| Question 1 | A competing firm has acquired your organization. The CIO decides to terminate the network storage implementation project that you outsourced to Steve's Network Storage because he plans to migrate all existing applications and databases to his Storage Area Network (SAN) environment. As the project manager, what is the best thing for you to do next? A. Initiate administrative closure on the project. B. Set up a meeting with the new CIO and the account manager from Steve's Network Storage in an attempt to save the current project. C. Initiate contract closeout with Steve's Network Storage. D. Perform a procurement audit.
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| A1: | Answer C is correct. In this scenario, initiating contract closeout with Steve's Network Storage is the best thing to do first. Contract closeout should be initiated anytime a project is terminated. Answer A is incorrect because administrative closure on the project is performed after contract closeout. Answer B is reasonable, but setting up such a meeting is not the best thing to do first. By following the steps outlined for contract closeout, you ensure that proper communication takes place. Upon initiating this process, a meeting between the vendor and the CIO may indeed occur as a result. Answer D is incorrect because a procurement audit is part of the contract closeout process. |
| Question 2 | A project cannot officially close until what happens? A. The lessons learned from the project have been captured. B. All project products have been verified for correctness. C. All chart of accounts associated with the project have been reconciled. D. The customer has formally accepted the product of the project.
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| A2: | Answer D is correct. Project closure does not occur until the customer has officially and formally accepted the product of the project. In contractual arrangements, the specific nature of the formal acceptance is documented. Answers A, B and C are all part of the Project Closing process, but they can all occur while the project is still "active." Formal acceptance is the critical step. |
| Question 3 | Contract closeout is similar to administrative closure in that they both involve _______________________. A. the use of the scope verification plan B. product verification C. project plan verification D. quality assurance activities
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| A3: | Answer B is correct. In each closing process, it should be verified that the actual work product of the project meets the requirements. Answer A is incorrect because scope verification is performed as part of the Project Controlling process. Answer C is incorrect because project plans are verified and approved during project plan development. Answer D is incorrect because quality assurance is performed as part of the project management Executing processes. |
| Question 4 | All of the following are part of administrative closure except which one? |
| A4: | Answer A is correct. Budget reports are a part of the administrative closure process, but not financial analysis reports such as ROI. Answers B, C, and D are all incorrect because each one of these is a part of the administrative closure process. |
| Question 5 | Contract closeout is different from administrative closure in that _________________________________. A. administrative closure is performed only during the last project lifecycle phase B. administrative closure involves a procurement audit C. only contract closeout deals with formal acceptance of the final work product D. contract closeout is performed only once per contract
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| A5: | Answer D is correct. A contract is only closed once when the project has completed or has been terminated. Answer A is incorrect because administrative closure is performed at the end of each project lifecycle phase. Answer B is incorrect because it is contract closeout that involves a procurement audit. Answer C is incorrect because both closing processes involve formal acceptance. |
| Question 6 | All of the following documents should be reviewed during the contract closeout step except which one? |
| A6: | Answer A is correct. The key here is to understand what is considered contract documentation to PMI. Answer B, C, and D are all incorrect because they are all considered part of the project contract documentation. |
| Question 7 | What is the main purpose of the procurement audit? A. To gather evidence of vendor mistakes to use during final payment negotiations B. To ensure the vendor is performing to quality standards C. To improve the procurement management process within the performing organization D. To ensure each participant in the procurement process is abiding by the organization's vendor management policies
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| A7: | Answer C is correct. The procurement audit is a structured review of each process step within the procurement management activity with the key objective of improving this process for future procurement initiatives. Answers A and B are incorrect because these options describe quality-related processes. Answer D is reasonable, but it describes only a part of the overall audit scope and is therefore incorrect. |
| Question 8 | All of the following statements about lessons learned are false except which one? A. Historical lessons learned are rarely used by projects. B. Lessons learned should be kept in a secure, controlled file cabinet. C. Lessons learned should be gathered during each phase of the project lifecycle. D. Because lessons learned are documented, savvy participants will only note the positive aspects of the project.
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| A8: | Answer C is correct. Lessons learned should be accumulated during the entire project lifecycle rather than being put off until the end. By waiting until project closure, you risk losing valuable information and access to project team members. Answer A is incorrect because this is not consistent with PMI's vision. Answer B is incorrect because lessons learned are considered part of the project records (archives), which should be easily accessible in an indexed database repository for use by future projects. Answer D is incorrect because lessons learned should included both positive and negative experiences. |
| Question 9 | The requirements for formal contract closeout can typically be found in the ___________________. |
| A9: | Answer D is correct. If specific procedures for formal contract closeout are desired, they will be found in the contract terms and conditions. The project charter formally authorizes the project and defines the business need that the project addresses and the product description. Therefore, answer A is incorrect. Answer B is incorrect because the schedule includes dates for activities and milestones. Answer C is incorrect because the Statement of Work defines the product or service to be supplied. |
| Question 10 | Which of the following processes are included in project closing? A. Activity definition and activity sequencing B. Contract closeout and administrative closure C. Information distribution and contract administration D. Schedule control and quality control
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| A10: | Answer B is correct. Contract closeout and administrative closure are the only two processes in Project Closing. Answer A is incorrect because activity definition and activity sequencing are processes within Project Planning. Information distribution and contract administration are Executing processes. Therefore, answer C is incorrect. Answer D is incorrect because schedule control and quality control are Controlling processes. |
