Project Management (PMP Study) Flashcards

Terms Definitions
A problem occurs in the design of a grocery cart. In this case it is determined that the wheels will wear out much quicker in areas of heavy snow and ice because the salt will corrode the wheel bearings. Using sealed bearing wheels will significantly incr
C. Risk mitigation.

Risk Mitigation is a risk response planning technique associated with threats that seeks to reduce the probability of occurrence or impact of a risk to below an acceptable threshold.
A systematic and independent examination to determine whether quality activities and related results comply with planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve objectives.
Quality Audit
Which of the following is an example of quality planning?

A. Control charts
B. Quality audits
C. Fishbone diagrams used to evaluate a defect
D. Benchmarking
D. Benchmarking

Explanation - Benchmarking is the process of comparing the cost, time or quality of what one organization does against what another organization does. The result is often a business case for making changes in order to make improvements. Benchmarking is a moderately expensive process, but most organizations find that it more than pays for itself.
The process of developing options, and determining actions to enhance opportunities and reduce threats to the project’s objectives. It follows the Qualitative Risk Analysis and Quantitative Risk Analysis processes. It includes the identification and ass
Risk Response Planning
Histograms, ordered by frequency of occurrence, that show how many results were generated by type or category of identified cause. The project team should take action to fix the problems that are causing the greatest number of defects first. Pareto diagra
Pareto Diagrams
The three project situations that require the most negotiation skills are:

A. Working with functional managers to ensure that resources are available to support the project, providing performance appraisals to project team members, and developing the WBS
C. Using subcontractors...

The use of subcontractors accounts for more litigation than all other aspects of the project combined, and project managers report that developing the scope statement and managing changes are the most common and troublesome issues they face. Thus, having the ability to negotiate an approach that satisfies all stakeholders is important.
A collection of formal documented procedures that define how project deliverables and documentation will be controlled, changed, and approved. In most application areas the change control system is a subset of the configuration management system.
Change Control System
Progressive elaboration is a attribute of projects that integrate the concepts of temporary and unique. In project plan development, progressive elaboration also is important in terms of which of the following?

A. Assumptions
B. Constraints
C. Work bre
A. Assumptions

Progressive Elaboration. Continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available as the project progresses, and thereby producing more accurate and complete plans that result from the successive iterations of the planning process.
Used only when we know the minimum, maximum and most likely values. It leads to a less conservative estimate of uncertainty. The ______ ______ is useful for stochastic modeling rather than statistical analysis because of its artificial nature. Distributio
Triangular Distribution
Organizations that desire very much to avoid high-impact risks may use which of the following techniques during qualitative risk analysis?

A. Avoidance.
B. Data precision ranking with low precision.
C. A probability-impact risk rating matrix using nonl
C. A probability-impact risk rating matrix using nonlinear scales.

A nonlinear scale can provide a greater risk score for risks with high impacts and probabilities. This allows the organization with high-impact risk aversion to better rank and focus on these risks. The use of data with low precision as suggested may lead to qualitative risk analysis of little use to the project manager.
Takes the form of a purchase order—a standardized form listing routine items at standard (for example, vendor catalog) prices. The seller usually accepts the purchase order automatically. Unilateral contracts issued in this way normally do not involve a
Unilateral Contract
In an effort to reduce project team members' increasing stress levels, you decided to conduct power yoga sessions during every project status meeting. You need to hire someone to conduct these sessions. Citing the organization's project management methodo
B. Procurement management plan

The procurement management plan describes how the procurement processes, from procurement planning through closing will be managed. This includes the type contracts to be used, preparation of independent estimates, actions to be taken by the procurement department and the project management team, location of standardized procurement documents, management of multiple providers, and coordination of the procurement with other aspects of the project.
Those processes performed to authorize and define the scope of a new phase or project or that can result in the continuation of halted project work. A large number of the initiating processes are typically done outside the project’s scope of control by
Initiating Processes
A project manager is planning a project when he discovers that the project has many different phases, and each phase must be done in a sequence. What of the following is the best option for the project manager?

