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NEW QUESTION # 347
A firm contracted an event management company to conduct the annual sales day event. The agreement that the event management company will charge the firm for the actuals and receive 8% of the total cost. What type of contract is this?
- A. Cost plus fixed fee (CPFF)
- B. Cost plus award fee (CPAF)
- C. Fixed price incentive fee (FPIF)
- D. Time and material (T&M)
Answer: A
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION # 348
A project reports an earned value (EV) of US$45 for work completed with an actual cost (AC) of US$40. What is the cost performance index (CPI)?
- A. 0.88
- B. 1.58
- C. 1.12
- D. 0.58
Answer: C
Explanation:
Section: Volume E
NEW QUESTION # 349
Which document describes the necessary information to determine if a project is worth the required investment?
- A. Cost baseline
- B. Memorandum of understanding
- C. Service level agreement
- D. Business case
Answer: D
Explanation:
Explanation/Reference:
Explanation:
4.1.1.2 Business Case
The business case or similar document describes the necessary information from a business standpoint to determine whether or not the project is worth the required investment. It is commonly used for decision making by managers or executives above the project level. Typically, the business need and the cost- benefit analysis are contained in the business case to justify and establish boundaries for the project, and such analysis is usually completed by a business analyst using various stakeholder inputs. The sponsor should agree to the scope and limitations of the business case. The business case is created as a result of one or more of the following:
Market demand (e.g., a car company authorizing a project to build more fuel-efficient cars in response to
gasoline shortages),
Organizational need (e.g., due to high overhead costs a company may combine staff functions and
streamline processes to reduce costs.),
Customer request (e.g., an electric utility authorizing a project to build a new substation to serve a new
industrial park),
Technological advance (e.g., an airline authorizing a new project to develop electronic tickets instead of
paper tickets based on technological advances),
Legal requirement (e.g., a paint manufacturer authorizing a project to establish guidelines for handling
toxic materials),
Ecological impacts (e.g., a company authorizing a project to lessen its environmental impact), or
Social need (e.g., a nongovernmental organization in a developing country authorizing a project to
provide potable water systems, latrines, and sanitation education to communities suffering from high rates of cholera).
Each of the examples in this list may contain elements of risk that should be addressed. In the case of multiphase projects, the business case may be periodically reviewed to ensure that the project is on track to deliver the business benefits. In the early stages of the project life cycle, periodic review of the business case by the sponsoring organization also helps to confirm that the project is still aligned with the business case. The project manager is responsible for ensuring that the project effectively and efficiently meets the goals of the organization and those requirements of a broad set of stakeholders, as defined in the business case.
NEW QUESTION # 350
Using the three-point estimating technique, if the most likely duration is four months, the optimistic duration is two months, and the pessimistic duration is one year, how many months is the expected activity duration?
- A. Twelve
- B. Five
- C. Four
- D. Two
Answer: B
Explanation:
Section: Volume E
Explanation:
6.5.2.4 Three-Point Estimating
The accuracy of single-point activity duration estimates may be improved by considering estimation uncertainty and risk. This concept originated with the program evaluation and review technique (PERT). PERT uses three estimates to define an approximate range for an activity's duration:
Most likely (tM). This estimate is based on the duration of the activity, given the resources likely to be
assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.
Optimistic (tO). The activity duration based on analysis of the best-case scenario for the activity.
Pessimistic (tP). The activity duration based on analysis of the worst-case scenario for the activity.
Depending on the assumed distribution of values within the range of the three estimates the expected duration, tE, can be calculated using a formula. Two commonly used formulas are triangular and beta distributions. The formulas are:
Triangular Distribution. tE = (tO + tM + tP) / 3
Beta Distribution (from the traditional PERT technique). tE = (tO + 4tM + tP) / 6
Duration estimates based on three points with an assumed distribution provide an expected duration and clarify the range of uncertainty around the expected duration.
E = (a + 4m + b) / 6
(2+ (4*4) +12)=30 /6 =5
NEW QUESTION # 351
Plan Schedule Management is a process in which Knowledge Area?
