Project Management Final Exam with all Correct &
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The application of knowledge, skills, tools, and techniques to project activities to meet project
requirements ✔Correct Answer-What is project management?
Project Management professional. The certification is the world's leading project management
certification. ✔Correct Answer-PMP
A global professional society for project and program managers. ✔Correct Answer-Project
Management Institute (PMI)
A guide used as a framework for understanding project management. ✔Correct Answer-Project
Management Body of Knowledge (PMBOK)
A project is a temporary endeavor undertaken to create a unique product or service or result.
Projects include internal day to day activities including time, cost, and quality. A program oversees
the project externally to ensure there are benefits. A portfolio is worried about the outcomes and
how projects are delivering goals. Projects and programs address tactical, short term goals, while
portfolio addresses,strategic, long term goals. ✔Correct Answer-Difference between a
project,program, and portfolio
The project's purpose. Document that provides financial justification for investing in a project
✔Correct Answer-What is a business case?
A document that formally recognizes the existence of a project and provides direction on the
project's objectives and management ✔Correct Answer-Project Charter
PMI Framework Knowledge Areas ✔Correct Answer-Integration
Scope
Schedule
Cost
Quality
Resource
Communication
Risk
Procurement
Stakeholder
PMI Framework Processes ✔Correct Answer-Initiating
Planning
Executing
Monitoring & Controlling
Closing
PERT Formula ✔Correct Answer-(optimistic estimate + 4*most likely + pessimistic) / 6
,Describe contents of scope statements and why they are important? ✔Correct Answer-The scope
statement is to maintain focus and purpose within the project team. It also includes inclusion,
exclusions, and assumptions.
used when more info about the goods or services is needed. Potential suppliers are asked to provide
info before sending RFQ or RFP. ✔Correct Answer-Request for Information (RFI)
document used to gather quotes from prospective suppliers. A quote is a document prepared by the
seller providing pricing for standard items that have been clearly defined by the buyer. RFQ is usually
much quicker than responding to RFP's. Selections determined based on lowest quote. ✔Correct
Answer-Request for quotation (RFQ)
document used to gather proposals from prospective suppliers. A proposal is a document in which
sellers describe what they will do to meet the requirements of a buyer. Suppliers write proposals to
respond with how they will meet their needs. ✔Correct Answer-Request for Proposal (RFP)
What are the common ways to close a project? ✔Correct Answer-Integration
Addition
Extinction
Starvation
Most common approach to close a project. A project is completed, and products and services
created are integrated into operations ✔Correct Answer-Integration
getting all parties to commit to the project. This includes stakeholders, team members, delegation of
tasks, as well as having the necessary equipment or technology to be put in place ✔Correct
Answer-Integration stage
What is the Planned Value (PV)? ✔Correct Answer-authorized budget assigned to scheduled work
to scheduled work
What is earned value (EV)? ✔Correct Answer-Planned value of all completed work (can include
partially completed work)
Cost Variance (CV) formula ✔Correct Answer-EV-AC
Schedule Variance (SV) Formula ✔Correct Answer-EV - PV
Cost Performance Index (CPI) ✔Correct Answer-EV/AC
Schedule Performance Index (SPI) ✔Correct Answer-EV/PV
project creates a new product or service that results in a new unit in the organization, such as a
department, division, or company ✔Correct Answer-Addition
project may end because it was successful and achieved its goals, and there is no need for further
work. Another form is when a project is stopped because it was unsuccessful or superseded. Special
case is called termination by murder ✔Correct Answer-Extinction
, Importance of final reports contents ✔Correct Answer-People may call and ask you years down the
road because they want to understand how things were done. OR They are doing a similar project
and trying to learn about the project you did (what went good and what went wrong)
what is included in the iron triangle? ✔Correct Answer-Scope, Cost, Schedule
Tuckman model five stages of team development ✔Correct Answer-1. Forming
2. Storming
3. Norming
4. Performing
5. Adjourning
Purpose of steering committee ✔Correct Answer-Strategic direction and resources
Equation for channels of communication ✔Correct Answer-N*(N-1)/ 2
What is the moment of truth? ✔Correct Answer-Team bring stakeholders final project
BAC Meaning ✔Correct Answer-Budget at Completion (BAC)
EAC Meaning ✔Correct Answer-Estimate at Completion (EAC)
ETC meaning ✔Correct Answer-estimate to completion (ETC)
True or False: Earned Value can never me more than the planned value ✔Correct Answer-True
What is the sequence of events in a project? ✔Correct Answer-1. Req Trace Matrix
2. Scope Statement
3. WBS (dictionary)
4. Activity List
5. Resource breakdown structure
6. Schedule/budget
Where can risks show up? ✔Correct Answer-1. project charter
2.Schedule
3. Budget
A temporary endeavor undertaken to create a unique product, service, or result. ✔Correct
Answer-What is a project?
Ability to create and respond to change ✔Correct Answer-Agile mindset
framework within which people can address complex adaptive problems, while productively and
creatively delivering products of the highest possible value ✔Correct Answer-Scrum Framework
Which of the following statements are true?
A.Demand for projects and project managers continues to decrease.
B.Agile organizations do not respond better to change.
C.You must have work experience to earn the CAPM® credential.
