|Question 1|| |
The ultimate responsibility for identifying and managing project risks rests with the ____________________.
A. Project sponsor
B. Project manager
C. Manager and sponsor
D. Project team
| A1: |
Answer B is correct. Although the project manager shares this responsibility with all project stakeholders, the project manager has "ultimate" responsibility for this task. Therefore, answers A, C, and D are incorrect.
|Question 2|| |
A decision to augment the staff with independent consultants is an example of the interaction between which two project planning processes?
A. Resource planning and risk response planning
B. Organizational planning and procurement planning
C. Risk identification and procurement planning
D. Staff acquisition and procurement planning
| A2: |
Answer D is correct. Staff acquisition deals with acquiring the proper human resources for the project, and procurement planning is the first step in acquiring these external resources. Answer A is incorrect because resource planning is not when the "source" of the human resources is determined, and there is no "procurement" process mentioned. Although answer B is very tempting, organizational planning deals with the relationships among the project team members. Therefore, answer B is incorrect. Answer C is somewhat tempting, because the decision to use external, independent consultants could be part of a risk response strategy, but this is not the best answer. Therefore, answer C is incorrect.
|Question 3|| |
The most important aspect of risk from a management point of view is _______.
| A3: |
Answer A is correct. Remember the importance PMI places on proactive management and preventing risks. Answers B and C are incorrect because they emphasizes minimizing the consequences rather then reducing the probability of risk occurrence. Answer D is tempting, but it's not correct either. Management is more concerned with understanding the causes than measuring the specific probability the risk may occur.
|Question 4|| |
To be effective, the risk management process should ___________________.
A. be applied throughout the project and at all levels of system decomposition and project organization
B. focus on risks that senior management finds most critical
C. include a meeting with key stakeholders to identify risks and develop response strategies
D. be applied primarily during concept and closeout and to some extent during planning and implementation
| A4: |
Answer A is correct. It emphasizes the need to apply risk management for the entire project lifecycle and in all areas. Although answer B is true, and something a project manager should understand, it is not the only risk type to focus on. Therefore, answer B is incorrect. Answer C is part of risk identification, but it's not the best answer. Therefore, answer C is incorrect. Answer D violates the concept that risks must be managed consistently throughout the project. Therefore, answer D is incorrect.
|Question 5|| |
You are leading a project to select a new enterprise resource planning system, and you have just completed gathering your functional, technical, and vendor requirements. Which procurement management process step are you engaged in?
| A5: |
Answer B is correct. Solicitation planning is focused on defining requirements for both the product and the vendor. Therefore, answers A, C, and D are incorrect.
|Question 6|| |
The best place to find information about the immediacy and frequency communication needs of the project stakeholders is the ___________________.
| A6: |
Answer C is correct. The communications management plan documents the "immediacy" and "frequency" communication needs of the project stakeholders. Answer A is incorrect because the organizational chart denotes reporting relationships among project team members. Although answer B is valid, because the communications management plan is part of the project plan, it is not the best answer. Therefore, answer B is incorrect. Answer D is incorrect because it defines the points and levels of responsibility by each project team member and does not address communication needs.
|Question 7|| |
The responsibilities of the project manager include all the following except which one?
A. Developing detailed project job descriptions
B. Negotiating with functional resource managers
C. Conducting kickoff meetings
D. Updating the project contracts
| A7: |
Answer D is correct. In most cases, the procurement manager or legal department has responsibility for updating project contracts. Therefore, answers A, B, and C are incorrect.
|Question 8|| |
The best time to use a time and materials (T&M) contract is when __________.
A. you know exactly what needs to be done
B. you have a good relationship with the vendor
C. you need help in determining what needs to be done
D. you need to enhance your existing project team with specialized skills
| A8: |
Answer D is correct. T&M contracts are best suited for resolving gaps in skills or expertise levels on projects. Answer A would be correct for fixed price contract arrangements. Therefore, answer A is incorrect. Answer C would be correct for cost-reimbursable contract arrangements. Therefore, answer C is incorrect.
|Question 9|| |
All the following statements are true regarding fixed fee contract arrangements except which one?
A. The seller shares the primary cost risk.
B. The buyer shares the cost risk if the scope is not well defined.
C. It requires the least amount of work for the buyer's project manager.
D. The detail of the scope of work is focused on how to do the work.
| A9: |
Answer D is correct. The detail regarding the scope of work is focused on "what to do," not "how to do" the work. Therefore, answers A, B, and C are incorrect.
|Question 10|| |
All the following are key factors to consider during procurement planning except which one?
A. Are there advantages to a CPFF contract for this scope of work?
B. Which vendors have given us the best deals in the past?
C. How will we manage the sellers?
D. What will be key criteria for evaluating the responses from the prospective sellers?
| A10: |
Answer B is correct. This would be a factor for solicitation planning. Instead, procurement planning is focused on the overall procurement process. Identifying the appropriate contract types, defining the process for managing the sellers, and establishing the key evaluation criteria are all part of that. Therefore, answers A, C, and D are incorrect.