Answers to Final Exam Review 4 | PMP Final Exam Review

C. A project has a definite starting and ending date, is temporary, and exists to create a unique product or service. Each conference is unique, with a definite starting and ending date. The preparations required to design and prepare the vendor booth are specific to the conference; therefore this is a project. Answer A is not correct because Closing processes should always be conducted , even when projects are canceled . Answer D is not correct because there is not enough information in the question to determine if these processes were completed. The processes within the Project Integration Management knowledge area are Project Plan Development, Project Plan Execution, and Integrated Change Control. For more information, see Chapter 1 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. The appropriate action on your part is to instruct this person not to wear this piece of jewelry to work. Others find it offensiveas theyve told youand its not appropriate for the work environment youre working in. For more information, see Chapter 12 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Legitimate power comes about as a result of the position the person holds whos doing the influencing. In this case, youre the project manager and have legitimate power to execute the work of this deliverable the way you see fit. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Risks are uncertain events that may be threats or opportunities to the objectives of the project. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. The best answer for the question is option B because Resource Planning involves identifying the physical resources needed for the project. The question states that a robotics expert (a resource) is needed for two phases of the project. The Cost Estimating process determines an approximate cost of the resource. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. The scope management plan describes how scope changes will be managed and incorporated into the project. It also describes how scope changes will be identified and classified . The scope management plan should also address the likelihood of scope changes, how often they might occur, and how much. Changes to cost are addressed in the cost management plan, changes to quality are addressed in the quality management plan, and changes to schedule are addressed in the schedule management plan. For more information, see Chapter 4 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Trend analysis is a tool and technique of Quality Control and Performance Reporting. Its a mathematical formula used to forecast future outcomes . For more information, see Chapter 10 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. The project champion, unlike the project sponsor, is not necessarily an executive, nor do they have the authority to make decisions. They are often called upon to contribute to decisions, but the project sponsor has the final authority on project decisions and issues. For more information, see Chapter 3 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. The reward is in line with the performance, but the functional manager is the one who should receive this reward since theyre the one who kept costs in line with the budget. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Phase sequencing is still being followed, even though youre using a fast tracking technique to compress the time. You can deduce that time is a constraint on this project, because the project sponsor is concerned about finishing on schedule. The project schedule is being compressed by overlapping phases. For more information, see Chapter 1 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. The project calendar affects all the resources of the project and reflects the periods of time the work will be performed in. Resource calendars affect specific resourcesor groups of resources and show things like vacation or training time. Calendars are an input to the Schedule Development process. For more information, see Chapter 7 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Performance measurement documentation contains the records that analyze and detail project performance. For more information, see Chapter 11 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. There isnt enough information in the question to determine if there is a lack of product knowledge on Mishis part. Product knowledge pertains to the product of the project, and this question addresses a corrective action needed regarding an accounting issue, which is a general management skill. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. The project managers role and responsibility, according to the Organizational Planning process, is generally critical for most projects. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Evaluation criteria are an output of Solicitation Planning and an input of Source Selection. The criteria may be either objective or subjective . For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Composite organizations are a combination of all organizational types and typically involve a projectized structure coexisting within a functional organization. For more information, see Chapter 1 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Product skills and knowledge are a tool and technique of the Project Plan Execution process. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. This is a finish-to-start (FS) relationship. The start of the work of the painter depends on the completion of the work of the gutter crew. ADM diagrams use only the finish-to-start (FS) relationship. PDM diagrams may use four types of precedence relationships. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. This is an example of a force majeure risk, which is external to the project. Force majeure risks are included in the external risk category, which is a subset of the risk categories input of the Risk Identification process. