PROJECT RISK MANAGEMENT EXAM / PJM 6015
FINAL 2024 LATEST ACTUAL EXAM REAL
QUESTIONS AND CORRECT DETAILED ANSWERS
(CORRECT VERIFIED ANSWERS) LATEST UPDATED
VERSION |ALREADY GRADED A+ (BRAND NEW!!)
Why is a face-to-face meeting the best approach for obtaining approval to proceed? -
ANSWERYou can ensure that stakeholders understand the project plan before they
formally commit to it.
The IT department says that there are several products on the market that do what the
project needs. What is the most important thing you need to ensure that you select the
product that best meets the project requirements? - ANSWERclear and prioritized
requirements
The change review board can't get through all the change requests that are submitted.
They want to focus on requests with significant impact. What is the easiest way to allow
the review board to focus on significant changes? - ANSWERSet thresholds so you or
team leads can decide what to do with small change requests.
The development team has a problem with one of the software features and needs to
quickly brainstorm a solution with the vendor team, which is not local. What method of
communication would you choose for the brainstorming session? -
ANSWERvideoconferencing
One risk to your schedule is that a hard drive with customized software fails and you
lose the work that was done. The development team regularly backs up their work so
they can resume work quickly after a hard drive failure. What type of risk management
strategy do backups represent? - ANSWERrisk mitigation
,To get early warning that a risk might occur, what is the key item to document in your
risk information forms? - ANSWERthe events that might trigger the risk
To create a project schedule, you need to perform several tasks. Which choice is not one
of these tasks? - ANSWERSet a deadline for the project.
Which estimate on a normal distribution provides the best chance for a project being
selected and completed successfully? - ANSWERthe average of the worst-case value and
the 50% probability value on the normal distribution
When would you create a work package that describes the work to be done in explicit
detail? - ANSWERthe assigned resource is inexperienced
A work breakdown structure diagram shows work broken down into manageable pieces,
which provides several benefits for managing projects. Which choice is not a benefit? -
ANSWERidentifying deliverables
When you start a project plan, what information do you identify first because it drives
most of the plan? - ANSWERthe work that must be done
A risk that has become reality in your project has led to a cost increase. You have
already used the funds reserved to handle this risk and have concluded that you need
additional funds that the project does not have. Who is the most likely person or group
you need to ask for help? - ANSWERyour organization's management team
So many problems have risen recently in your project that you can't handle them all.
What is the first step you would take to handle these problems effectively? -
ANSWERAsk yourself if the problems are important.
To get a detailed picture of project schedule and cost performance , look at _____ and
_____. - ANSWERschedule variances and cost variences
You recently started project execution, and change requests are being submitted
regularly. Fortunately, none of the risks you're tracking having occurred yet. What will
the risk owners do most often in this situation? - ANSWERUpdate probability and impact
in response to changes.
The project customer has told you that staying competitive in their market is always a
moving target and has asked to add several items to the project scope, even if it takes
more time and money. What approach would you use to manage the scope for this
project? - ANSWERSwitch to an Agile approach.
A change request submitted by the project sponsor has an effect on the project business
case. If the change request appears to be a positive addition to the project, who should
you ask to approve the change request? - ANSWERthe project customer
_____ are managed in a coordinated manner to obtain benefits not available from
managing them individually. - ANSWERPrograms
, Your 12-month project has a total cost of $200K. After three months you've spent $70K.
The project was slated to be 25% done but is only 20% done. What's the project's
estimate at completion (EAC)? - ANSWER350k
Your 12-month project has a total cost of $200K. After three months you've spent $70K.
The project was slated to be 25% done but is only 20% done. What's the cost variance
(CV) of the project? - ANSWER-30k
You are the project manager of a software development project and you are reporting the
performance of the project to upper management. You have the following data: earned
value (EV) = $2000 and actual cost (AC) = $1000. What is the value of schedule
performance index (SPI)? - ANSWERCannot be determined
For the project, the earned value (EV) is $350, the actual cost (AC) is $280, and the
planned value (PV) is $500. The total project budget is $1,000. Assume the original
estimate was flawed. Your development team has given you a new estimate for the
remaining work of $1,200. What is the project estimate to complete (ETC)? -
ANSWER1200
Your 12-month project has a total cost of $200K. After three months you've spent $70K.
The project was slated to be 25% done but is only 20% done. What's the earned value
(EV) of the project? - ANSWER40k
When analyzing the outputs of the Control Costs process, what are the two types of cost
forecasts? - ANSWEREstimate at completion; estimate to completion
During the Control Costs process, what does the project management information
system keep track of? - ANSWERPlanned value
Earned value calculations
Actual costs
The Control Costs process is fundamentally about tracking how much money is spent
during the project and _____. - ANSWERmaking sure you're getting the expected value
from the work performed .
What is a central output of the Control Costs process? - ANSWERCost forecasts
During the Determine Budget process, individual activity costs are aggregated to _____,
which are further aggregated to determine the total project cost. - ANSWERwork
packages
What is the primary information conveyed by a time-phased budget? - ANSWERWhen the
installments of money are needed
The funding used to execute the project is the _____. - ANSWERproject budget
The cost baseline for a project is the _____, without management reserves. -
ANSWERapproved time-phased budget
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