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NEW QUESTION # 132
A collection of projects managed as a group to achieve strategic objectives is referred to as a:
- A. portfolio
- B. process
- C. plan
- D. program
Answer: A
Explanation:
Section: Volume C
Explanation:
1.2.1. The Relationships among Portfolios, Programs, and Projects
The relationship among portfolios, programs, and projects is such that a portfolio refers to a collection of projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. Programs are grouped within a portfolio and are comprised of subprograms, projects, or other work that are managed in a coordinated fashion in support of the portfolio. Individual projects that are either within or outside of a program are still considered part of a portfolio. Although the projects or programs within the portfolio may not necessarily be interdependent or directly related, they are linked to the organization's strategic plan by means of the organization's portfolio.
1.4.2 Portfolio Management
A portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related.
For example, an infrastructure firm that has the strategic objective of "maximizing the return on its investments" may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports.
From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program.
Thus, the power program and the water program become integral components of the enterprise portfolio of the infrastructure firm.
NEW QUESTION # 133
Project management processes ensure the:
- A. efficient means to achieve the project objectives
- B. alignment with organizational strategy
- C. performance of the project team
- D. effective flow of the project throughout its life cycle
Answer: D
NEW QUESTION # 134
Which of the following correctly describes when organizations and stakeholders are willing to accept varying degrees of risk?
- A. Risk tolerance
- B. Risk attitude
- C. Risk management
- D. Risk analysis
Answer: A
Explanation:
Explanation/Reference:
Explanation:
11 PROJECT RISK MANAGEMENT
[..]
Organizations perceive risk as the effect of uncertainty on projects and organizational objectives.
Organizations and stakeholders are willing to accept varying degrees of risk depending on their risk attitude. The risk attitudes of both the organization and the stakeholders may be influenced by a number of factors, which are broadly classifed into three themes:
Risk appetite, which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
Risk tolerance, which is the degree, amount, or volume of risk that an organization or individual will
withstand.
Risk threshold, which refers to measures along the level of uncertainty or the level of impact at which a
stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk.
Above that risk threshold, the organization will not tolerate the risk.
For example, an organization's risk attitude may include its appetite for uncertainty, its threshold for risk levels that are unacceptable, or its risk tolerance at which point the organization may select a different risk response.
Positive and negative risks are commonly referred to as opportunities and threats. The project may be accepted if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks. Positive risks that offer opportunities within the limits of risk tolerances may be pursued in order to generate enhanced value. For example, adopting an aggressive resource optimization technique is a risk taken in anticipation of a reward for using fewer resources.
NEW QUESTION # 135
When would resource leveling be applied to a schedule model?
- A. Before constraints have been identified
- B. After critical activities have been removed from the critical path
- C. After it has been analyzed by the critical path method
- D. Before it has been analyzed by the critical path method
Answer: C
Explanation:
Explanation/Reference:
Explanation:
6.6.2.2 Critical Path Method
The critical path method, which is a method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model. This schedule network analysis technique calculates the early start, early finish, late start, and late finish dates for all activities without regard for any resource limitations by performing a forward and backward pass analysis through the schedule network, as shown in Figure 6-18. In this example the longest path includes activities A, C, and D, and, therefore, the sequence of A-C-D is the critical path. The critical path is the sequence of activities that represents the longest path through a project, which determines the shortest possible project duration. The resulting early and late start and finish dates are not necessarily the project schedule, rather they indicate the time periods within which the activity could be executed, using the parameters entered in the schedule model for activity durations, logical relationships, leads, lags, and other known constraints.
The critical path method is used to calculate the amount of scheduling flexibility on the logical network paths within the schedule model.
On any network path, the schedule flexibility is measured by the amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint, and is termed "total float." A CPM critical path is normally characterized by zero total float on the critical path. As implemented with PDM sequencing, critical paths may have positive, zero, or negative total float depending on constraints applied. Any activity on the critical path is called a critical path activity. Positive total float is caused when the backward pass is calculated from a schedule constraint that is later than the early finish date that has been calculated during forward pass calculation. Negative total float is caused when a constraint on the late dates is violated by duration and logic. Schedule networks may have multiple near-critical paths. Many software packages allow the user to define the parameters used to determine the critical path(s).
