Project Management

The "To-Complete Performance Index" (TCPI) is a measure of the cost performance required in order to finish the outstanding work within the remaining budget. The formula for this index is: _________

(BAC - EV) / (BAC - AC)

If your sponsor asks for an estimate as to how much more money your team needs to complete all project work as scheduled, which of the following formulas might you use?

(BAC - EV)/CPI

You are planning the schedule and come to an activity you are unfamiliar with. Your SMEs give you the following time estimates: most likely = 5 hours; optimistic = 2 hours; pessimistic = 14 hours. Using PERT, which activity duration do you use in your plan?

6 hours

In a RACI chart, the single individual who will have to provide an explanation if something goes wrong is indicated with a(n) ___.

A - Accountable

What key input is required before a project or project phase can move to the closing stage?

Accepted deliverables

Jason, a project manager, is working with his team to estimate the total cost of developing a web-based CRM system. After reviewing the planned scope of work with Jason, his sponsor suggests that Jason use the budget from a previous, similar project as the basis for his project budget. The estimating process that Jason's sponsor is using is called _____________.

Analogous estimating

During which project management process would a company auditor verify that all contracts have been completed and all required purchasing standards and methodologies have been followed for the project?

Close project or phase

Good project management practice suggests a need to include a _______ within the cost baseline in order to cover identified risks that are accepted, and for which responses have been developed.

Contingency reserve

Risks that have been identified and may or may not happen are referred to as known unknowns, and a ______ should be established to cover them if they are triggered.

Contingency reserve

The budget within the cost baseline that is allocated for identified risks, for which mitigating responses are developed, is called the ______.

Contingency reserve

A(n) ______is used to compare actual project spending with planned expenditures over time to determine if corrective action is needed.

Cost baseline

Expected Monetary Value (EMV) is commonly used within this type of analysis:

Cost/Benefit

Terminations for _____ often result from a problem with the project's cost, schedule or performance.

Default

_____________ is "the process of aggregating the estimated costs of individual activities or work packages to establish an authorized time-phased project budget or cost baseline".

Determine budget

Which of the following formulas represents the schedule performance index (SPI)?

EV/PV

Activity cost estimates, the basis of estimates and other supporting detail, are outputs of which process?

Estimate Costs

A team's attempt to list, on individual sticky notes, all of the possible threats and opportunities that could occur to an upcoming project might be used during the _____________ process.

Identify risks

At the end of the project or phase, lessons learned are finalized and transferred to the company knowledge base for future use. These lessons learned can include all of the following EXCEPT:

Individual performance reviews

One of the principle benefits of creating a bottom-up estimate during planning is that the estimate:

Is very accurate.

Which quality control tool is sometimes referred to as a "fishbone diagram" because it places a problem statement at the head of the fishbone and uses each "big bone" in the fish's skeleton as a category of probable cause, in order to determine the root cause of the problem?

Ishikawa diagram

What is an advantage of using Monte Carlo analysis when estimating the duration for an activity?

It can provide a great deal of information about how activity times may vary.

Which of the following is NOT a characteristic of an activity?

It is one of the deliverables at the lowest level of the WBS

How do you calculate Late Start, using the two-pass method?

Late Finish-Duration

What is the final step in the Perform Integrated Change Control process?

Manage changes to deliverables and Project Management Plan

The amount of project budget reserved for unforeseen project work that addresses the "unknown unknowns" that can affect a project is the _____.

Management reserve

In regard to Project Work, which activity refers to "reviewing the progress and capturing project performance data with reference to the project pan, developing performance measures, and communicating performance information?"

Monitoring

As the project progresses from initiation through planning and executing, and additional detail is gathered, the range of values for the project cost estimate will:

Narrow

A SWOT analysis is an information-gathering tool that helps increase the range of identified risks by examining strengths, weaknesses, _______ and threats to a project.

Opportunities

Ellen is estimating how much it will cost to re-carpet the executive conference room. After selecting the grade and pattern of carpet, Ellen multiplies the carpet price per square yard times the number of square yards in the conference room to derive the total price of the material. This estimating method is called ______.

