+
Cards In This Set
| Front | Back |
|
Q1: Two junior project managers who are working on the same project are having a heated discussion (an argument) on the difference between the project management life cycle and the project life cycle. The first project manager is saying there is essentially no difference between the two while the second project manager is saying that there is a significant difference between the two. While this debate is occurring, a senior vice president from your division interrupts the two and asks them the following question: “When the project is completed what is the expected lifetime of the deliverable?” Essentially, what is the vice president asking them?
a. He is asking about the status of the project life cycle
b. He is asking about the status of the project management life cycle
c. He is asking about the status of the product
d. He is trying to determine if they understand life cycle costing
|
Q1: C - Explanation: The first part of the question is a red herring. The VP is asking about the lifetime of the deliverable i.e. the product. This is a question about the product status.
|
|
Q2: What is the BEST definition for a project manager’s role on the project?
a. Take instruction and direction from functional managers
b. Assigned by the organization to achieve project objectives
c. Balance stakeholder interests on the project
d. Effectively manage the project team while also being an expert technical resource
|
Q2: B - Explanation: The key job of the project manager is to meet the organization’s project objectives. PMBOK® Guide, p. 13.
|
|
Q2: What is the BEST definition for a project manager’s role on the project?
a. Take instruction and direction from functional managers
b. Assigned by the organization to achieve project objectives
c. Balance stakeholder interests on the project
d. Effectively manage the project team while also being an expert technical resource
|
Q3: B - Explanation: You always want to show the stakeholder the effects of their actions/inactions. C and D are wrong – the PM does not take unilateral action unless authorized to do so by the organization. Answers like A are usually wrong – this is the equivalent of “I’m telling the teacher what you did!”
|
|
Q4: There are multiple projects your organization is considering for the upcoming fiscal year. Project A has an NPV of $85,000. Project B is a $1 million project and has the benefit cost ratio of 1.6. Project C has an internal rate of return (IRR) of 15%. Project D has a payback period of two years. Based on this information which is the best project to select for execution?
a. Project B
b. Project C
c. Project D
d. Project A
|
Q4: D - Explanation: Did you pick BCR (B)? Without a documented breakdown of the benefits, you don’t know how much money you are making. Based on the information provided, the only project that has an identified, quantified return is project ‘A’. Answer a. is incorrect – we do not know the actual return based on the BCR. Answer b. is incorrect – a 15% IRR – fine… 15% of what? Answer c. is incorrect: payback of 2 years is nice, but what is the actual payback?
|
|
Q5: Your project team members need to know, in very specific terms, what work needs to be completed on the project. Which of the following is the least useful in describing what that work is?
a. WBS dictionary
b. The product scope
c. The project statement of work
d. Requirements traceability matrix
|
Q5: C - Explanation: The project statement of work provides the least level of detail – it is an input to develop the project charter and is an Initiating activity. It is a “narrative description of products or services to be delivered by the project” PMBOK® Guide, p. 75. It references the 1) Business need, 2) Product scope description (product characteristics) and 3) the Strategic Plan.
|
|
Q6: What is scope decomposition?
a. Breaking down the work into increments of less than 40 hours each
b. Breaking down the work to the work package level
c. Breaking down the work to the lowest level of detail possible
d. Breaking down the work by functional area
|
Q6: B - Explanation: Breaking the work down to the work package level. PMBOK® Guide, p. 116.
|
|
Q7: The project optimistic estimate is 10 weeks and the pessimistic estimate is 40 weeks. What is the standard deviation of the estimate?
a. 4
b. 5
c. 6.7
d. 7.5
|
Q7: B - Explanation: By straight calculation: (P-O)/6 which translates to (40-10)/6 or 30/6 = 5.
|
|
Q8: What is the most correct definition of the critical path in a network diagram?
a. The shortest path through the network
b. The longest path through the network
c. The longest path through the network that contains zero or negative float
d. The shortest path through the network that cannot be compressed
|
Q8: C - Explanation: By definition the, critical path (CP) is the longest path through the network that contains no float or slack. PMBOK® Guide, p. 155. After the CP is created, there are schedule compression techniques that can be applied, but each of these techniques carries risk. (Fast track or crash).
|
|
Q9: Earned value = 650, planned value = 550, actual cost = 700. What is the schedule variance at this point in time?
a. + 100
b. -50
c. -100
d. -150
|
Q9: A - Explanation: SV = EV-PV or in this case, +100.
|
|
Q10: What is estimate at completion (EAC)?
a. The amount of money that was budgeted for the project
b. The original budget plus the contingency reserves
c. A budget forecast that takes project variances into account
d. The budget at completion (BAC) times the TCPI
|
Q10: C - Explanation: EAC is a forecast. PMBOK® Guide, p. 185
|
