MAN 4583 EXAM 3 QUESTIONS AND VERIFIED
ANSWERS
Which PM knowledge area has legal ramifications? - Answers - Procurement (contracts)
You are planning procurements and considering your production capabilities,
competencies and proprietary nature of work you are conducting a _____________or
______________ analysis. - Answers - Make or buy analysis
There is a risk your materials are damaged during shipment. therefore , you have
decided to purchase insurance on your shipments. What risk response strategy are you
using? - Answers - Transfer (threat: damage to your shipment) you are paying a
premium for the post office to assume the risk and damages
While constructing procurements, you receive a question from potential vendor. Should
you provide clarification to - Answers - all vendors
We are building a fence. Each side costs $200 and it has 4 sides. Our plan was to build
1 side per day. On day 3 we have built 2 sides and spent $500 how are doing on budget
and schedule? - Answers - Over budget and behind schedule
ev=the work 2 sides =$400
PV=day 3 =$600 (3 sides)
AC=we spent=$500
cv=$100
sv=$200
In agile pm, the person with project management responsibilities is referred to as a? -
Answers - Scrum master
Over time the likelihood of risks of risks impacting our project ______ while the cost to
address those risk___________. - Answers - Over time, the likelihood of risks impacting
your project decreases while the cost to address those risks increases.
If we want to know the specific dollar amount our project is over or under budget, which
indicator do we use and what is the formula? - Answers - Cost variance
You are executing a construction project and identify a new risk. What should you do
next? - Answers - qualitative risk analysis
This agile PM visualization is a common tool to measure project performance (Like EVM
for waterfall) - Answers - Burndown Chart - Shows the remaining work that is left
,Which two EVM variables should you never compare? - Answers - Actual Cost and
Planned Value (pv & ac)
What project closure document contains an executive summary, lessons learned,
project review/analysis, and recommendations for future projects? - Answers - The final
report
If a risk trigger occurs during project execution, you would implement that risks
associated ___ - Answers - contingency plan (proactive actions are taken before risks
occur)
You are on a tight budget and need an installer. Which contract type will carry the least
amount of cost risk forced for you? - Answers - Fixed price (buyer pays set amount
seller has cost risks)
If there is a 10% chance of a hurricane destroying materials stored outside, and those
materials are valued at $20,000, what is the EMV of that risk? - Answers - $2000
(probability * impact)
"As a _____, I want ____, so that _____" is an example of a _____ - Answers - User
Stories - prioritized and used to derive agile work activities
Agile project management is only for software development projects (True or False) -
Answers - False - agile can be used in a wide variety of industries
If our SPI is currently 1.0, our project is _____ schedule - Answers - On - 1 is good- less
than 1 is bad
We are planning to build a fence. We are building 4 sides of the fence for a cost of $200
per side, building 1 side per day. What is our BAC? - Answers - $800
To purchase a standard good or service, which procurement document type are you
most likely to use? - Answers - Request for Quote(RFQ)
Adopting proven technology instead of experimental technology in order to eliminate
technical failure would be an example of which risk response? - Answers - Avoiding
Which of the following defines risk mitigation - Answers - Taking action that will cause
the risk to do as little damage to the project as possible
The risk management plan should be created prior to a ________. - Answers - Baseline
schedule
Something that will probably happen and will have a significant impact on the project will
score _____ and ______on the risk assessment. - Answers - High, High
, The risk response plans should have _______ owner(s). - Answers - One
It would be best to build instead of buy in all of the following situations - Answers - -If the
product isn't on the market.
-If you would have to make an adjustment to a product.
-If the product gives you a competitive advantage.
Which of the following forms is best to use when you are looking to purchase new hard
hats and don't need additional information from the vendor or partner? - Answers - RFQ
Which type of contract has the highest level of risk for the vendor or service provider? -
Answers - Fixed Contract
You need to hire someone to come paint a large building after your normal vendor went
out of business. You aren't sure what other vendors are out there. What form would you
use? - Answers - RFI
What is a benefit of using vendors for procurement? - Answers - You don't have to
maintain relationships.
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
on the burden rate of your consultants, it costs $100 to develop one job description. On
the 4th day, your team has worked the equivalent of $5,500 to develop 45 job
description. You are using the 0/100 rule to measure earned value for a work element.
What is the schedule variance? - Answers - -1,500 = (45x100)-((15x4)x100)
All of the following are ways to control risk - Answers - Assign team members to monitor
risk
Develop a response plan prior to an incident occurring
Periodically identify if new risks surface
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
on the burden rate of your consultants, it costs $100 to develop one job description. On
the 4th day, your team has worked the equivalent of $5,500 to develop 45 job
description. You are using the 0/100 rule to measure earned value for a work element.