Parametric estimating

Which quality control tool is a special type of vertical bar chart that is used to identify the primary (vital few) sources that are responsible for causing most of a problem's effects, often referred to as the 80/20 rule?

Pareto Diagram

Juan is a project manager for a project that has been baselined and is now under way. When a customer approaches Juan and asks him to increase the project's scope, Juan's response should be to __________.

Perform integrated change control

The "process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs" is referred to as:

Plan Cost Management

The "process of identifying and documenting project roles, responsibilities, required skills, reporting relationships, and creating a staffing management plan" is called:

Plan Resource Management

If the buyer decides to terminate a project early, his or her responsibilities to the contractor are laid out in the project's _________.

Procurement agreement

During administrative closure of the project or phase, the organizational process assets that are updated include all of the following EXCEPT:

Project charter

While all projects use ____ risk analysis, _____ risk analysis is only used when it is needed and there is sufficient data to develop appropriate models.

Qualitative, quantitative

The Risk Management Plan describes the methodology, roles and responsibilities, budgeting, timing, and risk categories for potential causes of risk. These risk categories can be structured into a hierarchical representation called a(n):

Risk Breakdown Structure (RBS)

The ______ is a living document in which the results of risk analysis and risk response planning are recorded.

Risk register

An analytical technique used to determine the basic underlying source of a variance, a defect, or a risk is called _________.

Root cause analysis

_______ is a quantitative risk analysis modeling technique used to help determine which risks have the most powerful impact on the project. Using a tool such as a tornado diagram, it "examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values".

Sensitivity analysis

The new management team at a large company has reevaluated ongoing initiatives and has identified new goals and objectives for the year. They direct that all contracts in progress be terminated immediately. This is an example of ________.

Termination for convenience

Avoid risk, mitigate risk, accept risk, and ______ are all strategies for responding to negative risks, also known as threats.

Transfer risk

The process of meeting with customers and / or key stakeholders to formalize acceptance of completed project deliverables is called __________.

Validate scope

As a project manager, which of the following situations would concern you the most?

a one-day delay to an activity with 0 total float

During the "close project or phase" process, the team and project manager may wish to review the _______

a. Project charter b. Risk register c. WBS d. All of these choices are correct.

A Gantt chart represents project schedule information in an easy-to-read, graphical format. Which of these is NOT a component of this type of Gantt chart?

budget data

Contracts can be terminated early for any of the following reasons except:

convenience of the seller

The Midlands Company is eager to develop a project schedule. They have already completed the scope statement, work breakdown structure and schedule management plan. What is the next thing they should do in order to start creating a project schedule?

define activities

Crashing the following activity chains would save time and cost extra money as follows:AGJQ—2 days $300CDIL—3 days $400Which sequence of activities would you, as a project manager, choose to crash?

depends on which, if either, is on the critical path

A "schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration" is referred to as ______.

fast tracking

The process "Estimate Activity Resources" involves identification of the ___ and ___ of resources required for each activity within a work package.

types; quantities

A critical path activity has ________ float during the planning process.

zero

The "methodology that combines scope, schedule, and resource measurements to assess project performance and progress" is called ______________.

Earned value management (EVM)

The Bluestar Creative Agency is developing a new marketing campaign for a client. They have determined that the client's marketing plan must be completed before the graphic design can begin. This situation describes what type of dependency?

finish-to-start (FS)

Another term for "activity on node," the most commonly used technique for constructing a schedule model is:

precedence diagramming method (PDM)

After creating a Staffing Management Plan, the project manager and team might create a chart that provides a visual representation of project resource needs by type of resource and time period (weeks, months etc.) This chart is called a(n) ____________.

resource histogram

When the demand for resources is greater than the available supply, the project manager can use a scheduling method that adjusts the start and finish dates of activities in order to address resource limits or constraints. This technique is called ___________.

resource leveling

An iterative planning technique where "the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level", is referred to as _______.

rolling wave planning

Recognition and rewards _____________.

should be included in the project's Staffing Management Plan

A ______ addresses when and how project team members will be acquired and how long they will be needed.

staffing management plan

What serves as an instruction manual in order to help the customer use the project deliverables as intended?

transition plan