Question: A project is nearing completion, and the entire project team is meeting. During the meeting, the team discusses a part of the project that went particularly well, and the person responsible for that task describes how they were able to exceed expectations. Another discussion summarizes a part of the project that was over budget and how the team could have prevented the cost overrun. Which project closeout process is taking place in this meeting?
Answer Options:
Lessons learned review
Team building session
Formal acceptance of deliverables
Releasing of project team members
Answer: Lessons learned review
Question: A firm begins its strategic business initiative of developing a new business model that will allow the firm to deliver an efficient, tailored service to its customers. To accomplish this, the firm initiates a business management project. Which objective of project management is directly related to the tailored service?
Answer Options:
Resource loading
Stakeholder satisfaction
Project teamwork
Efficient output
Answer: Stakeholder satisfaction
Question: When does a negative cost variance (CV) occur in earned value management?
Answer Options:
When the actual cost is more than the earned value
When cost variance is more than schedule variance
When schedule variance is more than cost variance
When the earned value is more than the actual cost
Answer: When the actual cost is more than the earned value
Question: What is the documentation that provides assurance that products or services have been delivered on time and as ordered?
Answer Options:
Procurement voucher
Vendor invoice
Vendor closing checklist
Vendor account statement
Answer: Vendor invoice
Question: What are two purposes of project closeout?
Answer Options:
To keep the project on schedule
To modify scope to meet client needs
To derive lessons learned and best practices
To make sure the project remains within budget
To ensure completion of the project
Answer: To derive lessons learned and best practices
To ensure completion of the project
Question: What is one of the five levels of project management maturity?
Answer Options:
Unstructured process
Managed process
Evolving process
Regulated process
Answer: Managed process
Question: Which scenario describes a project?
Answer Options:
A sporting goods store installs a new point-of-sale system.
An automobile manufacturer produces automobiles.
A freight company moves products from one point to another.
An airline company provides transportation services.
Answer: A sporting goods store installs a new point-of-sale system.
Question: A firm with many ongoing projects deploys an organizational structure where the project manager defines what needs to be accomplished and establishes the project plan, schedule, and budget. Additionally, the functional manager determines how the project will be accomplished by assigning personnel and executes plans in accordance with the standards set by the project manager. Which type of organizational structure is this firm using?
Answer Options:
Balanced matrix organizational structure
Weak matrix organizational structure
Functional (departmentalized) organizational structure
Strong matrix organizational structure
Answer: Balanced matrix organizational structure
Question: Which advantage does the projectized organizational structure provide for a firm with multiple projects?
Answer Options:
The subject matter experts assigned to the project will always have appropriate expertise.
A skilled project team can support successive projects of the same type.
Team members enjoy access to a repository of functional or technical expertise.
Equipment and personnel are usually shared efficiently based on current needs.
Answer: A skilled project team can support successive projects of the same type.
Question: An organization expects to use a project management office (PMO) to support multiple projects that will be implemented within a functional organizational structure. Which benefit will this organization gain?
Answer Options:
Project team members will become full-time members of the project team.
Project team members will report directly to a project manager in the PMO.
Project team members will maintain access to current technologies and skill sets.
Project team members will gain direct access to a project sponsor.
Answer: Project team members will maintain access to current technologies and skill sets.
Question: Regardless of the organizational structure used to manage a project, an organization elects to use a project management office (PMO). Which three benefits will this organization gain?
Answer Options:
Overfunded budgets will be reduced by at least 50%.
Underfunded budgets will be reduced by at least 50%.
Subject matter experts will be excused from reporting their schedule status.
Lessons learned will be applied to other projects.
Best practices will be identified from project reviews.
Organizational policies will be available in a central repository.
Answer: Lessons learned will be applied to other projects.
Best practices will be identified from project reviews.
Organizational policies will be available in a central repository.
Question: Which advantage does the projectized organizational structure provide for a firm with multiple projects?
Answer Options:
The subject matter experts assigned to the project will always have appropriate expertise.
A skilled project team can support successive projects of the same type.
Team members enjoy access to a repository of functional or technical expertise.
Equipment and personnel are usually shared efficiently based on current needs.
Answer: A skilled project team can support successive projects of the same type.
Question: An organization expects to use a project management office (PMO) to support multiple projects that will be implemented within a functional organizational structure. Which benefit will this organization gain?
Answer Options:
Project team members will become full-time members of the project team.
Project team members will report directly to a project manager in the PMO.
Project team members will maintain access to current technologies and skill sets.
Project team members will gain direct access to a project sponsor.
Answer: Project team members will maintain access to current technologies and skill sets.
Question: Regardless of the organizational structure used to manage a project, an organization elects to use a project management office (PMO). Which three benefits will this organization gain?
Answer Options:
Overfunded budgets will be reduced by at least 50%.
Underfunded budgets will be reduced by at least 50%.
Subject matter experts will be excused from reporting their schedule status.
Lessons learned will be applied to other projects.
Best practices will be identified from project reviews.
Organizational policies will be available in a central repository.
Answer: Lessons learned will be applied to other projects.
Best practices will be identified from project reviews.
Organizational policies will be available in a central repository.
Question: A project team proceeds with the project work activities that are set in the work breakdown structure, and progress is monitored to ensure that budget, schedule, and scope expectations are being satisfied. During which project phase are these activities completed?
Answer Options:
Closing
Planning
Defining
Executing
Answer: Executing
Question: Which set of project activities is ordered from earliest activity to latest activity?
Answer Options:
Determine quality expectations; reassign resources back to the company; develop cost estimates
Complete the project proposal; close out procurement activities; create prototypes
Collect customer requirements; monitor the budget, schedule, and scope; develop the project charter
Develop the work breakdown structure; work to produce project deliverables; deliver the project to the customer
Answer: Develop the work breakdown structure; work to produce project deliverables; deliver the project to the customer
Question: Which project phase includes the development of the project charter?
Answer Options:
Defining
Executing
Closing
Planning
Answer: Defining