MAN 4583 EXAM 3 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
You are planning procurements and considering your
production capabilities, competencies and proprietary
nature of work you are conducting a _____________or
______________ analysis.
Answer:
Make or buy analysis
Question:
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?
Answer:
Transfer (threat: damage to your shipment) you are paying a premium for the post
office to assume the risk and damages
Question:
While constructing procurements, you receive a question
from potential vendor. Should you provide clarification to
Answer:
all vendors
Question:
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?
Answer:
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
Question:
In agile pm, the person with project management
responsibilities is referred to as a?
Answer:
Scrum master
Question:
, Over time the likelihood of risks of risks impacting our
project ______ while the cost to address those risk___________.
Answer:
Over time, the likelihood of risks impacting your project decreases while the cost
to address those risks increases.
Question:
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?
Answer:
Cost variance
Question:
You are executing a construction project and identify a
new risk. What should you do next?
Answer:
qualitative risk analysis
Question:
This agile PM visualization is a common tool to measure
project performance (Like EVM for waterfall)
Answer:
Burndown Chart - Shows the remaining work that is left
Question:
What project closure document contains an executive
summary, lessons learned, project review/analysis, and
recommendations for future projects?
Answer:
The final report
Question:
If a risk trigger occurs during project execution, you
would implement that risks associated ___
Answer:
contingency plan (proactive actions are taken before risks occur)
Question:
You are on a tight budget and need an installer. Which
contract type will carry the least amount of cost risk
forced for you?
Answer:
Fixed price (buyer pays set amount seller has cost risks)
Question:
If there is a 10% chance of a hurricane destroying
materials stored outside, and those materials are valued
CORRECT ANSWERS
Question:
You are planning procurements and considering your
production capabilities, competencies and proprietary
nature of work you are conducting a _____________or
______________ analysis.
Answer:
Make or buy analysis
Question:
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?
Answer:
Transfer (threat: damage to your shipment) you are paying a premium for the post
office to assume the risk and damages
Question:
While constructing procurements, you receive a question
from potential vendor. Should you provide clarification to
Answer:
all vendors
Question:
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?
Answer:
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
Question:
In agile pm, the person with project management
responsibilities is referred to as a?
Answer:
Scrum master
Question:
, Over time the likelihood of risks of risks impacting our
project ______ while the cost to address those risk___________.
Answer:
Over time, the likelihood of risks impacting your project decreases while the cost
to address those risks increases.
Question:
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?
Answer:
Cost variance
Question:
You are executing a construction project and identify a
new risk. What should you do next?
Answer:
qualitative risk analysis
Question:
This agile PM visualization is a common tool to measure
project performance (Like EVM for waterfall)
Answer:
Burndown Chart - Shows the remaining work that is left
Question:
What project closure document contains an executive
summary, lessons learned, project review/analysis, and
recommendations for future projects?
Answer:
The final report
Question:
If a risk trigger occurs during project execution, you
would implement that risks associated ___
Answer:
contingency plan (proactive actions are taken before risks occur)
Question:
You are on a tight budget and need an installer. Which
contract type will carry the least amount of cost risk
forced for you?
Answer:
Fixed price (buyer pays set amount seller has cost risks)
Question:
If there is a 10% chance of a hurricane destroying
materials stored outside, and those materials are valued
