Project Management Professional (PMP) - Online Sample Test for Certification exam Preparation
Most risk acceptance policies rely on a contingency allowance for the project. A contingency allowance is an amount of money the project will likely need in the contingency reserve based on the impact, probability, and expected monetary value of a risk event. Project KIL has risks A and B. A has 25% probability of occurring and a negative impact of -$50 while B has 45% probability of occurring and a negative impact of -$90. What is the expected monetary value (Ex$V) for risk A?
Contract file and formal acceptance and closure are outputs of which processes?
You are the project manager within a large multi-national company. Your current project involves a large software development project that involves coordination of resources across four different reengineering teams across three different countries. Specifically your UI team is based in India, your database team and middleware team is in U.S., and your QA team is in Canada. The engineers in each of the team report to geographic functional manger, but are currently on loan to you for your project.
You are currently in the process of assessing the completion status for each work packages. In order to develop an accurate status of the project, you’ve asked each of the engineers to report their percentage complete for their respective deliverables.
However, when asked for the percentage completion status, one of the QA engineers innocently responds, “Percentage complete of what exactly?” ever since the project started you’ve always thought that this QA engineer was difficult to manage. Especially tired of such comments, you finally decided to report to the QA engineer’s functional manager regarding the engineer’s lack of cooperation. Based on the scenario described above, which of the following BEST describes the real problem?
The QA engineer was not technically competent and could not meet the satisfy his assigned responsibilities.
There was a conflict of interest between your project and QA engineer’s objectives
You should have met with functional manager the first time you encountered problems with this engineer, rather than let the problem escalate.
The work packages were not adequately defined for the project
Which of the following formulas is used to calculate the SPI (schedule performance index)?
You are the project manager at a large accounting firm in the United States. Your current project involves auditing the financial statements of a Fortune 100 company. You are currently utilizing network diagrams to track and schedule the execution of various auditing tasks through out the project. You are performing a backward pass analysis of the project schedule. It is important for you to examine activities that have _________ slack?
You are the project manager at a large accounting firm in the United States. Throughout the year your firm provides both consulting services and accounting/ auditing services to XYZ Widgets, Inc, a publicly traded company listed on the New York Stock Exchange. Currently, your project involves auditing the financial statements of XYZ Widgets Inc, in preparation for the annual shareholders/ investors meeting.
While your team is in the midst of project execution, you are informed that your project is due to new SEC regulations. Specifically, a new SEC regulation prohibits accounting firms from providing both consulting services and auditing services to a client, due to potential conflicts of interest that could arise from such business relationships. As a result, your project is cancelled, and the budget for your project is cut. Without the necessary budget, your project team is disbanded and your project team members go to their separate ways. Which of the following statements are true?
Since the project ended due to starvation, the scope verification process is no longer necessary
Since the project ended due to integration, the scope verification process is no longer necessary
Since the project ended due to starvation, you should document the level and degree of completeness during the Scope Verification process.
Since the project ended due to integration, you should document the level and degree of completeness during the Scope Verification process.
Product verification is usually performed in the closing process. Which of the following statements are true?
Product verification is performed during the close project process
Product verification provides management with information about how effectively the seller is achieving the contractual objectives
Product verification is a method for quantifying qualitative data to minimize the effect of biases during select sellers
Product verification includes samples of the suppliers previous products for the purpose of providing a way to evaluate a supplier’s capabilities
In which of the following documents will you find specific procedures for contract closure?
Contract terms and conditions
Procurement audit documentation
Contract change control system
The applied level of change control is LEAST dependent upon:
Complexity of specified project
Context and environment in which project is performed
Historical record from previous project are generally used for all of the following EXCEPT:
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