PMP Certification Questions

Answer A is incorrect because it pertains to the processes. Answer C is incorrect because these are the five phases of a project. Answer D is incorrect because there are 39 processes, not knowledge areas.

I. Inputs

• Cost baseline


• Project funding requirements


• performance reports


• Work performance information


• Approved change requests


• Project management plan

II. Tools and Techniques

• Cost change control system


• Performance measurement analysis


• Forecasting


• Project performance reviews


• Project management software 


• Variance management

III. Outputs

• Cost estimate (updates)


• Cost baseline (updates)


• Performance measurements


• Forecasted completion


• Requested changes


• Recommended corrective actions


• Organizational process assets (updates)


• Project management plan (updates)

I. Inputs

• Contract


• Contract management plan


• Selected sellers


• Performance reports


• Approved change requests


• Work performance information

II. Tools and Techniques

• Contract change control system


• Buyer-conducted performance review


• Inspections and audits


• Performance reporting


• Payment system


• Claims administration


• Records management system


• Information technology

III. Outputs

• Contract documentation 


• Requested changes


• Recommended corrective actions


• Organizational process assets (updates)


• Project management plan (updates)

                 - Procurement management plan

                 - Contract management plan

A Project Management office (PMO) is an organizational unit to centralize and coordinate the management of projects under its domain. A PMO can also be reffered to as a "program management office", "Project office", or "Program office". A PMO oversees the management of projects, programs, or a combination of both.

PMOs can operate on a continuum, from providing project management support functions in the form of training, software, standardized policies, and procedures, to actual direct management and responsibility for achieving the project objectives.

Answers A, B and D all result from effectively integrating the work of the project management process groups. PMBOK [4.0]

Life Cycle costing includes the costs from each phase of the project life cycle when the total investment costs are calculated. Answer A is incorrect because an opportunity cost is the difference between a chosen investment and the one that is passed up. Answer B is incorrect because sunk costs are costs that have been incurred and cannot be reversed. Answer C is incorrect because net present value (NPV) is the present value of cash inflows(benifits) minus the present value of cash outflows (costs).

Project Management is the application of Knowledge, skills, tools and techniques to project activities to meet project requirements. Project Management is accomplished through the application and integraton of the project management processes of  initiating, planning, executing, monitoring and controlling , closing.

The Project Risk Management Processes include the following:

Risk Management Planning - Deciding how to approach , plan, and execute the risk management activities for a project

Risk Identification - Determining which risks might affect the project and documenting their characteristics.

Qualitative Risk Analysis - Prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact

Quantitative Risk Analysis - Numerically analyzing the effect on overall project objectives of identified risks

Risk Response Planning - Developing options and actions to enhance opportunities , and to reduce threats to project objectives.

Risk Monitoring and Control - Tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating their effectiveness throughout the project life cycle.