Project Management exam 3 study guide

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Which PM knowledge area has legal ramifications?
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Procurement (contracts)
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You are planning procurements and considering your production capabilities, competencies and proprietary nature of work you are conducting a _____________or ______________ analysis.
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Make or buy analysis
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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?
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Transfer (threat: damage to your shipment) you are paying a premium for the post office to assume the risk and damages
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While constructing procurements, you receive a question from potential vendor. Should you provide clarification to
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all vendors
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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?
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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
question

In agile pm, the person with project management responsibilities is referred to as a?
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Scrum master
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Over time the likelihood of risks of risks impacting our project ______ while the cost to address those risk___________.
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Over time, the likelihood of risks impacting your project decreases while the cost to address those risks increases.
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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?
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Cost variance
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You are executing a construction project and identify a new risk. What should you do next?
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qualitative risk analysis
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This agile PM visualization is a common tool to measure project performance (Like EVM for waterfall)
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Burndown Chart – Shows the remaining work that is left
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Which two EVM variables should you never compare?
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Actual Cost and Planned Value (pv & ac)
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What project closure document contains an executive summary, lessons learned, project review/analysis, and recommendations for future projects?
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The final report
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If a risk trigger occurs during project execution, you would implement that risks associated ___
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contingency plan (proactive actions are taken before risks occur)
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You are on a tight budget and need an installer. Which contract type will carry the least amount of cost risk forced for you?
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Fixed price (buyer pays set amount seller has cost risks)
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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?
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$2000 (probability * impact)
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“As a _____, I want ____, so that _____” is an example of a _____
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User Stories – prioritized and used to derive agile work activities
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Agile project management is only for software development projects (True or False)
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False – agile can be used in a wide variety of industries
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If our SPI is currently 1.0, our project is _____ schedule
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On – 1 is good- less than 1 is bad
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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?
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$800
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To purchase a standard good or service, which procurement document type are you most likely to use?
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Request for Quote(RFQ)
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Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?
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Avoiding
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Which of the following defines risk mitigation
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Taking action that will cause the risk to do as little damage to the project as possible
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The risk management plan should be created prior to a ________.
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Baseline schedule
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Something that will probably happen and will have a significant impact on the project will score _____ and ______on the risk assessment.
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High, High
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The risk response plans should have _______ owner(s).
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One
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It would be best to build instead of buy in all of the following situations
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-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.
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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?
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RFQ
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Which type of contract has the highest level of risk for the vendor or service provider?
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Fixed Contract
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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?
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RFI
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What is a benefit of using vendors for procurement?
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You don’t have to maintain relationships.
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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?
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-1,500 = (45×100)-((15×4)x100)
question

All of the following are ways to control risk
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Assign team members to monitor risk Develop a response plan prior to an incident occurring Periodically identify if new risks surface
question

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?
answer

$10,500 = ((7×15)x100)
question

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?
answer

$6,000= ((15×4)x100)
question

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?
answer

$-1,000= (45×100) – 5,500
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When a project is closed, what additional responsibilities does the project manager have?
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Help team members find new jobs/projects
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The scrum master is like a
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Project Manager
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In which of the following types of projects would agile project management be appropriate?
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Video game development
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A key tenant of Agile PM is that ___________.
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Something of value will be delivered at the end of each sprint
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Agile project management requires __________ amounts of planning as compared to waterfall project management.
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Relatively the same, both requiring ample
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All of the following are ways to handle risk, EXCEPT:
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Motivate
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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?
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Build a product instead of going through a vendor.
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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?
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Time and Materials (T&M) Contract
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What is the difference between vendors and partners?
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Vendors are used when you know exactly what you want.
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Which of the following is true of quality assurance?
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Convinces stakeholders that the project is well-planned
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Which of the following document is the best place to find the planned value (cost) of different periods within the project?
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Time-phased budget
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Roger want to gather meaningful lessons learned from his team. How can he ensure that he receives this information from his team?
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Be positive when wording questions
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full-time roles in the development unit
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-Database analyst -Scrum Master -Quality assurance analyst
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The point in time when project execution gives way to project closing is when the _____________ accept(s) the project deliverable.
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Primary customer
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post-project objectives
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-Transitioning deliverables -Completing post-project activities -Capturing and Sharing Lessons Learned
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It is important to document “lessons learned.” When do you begin this process?
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Throughout the project
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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?
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1 week
question

Waterfall project management differs from agile project management in that __________.
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it requires is a high degree of certainty

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