Adjustments to activity durations (if more resources or less scope can be arranged), logical relationships (if the relationships were discretionary to begin with), leads and lags, or other schedule constraints may be necessary to produce network paths with a zero or positive total float. Once the total float for a network path has been calculated, then the free float-the amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint-can also be determined. For example the free float for Activity B, in Figure 6-18, is 5 days.
NEW QUESTION # 136
Which of the following are the components of the scope baseline?
- A. Project management plan, plan procurement, and contract administration
- B. Project charter, project scope statement, and work breakdown structure (WBS)
- C. Project charter, project management plan, and plan procurement
- D. Project scope statement, work breakdown structure (WBS), and WBS dictionary
Answer: D
NEW QUESTION # 137
Cost aggregation is typically performed by aggregating work packages in accordance with the:
- A. Program evaluation and review technique (PERT).
- B. Work breakdown structure (WBS).
- C. Rough order of magnitude (ROM).
- D. Cost of quality (COQ).
Answer: B
NEW QUESTION # 138
A project receives budget approval, but the risk of extra costs is expected. Which of these inputs should the project manager check in order to make a qualitative risk analysis?
- A. Costs estimates and cost forecasts
- B. The risk management plan and the assumption log
- C. The risk management plan and the basis of estimates
- D. The assumption log and the project charter
Answer: B
Explanation:
Section: Volume E
NEW QUESTION # 139
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline is:
- A. Baseline Budget.
- B. Determine Budget.
- C. Control Costs.
- D. Estimate Costs.
Answer: B
NEW QUESTION # 140
What describes the relationship between projects, programs, and portfolios?
- A. Portfolio management focuses on doing the "right" programs and projects
- B. Project management focuses on doing the "right" programs and portfolios
- C. Portfolio management focuses on doing the "specific" programs and projects
- D. Program management focuses on doing the "specific" portfolios and projects
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 141
Which of the following is an example of a technique used in quantitative risk analysis?
- A. Sensitivity analysis
- B. Probability and impact matrix
- C. Risk categorization
- D. Risk data quality assessment
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 142
Which of the following is an output of Define Scope?
- A. Project charter
- B. Project scope statement
- C. Project plan
- D. Project schedule
Answer: B
Explanation:
Explanation/Reference:
Explanation:
Process: 5.3 Define Scope
Definition: The process of developing a detailed description of the project and product.
Key Benefit: The key benefit of this process is that it describes the product, service, or result boundaries by defining which of the requirements collected will be included in and excluded from the project scope.
Inputs
1. Scope management plan
2. Project charter
3. Requirements documentation
4. Organizational process assets
Tools & Techniques
1. Expert judgment
2. Product analysis
3. Alternatives generation
4. Facilitated workshops
Outputs
1. Project scope statement
2. Project documents updates
NEW QUESTION # 143
Decomposition, rolling wave planning, and templates are all tools and techniques for which of the following?
- A. Develop Schedule
- B. Define Activities
- C. Estimate Activity Durations
- D. Sequence Activities
Answer: B
Explanation:
Explanation/Reference:
Explanation:
5.4.2.1 Decomposition
Decomposition is a technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts. The work package is the work defined at the lowest level of the WBS for which cost and duration can be estimated and managed. The level of decomposition is often guided by the degree of control needed to effectively manage the project. The level of detail for work packages will vary with the size and complexity of the project. Decomposition of the total project work into work packages generally involves the following activities:
Identifying and analyzing the deliverables and related work;
Structuring and organizing the WBS;
Decomposing the upper WBS levels into lower-level detailed components;
Developing and assigning identification codes to the WBS components; and
Verifying that the degree of decomposition of the deliverables is appropriate.
6.2.2.2 Rolling Wave Planning
Rolling wave planning is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level. It is a form of progressive elaboration.
Therefore, work can exist at various levels of detail depending on where it is in the project life cycle. During early strategic planning, when information is less defined, work packages may be decomposed to the known level of detail. As more is known about the upcoming events in the near term, work packages can be decomposed into activities.
Process: 6.2 Define Activities
Definition: The process of identifying and documenting the specific actions to be performed to produce the project deliverables.
Key Benefit: The key benefit of this process is to break down work packages into activities that provide a basis for estimating, scheduling, executing, monitoring, and controlling the project work.
