Which of the following describes the BEST use of historical records from the previous projects ?
Historical records are not generally used for life cycle costing, lesson learned, or creating status reports. They are useful in estimating, risk management, and overall project planning.
Which of the following is true regarding the project charter ?
According to the PMBOK Guide, The project charter should be published by a manager external to the project but with sufficient power and authority to carry it off.
Project A has net present value (NPV) of $30,000, will take 5 years to complete, and the associated cost $10,000. Project B has NPV of $60,000, will take 3 years to complete, and the associated cost $15,000. Project C has NPV of $80,000, will take 4 years to complete, and the associated cost $40,000. Which project will you pick ?
The number of years and cost are not relevant as they are accounted for in the calculation of NPV. You simply select the project with the highest NPV; in this case, it is Project C that has a NPV of $80,000
Which of the following is output of Manager Project Knowledge process ?
Lesson learned registers is one of the output of Manage Project Knowledge except. The other outputs of this process are project management plan updates, organizational process updates.
Which one of the following is FALSE about change management in a project ?
The project manager should not implement any change request prior to evaluating the impact of the change and receiving approval from the change control board.
Which one the following statement is FALSE about the project management information system (PMIS) ?
The project management plan defines how the project is executed, monitored & controlled, and closed (not the project management information system). The project management information system, which can be electronic or manual, is used to track project information and performance.
A project just initiated under a contract in your organization, and you were assigned as the project manager. You were expecting a statement of work (SOW), which will describe the business need, product scope, and other elements. In this case, from whom should you expect the SOW ?
Usually the buyers come up with the SOW in a project that is initiated by a contract.
The organization has to make an initial investment of $250,000 with expected cash inflows of $75,000 in the first year and $25,000 per quarter thereafter for the first project. The second project has a payback period of thirty-five months. Which project should the selection committee recommend ?
The first project will have the cash inflows of $75,000 in the first year, and the rest of investment ($250,000 - $75,000 = $175,000) will take 7 quarters to recapture it. thus for the 1st project, the total payback period is 12 + 21 (7 quarter = 21 months) = 33 months.
As a project manager at a consulting firm and recently received a statement of work (SOW) from the client. As your expectation, the SOW should contain or reference which of the following elements ?
The project SOW should contain the business need, product scope description or what is to be done, and the strategic plan
While managing a data recovery project, you are performing the following activities : comparing actual project performance against the project management plan : analyzing, tracking, and monitoring project risks ; assessing performance to determine whether any corrective or preventive actions are required; providing information to support status reporting; monitoring implementation of approved changes; providing forecasts to update current cost and schedule information. Which process are you in this time?
All these activities are performed in the Monitor and Control Project Work process