What is the budget at completion? - Answers - $10,500 = ((7x15)x100)
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
ANSWERS
Which PM knowledge area has legal ramifications? - Answers - Procurement (contracts)
You are planning procurements and considering your production capabilities,
competencies and proprietary nature of work you are conducting a _____________or
______________ analysis. - Answers - Make or buy analysis
There is a risk your materials are damaged during shipment. therefore , you have
decided to purchase insurance on your shipments. What risk response strategy are you
using? - Answers - Transfer (threat: damage to your shipment) you are paying a
premium for the post office to assume the risk and damages
While constructing procurements, you receive a question from potential vendor. Should
you provide clarification to - Answers - all vendors
We are building a fence. Each side costs $200 and it has 4 sides. Our plan was to build
1 side per day. On day 3 we have built 2 sides and spent $500 how are doing on budget
and schedule? - Answers - Over budget and behind schedule
ev=the work 2 sides =$400
PV=day 3 =$600 (3 sides)
AC=we spent=$500
cv=$100
sv=$200
In agile pm, the person with project management responsibilities is referred to as a? -
Answers - Scrum master
Over time the likelihood of risks of risks impacting our project ______ while the cost to
address those risk___________. - Answers - Over time, the likelihood of risks impacting
your project decreases while the cost to address those risks increases.
If we want to know the specific dollar amount our project is over or under budget, which
indicator do we use and what is the formula? - Answers - Cost variance
You are executing a construction project and identify a new risk. What should you do
next? - Answers - qualitative risk analysis
This agile PM visualization is a common tool to measure project performance (Like EVM
for waterfall) - Answers - Burndown Chart - Shows the remaining work that is left
,Which two EVM variables should you never compare? - Answers - Actual Cost and
Planned Value (pv & ac)
What project closure document contains an executive summary, lessons learned,
project review/analysis, and recommendations for future projects? - Answers - The final
report
If a risk trigger occurs during project execution, you would implement that risks
associated ___ - Answers - contingency plan (proactive actions are taken before risks
occur)
You are on a tight budget and need an installer. Which contract type will carry the least
amount of cost risk forced for you? - Answers - Fixed price (buyer pays set amount
seller has cost risks)
If there is a 10% chance of a hurricane destroying materials stored outside, and those
materials are valued at $20,000, what is the EMV of that risk? - Answers - $2000
(probability * impact)
"As a _____, I want ____, so that _____" is an example of a _____ - Answers - User
Stories - prioritized and used to derive agile work activities
Agile project management is only for software development projects (True or False) -
Answers - False - agile can be used in a wide variety of industries
If our SPI is currently 1.0, our project is _____ schedule - Answers - On - 1 is good- less
than 1 is bad
We are planning to build a fence. We are building 4 sides of the fence for a cost of $200
per side, building 1 side per day. What is our BAC? - Answers - $800
To purchase a standard good or service, which procurement document type are you
most likely to use? - Answers - Request for Quote(RFQ)
Adopting proven technology instead of experimental technology in order to eliminate
technical failure would be an example of which risk response? - Answers - Avoiding
Which of the following defines risk mitigation - Answers - Taking action that will cause
the risk to do as little damage to the project as possible
The risk management plan should be created prior to a ________. - Answers - Baseline
schedule
Something that will probably happen and will have a significant impact on the project will
score _____ and ______on the risk assessment. - Answers - High, High
, The risk response plans should have _______ owner(s). - Answers - One
It would be best to build instead of buy in all of the following situations - Answers - -If the
product isn't on the market.
-If you would have to make an adjustment to a product.
-If the product gives you a competitive advantage.
Which of the following forms is best to use when you are looking to purchase new hard
hats and don't need additional information from the vendor or partner? - Answers - RFQ
Which type of contract has the highest level of risk for the vendor or service provider? -
Answers - Fixed Contract
You need to hire someone to come paint a large building after your normal vendor went
out of business. You aren't sure what other vendors are out there. What form would you
use? - Answers - RFI
What is a benefit of using vendors for procurement? - Answers - You don't have to
maintain relationships.
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
on the burden rate of your consultants, it costs $100 to develop one job description. On
the 4th day, your team has worked the equivalent of $5,500 to develop 45 job
description. You are using the 0/100 rule to measure earned value for a work element.
What is the schedule variance? - Answers - -1,500 = (45x100)-((15x4)x100)
All of the following are ways to control risk - Answers - Assign team members to monitor
risk
Develop a response plan prior to an incident occurring
Periodically identify if new risks surface
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
on the burden rate of your consultants, it costs $100 to develop one job description. On
the 4th day, your team has worked the equivalent of $5,500 to develop 45 job
description. You are using the 0/100 rule to measure earned value for a work element.
What is the budget at completion? - Answers - $10,500 = ((7x15)x100)
You are project manager for an organizational restructuring project with a team of 7
consultants. The goal of the current phase is to develop 105 job descriptions within 7
business days. That means, the goal is to develop 15 job descriptions each day. Based
