MAN 4583 QUESTIONS AND VERIFIED ANSWERS
Ideally, the risk management plan should be created prior to a ________.
Stakeholder analysis
Baseline schedule
Communication plan
Scope - Answers - Baseline schedule
All of the following are ways to control risk EXCEPT
Develop a response plan prior to an incident occurring
Assign team members to monitor risks
Correct!
Have one team member be responsible for monitoring big risks
Periodically identify if new risks surface - Answers - Have one team member be
responsible for monitoring big risks
Which of the following defines risk mitigation?
Allowing the risk to happen after looking into all the alternatives and knowing what will
happen
Allowing the risk to be borne by a different party in exchange for money
Correct!
Taking action that will cause the risk to do as little damage to the project as possible
Preventing the risk from affecting your project by avoiding it - Answers - Taking action
that will cause the risk to do as little damage to the project as possible
Which of the following procurement documents is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendor or partner?
RFP
RFT
Correct!
RFQ
RFI - Answers - RFQ
For your project, you want to purchase smart phones for the team to use. What type of
contract would expose the project to the least risk?
Time and Materials (T&M) Contract
Cost Plus Contract
Correct!
Fixed Contract
Variable Contract - Answers - Fixed Contract
Actual cost is _______________.
, The amount of work expected to be done if on schedule
The amount of work that is done
The money you plan to spend on the project
How much the completed work cost - Answers - How much the completed work cost
Which of the following document is the best place to find the planned value (cost) of
different periods within the project?
Cost estimates
Schedule
Correct!
Time-phased budget
Charter - Answers - Time-phased budget
Planned value is _______________.
The amount of work that is done
How much the completed work costs
What you think your project is worth
The amount of work expected to be done if on schedule - Answers - The amount of
work expected to be done if on schedule
Sally receives the following information on her project: PV = $1000, AC = $750, EV =
$1000. How well is the project doing in terms of budget?
$250 over budget
Right on budget
$500 under budget
$250 under budget - Answers - $250 under budget
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?
-150
-4.500
-15
-1,500 - Answers - -1,500
In an agile work environment, how often should a planning meeting/stand up meeting
take place?
Ideally, the risk management plan should be created prior to a ________.
Stakeholder analysis
Baseline schedule
Communication plan
Scope - Answers - Baseline schedule
All of the following are ways to control risk EXCEPT
Develop a response plan prior to an incident occurring
Assign team members to monitor risks
Correct!
Have one team member be responsible for monitoring big risks
Periodically identify if new risks surface - Answers - Have one team member be
responsible for monitoring big risks
Which of the following defines risk mitigation?
Allowing the risk to happen after looking into all the alternatives and knowing what will
happen
Allowing the risk to be borne by a different party in exchange for money
Correct!
Taking action that will cause the risk to do as little damage to the project as possible
Preventing the risk from affecting your project by avoiding it - Answers - Taking action
that will cause the risk to do as little damage to the project as possible
Which of the following procurement documents is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendor or partner?
RFP
RFT
Correct!
RFQ
RFI - Answers - RFQ
For your project, you want to purchase smart phones for the team to use. What type of
contract would expose the project to the least risk?
Time and Materials (T&M) Contract
Cost Plus Contract
Correct!
Fixed Contract
Variable Contract - Answers - Fixed Contract
Actual cost is _______________.
, The amount of work expected to be done if on schedule
The amount of work that is done
The money you plan to spend on the project
How much the completed work cost - Answers - How much the completed work cost
Which of the following document is the best place to find the planned value (cost) of
different periods within the project?
Cost estimates
Schedule
Correct!
Time-phased budget
Charter - Answers - Time-phased budget
Planned value is _______________.
The amount of work that is done
How much the completed work costs
What you think your project is worth
The amount of work expected to be done if on schedule - Answers - The amount of
work expected to be done if on schedule
Sally receives the following information on her project: PV = $1000, AC = $750, EV =
$1000. How well is the project doing in terms of budget?
$250 over budget
Right on budget
$500 under budget
$250 under budget - Answers - $250 under budget
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?
-150
-4.500
-15
-1,500 - Answers - -1,500
In an agile work environment, how often should a planning meeting/stand up meeting
take place?
