APM PMQ EXAM QUESTIONS WITH VERIFIED ANSWERS

Configuration Management process - Status accounting - Answer knowing the status of items, proposed changes and the implementation status of approved changes (Archived records) Risk in a Business case - Answer the major risks and their impact on the business case. What a business case includes? (BOBCART) - Answer Background, Options, Benefits, Commercial Aspects, Risks, Timescales PRAM process - Answer Initiate Identify Assess Plan responses Implement responses Risk management - Initiate - Answer How the risk will be managed? (PMP, Risk management plan) Risk management - Assess - Answer how risky is each risk (Risk matrix, probability & impact chart) Risk management - Identify - Answer Use of Identification methods such as (risk logs, brainstorming, meetings, Delphi) Plan responses - Answer is this risk a threat or opportunity to the project? (SWAT Analysis) Implement - Answer when the risk is added to the project plan, (PMP, risk log, Gannt chart) Extended project life cycle - Answer Concept Definition Development Handover and Closure Operations Benefits Realisation Termination Who are potential stakeholders within a project? - Answer Project Sponsor, Project Team, Users , Suppliers, Customers, Senior Management Information management process - Answer Collection, Storage, Dissemination, Archiving, Destruction Requirements management process - Capture - Answer is a research exercise undertaken early in a project to establish the scope and what is needed. (brainstorming, prototypes, archived documentation) What are the steps of the change control process? - Answer Submit Change, Review change, Assess feasibility and impact, Decision What is the requirements model? - Answer Business needs, features, requirements, acceptance Criteria What are the steps of the configuration management process? - Answer Planning, Identification, Control, Status Accounting , Audit What are 2 types of breakdown structure? - Answer WBS, OBS What is a Work Breakdown Structure (WBS)? - Answer a comprehensive list of all activities needed to complete a project. What is a Product Breakdown Structure (PBS)? - Answer focuses on the deliverables needed to deliver the project. This can be broken down further into tasks within a WBS. What are 5 types of report? - Answer Progress Quality Risk Finance Audit What are 3 types of investment appraisal? - Answer Net present value (NPV) Payback Internal Rate of Return (IRR) What are the steps of the stakeholder management process? - Answer Identify Assess Develop Engage How do you calculate Earned Value (EV)? - Answer EV= %complete x Budget at completion How do you calculate Cost Variance (CV)? - Answer CV= Earned Value - Actual Costs How do you calculate Schedule Variance (SV)? - Answer SV= Earned Value - Planned Costs How do you calculate Cost Performance Index (CPI)? - Answer CPI = Earned Value / Actual Costs How do you calculate Schedule Performance Index (SPI)? - Answer SPI = Earned Value / Planned Costs How do you calculate Estimate at completion - cost (EACc)? - Answer EACc= Budget at Completion/Cost Performance Index How do you calculate Estimate at completion - time (EACt)? - Answer EACt= Planned Duration/Schedule Performance Index What does Earned Value Management tell you? - Answer - Schedule - Efficiency - Time to completion - Spend - Cost to completion - Actual forecast cost - Variance at completion What are the benefits of using Earned Value Management? - Answer - Reporting - Estimating errors - Forecasting - Justify corrective action - Justify early termination What are 3 types of estimating tool? - Answer - Comparative - Bottoms Up - Parametric What is Comparative estimating? - Answer Uses historical data to provide current estimations What is Bottoms up estimating? - Answer Detailed estimate produced for each work package and then rolled-up throughout the WBS What is parametric estimating? - Answer Uses statistical modelling software to produce overall estimates for time and cost What are problems with estimating? - Answer - Optimisim/Pessimism - Social/Political Pressure - Experience - Unclear Scope - Source data What does the PMP contain? - Answer - Background and objectives - Scope - Deliverables - Acceptance Criteria - Success Criteria - Project Constraints - Risks and Assumptions - Critical Success Factors - Schedule/time and resource/cost baselines What is the document management process? - Answer - Creation - Review - Approval - Release - Update What are the steps in the benefits management process? - Answer - Define BM Plan - Identify and Structure Benefits - Plan benefits realisation - Implement the change - Realise the benefits