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Qualified sellers lists are a list of vendors that have been prequalified to provide contract services or provide supplies and materials to the organization. This is an input to the Solicitation process, which is concerned with obtaining responses to RFPs from vendors . For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Schedule variance tells you if the schedule is ahead or behind what was planned for this period and is calculated by subtracting PV from EV. In this case, the formula looks like this: 95 85 = 10. The resulting number is positive, which means the schedule is ahead of what was planned for this time period. For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. This project ended due to starvation , because the grant money was not renewed. For more information, see Chapter 11 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. The Cost Budgeting process produces the cost baseline for the project, which is a time-phased budget used throughout the project. Cost Budgeting is a core process that must be completed prior to the completion of the Project Plan Development process of which the project plan is an output. For more information, see Chapter 7 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Problem solving involves asking questions to separate the causes of the problem from the symptoms. Decision making involves considering alternative solutions to the problem. Choices are made from among the alternatives. Timing is important in decision making, because good decisions made too soon or too late can turn into inferior solutions. For more information, see Chapter 1 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. The project team must consider the characteristics of potential team members , whether theyre from inside or outside the organization. This question describes staffing pool descriptions, which are an input to Staff Acquisition. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. While each of these items may also require influencing, problem-solving, and communication skills, these items are specifically listed as typical negotiation topics in A Guide to the PMBOK . For more information, see Chapter 1 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. A purchase order, memorandum of understanding, agreement, and subcontract are all terms for contract according to A Guide to the PMBOK. For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. A positive value for NPV means the project will earn a return at least equal to or greater than the cost of capital. Since NPV for Alternative A is positive, this alternative will earn at least a 12 percent return. For more information, see Chapter 3 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Procurement audits review the procurement process from Procurement Planning through Contract Administration. The RFP process is part of the Solicitation Planning process, which would be reviewed as part of a procurement audit. For more information, see Chapter 11 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. PERT uses expected value (the weighted average of three time estimates) to determine activity start and finish dates. CPM uses one time estimatethe most likelyto determine start and finish dates. For more information, see Chapter 7 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Earned Value Management (EVM) is an integrating methodology that helps integrate the project processes and measure project performance. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. First, you need to know EAC. The EAC formula for this question is AC + ETC. Plugging in the numbers from the question, you get 138 + 62 = 200. VAC = BAC EAC. Therefore, 200 200 = 0. For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Carrie used the analogous estimating technique, which is a form of expert judgment. It is a tool and technique of the Activity Duration Estimating process. Analogous estimating bases estimates on previous activities that are similar in fact, and they require the person estimating them to have expertise with the activity. Analogous estimating techniques are typically used to estimate project duration when there is a limited amount of information about the project. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. The best answer to this question is A. The project status input to the Qualitative Risk Analysis process refers to examining the life cycle phase the project is currently in and realizing that as the project progresses, changes will occur and new risks may come to light or previously identified risks may take on new consequences. Qualitative Risk Analysis should be performed throughout the life of the project. Note that Quantitative Risk Analysis may not be required for a project, as detailed by the project team in the risk management plan. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Project Integration Management uses two techniques: Earned Value Management (EVM) and project management software. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Scope change control is a system that tracks and records change requests , describes the procedures to follow to implement scope change, and details the authorization levels needed to approve the changes. When a project is performed under contract, scope changes must conform to the provisions of the contract. For more information, see Chapter 10 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. This question requires discounted cash flow analysis to compare the value of Alternative A to Alternative B. Applying the present value formula to Alternative A is calculated this way: $98,000 (1 + .08) ² = $84,019. Alternative B is calculated this way: $105,000 (1 + .08) ³ = $83,352. For more information, see Chapter 3 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Project Communications Management involves every member of the project team, including all the stakeholders. Everyone involved on the project will send or receive project information or do both. Project Human Resources involves all the human resources assigned to the work of the project. While all the folks working on the project are involved, only the project manager and perhaps a few others are involved in performing the processes within this knowledge area. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Transference is the most effective response in dealing with financial risks. This almost always involves paying a premium for the transfer of risk. