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- Question
Why are risk tolerances and thresholds important to identify in the risk management Plan?
Options- A. Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution
- B. Tolerances and thresholds help to define how often the risk management process will be performed
- C. Tolerances and thresholds determine what tools and data sources will be used in risk management
- D. Tolerances and thresholds provide the basis for costing the risk management process as well as defining how risk activities will be recorded
- Correct Answer
- Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution
ExplanationAnswer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.
- 1. Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a detailed analysis. I really want a ballpark figure. What options do I have?
Options- A. None - Cost estimating requires details to be accurate
- B. Use the cost of similar projects
- C. Use a rule-of-thumb or per-square-foot estimate
- D. Add up the costs on the WBS Discuss
- 2. On a systems development project, Richard needs two programmers. He knows John and Smith were able to create a program in 40 days similar to the one he wants to create on his project. He decides to use 40 days as his estimate. This is an example of what type of estimating?
Options- A. Parametric modeling
- B. Analogous
- C. Rule of thumb
- D. Fixed Rate Discuss
- 3. You are working on a new project to develop a new wireless product with ease - of - use features recommended by customers. It is as yet undetermined which features and the extent to which each feature will be incorporated into the product.You have a focus group that will continue to evaluate the features as the project goes forward.The focus group is authorized to suggest changes, as are your engineers and the quality department.As a project manager, what will help you most to minimize the effect of these changes?
Options- A. A change management plan
- B. A scope management plan
- C. Do not continue with the project until all of the features are clearly defined in the scope statement and scope definition.
- D. This is an expected part of every project. A good project manager will have a communications plan in place to be sure everyone knows what is happening on the project. Discuss
- 4. A Good CFO will tell you that it is important to look at your bottom line and determine how to increase profits for the organization. Veronica, the new CFO at a local university, is taking that approach and applying it to new projects. Therefore,she wants to include costs from each phase of the project on a total expenditure is known as
Options- A. An opportunity cost
- B. A sunk cost
- C. NPV
- D. A life cycle Discuss
- 5. You are a project manager for the redevelopment of the Hoover Dam. Your team has been provided with the scope statement, but it lacks many description details. Your team is concerned because the project is in the initiation phase and it wants to postpone it until it has more information. As the project manager, you recommend that
Options- A. The team should go forward, but be caution about the lack of details and the impact upon the timeline for the project
- B. The project should not go forward until the stakeholders agree about the scope and purpose of the project
- C. The team should verify the scope and realize that more details will be available as more project characteristics are progressively elaborated.
- D. The team should review the project selection criteria for the Hoover Dam project Discuss
- 6. Why are CPM, GERT, and PERT not considered sufficient to create a project schedule?
Options- A. All three are tools and techniques of schedule development, not the actual schedule
- B. As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations
- C. They are sufficient. Each calculates early and late start and finish dates for each activity
- D. They are Monte Carlo techniques used to provide what-if analysis for adverse external factors on a project Discuss
- 7. Subject matters experts (SMEs) are resources that are imperative to the succes of a project. Many times, project managers are not experts in the areas they are managing and frequently must rely upon other's expertise. In which scope - management process are SMEs first used?
Options- A. Scope planning
- B. Scope definition
- C. Initiation
- D. Scope verification Discuss
- 8. Project Management - Introduction What is program Management? Discuss
- 9. Project Management - Introduction What is Portfolio Management? Discuss
- 10. Project Management - Introduction What is Project Management Office? Discuss
PMP Certification problems
Search Results
Correct Answer: Use the cost of similar projects
Explanation:
Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.
Correct Answer: Analogous
Explanation:
Richard is using an estimate based on a project very similar to to his own with staff he will be using. Answer A is incorrect because perametric modeling involves using a mathematical model to predict costs, such as dollars per line of code. Answer C is incorrect, although close; if the development project is a common item, such as putting down new flooring, a rule -of-thumb measurement can be used, although it is less accurate. Answer D is incorrect because it is not a form of estimating, but a type of pricing.
Correct Answer: A scope management plan
Explanation:
Answer A is tempting because the problem focuses on changes. However, because we are talking about the elaboration of the product's characteristics, we are talking about scope changes, and therefore Answer B is the best answer. Answer C is also tempting because it is difficult to more forward on a project until the scope is clearly defined (especially in systems development projects), but with products and certain types of web development, scope changes can be frequent, and a formal scope management plan is needed. Answer D is true from a project perspective, but does not addres the scope issues.
Correct Answer: A life cycle
Explanation:
Life Cycle costing includes the costs from each phase of the project life cycle when the total investment costs are calculated. Answer A is incorrect because an opportunity cost is the difference between a chosen investment and the one that is passed up. Answer B is incorrect because sunk costs are costs that have been incurred and cannot be reversed. Answer C is incorrect because net present value (NPV) is the present value of cash inflows(benifits) minus the present value of cash outflows (costs).
Correct Answer: The team should verify the scope and realize that more details will be available as more project characteristics are progressively elaborated.
Explanation:
The project details and description will usually have less detail at the beginning of the project and will increase as the characteristics are progressively elaborated. Answer A is incorrect because the team should confirm that they understand the esence of the scope of the project, even if the details might be ambiguous at the beginning of the project. Answer B is incorrect because the project should go forward; however, the team should request further clarification of what the project scope entails. Answer D is incorrect because the project selection criteria should be established before the project begins.
Correct Answer: As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations
Explanation:
Answer A is tempting because it is true by definition, but Answer B is correct because it properly answers the question, in that these techniques do not take into account resource pool constraints. Answer C is incorrect because it provides possible early and late start and finish dates, but not the actual schedules. Answer D is incorrect because none of the the three are simulation techniques.
Correct Answer: Initiation
Explanation:
Initiation is the first step in the scope management process, and expert judgment is one of the techniques routinely utilized. Answers A, B, and D are incorrect because they would come after the initiation process.
Correct Answer: A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually Programs may include elements of related work outside of the scope of the discrete projects in the program For example: A New car model program can be broken up into projects for the design and upgrades of each major component (transmission, engine, interior, exterior) while the ongoing manufacturing occurs on the assembly line
Correct Answer: A Portfolio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives
Correct Answer: A Project Management office (PMO) is an organizational unit to centralize and coordinate the management of projects under its domain A PMO can also be reffered to as a "program management office", "Project office", or "Program office" A PMO oversees the management of projects, programs, or a combination of both PMOs can operate on a continuum, from providing project management support functions in the form of training, software, standardized policies, and procedures, to actual direct management and responsibility for achieving the project objectives
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