PMP Exam - Key Terms Questions & Answers 2023/2024
Knowledge Areas (Definition) - ANSWER-There are ten knowledge areas within project management; each knowledge area is a specific portion of the project, and all ten project management knowledge areas are interrelated.
Knowledge Areas (10) - A...
PMP Exam - Key Terms Questions &
Answers 2023/2024
Knowledge Areas (Definition) - ANSWER-There are ten knowledge areas within project management;
each knowledge area is a specific portion of the project, and all ten project management knowledge
areas are interrelated.
Knowledge Areas (10) - ANSWER-I. Integration
2. Scope
3. Schedule
4. Cost
5. Quality
6. Communication
7. Resource Management
8. Risk
9. Procurement
10. Stakeholder
Schedule Network Analysis - ANSWER-The technique of identifying early and late start dates, as well as
early and late finish dates, for the uncompleted portions of project schedule activities. See also
backward pass, critical path method, critical chain method, and resource leveling.
Critical Path Method (CPM) - ANSWER-a project-management tool that illustrates the relationships
among all the activities involved in completing a project and identifies the sequence of activities likely to
take the longest to complete
Resource Optimization Techniques - ANSWER-A technique that is used to adjust the start and finish dates
of activities that adjust planned resource use to be equal to or less than resource availability.
,Resource Leveling - ANSWER-A technique in which start and finish dates are adjusted based on resource
constraints with the goal of balancing demand for resources with the available supply. (lending resources
from one activity to another)
Resource Smoothing - ANSWER-A technique which adjusts the activities of a schedule model such that
the requirement for resources on the project do not exceed certain predefined resource limits. (delaying
start of non-critical activity)
Monte Carlo Analysis - ANSWER-A risk quantification technique that simulates a model's outcome many
times to provide a statistical distribution of the calculated results (multiple work package durations).
What-If Scenario Analysis - ANSWER-The process of evaluating scenarios in order to predict their effect
on project objectives. (Can be used for preparing reserves / response plans)
Schedule Compression - ANSWER-Techniques used to shorten the schedule duration without reducing
the project scope.
Crashing - ANSWER-A technique used to shorten the schedule duration for the least incremental cost by
adding resources.
Fast Tracking - ANSWER-A schedule compression technique in which activities or phases normally done
in sequence are performed in parallel for at least a portion of their duration.
Agile Release Planning - ANSWER-Provides a high-level summary timeline of the release schedule. It also
determines the number of iterations or sprints in the release. This is perfect for customers, as it defines
which features will be available at the end of each iteration.
Iteration Burndown Chart - ANSWER-This chart tracks the work that remains to be completed in the
iteration backlog. It is used to analyze the variance with respect to an ideal burndown based on the work
committed from iteration planning.
Quality (as a delivered performance or result) - ANSWER-the degree to which a set of inherent
characteristics fulfill requirements.
, Grade (as a design intent) - ANSWER-A category assigned to deliverables having the same functional use
but different technical characteristics.
Schedule Performance Index (SPI) - ANSWER-A measure of schedule efficiency expressed as the ratio of
earned value to planned value.
Cost Performance Index (CPI) - ANSWER-A measure of the cost efficiency of budgeted resources
expressed as the ratio of earned value to actual cost.
PV - ANSWER-Planned Value
EV - ANSWER-Earned Value
AC - ANSWER-Actual Cost
BAC - ANSWER-BAC - Budget At Completion is the total budgeted cost of all approved activities.
Responsibility Assignment Matrix (RAM) - ANSWER-A Responsibility Assignment Matrix (RAM) illustrates
association between work packages/activities and team members. It makes it easy for team members to
view all the project activities for which a particular person is assigned, and the level of their
responsibility.
You are managing a project in a highly cost sensitive company. Therefore, you need to reduce the costs
to the extent possible. Which one of the following categories of cost would you consider as the first
option for cost reduction? - ANSWER-Direct costs belong to project resources which can be scaled down
or reduced. Variable costs depend on the amount of work performed by resources. Therefore, there is a
higher opportunity to reduce it by reducing the scope and amount of work required.
Stages of Team Development - ANSWER-forming, storming, norming, performing, adjourning
Determine SV Using SV Equation
Earned Value = $500,000
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