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Regardless of what method is used to estimate project costs, supporting detail should be provided

Six Sigma is a quality improvement approach that is particularly suited for many service processes that people had previously said were too difficult if not impossible to measure

3

Inflating the value of future revenue and cost streams to account for the time value of money enables better project decisions

4

When complete, the risk register presents the results of both qualitative and quantitative risk analysis as well as risk response planning

5

If necessary, the quality policy on a specific project may violate either the quality policies of the parent organization or of a major customer

6

Risk response strategy decisions should reflect a thorough understanding of the priorities that key stakeholders have for cost, schedule, scope, and quality

7

Establishing a positive relationship with all key stakeholders early in the project helps to create a desire among those stakeholders to support the project, and builds the communications foundation for the project

8

All of the following items are among the key areas covered by the Malcolm Baldrige National Quality Award EXCEPT:

9

In order to avoid project delays, project managers confronted with a resource overload will seek to delay some of the noncritical activities by an amount no more than their slack period, to level the demand for that worker.

10

The communications management plan is finalized during project planning, and should only be changed through a formal change control process

11

On agile projects, detailed risk management activities may occur during all of the following times EXCEPT:

12

One approach to identifying which activities contribute to work overload for a particular resource is to compare the resource histogram to the Gantt chart schedule, using the same timescale.

13

Process Analysis is a step-by-step breakdown of the phases of a process, used to determine the inputs, outputs, and operations that take place during each phase.

14

All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT:

15

In order to be sure a project meeting runs according to plan, the project manager should develop an agenda in advance and deliver it to participants as they arrive at the meeting

16

The first process in developing a project schedule is to identify all the resources available to work on the project

17

All of these describe contemporary methods of risk prioritization in project management EXCEPT:

18

When a project team needs to construct a WBS, it needs to include in its planning team a subject matter expert (SME) who understands how each segment of the work will be accomplished.

19

Estimate Activity Resources is the process of assessing all types of resources - people, materials, tools, and equipment (along with quantities) - required for each activity to complete it as specified in project scope.

20

A principal idea in agile is that the length of daily stand-up meetings should be ___________.

21

The primary questions project teams use in qualitative risk analysis are "how likely is this risk to happen?", and "if it does happen, how big will the impact be?"

22

GANTT refers to the Generalized Activity Network Tracking Technique which was developed to better understand how variability in the duration of individual activities impacts the expected project duration

23

Project managers find many advantages in having diverse teams, as considering diverse perspectives in making decisions can help avoid major risks that a single perspective would not uncover.

24

If a problem occurs during project execution, the Work Breakdown Structure can be used to understand exactly where and why the problem occurred

25

If a project resource is excessively overloaded, it may be necessary to reduce the project scope.

26

Despite the insights that PERT provides, there are still practical limitations that impact its usefulness. All of the following difficulties are associated with the use of PERT EXCEPT:

27

All of the following are among the classic risk response strategies EXCEPT:

28

Analogous estimating is the most detailed, time consuming and accurate way to estimate

29

This technique is an iterative process that identifies and defines the work to be completely accomplished in the near term, and plans the future work at a higher level.

30

W. Edwards Deming asserted that managers need to understand both serial variation and sequential variation and then work to reduce both

31

Crashing almost always accelerates the schedule while increasing project risk, whereas fast tracking almost always accelerates the schedule while increasing project cost

32

Generally, parametric estimating requires less information and time than analogous estimating

33

The process of defining how to conduct risk management activities for a project is known as Project Risk Absorption Methodology (PRAM).

34

Risk response strategies such as mitigation and exploitation apply to both threats and opportunities

35

All of the following statements correctly describe an advantage or disadvantage associated with the use of Monte Carlo Analysis EXCEPT:

36

Crashing is a project schedule compression technique that expedites a project by executing activities at the same time that ordinarily would be done one after the other. True False

37

When constructing a responsibility matrix or "RACI" chart, it is important to ensure that only one person has primary accountability for any activity.

38

The risk register is a living document and new risks can be added as they are discovered

39

All of the following activities are appropriate upon completion of risk response planning EXCEPT:

40

Once the plan baseline has been approved and the project is underway, project teams deal with change by establishing and using a change control system to receive and review change proposals and accept or reject them after evaluating their impact on project scope, cost and schedule.

41

Recurring costs tend to occur during project planning and closing while nonrecurring costs tend to occur during project execution

42

Project teams can often identify risks by conducting any of several types of reviews. Which of the following illustrates a valuable type of risk review?

43

When developing a project schedule, total float refers to the amount of time a schedule activity may be delayed from its early start date without delaying the project end date.

44

Both normal and special cause variation add to project cost and need to be considered by project managers

45

When resource overloads are extreme, project managers may need to consider the acquisition of additional resources, reductions in scope or extensions to the project schedule

46

A risk management plan should define who has responsibility for causing each risk and hold the responsible party directly accountable for developing an appropriate solution

47

During the Manage Communications process, project managers must continuously monitor relationships, communications, and lessons learned in order to manage stakeholder expectations.

48

Which of the following is a mechanism for consumer-to-consumer transactions?

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