100% Verified Answers |Latest Version |Already
Graded A+
The application of knowledge, skills, tools, and techniques to project activities to meet project
requirements ✔Correct Answer-What is project management?
Project Management professional. The certification is the world's leading project management
certification. ✔Correct Answer-PMP
A global professional society for project and program managers. ✔Correct Answer-Project
Management Institute (PMI)
A guide used as a framework for understanding project management. ✔Correct Answer-Project
Management Body of Knowledge (PMBOK)
A project is a temporary endeavor undertaken to create a unique product or service or result.
Projects include internal day to day activities including time, cost, and quality. A program oversees
the project externally to ensure there are benefits. A portfolio is worried about the outcomes and
how projects are delivering goals. Projects and programs address tactical, short term goals, while
portfolio addresses,strategic, long term goals. ✔Correct Answer-Difference between a
project,program, and portfolio
The project's purpose. Document that provides financial justification for investing in a project
✔Correct Answer-What is a business case?
A document that formally recognizes the existence of a project and provides direction on the
project's objectives and management ✔Correct Answer-Project Charter
PMI Framework Knowledge Areas ✔Correct Answer-Integration
Scope
Schedule
Cost
Quality
Resource
Communication
Risk
Procurement
Stakeholder
PMI Framework Processes ✔Correct Answer-Initiating
Planning
Executing
Monitoring & Controlling
Closing
PERT Formula ✔Correct Answer-(optimistic estimate + 4*most likely + pessimistic) / 6
,Describe contents of scope statements and why they are important? ✔Correct Answer-The scope
statement is to maintain focus and purpose within the project team. It also includes inclusion,
exclusions, and assumptions.
used when more info about the goods or services is needed. Potential suppliers are asked to provide
info before sending RFQ or RFP. ✔Correct Answer-Request for Information (RFI)
document used to gather quotes from prospective suppliers. A quote is a document prepared by the
seller providing pricing for standard items that have been clearly defined by the buyer. RFQ is usually
much quicker than responding to RFP's. Selections determined based on lowest quote. ✔Correct
Answer-Request for quotation (RFQ)
document used to gather proposals from prospective suppliers. A proposal is a document in which
sellers describe what they will do to meet the requirements of a buyer. Suppliers write proposals to
respond with how they will meet their needs. ✔Correct Answer-Request for Proposal (RFP)
What are the common ways to close a project? ✔Correct Answer-Integration
Addition
Extinction
Starvation
Most common approach to close a project. A project is completed, and products and services
created are integrated into operations ✔Correct Answer-Integration
getting all parties to commit to the project. This includes stakeholders, team members, delegation of
tasks, as well as having the necessary equipment or technology to be put in place ✔Correct
Answer-Integration stage
What is the Planned Value (PV)? ✔Correct Answer-authorized budget assigned to scheduled work
to scheduled work
What is earned value (EV)? ✔Correct Answer-Planned value of all completed work (can include
partially completed work)
Cost Variance (CV) formula ✔Correct Answer-EV-AC
Schedule Variance (SV) Formula ✔Correct Answer-EV - PV
Cost Performance Index (CPI) ✔Correct Answer-EV/AC
Schedule Performance Index (SPI) ✔Correct Answer-EV/PV
project creates a new product or service that results in a new unit in the organization, such as a
department, division, or company ✔Correct Answer-Addition
project may end because it was successful and achieved its goals, and there is no need for further
work. Another form is when a project is stopped because it was unsuccessful or superseded. Special
case is called termination by murder ✔Correct Answer-Extinction
, Importance of final reports contents ✔Correct Answer-People may call and ask you years down the
road because they want to understand how things were done. OR They are doing a similar project
and trying to learn about the project you did (what went good and what went wrong)
what is included in the iron triangle? ✔Correct Answer-Scope, Cost, Schedule
Tuckman model five stages of team development ✔Correct Answer-1. Forming
2. Storming
3. Norming
4. Performing
5. Adjourning
Purpose of steering committee ✔Correct Answer-Strategic direction and resources
Equation for channels of communication ✔Correct Answer-N*(N-1)/ 2
What is the moment of truth? ✔Correct Answer-Team bring stakeholders final project
BAC Meaning ✔Correct Answer-Budget at Completion (BAC)
EAC Meaning ✔Correct Answer-Estimate at Completion (EAC)
ETC meaning ✔Correct Answer-estimate to completion (ETC)
True or False: Earned Value can never me more than the planned value ✔Correct Answer-True
What is the sequence of events in a project? ✔Correct Answer-1. Req Trace Matrix
2. Scope Statement
3. WBS (dictionary)
4. Activity List
5. Resource breakdown structure
6. Schedule/budget
Where can risks show up? ✔Correct Answer-1. project charter
2.Schedule
3. Budget
A temporary endeavor undertaken to create a unique product, service, or result. ✔Correct
Answer-What is a project?
Ability to create and respond to change ✔Correct Answer-Agile mindset
framework within which people can address complex adaptive problems, while productively and
creatively delivering products of the highest possible value ✔Correct Answer-Scrum Framework
Which of the following statements are true?
A.Demand for projects and project managers continues to decrease.
B.Agile organizations do not respond better to change.
C.You must have work experience to earn the CAPM® credential.
