Certification Questions

Loop back or diagnostics

Cost Estimating - Developing an approximation of the costs of the resources needed to complete  project activities.

Cost Budgeting - Aggregating the estimated costs of individual activities or work packages to establish a cost baseline

Cost Control - Influencing the factors that create cost variances and controlling changes to the project budget.

Answer : C

The project management life cycle describes high-level processes for delivering a successful project.

The project management life cycle is usually broken down into four phases:

1. Initiation and Planning,

2. Execution,

3. Project Monitoring and Control, and

4. Project Closing.

I. Inputs

• Enterprise environmental factors


• Organizational process assets


• Project scope statement


• Activity list


• Activity attributes


• Activity resource requirements


• Resource calendars


• Project management plan

               - Risk register

               - Activity cost estimates

II. Tools and Techniques

• Expert judgment


• Analogous  estimating


• Parametric estimating


• Three-point estimates 


• Reserve analysis

III. Outputs

• Activity duration estimates


• Activity attributes (updates)

• Develop Project Management Plan


• Scope Planning


• Scope Definition


• Create WBS


• Activity Definition


• Activity Sequencing


• Activity Resource Estimating


• Activity Duration Estimating


• Schedule Development


• Cost Estimating


• Cost Budgeting


• Quality Planning


• Human Resource Planning


• Communications Planning


• Risk Management Planning


• Risk Identification


• Qualitative Risk Analysis


• Quantitative Risk Analysis


• Risk Response Planning


• Plan purchases and Acquisitions


• Plan Contracting

The Project Procurement Management processes include the following:

Plan Purchases and Acquisitions - determining what to purchase or acquire and determining when and how.

Plan Contracting - documenting products, services, and results requirements and identifying potential sellers.

Request Seller Responses - obtaining information, quotations, bids, offers, or proposals, as appropriate.

Select Sellers - reviewing offers, choosing among potential sellers, and negotiating a written contract with each seller.

Contract Administration - managing the contract and relationship between the buyer and seller , reviewing and documenting how a seller is performing or has performed to establish required corrective actions and provide a basis for future relationships with the seller, managing contract-related changes and, when appropriate , managing the contractual relationship with the outside  buyer of the project.

Contract Closure - completing and settling each contract, including the resolution of any open items, and closing each contract applicable to the project or a project phase