You are project manager for a project with a multi-million value assigned by a company

that is listed at a US stock exchange.Recent Earned value analysis after app. 25% completion told you that your project has a CPI of 0.76. What should you do right now?

A. It is still early in the project and data are yet inaccurate. Wait a while and allow

 numbers from the project to stabilize.

B. The variance is a signal of a sound project which is well under budget. There is no

need for action.

C. You should immediately inform your management, which should then assess whether

this CPI constitutes a material financial issue.

D. A project that much under budget may be a problem for negotiating future budgets.

Try to spend money somewhere else.

Answer: C

The ___________ can be used to assess outlays and funding requirements.

A. Cost variance analysis.

B. Cost assignment matrix

C. Cost control plan

D. Cost baseline

Answer: D

___________ are not necessarily used to establish the Cost baseline of a project?

A. The Risk breakdown structure and the Risk register.

B. The Project schedule and Resource calendars.

C. Schedule activity or work package cost estimates.

D. The Work breakdown structure and WBS dictionary.

Answer: A

Which statement describes best handling of assumptions during the Initiating processes?

A. Risks are a sign of uncertainty.Avoiding all uncertainties means that a project should

have no risks at all.

B. Managing and organizing assumptions means avoiding risks right from the start of the

project.

C. It is the responsibility of the sales person in charge to identify all risks related to a

customer project.

D. Organizational, environmental and external assumptions should be addressed by the

project charter.

In an organization, project m

anagers report directly to the head of a Project management

office (PMO). In this case, which statement is probably not true?

A. Projects will be run by the functional organization and project managers are

expediting change control.

B. The head of the project management office can strengthen the matrix as a manager of

project managers.

C. The project management office will actually be responsible for direct management of

the projects.

D. It will be easier for the PMO to ensure that the organizational process assets provided

are being used.

Answer: A

You gathered a lot of knowledge on project management in your business life. What is an

appropriate use for that?

A. Your job is managing projects for your customers. You should not worry about other

project managers.

B. There are better project managers somewhere in this world. They should help

developing the professional community.

C. It is your knowledge, and it has a high market value. You may consider it you

intellectual property, which you keep secret.

D. Share your knowledge with the professional community in form of books, articles,

lectures, seminars etc.

Answer: D

What is the meaning of the acronym CSOW?

A. A Statement of work on project level that cumulates statements of work on Cost

account level

B. A Statement of work that is currently valid;this contrasts with the scope baseline, a

formerly valid SOW.

C. A Statement of work that is part of a Contingency plan; it is commonly linked with

Contingency reserves.

D. A Statement of work that has been formally agreed upon by both parties and is

therefore part of a Contract.

Answer: D

What are the cost types in modern quality management?

A. Prevention costs - appraisal costs - failure costs

B. Planning costs - assurance costs - control costs

C. Planning costs - doing costs - checking costs - acting costs

D. Costs of good quality - costs of bad quality

Answer: A

You need a batch of 100 identical valves which will be custom made for your project to

build a food processing plant. There is a risk of deterioration of victuals during

processing; therefore you placed requirements on the quality of the raw materials for the

valves, which will make production very costly.

Unfortunately, in order to test the valves against these requirements, you would have to

destroy them. And you have no experience with the vendors at all. What should you do?

A. Do 100% inspection on delivery to your premises,then order another batch of 100

valves.

B. Require the seller to supply the valves together with appropriate certificates from their

raw materials suppliers.

C. Negotiate a contract over more than 100 items and perform acceptance sampling for

the surplus of the batch on delivery.

D. Do 0% inspection. You have to trust the selected supplier that they will use the

materials according to your specification.

Answer: C

A project was assessed and the following Earned value data have been found:

PV: $750,000

EV: $750,000

AC: $900,000

What is the Burn rate of the project?

A. 1.00

B. 0.83

C. 1.10

D. 1.20

During Risk identification sessions, you and your team identified more than 150 risks for

your project. You are afraid that evaluating each of these risks quantitatively will cost

you an enormous amount of time, while not all of them are really relevant and important

enough to justify such a measure. What should you do next?

A. Assess the probability of each risk qualitatively and further analyze only those risks

with high probability.

B. Identify Risk triggers where possible. Analyze only those risks quantitativelyfor

which no trigger could be found.

C. Assess the potential impact of each risk qualitatively and further analyze only those

risks with high impact.

D. Use Qualitative risk analysis in order to prioritize risks for further action, such as

Quantitative risk analysis.

Answer: D

A project customer and a contractor agreed on regular Quality audits during execution by

a third party audit team, which is working on an assignment for the customer.

What should the contractor have prepared for the audits?

A. Quality documentation

B. Measurements and test results

C. Contract related correspondence

D. Work results

Answer: A

What does the term Best practice often refer to?

A. A standardized set of deliverables, like plans, reports, and checklists.

B. The concept of State of the art applied to project management.

C. A specific sequence of work, described in terms of Soft logic.

D. A set of Tools and techniques that a project manager should master.

Answer: C

You created a Baseline of your System configuration and added several changes to that

as amendments. Meanwhile you are afraid that the big number of Deltas may cause

inconsistencies and make you unable to understand the current system configuration.

What should you do?

A. Create an entirely new configuration.

B. Proclaim a Design freeze.

C. Revise the baseline.

D. Go on with amendments.

Answer: C

During execution of a project, you observe that the performance of some of your team

members is dropping, while others are doing a consistently good job. What should you

try first to bring the team as a whole back to performance?

A. Organize a team meeting and discuss openly the bad performance of the weak team

members. Try to find a joint solution during the meeting.

B. Introduce a system of formal and informal performance appraisals, research causes for

bad performance and solicit mutual feedback.

C. Introduce a competitive incentive system with a bonus for the 20% of your team

which is performing better than the other 80%.

D. Do not interfere, but allow the team some time to organizeitself and sort the problem

out by low-level conflict management.

Answer: B

Which is not a characterizing content of a document referred to as Activity attributes?

A. The person executing the work in a schedule activity

B. Schedule activity identifiers, codes and descriptions

C. Schedule activity predecessors and successors

D. The cost baseline assigned to the schedule activity

Answer: D

Which concept of locating team members can help them best to enhance their ability to

perform as a team?

A. Virtual e-teams

B. Co-location

C. Cross-functional dispersion

D. Global team dispersion

Answer: B

At the beginning of Project execution, you notice different opinions between team

members relating to project work and deliverables and to the level of overall complexity.

What should you do right now?

A. Organize meetings to identify and resolve misunderstandings between team members

in order to early avoid interface problems, disintegration and costly rework.

B. Use interviews in private with each individual team member to inform them of your

expectations and your requirements in an atmosphere of confidence.

C. Give your team members some time to develop a common understanding of the

project scope and product scope. Upcoming interface problems may be resolved later.

D. Use the Risk management processes to identify and assess risks caused by

misunderstandings and develop a plan with measures in order to respond to them.

Answer: A

A Project charter is a document that

A. ...breaks down the project scope over several steps to describe the project on work

package level.

B. ...describes all activities which are necessary to create the project deliverables.

C. ...describes both the project scope and the product scope at detail level.

D. ...authorizes the project and the use of organizational resources to meet project

requirements.