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Q:

Management by projects views aspects of ongoing operations as projects in order to apply Project Management techniques to them. This can be used to describe an oranizational approach to the management of ongoing operations. Why would a company want to utilize this methodology on nonprojects?

A) To keep project managers employed B) To provide better estimates about durations
C) To allow the utilization of PM tools, such as earned value, to calculate ROI D) To specify the different phases within the operations

Answer:   C) To allow the utilization of PM tools, such as earned value, to calculate ROI

Explanation:

Answer A is incorrect because project managers are not effectively utilized if they are always scheduling and coordinating resources for daily operations. Answer B is incorrect because project managers are not the best resource for providing estimates on daily operations and time allocations;people doing the actual work are the best resources. Answer D is incorrect because you do not specify different phases of ongoing operations.

Q:

Decomposing tasks into smaller activities can be helpful in reducing the amount of stress associated with overwhelmingly large milestones. What is a feature of the hierarchical nature of the WBS? 

A) A WBS hierarchy prevents duplication B) A WBS cab be rolled up or collapsed to provide information at the appropriate level for a particular audience.
C) The decomposition of tasks provides a detailed planning tool D) The depth of a WBS is restricted to three levels, which avoids overplanning
 
Answer & Explanation Answer: B) A WBS cab be rolled up or collapsed to provide information at the appropriate level for a particular audience.

Explanation:

Answer A is incorrect because the WBS hierarchy does not prevent duplication by itself. Answer C is incorrect because a WBS is focused on deliverables and components or work packages and not on tasks. Answer D is incorrect because a WBS can be sized appropriately to the project size with as many levels as necessary.

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Q:

Why are CPM, GERT, and PERT not considered sufficient to create a project schedule?

A) All three are tools and techniques of schedule development, not the actual schedule B) As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations
C) They are sufficient. Each calculates early and late start and finish dates for each activity D) They are Monte Carlo techniques used to provide what-if analysis for adverse external factors on a project
 
Answer & Explanation Answer: B) As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations

Explanation:

Answer A is tempting because it is true by definition, but Answer B is correct because it properly answers the question, in that these techniques do not take into account resource pool constraints. Answer C is incorrect because it provides possible early and late start and finish dates, but not the actual schedules. Answer D is incorrect because none of the the three are simulation techniques. 

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Q:

Why are risk tolerances and thresholds important to identify in the risk management Plan?

A) Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution B) Tolerances and thresholds help to define how often the risk management process will be performed
C) Tolerances and thresholds determine what tools and data sources will be used in risk management D) Tolerances and thresholds provide the basis for costing the risk management process as well as defining how risk activities will be recorded
 
Answer & Explanation Answer: A) Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

Explanation:

Answer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.

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Q:

Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a  detailed analysis. I really want a ballpark figure. What options do I have?

A) None - Cost estimating requires details to be accurate B) Use the cost of similar projects
C) Use a rule-of-thumb or per-square-foot estimate D) Add up the costs on the WBS
 
Answer & Explanation Answer: B) Use the cost of similar projects

Explanation:

Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.

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Q:

On a systems development project, Richard needs two programmers. He knows John and Smith were able to create a program in 40 days similar to the one he wants to create on his project. He decides to use 40 days as his estimate. This is an example of what type of estimating?

A) Parametric modeling B) Analogous
C) Rule of thumb D) Fixed Rate
 
Answer & Explanation Answer: B) Analogous

Explanation:

Richard is using an estimate based on a project very similar to to his own with staff he will be using.  Answer A is incorrect because perametric modeling involves using a mathematical model to predict costs, such as dollars per line of code. Answer C is incorrect, although close; if the development project is a common item, such as putting down new flooring, a rule -of-thumb measurement can be used, although it is less accurate. Answer D is incorrect because it is not a form of estimating, but a type of pricing.

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