PM Exam 2

Question 1

Cost Plus Fixed Fee

Answer 1

the buyer reimburses the seller for the seller’s allowable costs plus a fixed amount of profit.

Question 2

Gold Plating

Answer 2

done intentionally or knowingly for some strategic purpose. That by adding the extra features, future projects could be accepted

Question 3

How to calculate stakeholder communication channels

Answer 3

((# of Stakeholders + PM) * (# of Stakeholders + PM – 1))/2

Question 4

When are Project Deliverables Defined?

Answer 4

scope planning

Question 5

Risk Exploitation

Answer 5

meant for positive situations.

Question 6

Risk Mitigation

Answer 6

where you have a strategy to either reduce the risk impact or probability

Question 7

Risk Acceptance

Answer 7

there is nothing you can do about situations not in your control

Question 8

Balanced Matrix

Answer 8

Power resides equally distributed between the functional and project manager.

Question 9

Weak Matrix

Answer 9

is more like a Functional Organization where the project manager has almost no authority.

Question 10

In What type of management structure are the lines of authority clearly defined?

Answer 10

Functional

Question 11

What are the parts of the management quality audit process?

Answer 11

Quality Audits

Question 12

When does Define Activities take place?

Answer 12

Refinement Stage

Question 13

What does the project quality management process address?

Answer 13

management of the project and the product. It improves project management as well as the quality of the product

Question 14

Schedule Network Diagram

Answer 14

visualizes the sequential and logical relationship between tasks in a project setting

Question 15

Backward Pass

Answer 15

Used to calculate the Late Start and Late Finish of all the activities in the network diagram.

Question 16

Forward Pass

Answer 16

Early Start and Early Finish,

Question 17

Work Authorization System

Answer 17

It defines how work will be authorized and how work will be done at the right time and in the right sequence.

Question 18

Calculating Estimate at Completion

Answer 18

EAC = Actual Cost + (Budgeted AC - Estimated Value)

Question 19

Earned Value Analysis

Answer 19

used to measure performance based on Scope, Schedule, and Cost.

Question 20

Who Came Up With Continuous improvement

Answer 20

Deming Cycle – PDCA(Plan Do Check Act)

Question 21

WBS Dictionary

Answer 21

Provides detailed deliverable, activity and schedule information of each component in the WBS

Question 22

Qualitative Risk Analysis

Answer 22

Identifying Risks, How likely they are to happen and potential impacts if they do.

Question 23

Quantitative Risk Analysis

Answer 23

Assign numerical value to each risk based on data collected by the project team.

Question 24

Resource Breakdown Structure

Answer 24

Shows various resources, both human and mechanical, needed for the project.

Question 25

Fast Tracking

Answer 25

schedule compression technique of performing activities in parallel ( may result in increased risk and rework)

Question 26

Statement of Work

Answer 26

An SOW is a description of products to be delivered to the project by the vendor

Question 27

Develop Schedule

Answer 27

Analyzing- Activity Sequences Constraints Durations Requirements

Question 28

Delphi Technique

Answer 28

anonymously information gathering technique

Question 29

Achievement Theory of Motivation

Answer 29

States there are three types of motivational needs: need for achievement, need for authority, and power, and need for affiliation.

Question 30

Theory X

Answer 30

people generally do not like to work and are not motivated to work

Question 31

Theory Y

Answer 31

people want to work and enjoy it, and management does not need to "hover" and constantly supervise

Question 32

Monitor Stake Holder Engagement

Answer 32

it will maintain or increase the efficiency and effectiveness of stakeholder engagement activities as the project evolves and the environment changes

Question 33

Critical Path

Answer 33

The Path with the longest duration is the critical path.

Question 34

Responsibility Assignment Matrix (RAM)

Answer 34

details the different tasks for the members in the project.

Question 35

Salience Model

Answer 35

classifies stakeholders based on their authority, urgency and legitimacy.

Question 36

Team Charter

Answer 36

Defines; work hours, how teams make decisions, manage conflicts, core values

Question 37

Parametric Estimation

Answer 37

(Use when cost per units are available) uses the relationship between variables to determine cost or duration.

Question 38

Special Cause

Answer 38

Data point in a control chart that requires investigation

Question 39

T Shaped Skills

Answer 39

Skilled in one deep area and broad ability in the rest of the skills.

Question 40

Crashing

Answer 40

Technique used to shorten schedule by adding resources

Question 41

Herzberg Hygiene Theory

Answer 41

Helps avoid dissatisfaction

Question 42

Three Points Estimation Technique

Answer 42

(Most Basic Average) (O+P+M)/3

Question 43

What does Validate Scope do?

Answer 43

validating what was delivered and what was required

Question 44

Why is verification and validation of the deliverables required?

Answer 44

To meet the business needs and project requirements

Question 45

TCPI(To Complete Project Index)

Answer 45

measure of the ratio of the work remaining to the funds remaining

Question 46

Parts of Quality Planning

Answer 46

Benchmarking, Cost of Quality, Mind Mapping

Question 47

Control Quality Process

Answer 47

review the deliverable, verify requirements, suggest improvements

Question 48

Management Reserves

Answer 48

Unknown Risks

Question 49

Contingency Reserves

Answer 49

Known Risks

Question 50

Float Formula

Answer 50

Late Start – Early Start = Float

Question 51

Project Scope Statement

Answer 51

Description of the: Assumptions Constraints Scope Major Deliverables

Question 52

When can a PM make changes to the project without the Change Control Board?

Answer 52

When there is no impact to the project baseline

Question 53

Control Account

Answer 53

Point in project where actuals are measured against earned value.

Question 54

TCPI = ( BAC - EV ) / ( BAC - AC )

Answer 54

is to be used when the project is within budget. In this case, the CPI value is less than 1, so the project is not within budget.

Question 55

TCPI= ( BAC - EV ) / ( EAC - AC )

Answer 55

is to be used when the project is over budget.

Question 56

Negative Cost Variance

Answer 56

Over Budget

Question 57

Positive Cost Variance

Answer 57

Under Budget

Question 58

What always precedes Corrective Action?

Answer 58

Non Conformity

Question 59

What never precedes preventative action?

Answer 59

Non Conformity

Question 60

Defects to what need to undergo change control

Answer 60

Deliverables, Corrective and Preventative Actions

Question 61

Define Risk Acceptance

Answer 61

When there is nothing you can do about situations not in your control

Question 62

Define Risk Exploitation

Answer 62

meant for positive situations

Question 63

Define Risk Mitigation

Answer 63

reduce the risk impact or probability

Question 64

Define Risk Transfer

Answer 64

Someone else will be responsible for handling the risk

Question 65

What are the main components of the quality management process?

Answer 65

Planning, Assurance, Control and Continuous Improvement

Question 66

Name some tools and techniques of the manage quality process

Answer 66

Data Gathering, Analysis, Decision Making, Audits, Design for X, Problem Solving.

Question 67

What is the purpose of a quality audit?

Answer 67

To confirm that project activities conform to policies and procedures

Question 68

What is an activity network diagram used for?

Answer 68

Scheduling

Question 69

When would you use a process decision program charts?

Answer 69

Anticipate Immediate Steps

Question 70

What is a process analysis used for?

Answer 70

Identify problems and their cause, and develop preventative action.

Question 71

SWOT

Answer 71

Strengths Weakness Opportunities and Threats

Question 72

What is XP Metaphor

Answer 72

A simple non-technical way to describe project scope.

Question 73

What is Variance Analysis?

Answer 73

Comparing target dates with the actual or forecast start and finish dates