Free PMI Project Management Professional Practice Test

This statement is true because regular monitoring of deliverable quality allows for timely identification and resolution of quality issues, which can prevent project failure. By continually surveying the deliverables, the project team can implement corrective measures early, ensuring that the project remains on track to meet its objectives and quality standards.

The most effective way to evaluate and demonstrate the incremental value to stakeholders is by comparing the project deliverables against the initial value proposition. This comparison directly relates the outcomes to what was promised, showing how the project is fulfilling its proposed benefits.

The correct answer is $100,000. The Estimate to Complete (ETC) is calculated using the formula ETC = EAC - AC. In this case, ETC = $250,000 - $150,000 = $100,000. This represents the estimated additional cost required to complete the remaining work on the project. Understanding this calculation is essential for project managers to accurately forecast budget needs and make informed decisions about resource allocation for the remainder of the project.

Relying only on formal performance reviews is not sufficient for supporting task accountability. Informal check-ins and continuous communication can be equally important, providing timely feedback and addressing issues as they arise. These practices contribute to a consistent and balanced approach to accountability. Formal reviews are periodic and may not capture day-to-day challenges, whereas informal interactions can help maintain a steady course and allow for immediate course correction, keeping the team aligned with project goals.

This statement is false because effective project management relies on both quantitative and qualitative data. Quantitative data offers measurable and numerical insights, however, qualitative data provides context and deeper understanding which are crucial for comprehensive analysis and informed decision-making. Neglecting qualitative data can lead to a lack of insight into stakeholder opinions, team sentiment, and other non-numerical factors that influence project outcomes.

Retrospectives are fundamental in agile methodologies as they provide the team an opportunity to reflect on their past performance, identify areas for improvement, and adjust their processes accordingly. This aligns with the agile principle of continuous reflection and adaptation, enabling teams to become more effective over time.

The statement is false. The correct standard deviation is 2 days. In PERT analysis, the standard deviation (σ) is calculated using the formula: σ = (Pessimistic - Optimistic) / 6. In this case, (25 - 13) / 6 = 12 / 6 = 2 days. This value represents the variability or uncertainty in the activity duration estimate. Project managers use this information to assess the risk associated with activity durations and to calculate the probability of completing the project within a specific timeframe. Understanding how to correctly calculate the standard deviation is crucial for accurate risk assessment and project planning.

Expert judgment is a technique where project teams consult with knowledgeable individuals or groups to gain insights, information, and advice on matters related to project management, particularly risk identification and assessment. These experts typically have specialized education, knowledge, experience, or training in specific areas, and their judgment is used to enhance decision-making throughout the project lifecycle.

To determine the risk score, we multiply the probability by the impact for each risk:

Risk 1: 0.3 x 0.5 = 0.15 Risk 2: 0.6 x 0.2 = 0.12

The first risk has a score of 0.15, which is higher than the second risk's score of 0.12. This demonstrates that a risk with lower probability can still have a higher overall risk score if its impact is significantly higher. Understanding how to calculate and compare risk scores is crucial for prioritizing risks and developing appropriate response strategies in project management.

The Risk Register is used to record the details of all identified risks on a project, including the risk descriptions, causes, triggers, owners, and the responses planned for each risk. It is vital for documenting and updating the status of risks throughout a project's life cycle.

This statement is false because the project manager must collaborate with various stakeholders, including the procurement team, to determine the most suitable contracting options that align with project objectives. Contracting decisions can have substantial impacts on project outcomes, such as risks, costs, and timelines; hence, input from the project manager and other stakeholders is crucial for making informed decisions.

When closing project procurements, one must ensure that all procurement documentation is collected, indexed, and filed. This includes reviewing contract schedule, scope, quality, and cost performance, along with all contract change documentation, payment records, and inspection results. The importance lies in providing a complete set of indexed contract documentation that could be useful for evaluating contractors for future contracts and for lessons learned.

Prioritizing requirements involves evaluating the importance of each requirement and ordering them based on their contribution to achieving project objectives. This process helps to ensure that the project team focuses on work that provides the greatest benefit. Requirements that are not critical may be addressed at a later stage or may not be included in the scope, depending on their relevance and priority.

Creating a Work Breakdown Structure (WBS) provides the project team with a framework for organizing and managing the scope of the project. The WBS breaks the project into smaller, more manageable components, which helps in the assignment of responsibilities, resource allocation, and monitoring project progress.

Understanding the capabilities of stakeholders allows the project manager to allocate roles that best fit their competencies, thereby enhancing the project's efficiency. This assessment is fundamental as it aids in the strategic utilization of available resources which align with the project's requirements. Assigning security levels to stakeholders is related to access or information management, not directly connected to building a team's capacity based on skills. Predicting project success relies on multiple factors beyond stakeholder skills, and fostering competition could disrupt teamwork.