A. Obtain a charter for each phase.
B. Mak
A. Obtain a charter for each phase.

Project Charter - a document issued by the project initiator or sponsor that formally authorizes the existence of a project, and provides the project manager with the authority to apply organizational resources to project activities
Involves comparing actual or planned project practices to those of other projects to generate ideas for improvement and to provide a basis by which to measure performance. These other projects can be within the performing organization or outside of it, an
Benchmarking
A project manager and team from a firm that designs railroad equipment are tasked to design a machine to load stone onto railroad cars. The design allows for 2% spillage, amounting to over two tons of spilled rock per day. In which of the following does t
A. Quality management plan.

The quality management plan describes how the project management team will implement its quality policy. The quality management plan should describe the project quality system: the organizational structure, responsibilities, procedures, processes, and resources needed to implement quality management. It also provides input to the overall project plan and must address quality control, quality assurance, and quality improvement for the project. The quality management plan may be formal or informal, highly detailed or broadly framed, depending on the requirements of the project.
________ is typically not referred to as a buffer type in Critical Chain project management.

A. Resource buffer
B. Free buffer
C. Feeding buffer
D. Project buffer
2 Chapter 22 - Critical Chain Project Management, in: Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition by Harold Kerzner,
http://pmi.books24x7.com/viewer.asp?bookid=8147&chunkid=773020332
A company has to make a choice between two projects, because the available resources in money and kind are not sufficient to run both at the same time. Each project would take 9 months and would cost $250,000.

1. The first project is a process optimizati
4 Chapter 14 - Pricing and Estimating, in: Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition by Harold Kerzner,
http://pmi.books24x7.com/viewer.asp?bookid=8147&chunkid=773020332
A production process has been defined as part of an industrial equipment manufacturing project. The process is intended to produce steel bolts with a length of 20 cm. The control limits are 19.955cm and 20.045cm.

The measurements made at the end of the p
2 PMBOK® Guide 4th Edition, pp 196, 209
Your project management team includes two external consultants each from a different company. You found that repeated conflicts between the two consultants already slow down project progress and jeopardize achievement of objectives.

Which stage of team d
1 PMBOK® Guide 4th Edition, p 233
During a project Earned Value Analysis is performed and gives the following numbers:

EV: 523,000; PV: 623,000; AC: 643,000.

Which results are correct?

CV: +120,000; SV: +100,000
CV: +100,000; SV: +120,000
CV: -100,000; SV: -120,000
CV: -120,000
4 PMBOK® Guide 4th Edition, pp 181-183
A project manager spent some days to create a multi-page document which he called Project charter. The document should have been issued by the project sponsor. The sponsor found the document outsized and asked for a condensed document.

Which of the foll
2 PMBOK® Guide 4th Edition, pp 73-78
A document called ____________ is created by decomposing the project scope into smaller, more manageable elements.

Scope Statement
Network Logic Diagram
Work Breakdown Structure
Requested Change
3 PMBOK® Guide 4th Edition, pp 116-122
Which of the following tools is used to create a Risk Management Plan?

Risk planning meetings
Documentation reviews
Data precision rankings
Diagramming techniques
1 PMBOK® Guide 4th Edition, p 279
In order to speed up a project, you made a decision to fast-track a phase currently performed with five team members and another one which was planned to begin in four weeks time with another five team members.

Which of the following activities should yo
4 PMBOK® Guide 4th Edition, pp 21, 157, 253
A project manager needs a certain number of identical valve housings for a power station project.

He starts with 100 raw items which are made as metal castings. Out of this batch, 15 are found leaking from micro-porosities in a subsequent pressure test.
4 Chapter 5 - Crafting Insightful Metrics, in: Managing Six Sigma: A Practical Guide to Understanding, Assessing, and Implementing the Strategy That Yields Bottom-Line Success by Forrest W. Breyfogle III, James M. Cupello and Becki Meadows
http://pmi.books24x7.com/viewer.asp?bookid=7255&chunkid=0788075441
You found the following Earned Value Analysis information for a recently closed out project:

SPI = 0.7, CPI = 1.0

The project has been cancelled while it was executed. At that time the project was behind schedule and on budget.
The project's deliver
1 PMBOK® Guide 4th Edition, p 183
Which should be included in a Requirements management plan?



The document should trace requirements to project scope / WBS deliverables.
It should describe how requirements activities will be planned, tracked, and reported.


It should trace high-
2 PMBOK® Guide 4th Edition, pp 110-111
In a traditionally drawn decision tree, a circle represents ___________.

a chance to which no Expected Monetary Value can be assigned so that a likely pay-off can not be shown.
a decision to which no Expected Monetary Value can be assigned so that
3 PMBOK® Guide 4th Edition, p 299
A project management team has subcontracted work to a service company. Which of the following tools is the best choice to assure that this company will be able to meet the quality requirements of the project?