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Projects with large budgets may or may not be managed by the project manager. There are no rules or guidelines that state that projects with large project expense budgets be managed by a functional manager. For more information, see Chapter 3 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. According to A Guide to the PMBOK , page 58, The major deliverables should always be defined in terms of how the project will actually be organized. In this question, the project is organized according to phases, so decomposition should follow this structure. For more information, see Chapter 4 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. The purpose of a project overview is to capture the intended project outcomes and identify the project deliverables. A detailed project schedule is not part of the project overview. However, you might include some key milestones in the project overview if theyre known. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Management directives are constraints, because they either restrict or dictate the actions of the project team. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. When risks have high impacts or the strategy identified to deal with this risk is not fully effective, a fallback plan should be developed. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Assumptions are events or actions believed to be true. Answer B, C, and D are all constraints, because they restrict or dictate the actions of the project team. For more information, see Chapter 2 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. IRR is the discount rate when the present value of the cash inflows equals the original investment. Projects with the highest IRR value should be selected so Alternative A is the best option. For more information, see Chapter 3 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Analogousor top-downestimating techniques are a form of expert judgment. Since this project is similar to another recent project, you can use the cost estimates from the previous project to help you quickly determine estimates for the current project. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Parametric modeling uses variables or parametersto produce cost estimates. Contingencies are also known as reserve time and are used in the Activity Duration Estimating process. For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. The outputs of the Activity Duration Estimating process are activity duration estimates, basis of estimates, and activity list updates. Activity duration estimates must always include a range of possible results. For example, Hughs activity should be recorded as 30 days 5 days, not simply 30 days as he gave you. The documented assumptions are a result of the basis of estimates output, and the activity list is updated as a result of this process, not the WBS, according to the A Guide to the PMBOK . For more information, see Chapter 5 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Data precision ranking is a tool and technique of the Qualitative Risk Analysis process. The remaining tool and technique of Quantitative Risk Analysis is simulation. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Organizational risks typically include time, cost, scope objectives that are inconsistent, a lack of funding, a lack of prioritization or changing priorities, and resource conflicts with other projects the organization has undertaken. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. First, you need to know EAC. The EAC formula for this question is (AC + BAC) EV. Plugging in the numbers from the question, you get (138 + 200) 145 = 193. ETC = EAC AC. Therefore, 193 138 = 55. For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Assessing risk probability is difficult because it relies on expert judgment. For more information, see Chapter 6 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. The duration of Path A is 19, the duration of Path B is 22, the duration of Path C is 21, and the duration of Path D is 21. Therefore, Path B (answer C) is the critical path since its the longest path on the project. For more information, see Chapter 7 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Benefit/cost analysis is a technique used to consider the costs and benefits of various project or product alternatives. It includes techniques such as return on investment and payback period. For more information, see Chapter 4 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
C. Planning outputs are an input to the Project Plan Development process and make sure to consider all of the outputs of the Planning processes, not just the core Planning processes. For more information, see Chapter 7 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
A. Whenever a new team member is introduced, the team development stages start over with the forming stage. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Youve been threatened with consequences if your behavior doesnt change, which is an example of punishment power. For more information, see Chapter 8 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Cost variance tells you if costs are higher or lower than budgeted and is calculated by subtracting AC from EV. In this case, the formula looks like this: 85 100 = <15>. Negative numbers mean the costs are higher than budgeted. For more information, see Chapter 9 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Variance analysis is the key tool and technique for controlling project time. For more information, see Chapter 10 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Inspection is about keeping mistakes in the product from getting to the customers. Testing prior to delivering the product to your customer is an example of this. For more information, see Chapter 10 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
D. Administrative Closure ensures that project records accurately reflect the final specifications of the product. It also analyzes project management processes for effectiveness, and roles and responsibilities documentation should be updated during this process. Verifying and accepting the product documentation is performed during the Scope Verification process. For more information, see Chapter 11 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. Documenting the requirements, performing inspections, and requesting acceptance and sign-off at important milestones are all acceptable ways to ensure customer satisfaction. For more information, see Chapter 12 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.
B. According to A Guide to the PMBOK , pg. 55, Scope Planning is the process of progressively elaborating and documenting the project work (project scope) that produces the product of the project. For more information, see Chapter 4 of Sybexs PMP: Project Management Professional Study Guide , 2nd Edition.