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Project Management Question Bank

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Question:

You have been given a task to find cost estimates for several projects, and your organization will submit its bid based on these estimates. The financial position of the organization is not very good; therefore, they tell you that they cannot invest more than 500,000 USD. They also give you a leeway of 10% on either side of it. This leeway is a part of:
  1. Organizational process assets
  2. Enterprise environmental factors
  3. Threats
  4. Opportunities






2. Monte Carlo analysis is used to:

  1. Simulate the order in which activities occur
  2. Prove to management that extra staff is needed.
  3. Get an indication of the risk involved in the project
  4. Estimate an activity’s length
Correct Answer


3. The sponsor assigns you to be the project manager of a project that crosses functional lines and is designed to operate a 6 sigma levels. The sponsor has given you cost and schedule requirements. Which of the following would NOT be an appropriate action on your part?

  1. Accepting the requirements
  2. Evaluating the project risks
  3. Creating a detailed estimate
  4. Working with the team to come up with a project management plan
Correct Answer


4. In projects where there is a gap between the real business requirements and the stated business requirements, agile methods are extremely helpful. Agile methods provide a solution to this problem by:

  1. Completing the project quickly so that gap is significantly reduced.
  2. Replacing the project manager with a Scrum master in order to expedite the project.
  3. Purposefully building and reviewing prototypes and release versions to refine requirements.
  4. Eliminating the documentation altogether from the project management approach.
Correct Answer


5. You have identified risks and now have asked your team members to analyze which risks have the largest potential impact on the project. Which of the following tools will help you find this impact?

  1. Sensitivity analysis
  2. Pareto analysis
  3. Probability and impact analysis
  4. Decision tree method
Correct Answer


6. The cost of choosing one project and giving up another is called:

  1. Fixed cost
  2. Sunk cost
  3. Net present value (NPV)
  4. Opportunity cost 6
Correct Answer


7. You have been producing ball bearings in large numbers. For this kind of process, what technique will you use to verify if the products are of the right quality?

  1. Inspection of all products
  2. Statistical sampling
  3. Inspection of the first three samples
  4. Inspection of the last three samples
Correct Answer


8. Why is the project change log a prime input to the Manage Stakeholder Engagement process?

  1. So that the changes and their impact can be communicated to the appropriate stakeholders
  2. So that the new identified changes can be appended to the log
  3. So that stakeholders can review the log and prioritize the issues
  4. So that the Integrated Change Control process is made redundant
Correct Answer


9. The project you are working on has received an invoice from a vendor for US$17,500. However, your team believes the correct total due is US$15,300. When you notify the vendor, the vendor still insists on US$17,500. What is the best course of action now?

  1. Pay $15,300
  2. Negotiate with the vendor
  3. File a lawsuit
  4. Pay $17,500
Correct Answer


10. There have been numerous changes on your project. All approved changes are BEST reflected in the:

  1. Performance measurement variance
  2. Validate Scope process
  3. Change control procedures
  4. Project management plan
Correct Answer









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