Quality audit
Deliverable inspection
Fi
1 PMBOK® Guide 4th Edition, p 204
With your team you are using judgment from subject matter experts to identify and analyze project risks. There is a small number of experts available, but some of them have long been in a teacher-student or manager-assistant relationship.

Which of the fo
3 PMBOK® Guide 4th Edition, p 286
You are running a project for a customer based on a cost reimbursable contract with the following terms:

Target costs: $ 1,000,000
Fixed fee: $ 100,000
Benefit/cost sharing: 80% / 20%
Price ceiling: $ 1,200,000

Which is the PTA (= Point of t
4 Chapter 9 - Quantitative Methods in Project Contracts, in: Quantitative Methods in Project Management by John Goodpasture
http://pmi.books24x7.com/viewer.asp?bookid=8442&chunkid=845042298
During execution of a project which is performed for a customer on a T&M (Time and Material) contract base, a new project manager is taking over the assignment.

He discovers that two members assigned to the project have charged time without performi
4 Chapter 5 (Honesty) - PMI® Code of Ethics and Professional Conduct
http://www.pmi.org/PDF/ap_pmicodeofethics.pdf
In the following network logic diagram start dates are defined as early morning, finish dates are evening.

If tasks are scheduled to begin at early start date, what is true?


Activity B has a free float of 10 d.
Activity B has a total float of 10 d.
2 PMBOK® Guide 4th Edition, p 1553

Chapter 5 - Time Management, in: The Project Management Question and Answer Book by Michael W. Newell and Marina N. Grashina
http://pmi.books24x7.com/viewer.asp?bookid=5597&chunkid=252742885
Your project is executed with a globally spread virtual team. The project progress has been found to be too slow. Which measure is most likely to immediately speed up the project?

Technical training for all team members
Daily phone conferences and d
4 PMBOK® Guide 4th Edition, p 234
A project management team wants to procure some customized products which are available in identical grade and quality from many vendors. What should be included in the procurement package to ensure that their offers will be comparable?

A statement of
2 PMBOK® Guide 4th Edition, pp 325-326 (12.1.3.4 2nd phrase)
Which of the following becomes increasingly important in a virtual team environment?
Requirements engineering
Communication planning
Formal procurements closure
Network diagramming
2 PMBOK® Guide 4th Edition, p 228
You are assigned as the project manager to a project which is executed for a customer under FP contract. Your customer informed you this morning that they insist on certain "refinements" of the project scope.

You agree that the requested action
3 PMBOK® Guide 4th Edition, p 339 (12.3.2.6)
During a project the scope of a product purchased on a cost reimbursable contract has increased. The contract defines a fixed fee to cover the contractor‘s indirect costs and allow a profit. What is most likely to be true?

The contractor‘s indirec
4 PMBOK® Guide 4th Edition, p 323
A project management team is evaluating the causes that might contribute to unsatisfactory performance and quality. Which of the following statements is not true?

Normal process variation is attributable to random causes and sometimes also called &quo
2 PMBOK® Guide 4th Edition, pp 421 and 441
You are performing a project management audit in your company and find that most of the project plans are neither consistent nor up-to-date.

Which of the following statements is not true?

Projects should never be executed without a valid, updated and
2 Chapter 11 - Planning, in: Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition by Harold Kerzner
http://pmi.books24x7.com/viewer.asp?bookid=8147&chunkid=445524266
You want to perform active risk acceptance. What should you do?

Create contingency reserves in resources, money and time.
Develop a plan to minimize impact in case that an identified risk occurs.
Develop a plan to minimize the probability of occur
1 PMBOK® Guide 4th Edition, p 304
A project manager made 3-point estimates on a critical path and found the following results:

Assuming ±3 Sigma precision level for each estimate, what is the standard deviation of the allover path?

App. 4.2 days
App. 5.2 days
App. 6.2 days
You
2 Chapter 2 - Introduction to Probability and Statistics for Projects, in: Quantitative Methods in Project Management by John Goodpasture
http://pmi.books24x7.com/viewer.asp?bookid=8442&chunkid=216152584

Chapter 12 - Network Scheduling, in: Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition by Harold Kerzner
http://pmi.books24x7.com/viewer.asp?bookid=8147&chunkid=610313952
When do bidder conferences normally take place?

