PMP Study

Question 1

Point of Total Assumption Formula

Answer 1

PTA = ((Ceiling Price - Target Price)/Buyers Share Ratio) + Target Cost

Question 2

Risk Formula

Answer 2

Risk Probability x Risk Impact = Impact/Probability Index

Question 3

Cost of Risk Formula (Expected Monetary Value)

Answer 3

Risk Probability x Financial Impact = Expected Monetary Value = Contingency Reserve

Question 4

Processes for Risk Management

Answer 4

1) Plan Risk
2) ID Risks
3) Perform Qualitative Risk Analysis
4) Perform Quantitative Risk Analysis
5) Plan Risk Responses
6) Implement Risk Response
7) Monitor Risks

Question 5

11.5 Plan Risk Responses - Threats

Answer 5

Strategies for Threats

1) Escalate
2) Avoid
3) Transfer
4) Mitigate
5) Accept

Question 6

11.5 Plan Risk Responses - Opportunity

Answer 6

Strategies for Opportunities

1) Escalate
2) Exploit
3) Share
4) Enhance
5) Accept

Question 7

(8.2) Manage Quality - Steps for Problem Solving

Answer 7

Steps for Problem Solving

1) Define the Problem
2) ID the Root Cause
3) Develop Potential Solutions
4) Pick a Solution
5) Implement Solution
6) Verify the Solution effectiveness

Question 8

(9.4) Develop Team: 5 Stages of Team Develop

Answer 8

5 Stages of Team Develop
□ Forming
□ Storming
□ Norming
□ Performing
□ Adjourning

Question 9

(9.4) Develop Team: Conflict Mgmt. Types

Answer 9

Conflict Mgmt. Types
□ Withdraw/Avoid (Lose-Lose)
□ Smooth/Accommodate (Lose-Lose)
□ Force/Direct (Win-Lose)
□ Compromise/Reconcile (Lose-Lose)
□ Collaborate/Problem Solve (Win-Win)

Question 10

(9.5) Manage Team: Forms of Power

Answer 10

Forms of Power
□ Positional
□ Expert
□ Reward-Oriented
□ Punitive or Coercive
□ Referent
□ Informational
□ Situational
□ Personal or Charismatic
□ Ingratiating
□ Pressure-based
□ Guilt-based
□ Persuasive
□ Avoiding

Question 11

Maslow’s Hierarchy of Needs

Answer 11

1. Self Actualization
2. Esteem
3. Social
4. Safety
5. Physiological

Question 12

Earned Value Analysis: Planned Value (PV)

Answer 12

The value of all the work completed (earned) to a point in time, usually the data date, or project completion

Question 13

Earned Value Analysis: Earned Value (EV)

Answer 13

The planned value of all the work completed (earned) to a point in time, usually the data date, without reference to actual costs
EV = Sum of planned value of completed work

Question 14

Earned Value Analysis: Actual Cost (AC)

Answer 14

The actual cost of all the work completed to a point in time, usually the data date

Question 15

Earned Value Analysis: Budget at Completion (BAC)

Answer 15

The value of total planned work, the project cost baseline

Question 16

Earned Value Analysis: Cost Variance (CV)

Answer 16

The difference between the value of work completed to a point in time, usually the data date and the actual costs to the same point in time.
CV = EV - AC

Question 17

Earned Value Analysis: Schedule Variance (SV)

Answer 17

The difference between the work completed to a point in time, usually the data date, and the work planned to be completed to the same point in time.
SV = EV - PV

Question 18

Earned Value Analysis: Variance at Completion (VAC)

Answer 18

The estimated difference in cost at the completion of the project
VAC = BAC - EAC