Inputs
1. Schedule management plan
2. Scope baseline
3. Enterprise environmental factors
4. Organizational process assets
Tools & Techniques
1. Decomposition
2. Rolling wave planning
3. Expert judgment
Outputs
1. Activity list
2. Activity attributes
3. Milestone list
NEW QUESTION # 144
Which Develop Schedule tool and technique produces a theoretical early start date and late start date?
- A. Schedule compression
- B. Critical path method
- C. Schedule comparison bar charts
- D. Variance analysis
Answer: B
Explanation:
Explanation/Reference:
Explanation:
6.6.2.2 Critical Path Method
The critical path method, which is a method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model. This schedule network analysis technique calculates the early start, early finish, late start, and late finish dates for all activities without regard for any resource limitations by performing a forward and backward pass analysis through the schedule network, as shown in Figure 6-18. In this example the longest path includes activities A, C, and D, and, therefore, the sequence of A-C-D is the critical path. The critical path is the sequence of activities that represents the longest path through a project, which determines the shortest possible project duration. The resulting early and late start and finish dates are not necessarily the project schedule, rather they indicate the time periods within which the activity could be executed, using the parameters entered in the schedule model for activity durations, logical relationships, leads, lags, and other known constraints.
The critical path method is used to calculate the amount of scheduling flexibility on the logical network paths within the schedule model.
On any network path, the schedule flexibility is measured by the amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint, and is termed "total float." A CPM critical path is normally characterized by zero total float on the critical path. As implemented with PDM sequencing, critical paths may have positive, zero, or negative total float depending on constraints applied. Any activity on the critical path is called a critical path activity. Positive total float is caused when the backward pass is calculated from a schedule constraint that is later than the early finish date that has been calculated during forward pass calculation. Negative total float is caused when a constraint on the late dates is violated by duration and logic. Schedule networks may have multiple near-critical paths.
Process: 6.6 Develop Schedule
Definition: The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model.
Key Benefit: The key benefit of this process is that by entering schedule activities, durations, resources, resource availabilities, and logical relationships into the scheduling tool, it generates a schedule model with planned dates for completing project activities.
Inputs
1. Schedule management plan
2. Activity list
3. Activity attributes
4. Project schedule network diagrams
5. Activity resource requirements
6. Resource calendars
7. Activity duration estimates
8. Project scope statement
9. Risk register
10.Project staff assignments
11.Resource breakdown structure
12.Enterprise environmental factors
13.Organizational process assets
Tools & Techniques
1. Schedule network analysis
2. Critical path method
3. Critical chain method
4. Resource optimization techniques
5. Modeling techniques
6. Leads and lags
7. Schedule compression
8. .Scheduling tool
Outputs
1. Schedule baseline
2. .Project schedule
3. Schedule data
4. Project calendars
5. Project management plan updates
6. Project documents updates
NEW QUESTION # 145
Which of the following will provide the basis for estimating, scheduling, executing, and monitoring and controlling project work?
- A. Work breakdown structure (WBS)
- B. Work packages
- C. Milestone list
- D. Activities
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 146
When an activity cannot be estimated with a reasonable degree of confidence, the work within the activity is decomposed into more detail using which type of estimating?
- A. Bottom-up
- B. Analogous
- C. Three-point
- D. Parametric
Answer: A
Explanation:
Section: Volume C
Explanation:
7.2.2.4 Bottom-Up Estimating
Bottom-up estimating is a method of estimating a component of work. The cost of individual work packages or activities is estimated to the greatest level of specified detail. The detailed cost is then summarized or "rolled up" to higher levels for subsequent reporting and tracking purposes. The cost and accuracy of bottom-up cost estimating are typically influenced by the size and complexity of the individual activity or work package.
NEW QUESTION # 147
A project manager has to share a status report with a new stakeholder and is trying to determine the level of detail to include in the report. Which document best details the information the project manager needs lo make this decision?
- A. Organizational process assets
- B. Communications management plan
- C. Change management plan
- D. Resource management plan
Answer: B
NEW QUESTION # 148
A tool and technique used in the Develop Project Charter process is:
- A. meetings
- B. change control tools
- C. expert judgment
- D. analytical techniques
Answer: C
Explanation:
Section: Volume B
Explanation:
4.1.2.1 Expert Judgment
Expert judgment is often used to assess the inputs used to develop the project charter. Expert judgment is applied to all technical and management details during this process. Such expertise is provided by any group or individual with specialized knowledge or training and is available from many sources, including:
Other units within the organization,
Consultants,
Stakeholders, including customers or sponsors,
Professional and technical associations,
Industry groups,
Subject matter experts (SME), and
Project management office (PMO).
