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Joseph Phillips CAPM Exam Prep- Practice Test 1
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What is the primary purpose of a Probability-Impact Matrix in project management? - ANSWERTo document project risks and develop risk response plans My question- What is another name for a Probability-Impact Matrix? - ANSWERRisk Matrix My question- What is the formula for Earned Value? - ANSWERE...

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Joseph Phillips CAPM Exam Prep-
Practice Test 1
What is the primary purpose of a Probability-Impact Matrix in project management? -
ANSWERTo document project risks and develop risk response plans

My question- What is another name for a Probability-Impact Matrix? - ANSWERRisk
Matrix
My question- What is the formula for Earned Value? - ANSWEREV = % Complete x
BAC

Which of the following is the most important factor to consider when determining the
task and milestone start dates and end dates in a project management plan
schedule? - ANSWERTask dependencies

Which of the following statements accurately describes a disadvantage of using agile
project management?

1. Agile project management can be difficult to implement for large and complex
projects, requiring a more traditional project management approach.

2. Agile project management can result in a lack of project documentation and
knowledge transfer, making it difficult for team members to understand the project
status and progress.

3. Agile project management can lead to scope creep and delays due to the flexibility
and adaptability of the approach.

4. Agile project management can result in increased costs and reduced productivity
due to the need for frequent team meetings and continuous collaboration. -
ANSWERAgile project management can result in a lack of project documentation
and knowledge transfer, making it difficult for team members to understand the
project status and progress.

---------------
This is because agile projects prioritize working software and customer collaboration
over comprehensive documentation, which can make it difficult for team members to
understand the project status and progress.

Which of the following statements accurately distinguishes between the start and
end dates of a project versus those of ongoing operations? - ANSWERProjects and
operations both have a defined start date, but only projects have a defined end date.

Which of the following statements accurately reflects the relationship between
predictive and adaptive approaches to project management and long-term planning?
- ANSWERBoth predictive and adaptive approaches can be used for long-term
planning, but each approach requires different planning techniques and tools

, ----------------------
Predictive approaches can be effective for long-term planning in cases where there
is a high degree of certainty about the future, while adaptive approaches can be
effective in cases where the future is uncertain or where there is a need for flexibility
and responsiveness to changing circumstances.

Which of the following is an example of an assumption in project management?

1. The project will be completed on time.

2. The project will be completed within budget.

3. The project team will have the necessary skills and resources.

4. The project will not encounter any unexpected risks or challenges. - ANSWERThe
project team will have the necessary skills and resources

-----------------------
The other options are all examples of risks, as they are factors that can impact the
project's outcome if they are not properly managed.

How does project management software help in tracking budget changes in a
predictive, plan-based environment? - ANSWERBy providing real-time updates on
project expenses and resource utilization

Which of the following is the most common cause of cost variance in a project? -
ANSWERChanges in scope

Which of the following is the foundation of Earned Value Management (EVM)? -
ANSWERBudget Management

My question- _______________ is a project management method that uses budget
management as its foundation. It integrates project budget, schedule, and
performance information to provide a comprehensive view of project progress. -
ANSWEREarned Value Management


My question- An ______________ in project management are factors that are
believed to be true but have not yet been proven to be true. - ANSWERassumption

Which of the following best describes the difference between pure risk and business
risk?

1. Pure risk is unique to individuals, while business risk is unique to organizations.

2. Pure risk is intentional, while business risk is unintentional.

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