After the contract has been awarded to keep alternatives open.
After submittal of bid or proposal, but before contract award.
Prior to the submittal of a bid or proposal by the bidder.
After techni
3 PMBOK® Guide 4th Edition, p 331
What is defined by control limits?

A measuring instrument solely used to describe process capability. The process is found capable if the ±3 Sigma range is exceeded by not more than 0.3% of a tested sample lot.
The limits of the six Sigma area on e
3 PMBOK® Guide 4th Edition, p 422
The Scope baseline consists of what?
Scope statement, WBS, and WBS dictionary
Cost baseline, Quality baseline and Schedule baseline
Configuration management plan and Configuration identification document
Procurement statement of work and Project s
1 PMBOK® Guide 4th Edition, p 331
Activity 1 has a duration of 20 days, Activity 2 of 10 days, Activity 3 of 5 days and Activity 4 of 6 days.

What is the minimum total duration between the Milestones A and B?

36 days
37 days
39 days
42 days
2 PMBOK® Guide 4th Edition, pp 138 and 140
Which tool and technique is used to Create WBS and Define activities?

Nominal group technique
Human resource assignment
Brainstorming
Decomposition
4 PMBOK® Guide 4th Edition, pp 116 and 133
Which of the following statement(s) regarding whistle-blowing is/are not true?

1. It is a term used to define an employee’s decision to disclose information on unethical, immoral or illegal actions at work to an authority figure.
2. An employee shoul
2 Chapter Seven - Nudge, Test, and Escalate Gradually, in: Leading Quietly: An Unorthodox Guide to Doing the Right Thing by Joseph L. Badaracco, Jr.
http://pmi.books24x7.com/viewer.asp?bookid=5478&chunkid=305478503

Chapter 13 - Role of Corporate Governance, in: No Excuses: A Business Process Approach to Managing Operational Risk by Dennis I. Dickstein and Robert H. Flast
http://pmi.books24x7.com/viewer.asp?bookid=29831&chunkid=339693288
Which of the following statements is not true?

Attribute sampling is the process of assessing whether results conform to specifications or not.
Prevention means keeping errors out of the process by applying actions before the process starts changing
3 PMBOK® Guide 4th Edition, p 206
Which statement describes best why you should document assumptions?

Assumptions might prove to be wrong. Knowing which assumptions were incorrect allows baseline adjustments in case of project crisis.
Assumption analysis is a valuable tool and techn
2 PMBOK® Guide 4th Edition, p 286
Which is normally not regarded as an element of Cost of quality?

Prevention costs
Maintenance cost
Appraisal costs
Failure costs
2 PMBOK® Guide 4th Edition, p 195
You have recently been assigned as a project manager to a new B-O-T (Build, Operate, Transfer) capital project. Reviewing the initial documentation you found out that it has been calculated with a very small margin during operations of its product for the
3 Chapter 2 - What Is Project Finance? in: Principles of Project Finance by Edward Yescombe
http://pmi.books24x7.com/viewer.asp?bookid=5680&chunkid=905004848 (on BOT Projects)

PMBOK® Guide 4th Edition, p 234 (on issues of responsibility for unrealistic expectations by management)
A project is handled by departments of an organization and expedited by a project coordinator. Which of the following statements is most likely to be true?

The performing organization is a weak matrix.
The performing organization is doing "mana
1 PMBOK® Guide 4th Edition, p 29
You are project manager in a global project with a team consisting of people from various countries. What can you try to prevent misunderstandings due to cross-cultural differences?

Use all communication methods available that are suitable for the tea
1 Chapter 25 - Teamwork Process—Global Teams – Crosscultural Communication, in: The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right by Tom Kendrick
http://pmi.books24x7.com/viewer.asp?bookid=4546&chunkid=594080577
Which statement on conflicts is true?
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
2 PMBOK® Guide 4th Edition, p 239
A change request in a project has been rejected some weeks ago. Yesterday, the project manager found out that it nevertheless has been implemented by the team members, who knew of the change request, but not of the rejection.

In order to avoid such a sit
3 PMBOK® Guide 4th Edition, p 94
What is a trigger in project risk management?

