Project Management Question Bank
for Exam preparation

Q2. Your project is running late and you are over budget. You review the situation and find that it would be difficult for you to complete the project with the given budget. You inform management and they ask you to come up with a new budget. After estimating the new cost, you inform management that you may need 10,000 USD more to complete the project. This is an example of:

1. Forecast analysis
2. Status report
3. Change request
4. Progress report

Q3. The work breakdown structure can be BEST thought of as an effective aid for _________ communications.

1. Team
2. Project manager
3. Customer
4. Stakeholder 13

Q4. Which of the following inaccurately describes a prototype?

1. A prototype is tangible and allows stakeholders to fine-tune their expectations.
2. Requirements from a prototype are usually insufficient to move to the design phase.
3. Prototypes support the concept of progressive elaboration.
4. A prototype is a working model of the expected product.

Q5. The Work Breakdown Structure (WBS) is a deliverable-oriented hierarchical decomposition of the work the project team will execute to accomplish the project objectives and create required deliverables. The Create WBS process falls under which knowledge area?

1. Project Schedule Management
2. Project Integration Management
3. Project Scope Management
4. Project Cost Management

Q6. If a project has a 60 percent chance of a $100,000 profit and a 40 percent chance of a $100,000 loss, the expected monetary value of the project is:

1. $20,000 profit
2. $40,000 loss
3. $100,000 profit
4. $60,000 loss

Q7. In the course of completing work on the project, the project manager needs to complete an activity that she has never done before. During this time, the project manager attends a professional association discussion where the presenter discusses how he completed a difficulty activity on his project that is similar to the project manager’s activity. He provides a handout describing his process. The project manager should:

1. Use the process to complete the activity
2. Ask the speaker for permission to use the information
3. Ignore the information
4. Ask her manager for guidance.

Q8. You are the Project Manager for JT's Lumber Yard. You are trying to forecast estimates for the final phase of the project you are currently working on. Based on the performance of the project to date, which formula can be used to estimate the total value of the project when completed, assuming similar variances will not occur?

1. ETC = (BAC - EV)/CPI
2. SV = EV - PV
3. CPI = EV/AC
4. EAC = AC + BAC - EV

Q9. A team has just gathered information and requirements for a new project that will be completed by an external company. If the project manager is just starting the procurement process, which one of the following should be done LAST?

1. A make-or-buy analysis
2. Seek expert judgment from a variety of resources including industry groups, consultants, and other divisions of her organization
3. Contract type selection including fixed price, unit price, and cost reimbursable contracts
4. Finalize the terms and conditions of the contract.

Q10. The Quality Policy is the intended direction of a performing organization with regard to quality. However, as a project manager in a performing organization, you find the organization lacks a formal quality policy. What should you do in such a case?

1. The project management team does not need to develop a quality policy since the performing organization does not have one.
2. The project management team needs to obtain the quality policy from the customer.
3. A quality policy is nice to have but is not required for every project.
4. The project management team will need to develop a quality policy for the project.