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Project Management Question Bank

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Which of the following gives you the cost estimate of your project if you continue to perform with the same cost performance?
  1. ETC
  2. VAC
  3. EAC
  4. BAC

Q2. The project is being completed faster than planned. Which of the following would NOT account for why this has occurred?

  1. Trend analysis was used to eliminate the need for some testing
  2. A pre-made item was purchased instead of the team creating it.
  3. A critical path and a noncritical path activity were fast tracked.
  4. A critical path activity was compressed
Correct Answer

Q3. Lucy has recently been assigned as the project manager for a new shopping mall construction project. Since the project will span well over five years, Lucy is a bit hesitant to use the current market rates for estimating construction materials cost. The prices have been steadily increasing and the current market rates might not remain valid in the future. Which of the following techniques can Lucy apply to determine her project budget?

  1. Conduct a trend analysis on the cost of materials and use that to extrapolate the cost of materials in the future.
  2. Determine the cost of the project using current market rates and increase the total budget by some factor.
  3. Compute the Net Present Value of the cost of materials and use that to determine the project budget.
  4. Use Rolling Wave Planning to determine the budget as the project progresses.
Correct Answer

Q4. Joe has been managing a project for Exton Oil Corp. This project involves redesigning filling stations across the state. The redesign involves new gas pumps, security cameras, convenience stores, and use of environmentally friendly materials in the construction. While the redesigning work proceeds, Joe’s design engineer suggests a secondary alarm system for gas pumps to alert the attendant in case of a spill. Although this suggestion is not in the project requirements, Joe is impressed with the engineer’s recommendation. What should be the next step for Joe with regard to the engineer’s suggestion?

  1. Initiate the formal change control process to find the impact of his recommendation
  2. Approve his recommendation and allocate resources and funds
  3. Create an issue log to document the engineer‘s suggestion for future use
  4. Reject his recommendation as it requires additional funding
Correct Answer

Q5. When do stakeholders have the MOST influence on a project?

  1. At the beginning of the project.
  2. In the middle of the project.
  3. At the end of the project.
  4. Throughout the project.
Correct Answer

Q6. You are in the middle of a new product development project for your publicly traded company when you discover that the previous project manager made a $3,000,000 payment that was not approved in accordance with your company policies. Luckily, the project cost performance index (CPI) is 1.2. What should you do?

  1. Put the payment in an escrow account.
  2. Bury the cost in the largest cost center available.
  3. Ignore the payment
  4. Contact your manager
Correct Answer

Q7. A project team is scattered across North America, South America, and Europe. There are seven companies working on the project and 67 core team members. Which of the following would have the GREATEST impact on making the situation easier to manage?

  1. A project scope statement
  2. A staffing management plan
  3. A change control system
  4. More time spent scope planning.
Correct Answer

Q8. Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. What are a decision node’s inputs and outputs?

  1. Input: Cost of each decision; Output: Probability of occurrence
  2. Input: Cost of each decision; Output: Decision made
  3. Input: Scenario probability; Output: Expected Monetary Value (EMV)
  4. Input: Cost of each decision; Output: Payoff
Correct Answer

Q9. Which of the following is the process of communicating and working with stakeholders to meet their needs and expectations, address issues as they occur, and foster appropriate stakeholder involvement?

  1. Manage Stakeholder Engagement
  2. Monitor Stakeholder Engagement
  3. Manage Communications
  4. Monitor Communications
Correct Answer

Q10. Performance reports should address all the needs of:

  1. Management.
  2. Team members.
  3. The project manager.
  4. Stakeholders.
Correct Answer

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