perform a structured review of project plans and assumptions, both at the total project and detailed scope levels.

Develop checklists to identify risks based on historical information and knowledge that has been accumulated from previous similar projects.

Conduct planning meetings to develop the risk management plan.

Conduct interviews to quantify the probability and impact of risks on project activities.

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