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Project Management Question Bank
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You have identified a risk that at a certain point in your project you may need extra quantities of a consumable which you thought of earlier. The chance of this event occurring is 20% and if it occurs it will cost you 150 USD. So, you develop a contingency plan for this risk and assign a risk owner. What kind of risk response strategy is this?
  1. Transfer
  2. Avoid
  3. Mitigation
  4. Accept

Q2. You have signed a contract with a contractor which states that you will pay for the entire contractor’s legitimate costs, plus a fee based on the subjective evaluation of his performance; this will not be subject to an appeal. What kind of contract is this?

  1. CPIF
  2. CPFF
  3. FPIF
  4. CPAF
Correct Answer

Q3. 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

Q4. You are in the process of reviewing bids from various vendors for work on your project. One of the bidding vendors has a history of delivering on time and within budget, and you have personally worked with this company successfully on previous engagements. You receive a call from the manager submitting the bid inquiring about how the process is going. He asks to have lunch with you to discuss the bid. What is the BEST response?

  1. Do not mention the other bidders but simply inform him that based on past experience, he has a good chance of winning the business.
  2. Inform him that it would be inappropriate to discuss the matter at all and document the conversation.
  3. Inform him that it would not be appropriate to discuss the matter over the phone during business hours, but that an informal lunch discussion would be more appropriate.
  4. Politely avoid continuing the conversation and disregard the bid.
Correct Answer

Q5. The WBS represents all product and project work. The total work at the lowest levels should roll up to the higher levels so that nothing is left out and no extra work is performed. This principle is also the:

  1. 100 percent rule
  2. 80/20 rule
  3. Pareto's rule
  4. Ground rule
Correct Answer

Q6. Andy has just become the project manager of a multi-million-dollar construction project. Andy also has an approved project charter that authorizes him to apply organizational resources to the project. Now, Andy wants to take all key stakeholders onboard with the project charter. Where can Andy find a preliminary list of all key stakeholders?

  1. Project charter
  2. Stakeholder register
  3. Project management plan
  4. Risk register
Correct Answer

Q7. Close Procurements is similar to Close Project in that they both involve:

  1. Product verification
  2. Kickoff meetings
  3. Quality assurance activities
  4. Creation of the scope verification plan
Correct Answer

Q8. Your company is having problems delivering the finished product from the factory to the warehouses, which are located in different geographical areas. To smooth out the process, you have identified all critical stages for this procedure. What will be your next step?

  1. You will use a Tornado diagram
  2. You will use an Ishikawa diagram
  3. You will use a Scatter diagram
  4. You will use a Pareto analysis
Correct Answer

Q9. During its first winter, a multi-year construction project experienced weather-related schedule delay that all the local parties involved described as typical for the area. What should the project manager do to integrate this information into the project schedule?

  1. Lengthen the estimated activity duration for all activities to occur the following winter
  2. Re-evaluate the schedule to determine the potential impact
  3. Leave the current project schedule unchanged and work the issues as they arise next year
  4. Make changes to the project management plan in order to maintain the current project schedule
Correct Answer

Q10. Negotiations between two parties are becoming complex, so Party A makes some notes that both parties sign. However, when the work is being done, Party B claims that they are not required to provide an item they both agreed to during negotiations, because it was not include in the subsequent contract. In this case, Party B is:

  1. Incorrect, because both parties must comply with what they agreed upon.
  2. Correct, because there was an offer
  3. Generally correct, because both parties are only required to perform what is in the contract
  4. Generally incorrect, because all agreements must be upheld.
Correct Answer

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