Project Management PK0-004 Q & A rated A+ TO PASS

Project Management PK0-004 Q & A rated A+ TO PASSWhat are the four inputs to the risk-control process? 1. risk register 2. risk management plan 3. work performance data 4. work performance reports What are the 4 objectives of analyzing project variances? 1. Determining whether variances are due to anomalies or the estimates are incorrect 2. Determining the root cause of the variances 3. Preventing variances in forthcoming projects 4. Determining if the variances can be expected on future projects What is SWOT analysis? A planning technique that defines project strengths, weaknesses, opportunities, and threats. What is the Delphi technique? A communication technique for forecasting risk events that employs a panel of experts. What is cost budgeting? The process of allocating the overall cost estimates to individual activities or work packages across the project life cycle. What is cost control? The process of monitoring cost performance and controlling changes to the cost baseline. What is Qualitative risk analysis? Determining the impact of identified risks on the project and the probability they'll occur. Aligns risks in a priority order according to their effect on the project objectives. What is Quantitative risk analysis? A complex analysis technique that uses a mathematical approach to numerically analyze the probability and impact of risk events. To be used in the presence of uncertainty. What does a transition plan provide? A brief overview of transition goals, assumptions on which the plan is based, and any risks identified that can severely limit your capability to complete the transition on schedule. What are the 4 activities that a project kickoff meeting serves? 1. Introduces team members 2. Communicates project goals and objectives 3. Communicates stakeholder expectations 4. Reviews roles and responsibilities of team members What are the 3 quality planning techniques used by project managers? 1. Benchmarking 2. Inspection 3. Peer review What is a Pareto diagram used for? To rank a problem's importance by its frequency of occurrence What does the delphi technique do? It uses rounds of anonymous surveys to build consensus. What does the Monte Carlo technique do? Uses a combination of hypothetical and actual events to determine mean or most likely outcome of a scenario. How is CPI calculated? EV / AC How is EV calculated? Baselined Cost X % actual completion Approved changes have what 3 affects on a project? 1. They can increase overall project cost 2. They can hold project cost 3. They can decrease overall project cost How do you calculate VAC (variance at completion)? BAC - EAC What is gap analysis used for? To document services and functions that have been accidentally left out, deliberately eliminated, or have yet to be developed. What are the 3 project selection methods? 1. Constrained Optimization 2. Benefit measurement 3. Expert Judgement What are the 4 benefit measurement methods? 1. Cost-benefit analysis 2. The scoring model 3. The payback period 4. The economic model During the executing process which components will you use? Risk register, Communications plan, Issues log, Change Management forms, Change management metrics, Project schedule, WBS, Budget, Resource requirements, Scope statement, and change log What is solicitation? The process of obtaining responses on project work from vendors. What does a Responsibility assignment matrix (RAM) chart depict? A WBS identifier, a type of resource required, and quantity of resources needed for the task. What are the 3 constraints associated with human resources planning? 1. Labor-union agreements 2. Organizational structure 3. economic conditions What is the formula for lines of communication? 4(4 - 1) / 2 = What is organizational planning? The process of addressing the factors that may impact how you manage your project team; it defines roles and responsibilities for project team members, identifies how the team will be organized, and documents the staffing management plan. What are the 4 benefits of meeting quality requirements? 1. Increased stakeholder and customer satisfaction 2. Less rework 3. Higher productivity among workers 4. Lower costs What is benchmarking? A technique that uses similar activities as a means of comparison. What is cost of quality? The total cost of all the work required to assure the project meets the quality standards. What are the 3 types of cost associated with cost of quality? 1. Prevention 2. Appraisal 3. Failure What is the quality management plan? A plan that describes how the project team will carry out the quality policy. What 2 things does the quality management plan document. 1. The outputs from the quality activities that were performed 2. The procedures used to complete the quality activities and resources required What are 3 methods of measuring whether quality has been met? 1. Quality metrics 2. Quality checklist 3. Exit criteria What are the 3 major components of risk planning? 1. Identifying the potential risks to your project 2. analyzing the potential impact of each risk 3. developing an appropriate response for those risks with the greatest probability and impact What are the 4 quality planning tools and techniques? 1. Cost-benefit analysis 2. Benchmarking 3. Flowcharting