- A. Project Time Management
- B. Project Scope Management
- C. Project Human Resource Management
- D. Project Integration Management
Answer: A
Explanation:
Section: Volume A
Explanation/Reference:
Explanation:
Schedule -> Time Management Easy question
NEW QUESTION # 352
The purpose of the Project Communications Management Knowledge Area is to:
- A. Monitor and control communications throughout the entire project life cycle.
- B. Ensure timely and appropriate collection of project information.
- C. Maintain an optimal flow of information among all project participants.
- D. Develop an appropriate approach for project communications.
Answer: B
Explanation:
Section: Volume B
Explanation:
10. Project Communications Management
Project Communications Management includes the processes that are required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information.
NEW QUESTION # 353
Who is responsible for initiating a project?
- A. Project sponsor
- B. Project management office (PMO)
- C. Project manager
- D. Program manager
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 354
Project deliverables that have been completed and checked for correctness through the Control Quality process are known as:
- A. Acceptance criteria.
- B. Validated deliverables.
- C. Activity resource requirements.
- D. Verified deliverables.
Answer: D
Explanation:
Section: Volume B
Explanation:
Process: 8.3 Control Quality
Definition: The process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes.
Key Benefit: The key benefits of this process include: (1) identifying the causes of poor process or product quality and recommending and/or taking action to eliminate them; and (2) validating that project deliverables and work meet the requirements specified by key stakeholders necessary for final acceptance.
Inputs
1. Project management plan
2. Quality metrics
3. Quality checklists
4. Work performance data
5. Approved change requests
6. Deliverables
7. Project documents
8. Organizational process assets
Tools & Techniques
1. Seven basic quality tools
2. Statistical sampling
3. Inspection
4. Approved change requests review
Outputs
1. Quality control measurements
2. Validated changes
3. Verified deliverables
4. Work performance information
5. Change requests
6. Project management plan updates
7. Project documents updates
8. Organizational process assets updates
NEW QUESTION # 355
During which process of Project Cost Management does a project manager produce the cost baseline?
- A. Develop Project Charter
- B. Determine Budget
- C. Estimate Costs
- D. Control Schedule
Answer: B
Explanation:
Section: Volume E
Explanation/Reference: https://mymanagementguide.com/guidelines/project-management/cost-management/determining- project-budget/#proc
NEW QUESTION # 356
A disadvantage associated with virtual teams is that they:
- A. Create the possibility for misunderstandings to arise.
- B. Often cannot accommodate teams that work different hours or shifts.
- C. Require communication technology that is not readily available.
- D. Create difficulties when including people with disabilities.
Answer: A
NEW QUESTION # 357
Which type of graphic is displayed below?
- A. Control chart
- B. Context diagram
- C. Work breakdown structure
- D. Pareto diagram
Answer: C
NEW QUESTION # 358
Which of the following are components of the project management plan?
- A. Scope management plan, cost estimates, duration estimates, and resource calenders
- B. Scope management plan, schedule baseline, milestone list, and assumption log
- C. Scope management plan, scope baseline, risk management plan, and configuration managemet plan
- D. Scope management plan, issue log, risk register and project schedule network diagram
Answer: C
NEW QUESTION # 359
A measure of cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal and is expressed as the ratio of the cost needed for finishing the outstanding work to the remaining budget is known as the:
- A. cost performance index
- B. to-complete performance index
- C. budget at completion (BAC)
- D. earned value management (EVM)
Answer: B
Explanation:
Explanation/Reference:
Explanation:
TCPI = (BAC - EV)/(BAC - AC)
NEW QUESTION # 360
What process is included in Project Integration Management?
- A. Develop Team
- B. Monitor and Control Project Work
- C. Control Scope
- D. Control Schedule
Answer: B
NEW QUESTION # 361
The project manager is working in the Resource Management process. Which items may the project manager need to include in the team charter?
- A. Company policies, recognition plan, and roles and responsibilities
- B. Assumption logs, resource calendars and training schedule
- C. Cultural norms, roles and responsibilities, and organizational chart
- D. Communication guidelines, conflict resolution process, and team agreements
Answer: D
NEW QUESTION # 362
Which of the following are an enterprise environmental factor that can influence the Identify Risks process?
