Project Management exam 3 study guide

Flashcard maker : Henry Lowe
Which PM knowledge area has legal ramifications?
Procurement (contracts)
You are planning procurements and considering your production capabilities, competencies and proprietary nature of work you are conducting a _____________or ______________ analysis.
Make or buy analysis
There is a risk your materials are damaged during shipment. therefore , you have decided to purchase insurance on your shipments. What risk response strategy are you using?
Transfer (threat: damage to your shipment) you are paying a premium for the post office to assume the risk and damages
While constructing procurements, you receive a question from potential vendor. Should you provide clarification to
all vendors
We are building a fence. Each side costs $200 and it has 4 sides. Our plan was to build 1 side per day. On day 3 we have built 2 sides and spent $500 how are doing on budget and schedule?
Over budget and behind schedule
ev=the work 2 sides =$400
PV=day 3 =$600 (3 sides)
AC=we spent=$500
cv=$100
sv=$200
In agile pm, the person with project management responsibilities is referred to as a?
Scrum master
Over time the likelihood of risks of risks impacting our project ______ while the cost to address those risk___________.
Over time, the likelihood of risks impacting your project decreases while the cost to address those risks increases.
If we want to know the specific dollar amount our project is over or under budget, which indicator do we use and what is the formula?
Cost variance
You are executing a construction project and identify a new risk. What should you do next?
qualitative risk analysis
This agile PM visualization is a common tool to measure project performance (Like EVM for waterfall)
Burndown Chart – Shows the remaining work that is left
Which two EVM variables should you never compare?
Actual Cost and Planned Value (pv & ac)
What project closure document contains an executive summary, lessons learned, project review/analysis, and recommendations for future projects?
The final report
If a risk trigger occurs during project execution, you would implement that risks associated ___
contingency plan (proactive actions are taken before risks occur)
You are on a tight budget and need an installer. Which contract type will carry the least amount of cost risk forced for you?
Fixed price (buyer pays set amount seller has cost risks)
If there is a 10% chance of a hurricane destroying materials stored outside, and those materials are valued at $20,000, what is the EMV of that risk?
$2000 (probability * impact)
“As a _____, I want ____, so that _____” is an example of a _____
User Stories – prioritized and used to derive agile work activities
Agile project management is only for software development projects (True or False)
False – agile can be used in a wide variety of industries
If our SPI is currently 1.0, our project is _____ schedule
On – 1 is good- less than 1 is bad
We are planning to build a fence. We are building 4 sides of the fence for a cost of $200 per side, building 1 side per day. What is our BAC?
$800
To purchase a standard good or service, which procurement document type are you most likely to use?
Request for Quote(RFQ)
Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?
Avoiding
Which of the following defines risk mitigation
Taking action that will cause the risk to do as little damage to the project as possible
The risk management plan should be created prior to a ________.
Baseline schedule
Something that will probably happen and will have a significant impact on the project will score _____ and ______on the risk assessment.
High, High
The risk response plans should have _______ owner(s).
One
It would be best to build instead of buy in all of the following situations
-If the product isn’t on the market.
-If you would have to make an adjustment to a product.
-If the product gives you a competitive advantage.
Which of the following forms is best to use when you are looking to purchase new hard hats and don’t need additional information from the vendor or partner?
RFQ
Which type of contract has the highest level of risk for the vendor or service provider?
Fixed Contract
You need to hire someone to come paint a large building after your normal vendor went out of business. You aren’t sure what other vendors are out there. What form would you use?
RFI
What is a benefit of using vendors for procurement?
You don’t have to maintain relationships.
You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element.

What is the schedule variance?

-1,500 = (45×100)-((15×4)x100)
All of the following are ways to control risk
Assign team members to monitor risk
Develop a response plan prior to an incident occurring
Periodically identify if new risks surface
You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element.

What is the budget at completion?

$10,500 = ((7×15)x100)
You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element.

What is the planned value on day 4?

$6,000= ((15×4)x100)
You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element.

What is the cost variance?

$-1,000= (45×100) – 5,500
When a project is closed, what additional responsibilities does the project manager have?
Help team members find new jobs/projects
The scrum master is like a
Project Manager
In which of the following types of projects would agile project management be appropriate?
Video game development
A key tenant of Agile PM is that ___________.
Something of value will be delivered at the end of each sprint
Agile project management requires __________ amounts of planning as compared to waterfall project management.
Relatively the same, both requiring ample
All of the following are ways to handle risk, EXCEPT:
Motivate
You are looking for to purchase high quality glass for a new technology that your team is developing. You are trying to build product that puts you further ahead of your competition. You find a vendor that provides a type of glass that you really like. What would you do?
Build a product instead of going through a vendor.
For your project, you want to hire a software engineer to assist with some tasks. What type of contract would be best for this procurement?
Time and Materials (T&M) Contract
What is the difference between vendors and partners?
Vendors are used when you know exactly what you want.
Which of the following is true of quality assurance?
Convinces stakeholders that the project is well-planned
Which of the following document is the best place to find the planned value (cost) of different periods within the project?
Time-phased budget
Roger want to gather meaningful lessons learned from his team. How can he ensure that he receives this information from his team?
Be positive when wording questions
full-time roles in the development unit
-Database analyst
-Scrum Master
-Quality assurance analyst
The point in time when project execution gives way to project closing is when the _____________ accept(s) the project deliverable.
Primary customer
post-project objectives
-Transitioning deliverables
-Completing post-project activities
-Capturing and Sharing Lessons Learned
It is important to document “lessons learned.” When do you begin this process?
Throughout the project
You are working on a project to design a new software for your company to use. Creating the software involves an extensive amount of high level coding. This yields for a potentially high risk. How long should your sprints be?
1 week
Waterfall project management differs from agile project management in that __________.
it requires is a high degree of certainty

Get instant access to
all materials

Become a Member