An expected situation causing an unidentified risk to occur
A warning sign that a previously identified risk might be occurring or has occurred
An unexpected situation causing an identified risk to oc
2 PMBOK® Guide 4th Edition, p 444
According to the project plan, a contractor is scheduled to deliver some software components today afternoon. A regular payment is due to be made to this contractor tomorrow.

You and your project team received a note this morning informing you that the s
3 PMBOK® Guide 4th Edition, p 412
In a software company a large number of simultaneously performed projects utilize the same groups of human and other resources.

What is the term commonly used for this situation?

Concurrent engineering
Resource over-allocation
Resource pooling
P
3 Chapter 15 - Project Management in the Information Age, in: The New Dynamic Project Management: Winning Through the Competitive Advantage, Second Edition by Deborah S. Kezsbom and Katherine A. Edward
http://pmi.books24x7.com/viewer.asp?bookid=8645&chunkid=911998160
What does the acronym RACI commonly stand for in project management?

Responsible, Accountable, to be Consulted, to be Informed
Remote, Attached, Connected, Integrated
Risk Analysis and Caution Initiative
Randomly Accessible Cashflow Information
1 PMBOK® Guide 4th Edition, p 221
You have used estimates made by your team members and applied the Critical path method to compute a Network logic diagram for your project. Then you found out that it cannot be sufficiently optimized for scarce resources and fast progress towards a given
3 PMBOK® Guide 4th Edition, pp 150 (Three-point estimation) and 155 (Critical chain)

Chapter 1 - Begin in the Beginning, in: Critical Chain Project Management, Second Edition by Lawrence P. Leach
http://pmi.books24x7.com/viewer.asp?bookid=10254&chunkid=0357832958
Liquidated damages (LDs) are contractually agreed payments in order to...
...give the contractor an incentive to meet an aggressive schedule or challenging quality objectives.
...penalize the contractor for late completion of a project or failure to m
3 Chapter 7 - Project Contracts—(2) Ancillary Contracts, in: Principles of Project Finance by Edward Yescombe
http://pmi.books24x7.com/viewer.asp?bkid=5680&destid=230#230
What should not be covered by a risk management plan?
Roles and responsibilities for handling project risks
Timing of project risk management activities
The methodological approach used for risk management
Individual risks and potential responses
4 PMBOK® Guide 4th Edition, pp 279-282 and 288
You are assigned as the project manager to a project which had a on-time cost variance in the past caused by unexpected rework which has meanwhile been finished.

You perform Earned Value Analysis and find the following results:

EV: 250,000; PV: 200,000;
2 PMBOK® Guide 4th Edition, p 184
An estimation has been made that the construction of a residential home will cost a certain amount per square foot of living area. This is an example of what type of estimating?

Analogous estimating
Bottom-up estimating
Top-down estimating
Param
4 PMBOK® Guide 4th Edition, p 431
What is true for prototypes?
Prototyping causes significant costs and should be avoided wherever possible.
They are tangible and allow for early feedback on requirements by stakeholders.
Prototypes are mostly developed toward the end of a design or
2 PMBOK® Guide 4th Edition, p 109
What is a constructive change?
A change request that helps improving the project and its product, service or result and is discussed generally in a friendly style.
A direction by the buyer or an action taken by the seller that the other party consider
2 PMBOK® Guide 4th Edition, p 341
Which of the following is generally not regarded to be a motivator according to Frederick Herzberg?

Working conditions and interpersonal relations
Responsibility for enlarged task
Interest in the task
Recognition for achievement
1 Chapter 5 - Motivation, in: Management Skills for New Managers by Carol W. Ellis
http://pmi.books24x7.com/viewer.asp?bookid=8854&chunkid=588141747
What is true for modern project management? Project managers need...

... to have a strict standing in negotiating
... to show experience in tricking business partners
... to be team players and facilitators instead of "bosses"
... to b
3 Chapter 1 - Importance of People Skills in Project Management, in: People Skills for Project Managers by Steven W. Flannes and Ginger Levin
http://pmi.books24x7.com/viewer.asp?bookid=6208&chunkid=108499407
You are the project manager in an engineering project and have recently signed a contract with a software vendor for the development of a complicated control solution. The software will be used to control machinery equipment which your project team is cur
4 Chapter 21 - Contracts and Procurement, in: Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition by Harold Kerzner
http://pmi.books24x7.com/viewer.asp?bookid=8147&chunkid=0922709277
A review to determine whether of project activities comply with organizational and project policies, processes, and procedures is commonly called

Quality auditing
Inspection
Quality testing
Reject screening
1 PMBOK® Guide 4th Edition, p 204
Which of the following is true in regard to the Code of Accounts?

