L6M5 exam 2025 with well answered
questions
Acceptance criteria - ** VERIFIED ANSWERS **✔✔This must be met before the programme is
accepted as complete by the customer, for example, performance requirements and essential
conditions
Activity schedule - ** VERIFIED ANSWERS **✔✔A list of activities which is agreed by the
client and contractor that trigger payments during the course of a programme
Adjudication - ** VERIFIED ANSWERS **✔✔A dispute resolution process where the
adjudicator's decision is temporarily binding until finally determined by settlement, litigation or
arbitration
Arbitration - ** VERIFIED ANSWERS **✔✔When an independent third party is appointed by
the contracting parties to make a binding decision that will settle a dispute between the contracting
parties
Attitudes - ** VERIFIED ANSWERS **✔✔Readiness or tendency to respond in a particular way
to a given situation
Average rate of return - ** VERIFIED ANSWERS **✔✔A ratio which looks at the return on
investment spread over a number of years
Baseline - ** VERIFIED ANSWERS **✔✔The baseline refers to the project constraints as set at
the beginning of the project - the initial cost, scope and schedule
Bathtub curve - ** VERIFIED ANSWERS **✔✔Utilised in reliability engineering, the curve
represents three categories of failure; early failures will decrease over time, to be replaced with a
constant failure rate resulting from random failures. The final category is described as wear-out
failure as the product life expectancy is exceeded
, Beliefs - ** VERIFIED ANSWERS **✔✔Accurate or inaccurate perceptions of what is true or
effective
Bill of quantities - ** VERIFIED ANSWERS **✔✔All itemisation and cost of materials, parts and
labour used in the tender document
Budget - ** VERIFIED ANSWERS **✔✔The planned expenditure for a project or programme. It
provides the baseline to measure the actual expenditure against as the project or programme
progresses
Cash cow - ** VERIFIED ANSWERS **✔✔An activity or feature of a business that provides a
steady positive cash flow
Cash flow - ** VERIFIED ANSWERS **✔✔The money which flows in and out of a business in a
given period of time
Claims management - ** VERIFIED ANSWERS **✔✔This refers to the processes by which
potential claims are mitigated, identified and evaluated
Cognitive dissonance - ** VERIFIED ANSWERS **✔✔Ideas which are inconsistent with an
individual's thoughts, beliefs and attitudes, especially relating to change
Collectivism - ** VERIFIED ANSWERS **✔✔Individuals commit to collective control and
action
Communication management strategy - ** VERIFIED ANSWERS **✔✔This is used to specify
the means and frequency of communication between the project manager and project
board/programme manager
Compensation event - ** VERIFIED ANSWERS **✔✔Events which do not arise from the
contractor's fault, for which the contractor is covered for all time and money claims resulting from
the event
questions
Acceptance criteria - ** VERIFIED ANSWERS **✔✔This must be met before the programme is
accepted as complete by the customer, for example, performance requirements and essential
conditions
Activity schedule - ** VERIFIED ANSWERS **✔✔A list of activities which is agreed by the
client and contractor that trigger payments during the course of a programme
Adjudication - ** VERIFIED ANSWERS **✔✔A dispute resolution process where the
adjudicator's decision is temporarily binding until finally determined by settlement, litigation or
arbitration
Arbitration - ** VERIFIED ANSWERS **✔✔When an independent third party is appointed by
the contracting parties to make a binding decision that will settle a dispute between the contracting
parties
Attitudes - ** VERIFIED ANSWERS **✔✔Readiness or tendency to respond in a particular way
to a given situation
Average rate of return - ** VERIFIED ANSWERS **✔✔A ratio which looks at the return on
investment spread over a number of years
Baseline - ** VERIFIED ANSWERS **✔✔The baseline refers to the project constraints as set at
the beginning of the project - the initial cost, scope and schedule
Bathtub curve - ** VERIFIED ANSWERS **✔✔Utilised in reliability engineering, the curve
represents three categories of failure; early failures will decrease over time, to be replaced with a
constant failure rate resulting from random failures. The final category is described as wear-out
failure as the product life expectancy is exceeded
, Beliefs - ** VERIFIED ANSWERS **✔✔Accurate or inaccurate perceptions of what is true or
effective
Bill of quantities - ** VERIFIED ANSWERS **✔✔All itemisation and cost of materials, parts and
labour used in the tender document
Budget - ** VERIFIED ANSWERS **✔✔The planned expenditure for a project or programme. It
provides the baseline to measure the actual expenditure against as the project or programme
progresses
Cash cow - ** VERIFIED ANSWERS **✔✔An activity or feature of a business that provides a
steady positive cash flow
Cash flow - ** VERIFIED ANSWERS **✔✔The money which flows in and out of a business in a
given period of time
Claims management - ** VERIFIED ANSWERS **✔✔This refers to the processes by which
potential claims are mitigated, identified and evaluated
Cognitive dissonance - ** VERIFIED ANSWERS **✔✔Ideas which are inconsistent with an
individual's thoughts, beliefs and attitudes, especially relating to change
Collectivism - ** VERIFIED ANSWERS **✔✔Individuals commit to collective control and
action
Communication management strategy - ** VERIFIED ANSWERS **✔✔This is used to specify
the means and frequency of communication between the project manager and project
board/programme manager
Compensation event - ** VERIFIED ANSWERS **✔✔Events which do not arise from the
contractor's fault, for which the contractor is covered for all time and money claims resulting from
the event
