MAN 4583 Practice Test Questions and Correct Answers

Which PM knowledge area has legal ramifications? Procurement (contracts) You are planning procurements and considering your production capabilities, competencies and proprietary nature of work you are conducting a _____________or ______________ analysis. Make or buy analysis There is a risk your materials are damaged during shipment. therefore , you have decided to purchase insurance on your shipments. What risk response strategy are you using? Transfer (threat: damage to your shipment) you are paying a premium for the post office to assume the risk and damages While constructing procurements, you receive a question from potential vendor. Should you provide clarification to all vendors We are building a fence. Each side costs $200 and it has 4 sides. Our plan was to build 1 side per day. On day 3 we have built 2 sides and spent $500 how are doing on budget and schedule? Over budget and behind schedule ev=the work 2 sides =$400 PV=day 3 =$600 (3 sides) AC=we spent=$500 cv=$100 sv=$200 In agile pm, the person with project management responsibilities is referred to as a? Scrum master Over time the likelihood of risks of risks impacting our project ______ while the cost to address those risk___________. Over time, the likelihood of risks impacting your project decreases while the cost to address those risks increases. If we want to know the specific dollar amount our project is over or under budget, which indicator do we use and what is the formula? Cost variance You are executing a construction project and identify a new risk. What should you do next? qualitative risk analysis This agile PM visualization is a common tool to measure project performance (Like EVM for waterfall) Burndown Chart - Shows the remaining work that is left