It allows one to easily identify the breakdown level of the item in the resource structure.
It describes the coding structure used by the performing organization to report financial i
3 PMBOK® Guide 4th Edition, p 421
You are the manager of your company's project management office. The company is running many concurrent projects; most of them share a resource pool of technical staff. Understanding how resources are utilized across projects has been found essential to o
1 PMBOK® Guide 4th Edition, p 11
You have been criticized that certain specifications in your Scope Statement do not pass the test for SMART objectives. What are SMART objectives?

Objectives specified in far more detail than necessary for a execution of a successful project.
Easily
4 Chapter 3 - Performance Management, in: Management Skills for New Managers by Carol W. Ellis
http://pmi.books24x7.com/viewer.asp?bookid=8854&chunkid=742856503
You have been assigned as a project manager to a software project. While you and your team are working on a WBS (Work breakdown structure), estimations for activity durations based on the activity list vary significantly. Which additional documents may he
4 PMBOK® Guide 4th Edition, p 51
You are performing Earned value technique on your project.

After budget approval, an additional and unexpected cost item has been identified, which made the project more expensive some weeks ago. The item has meanwhile been paid by the project team, and
1 PMBOK® Guide 4th Edition, pp 182 (CV = EV - AC) and 184 (EAC = AC + BAC - EV)
During a company event, you had the opportunity to talk to a colleague project manager. He told you that in his current project actual costs are 15% under cumulated costs budgeted for today.

What do you think?
The information given to you by the collea
1 PMBOK® Guide 4th Edition, pp 173-174
What is the meaning of a concept called the "Journey to Abilene"?

Project managers should visit their customers far more often than what is usual in order to avoid misunderstandings and bad emotions.
International projects may have an incr
3 Chapter 6 - Managing Project Conflict, in: People Skills for Project Managers by Steven W. Flannes and Ginger Levin
http://pmi.books24x7.com/viewer.asp?bookid=6208&chunkid=202583813
Which of the following statements describes best the relationship between project phases and the Project life cycle?

The Project life cycle includes the time when the project is performed and the expected product lifespan after that.
In project mana
2 PMBOK® Guide 4th Edition, p 15
Which is an appropriate order in most project situations for the development of scope-related documents?

1. Project SOW (Statement of work),
2. Project charter,
3. Project scope management plan,
4. Project scope statement,
5. WBS (Work breakdown struc
1 PMBOK® Guide 4th Edition, p 43 (overview), 74 (project charter input: sow), 104 (scope management plan), 112 (define scope process output: scope statement), 116 (create wbs process)
What is the S-curve in project management?


A graph that is generated if a normal curve is integrated.
A graph that is to be integrated to generate a normal curve.
A metaphoric description of the short term uncertainties that are present in every
4 PMBOK® Guide 4th Edition, p 178
An output of the Estimate activity resources process is a document called "Activity resource requirements". It identifies the types and quantities of resources...
...while the term resources is limited to equipment and materials.
...required
2 PMBOK® Guide 4th Edition, p 145
What is not the purpose of Configuration control when Configuration management is applied in a project?
Verification that the configuration identification for a configuration item is accurate, complete, and will meet specified program needs.


Ensurin
1 http://www.pmi.org/PDF/Members/Standards/PS_ProjectConfiguration.pdf pp. 29, 48, 56 ("Configuration control" and "Configuration identification")
Which statement describes best the meaning of the term Cost baseline?
A cost baseline is always created by translating time-phased cost information into cost data on activity or work-package level.
A cost baseline is an approved time-phased budget tha
2 PMBOK® Guide 4th Edition, p 178
Which is not true in regard of RoI (Return on Investment) for a project?