4.1.3.1 Project Charter
The project charter is the document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. It documents the business needs, assumptions, constraints, the understanding of the customer's needs and high-level requirements, and the new product, service, or result that it is intended to satisfy, such as:
Project purpose or justification,
Measurable project objectives and related success criteria,
High-level requirements,
Assumptions and constraints,
High-level project description and boundaries,
High-level risks,
Summary milestone schedule,
Summary budget,
Stakeholder list,
Project approval requirements (i.e., what constitutes project success, who decides the project is successful,
and who signs off on the project),
Assigned project manager, responsibility, and authority level, and
Name and authority of the sponsor or other person(s) authorizing the project charter.
Process: 4.1. Develop Project Charter
Definition: The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
Key Benefit: The key benefit of this process is a well-defined project start and project boundaries, creation of a formal record of the project, and a direct way for senior management to formally accept and commit to the project.
Inputs
1. Project statement of work
2. Business case
3. Agreements
4. Enterprise environmental factors
5. Organizational process assets
Tools & Techniques
1. Expert judgment
2. Facilitation techniques
Outputs
1. Project charter
NEW QUESTION # 149
Which of the following are inputs for the Plan Quality Management processes?
- A. Project management plan, project documents, and organizational process assets
- B. Project management plan, quality metrics, and project documents
- C. Quality management plan, project documents, and quality metrics
- D. Quality metrics, project documents, and financial performance
Answer: A
Explanation:
Explanation/Reference:
Reference: https://www.projectengineer.net/project-quality-management-according-to-the-pmbok/
NEW QUESTION # 150
The Process Group in which the internal and external stakeholders interact and influence the overall outcome of the project is the:
- A. Executing Process Group.
- B. Monitoring and Controlling Process Group.
- C. Planning Process Group.
- D. Initiating Process Group.
Answer: D
NEW QUESTION # 151
Which tool or technique is used in the Develop Project Management Plan process?
- A. Pareto diagram
- B. SWOT analysis
- C. Expert judgment
- D. Performance reporting
Answer: C
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION # 152
Which set of competencies should a project manager have?
- A. Technical project management, expertise in every role, and PMP certification
- B. Expertise in the industry, leadership and business management, and bilingual skills
- C. Expertise in every detail on project activities, PMP certification, and leadership
- D. Leadership, strategic and business management, and technical project management
Answer: D
NEW QUESTION # 153
Projects can intersect with an organization's operations at various points during the product life cycle such as:
- A. When a project transitions from a temporary to a permanent status.
- B. When there is an operations shutdown (i.e. a strike).
- C. When the project manager is promoted to operations manager.
- D. When developing new products, upgrading products, or expanding outputs.
Answer: D
Explanation:
Section: Volume E
Explanation:
1.5.1 Operations and Project Management
Changes in business operations may be the focus of a dedicated project-especially if there are substantial changes to business operations as a result of a new product or service delivery. Ongoing operations are outside of the scope of a project; however, there are intersecting points where the two areas cross.
Projects can intersect with operations at various points during the product life cycle, such as:
At each closeout phase;
When developing a new product, upgrading a product, or expanding outputs;
While improving operations or the product development process; or
Until the end of the product life cycle.
At each point, deliverables and knowledge are transferred between the project and operations for implementation of the delivered work. This implementation occurs through a transfer of project resources to operations toward the end of the project, or through a transfer of operational resources to the project at the start.
Operations are ongoing endeavors that produce repetitive outputs, with resources assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle. Unlike the ongoing nature of operations, projects are temporary endeavors.
NEW QUESTION # 154
An important project stakeholder has low risk tolerance.
Which type of communication should a project manager use to provide this stakeholder with a difficult update?
- A. Short email update
- B. Informal conversation
- C. Face-to-face meeting
- D. Written report
Answer: D
NEW QUESTION # 155
Which components of the project can be updated as a result of managing stakeholder engagement?
- A. No components of the project can be updated after a stakeholder engagement plan has been completed
- B. Project management plan, project documents, and change requests
- C. Risk and communication plans
- D. Project management plan, communication plan, and work performance information
Answer: B
NEW QUESTION # 156
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