A project is contracted as a Cost-Plus-Fixed-Fee (CPFF) type of contract with a fee of 10% of estimated costs. The estimated cost is US$ 50,000. If the project comes in at US$ 75,000 with no changes in project scope, what would be the total cost of the contract?
A. US$ 55,000
B. US$ 125,000
C. US$ 75,000
D. US$ 80,000
A control chart is used to determine whether or not a process is stable or has predictable performance. When a process is within acceptable limits, the process need not be adjusted. What are the upper and lower control limits usually set as?
A. + / – 3 sigma
B. + / – 6 sigma
C. + / – 2 sigma
D. + / – 1 sigma
To communicate with stakeholders on the resolved issues and the issues that are hard to resolve, you use an issue log in your project. Since you assign an owner for every issue and resolve it by proactively working on it, your stakeholders actively support all your efforts in managing the project. This method of actively resolving issues and reducing risks to the project is known as:
A. Quality management
B. Scope Management
C. Communications management
D. Stakeholder management
A project manager used a control chart to determine whether a process was stable or not, and to determine if its performance was predictable. He determined the upper and lower specification limits based on the contractual requirements. A set of eighteen data points were taken. Of these, 8 consecutive data points were above the mean. What can you say about such a process?
A. A process is considered as out of control if five consecutive data points are above or below the mean. Hence the process is out of control.
B. A process is considered as out of control if six consecutive data points are above or below the mean. Hence the process is within control.
C. A process is considered as being within control if less than half the data points are above or below the mean. Hence the process is within control.
D. A process is considered as out of control if seven consecutive data points are above or below the mean. Hence the process is out of control.
Analogous Estimating is an estimation technique that use the values of parameters such as scope, cost, budget and duration from a previous similar activity as the basis of activity and is frequently used to estimate when there is a limited amount of information about the project. This is a form of:
A. Gross value estimation
B. Function point estimation
C. Fixed point estimation
D. Precision Estimation
Which of these tools is NOT a part of the Seven Basic Tools of Quality?
A. Control Chart
B. Statistical Sampling
C. Flowcharting
D. Scatter Diagram
All team members have not yet been acquired for a project. However, the project manager went ahead with estimating activity durations, budgeting and other activities. What could likely happen to the activity durations?
A. The activity durations are likely to decrease.
B. The activity durations are likely to change.
C. The activity durations will remain the same.
D. The activity durations are likely to increase.
In the procurement process, the seller may be viewed initially as a bidder, then as the selected source and then as the contracted supplier. The seller will typically manage the work as a project. In such an instance, which of the following is not true?
A. The Buyer becomes the customer and is thus a key project stakeholder for the seller.
B. Terms and conditions of the contract become key inputs to many of the seller’s management processes. (ex: major deliverables, key milestones, cost objectives)
C. There need not be a contractual relationship between the buyer and the seller
D. The Seller’s project management team is concerned with all the processes of project management and not just Procurement management.
Long hours to meet a looming deadline and immense pressure for success from management is causing a downturn in team morale. Occasionally there are conflicts between team members over priorities and resources. How should these non-disruptive conflicts be handled?
A. Use of disciplinary actions
B. Private, direct and collaborative approach should be used first
C. Escalation to senior management
D. Arbitration
The State of New York has contracted your company to provide a claims payment system for Medicaid benefits. In the contract there is a clause that indicates that the State of New York can review your work processes and deliverables. This is an example of?
A. Performance Report
B. Record Management System
C. Deliverables Checklist
D. Inspections and Audits