- A. Network diagrams
- B. Academic studies
- C. Work performance reports
- D. Assumptions logs
Answer: B
Explanation:
Section: Volume E
Explanation
Explanation:
11.2.1.12 Enterprise Environmental Factors
Described in Section 2.1.5. Enterprise environmental factors that can influence the Identify Risks process include, but are not limited to:
Published information, including commercial databases,
Academic studies,
Published checklists,
Benchmarking,
Industry studies, and
Risk attitudes.
Process: 11.2 Identify Risks
Definition: The process of determining which risks may affect the project and documenting their characteristics.
Key Benefit: The key benefit of this process is the documentation of existing risks and the knowledge and ability it provides to the project team to anticipate events.
Inputs
1. Risk management plan
2. Cost management plan
3. Schedule management plan
4. Quality management plan
5. Human resource management plan
6. Scope baseline
7. Activity cost estimates
8. Activity duration estimates
9. Stakeholder register
10.Project documents
11.Procurement documents
12.Enterprise environmental factors
13.Organizational process assets
Tools & Techniques
1. Documentation reviews
2. Information gathering techniques
3. Checklist analysis
4. Assumptions analysis
5. Diagramming techniques
6. SWOT analysis
Expert judgment
Outputs
Risk register
NEW QUESTION # 363
Decomposition, rolling wave planning, and templates are all tools and techniques for which of the following?
- A. Sequence Activities
- B. Develop Schedule
- C. Define Activities
- D. Estimate Activity Durations
Answer: C
NEW QUESTION # 364
Which tool or technique is used in the Develop Project Management Plan process?
- A. Expert judgment
- B. Pareto diagram
- C. Performance reporting
- D. SWOT analysis
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 365
The project team is using their current information, abilities, and experience to achieve project objectives; the team is also developing new experiences, and the project manager is ensuring that the team is documenting new learnings in order to contribute to organizational knowledge.
In which process is the project team and project manager involved?
- A. Direct and manage project work
- B. Manage project knowledge
- C. Manage team
- D. Develop team
Answer: D
NEW QUESTION # 366
Which quality tool incorporates the upper and lower specification limits allowed within an agreement?
- A. Control chart
- B. Checksheet
- C. Flowchart
- D. Pareto diagram
Answer: A
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION # 367
On what is project baseline development established?
- A. Revised project cost and schedule
- B. Approved product requirements
- C. Estimated project cost and schedule
- D. Actual project cost and schedule
Answer: C
Explanation:
Explanation/Reference:
Explanation:
6.6.3.1 Schedule Baseline
A schedule baseline is the approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results. It is accepted and approved by the appropriate stakeholders as the schedule baseline with baseline start dates and baseline finish dates. During monitoring and controlling, the approved baseline dates are compared to the actual start and finish dates to determine whether variances have occurred. The schedule baseline is a component of the project management plan.
7.3.3.1 Cost Baseline
The cost baseline is the approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results. It is developed as a summation of the approved budgets for the different schedule activities.
4.2.3.1 Project Management Plan
The project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all of the subsidiary plans and baselines from the planning processes.
Project baselines include, but are not limited to:
Scope baseline (Section 5.4.3.1),
Schedule baseline (Section 6.6.3.1), and
Cost baseline (Section 7.3.3.1).
NEW QUESTION # 368
A project team is discussing an upcoming planned product launch of a highly visible technologically advanced artificial intelligence tool. The team is debating the aspect of iterative and hybrid approaches. Which aspect of tailoring would this best represent?
- A. Resource availability
- B. Life cycle approaches
- C. Project dimensions
- D. Technology support
Answer: D
NEW QUESTION # 369
The cost baseline and project funding requirements are outputs of which process in Project Cost Management?
- A. Plan Cost Management
- B. Determine Budget
- C. Estimate Costs
- D. Control Costs
Answer: B
NEW QUESTION # 370
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