Question: Which risk represents high severity and low probability according to the risk register?
Answer Options:
a. A thunderstorm is predicted.
b. Some team members have arrived late.
c. A customer has filed a complaint.
d. There has been a short circuit in the switchbox.
e. The accounting system has failed.
Answer: d. There has been a short circuit in the switchbox.
Question: If the price of a good decreases, what happens to the quantity supplied?
Answer Options:
a) It increases.
b) It decreases.
c) It remains the same.
d) There is no relationship between price and quantity supplied.
Answer: b) It decreases.
Question: A monopolistic firm has a sales schedule such that it can sell 31 prefabricated garages per week at $5,100 each, but if it restricts its output to 30 per week it can sell these at $5,200 each. The marginal revenue of the 31st unit of sales per week is:
Answer Options:
a) $158,100.
b) $5,100.
c) $2,100.
d) $100.
Answer: c) $2,100.
Question: Which two activities are required to establish effective governance for a project?
Answer Options:
The gate reviewers that support the responsible stakeholders
Approval requirements for each affected activity
Stakeholder assignment costs for each activity
Pass/fail criteria for each activity assigned to a gate reviewer
Role relationships for each stakeholder and activity
Answer: Approval requirements for each affected activity
Role relationships for each stakeholder and activity
Question: If the demand for hamburgers rises, the most likely effect on the price of pizza is:
Answer Options:
a) An increase in demand, leading to a price increase.
b) An increase in supply, leading to a price decrease.
c) A decrease in demand, leading to a price decrease.
d) A decrease in supply, leading to a price increase.
Answer: c) A decrease in demand, leading to a price decrease.
Question: Which activity is accomplished as part of the closing process of a project?
Answer Options:
a. Writing the lessons learned
b. Managing the stakeholders
c. Monitoring the schedule
d. Finalizing the project schedule
Answer: a. Writing the lessons learned
Question: Which activity is accomplished as part of the monitoring and controlling process?
Answer Options:
a. Developing the work breakdown structure (WBS)
b. Delivering the completed project to the customer
c. Keeping the project activities coordinated
d. Establishing the budget for subject matter experts (SMEs)
Answer: c. Keeping the project activities coordinated
Question: Which tool would a project team use to indicate the rate of resource usage per work period?
Answer Options:
a. Risk breakdown structure
b. Organizational breakdown structure (OBS)
c. Network diagram
d. Resource histogram
Answer: d. Resource histogram
Question: A change in which of the following will cause a change in the quantity of pizzas demanded?
Answer Options:
a) Consumer incomes.
b) The price of hamburgers.
c) The price of pizzas.
d) The number of consumers.
Answer: c) The price of pizzas.
Question: Which of the following is not a determinant of supply?
Answer Options:
a) Technology.
b) Resource prices.
c) Prices of other goods.
d) Consumer tastes.
Answer: d) Consumer tastes.
Question: If the price of milk falls from $3 per gallon to $2 per gallon, what is most likely to happen?
Answer Options:
a) The quantity demanded for milk will rise.
b) The quantity supplied of milk will fall.
c) Demand for milk will fall.
d) Both a and b are correct.
Answer: d) Both a and b are correct.
Question: A Contractor has completed eight houses in a new development and is planning on having an Open House. He has identified a risk that a visitor to the model home could slip and fall down the stairs, sustaining injuries. What can the contractor do to mitigate the risk of a guest getting injured?
Answer Options:
a. Purchase an Insurance policy that covers any injuries to a guest
b. Require guests to sign a non-liability form
c. Replace the stairs with an elevator
d. Install lighting, signs and handrails to decrease the probability of a fall
Answer: d. Install lighting, signs and handrails to decrease the probability of a fall