It defines the cumulated net income from an investment at a given point in time or during a defined period.
It includes investment, direct and indirect costs and may include al
4 Chapter 1 - Defining the Project Business Case and Getting Buy-in from Top Management, in: Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return by Jeff Berman
http://pmi.books24x7.com/viewer.asp?bkid=16115&destid=56&destid=42&destid=42&term=return+on+investment+(ROI)
A project sponsor requested Earned Value Data on two concurrent projects from the project managers. Both projects are regarded as equally important and strategically beneficial and have been finished by over 80%. He received the following information:

Pr
3 Chapter 3 - Project Estimating, in: The Project Management Question and Answer Book by Michael W. Newell and Marina N. Grashina
http://pmi.books24x7.com/viewer.asp?bookid=5597&chunkid=518142829
Which of the following statements describes best the relationship of quality and grade?

Low grade is always a problem; low quality may be overcome by a good rework and repair process.
Grade is a category or rank given to entities having different fu
4 PMBOK® Guide 4th Edition, p 190
Network templates which contain only portions of a network are often referred to as

Subnetworks or fragment networks
Subprojects
Programs
WBS items
1 PMBOK® Guide 4th Edition, p 141 (6.2.2.4)
What is the Internal Rate of Return (IRR) of a project?

The time period needed to pay back the investment from a project when future income is discounted.
The inherent discount rate or investment yield rate produced by the project over a pre-defined
2 Chapter 1 - Defining the Project Business Case and Getting Buy-in from Top Management, in: Maximizing Project Value: Defining, Managing, and Measuring for Optimal Return by Jeff Berman
http://pmi.books24x7.com/viewer.asp?bkid=16115&destid=56&destid=42&destid=42&term=return+on+investment+(ROI)
You just created the following network logic diagram to describe the planned flow of activities for your project which will start tomorrow:

Which potential inconsistency in the diagram should you solve right now?

Activity E is a logical dangle in rel
1 PMBOK® Guide 4th Edition, pp 138-141
Great Free Study URL
http://www.oliverlehmann.com/pmp-self-test/75-free-questions.htm
A forward and backward pass indicted total float is equal to - 20 days. This indicated that:

A. The critical path must be evaluated to determine actual slack time.
B. The project is estimated to be-20 days ahead of schedule.
C. Two branches converge on a
D. Duration compression may be required to meet the original project scope.
Which of the following is useful in risk identification because it permits a systemic
evaluation of the work?

1. Work breakdown structure
2. Design specification
3. Project flow chart
4. Project chart
1. Work breakdown structure
You are the project manager responsible for developing a new hybrid engine for an auto manufacturer. You are in the process of developing the project schedule and would like to access the feasibility of your project schedule under various different condit
4. Monte Carlo analysis
A control chart indicates the last 12 weights produced were outside the upper control limit. What should the project manager do?


A. Stop production
B. Work to better meet ISO 9000 standards
C. Look for the non-random causes for the variations
D. Plan t
A. Stop Production

A control chart is a graph that displays data taken over time and computed variations of those data. Control charts are used to show the variation on a variety of variables including average (X) and range (R) and also the number of defects (PN), percent defective (P), defects per variable unit (U), and defects per fixed unit (C). The control chart allows you to distinguish between measurements that are predictably within the inherent capability of the process (normal causes of variation that are to be expected) and measurements that are unpredictable and produced by special causes.
A structured, independent review to determine whether project activities comply with organizational and project policies, processes, and procedures. The objective of a ______ _____ is to identify inefficient and ineffective policies, processes, and proced
Quality Audit
A detailed estimate taking into consideration a number of small estimates and summarizing them to a total for the project or subproject being estimated. A top-down estimate is usually a less accurate method that estimates the cost of the entire project by
Bottom-up estimate
A project manager and the project team identify several specific risks in a project. The expected value of these risks is estimated at $10,000. The impact on the project brought about by these risks is estimated at $40,000. What value should be entered in
A. $0

The management reserve is money that is set aside for dealing with unknown risks. These unknown risks cannot be specifically identified. The risks mentioned in the question are identified and therefore no money should be put into the management reserve for them.
Administrative closure should not be delayed until project completion because:


A. Useful information may be lost
B. The project manager may be reassigned
C. Project team members may be reassigned by that time
D. Sellers are anxious for payments
A. Useful information may be lost

Closure includes collecting project records, ensuring that the records accurately reflect final specifications, analyzing project or phase success and effectiveness, and archiving such information for future use. Each phase of the project should be properly closed while important project information is still available.
Organize and summarize the information gathered and present any analysis results. These reports should provide the information and detail that stakeholders require, as documented in the communications management plan.
Performance Reports
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