The total planned value (PV) for a project was $ 150,000. During the course of the project, the actual cost incurred turned out to be $ 275,000. What is the limit that the project manager usually imposes on the actual cost (AC)?
A. The AC is usually limited to twice the planned value.
B. The AC will not have an upper limit.
C. The AC is usually limited to thrice the planned value.
D. The AC is usually limited to 1.5 times the planned value.
The selection of life cycle for the project, the processes to be applied to each phase, and the results of the tailoring by the project management team are usually found in the:
A. Project scope statement
B. Project management plan
C. Project schedule
D. Project charter
A project consists of multiple phases. Which of the following is a valid statement and applies to each phase of the project?
A. Each phase is generally concluded with a review of the work accomplished but is only closed if the next phase has already been started.
B. Each phase of the project is considered complete when the project sponsor signs off on that phase of the project.
C. Each phase of the project is generally concluded with a review of the work accomplished and deliverables to determine acceptance and whether the phase should be considered closed.
D. Each phase is generally concluded with a review of the work accomplished. A phase is never considered complete until the end of the project when the entire project can be deemed complete.
You are a project manager who is in charge of an important project for your company. The project is 40% complete after 3 months and has cost $350,000. The budget for the project is $950,000 and is scheduled to last 8 months. How is the project performing?
A. The project is behind schedule and over budget.
B. The project is ahead of schedule and under budget
C. The project is behind schedule and under budget.
D. The project is ahead of schedule and over budget
The manager of a project, that your company is running in another country, is at the corporate headquarters for a company-wide project management meeting. During a break, you overhear the project manager discussing payments made to local municipal governments for construction permits for his project. Your company has a strict policy about paying or taking bribes. What should you do?
A. Report him to PMI.
B. Report him to his manager.
C. Notify his project stakeholders.
D. Do nothing.
Many project managers have seen a graph which shows “Influence of Stakeholders” starting out high and declining as the project progresses. Conversely, it shows the “Cost of Changes” starting out low and increasing as the project progresses. What is the key message a project manager should obtain from this graph?
A. Stakeholder influence is not important at the end of the project.
B. Changes should be made as early in the project as possible.
C. Money should be set aside for expected changes at the end of the project.
D. The project should be placed on hold until all changes are made.
You are negotiating a contract with a seller. You want to go in for a Fixed price type of contract. The seller uses a different terminology for the fixed price type of contract. He is most probably referring to it as a:
A. Cost-Plus-Fixed-Fee contract
B. A Time and material contract
C. Lump sum contract
D. Cost-Plus-Fee contract
Product scope is measured against the product requirements whereas project scope is measured against:
A. The WBS and WBS dictionary
B. The project scope statement and its associated WBS and WBS dictionary
C. The project requirements and WBS.
D. The acceptance criteria
A first-time project manager created a Work Breakdown Structure (WBS) where the deliverables had different levels of decomposition. What would your comment on this be?
A. This is incorrect. All deliverables need to have the same level of decomposition.
B. This is incorrect. Only deliverables under different branches can have different levels of decomposition.
C. This is fine. Different deliverables can have different levels of decomposition depending on the work involved.
D. This is fine. The focus of the WBS is not the deliverables, but the tasks involved.
On obtaining the project charter, the Project Manager of a project immediately starts acquiring the project team (Acquire Resources). Is this correct?
A. Yes. Acquisition of the project team is primarily an Initiating Process Group activity.
B. Yes. The project manager needs to get the team together as soon as the project starts.
C. No. It is the responsibility of the project sponsor to provide the team for execution.
D. No. Acquisition of the project team is primarily an Executing Process Group activity.