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26 Cards in this Set
- Front
- Back
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In your project you do not have enough time or information to develop a detailed statement of work, but this effort is likely to be very large. In this situation, what is the best type of contract? |
CPIF (Cost plus incentive fee). Cost Plus Incentive Fee Contracts (CPIF) are where the seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based upon achieving certain performance objectives in the contract. You might have also chosen Time and Materials, but the questions states that the work is expected to be very large, which makes T&M too risky. |
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Control risks involves tracking known risks, identifying new risks, and executing risk response plans. Which are key outputs of this process. |
Change requests that include both corrective and preventative actions |
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Project staff assignments are an output of what process? |
Acquire Project Team process |
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Historical Information is a Tool and Technique of what process? |
Determine Budget (Project staff assignments are an output of the Acquire Project Team process) |
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Earned Value Management is a tool and technique of what process? |
Control Cost
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True of False? A control account may have more than one work package assigned to it but the work package should be assigned to only one control account |
True |
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WBS Dictionary Includes |
Code of account ID, Desc. of work, assumpt. and constraints, responsible org, schedule milestones, associated sched activities, resources required, cost estimates, quality requirements, acceptance criteria, Technical references and agreement info. |
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The most important thing to focus on in contract negotiations is_____? |
To negotiate a deal that both parties are comfortable with.The most important thing to focus on is to create a deal that everyone feels good about. |
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What is a procurement AUDIT vs. a procurement performance REVIEW? |
Audit - Identify lessons learned from the entire procurements process, to be used with procurements on future projects.
Procurement Performance Review - To determine whether a seller is meeting its contractual obligations |
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Which of the following is the most likely to be a project deliverable? A.A project charter B.A project status meeting C.A system integration test report D.A variance report |
Choice C is the best answer. A deliverable is any unique and verifiable product, result or capability to perform a service that must be produced to complete a process, phase or project. Usually you can tell it's a deliverable because it's typically a tangible thing. However, intangible items like training or service work can be deliverables. Project documents, status meetings, and EVM calculations are not considered deliverables. |
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Which of the following risks may be an uncontrollable risk? C.Increase in raw material costs D.Changes with internal stakeholders |
Material costs are often uncontrollable risks, and can usually only be addressed by contingency reserves. |
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The project sponsor has requested a description of the project's performance to date as it pertains to the amount of work completed vs. what had been planned to this point. Specifically, she wants to know the exact amount of shortfall/surplus of work accomplished relative to the schedule. Which calculation should you employ to provide the information requested? |
The sponsor is asking for the schedule variance, which shows the amount of work performed relative to what had been planned at a given point in time |
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You know your organization must choose projects that will be the most profitable for the company. This approach to project selection is based on what? |
Economic Model - model of choosing the most profitable project for the organization |
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You have been tasked with managing the seller responses to a request for proposal issued by your company. The seller responses were numerous, and now you have been asked to rank the proposals from highest to lowest in terms of their response. What are you going to use as a means to rank the sellers? |
A. Expert Judgement. Here you are performing the Conduct Procurements process. Expert judgment is the only tool/technique among the potential answers that is used in this process. |
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At an ERP Software convention, you are given tickets to a free lunch in an expensive restaurant by one of the vendors. The ticket states that the lunch is a courtesy, and that during it you will see a demo of the latest version of their software. Should you go? |
Yes. Conventions are venues for sharing information. Because the lunch is not specific to you individually, and you will be seeing a demo, there is no ethics violation. |
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You are a project manager at a large construction company. You have successfully completed the work on a large building. At the final team meeting, as part of professional and social responsibility, you should: |
Transfer your knowledge to your team members so that they gain knowledge and experience in project management READ THE ETHICS DOCUMENT |
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Which of the following processes enables an efficient and effective communications flow between project stakeholders? 1. Manage Stakeholders Engagement 2. Manage Communications |
Manage Communications. The benefit of Manage Communications process is that it enables an efficient and effective communications flow between project stakeholders. |
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Which EVM metric is considered the most critical? |
COST IS KING! CPI is considered the most critical EVM metric. CPI is a measure of cost efficiency on a project and is the ratio of earned value (EV) to actual costs (AC). |
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How does bid differ from proposal? |
A term such as bid, tender, or quotation is generally used when the seller selection decision will be based only on price (as when buying commercial or standard items), while the term proposal is generally used when other considerations, such as technical skills or technical approach, are more important. A proposal usually requires a unique approach to a problem and the seller documents how they would tackle it. |
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Ground rules is a tool and technique of what process? |
Develop project team |
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Project performance appraisals are a Tool and Technique of what process? |
Manage Project Team |
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Project performance appraisals vs. Team performance assessments |
Project performance appraisals are individual assessments and Team performance appraisals are focused on team results. |
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Risk probability and impact assessment and Risk probability and impact matrix are tools and techniques of what process? |
Perform qualitative risk analysis |
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Risk register is an input to? |
Control Risks |
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Management by objectives (MBO) |
The supervisor and the employee jointly establish performance objectives.Management by objectives (MBO) are a necessity in every area where performance and results directly affect the survival and growth of a business. MBO emphasizes the importance of participative goal-setting, self-control and self-evaluation. While this is not a PMBOK term, it is a commonly-used term in project management and thus could be tested on the exam. |
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Inspection vs. Prevention |
Inspection ensures that errors do not reach the customer. Preventive actions are a documented direction to perform an activity that can reduce the probability of negative consequences. |
