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PMI-002
Certified Associate in Project Management (CAPM) Certification Questions and Answers

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Viewing page 14 out of 15 pages

Viewing questions 196-210 out of questions

Questions # 196:

You are the project manager of a project .The senior executive of your company wants monthly schedule update of your project. Which of the following would you send to the executive?

Options:

Milestone chart

Time scaled network diagram

Arrow activity diagram

PERT chart

Answer

Questions # 197:

The process of evaluating overall project performance on a regular basis to provide confidence that the project will satisfy the relevant quality standards is called __________.

Options:

Quality Assurance

Quality Control

Plan Quality

Quality Review

Answer

Explanation

A is the correct answer. The process of evaluating overall project performance on a regular basis to provide confidence that the project will satisfy the relevant quality standards is called Quality Assurance

Questions # 198:

Which of the following is NOT considered a cost of non-conformance to quality?

Options:

Scrap

Rework

Liabilities

Training

Answer

Explanation

D is the correct answer. Training is considered as cost of conformance to quality.

Questions # 199:

An example of risk mitigation is:

Options:

Taking early action to reduce probably of risk rather repair the damage after risk has occurred.

Purchasing insurance

Eliminating the cause of a risk

You develop a contingency plan to execute in case the risk event occurs.

Answer

Explanation

A is the correct answer. Taking early action to reduce probably of risk rather repair the damage after risk has occurred is mitigation.

Questions # 200:

Estimate Costs_____________.

Options:

Involves developing an estimate of the costs of the resources needed to complete project activities

Cost estimates are generally expresses in unit of some currency.

Involves allocating the overall estimates to individual work items

All of the above

Answer

Questions # 201:

The ___________ documents the characteristics of the product or service that the project was undertaken to create.

Options:

Project charter

Scope statement

Product description

Technical article

Answer

Questions # 202:

Which process involves Formal product acceptance and end of project?

Options:

Executing processes

Planning processes

Controlling Processes

Closing processes

Answer

Explanation

D is the correct answer. Planning Processes: Approach to executing project. Executing processes: Coordinating people and other resources. Controlling Processes: Monitoring, measuring, and taking corrective action. Closing processes: Formal product acceptance and end of project.

Questions # 203:

A unilateral contract under which the seller is paid a preset amount per unit of service is called __________.

Options:

A cost reimbursable contract

A lump sum contract

A time and material contract

A fixed price contract

Answer

Explanation

A unilateral contract under which the seller is paid a preset amount per unit of service is called __________.

Questions # 204:

Project Risk Management includes all of the following processes EXCEPT ________.

Options:

Plan Risk Management

Identify Risks

Risk Analysis

Plan R^ Response

Answer

Explanation

C is the correct answer. Perform qualitative risk analysis and Perform quantitative risk analysis is the process of Project Risk Management NOT Risk Analysis

Questions # 205:

Which of the following statements is false?

Options:

Uncertainty and risk are greatest at the start of the project and lowest at the end.

The amount at stake Is lowest at the end of the project and greatest at the start.

Expected monetary value can be expressed as the product of the risk event probability and the risk event value.

Opportunities are positive outcome of risks.

Answer

Explanation

B is the correct answer. All statements are true EXCEPT B

Questions # 206:

Projects are typically authorized as a result of any of the following except:

Options:

Market demand

Successful RFP bidding

Regulatory requirement

Technological advance

Answer

Questions # 207:

Determining conformance with scope requirements is called _________.

Options:

Quality Management

Quality Assurance

plan Quality

Quality Control

Answer

Questions # 208:

Wgich of the following is NOT considered as strategy for positive risk ?

Options:

Avoid

Transfer

ExPlot

Answer

Explanation

D is the correct answer. Exploit is considered as strategy for positive risk.Strategies for negative risks are Avoid,Transfer,Mitigate and Accept.

Questions # 209:

Using the PMBOK definition of contingency reserve, which of the following statements about contingency reserves is false?

Options:

A contingency reserve is a separately planned quantity used to allow for future situations which may be planned for only in part.

Contingency reserves may be set aside for known unknowns.

Contingency reserves may be set aside for unknown unknowns.

Contingency reserves are normally included in the project's cost and schedule baselines.

Answer

Explanation

C is the correct answer. Contingency reserves may be set aside for known unknowns

Questions # 210:

Which of the following contract types places the greatest risk on the seller?

Options:

Cost-plus-fixed-fee contract

Cost-plus-incentive-fee contract

Fixed-price-incentive fee contract

Firm-fixed-price contract

Answer

Explanation

D is the correct answer. Firm-fixed-price contract is good for buyer because product cost not change unless scope of work not changes.

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