20Q 03 Flashcards
PMP PREP
Which of the following is an example of a variable cost in a project?
a. Equipment purchase
b. Rent
c. Labor costs
d. Salaries
Variable costs are those that increase or decrease based on the amount of work or output. Labor costs are directly related to the amount of work being done, making it an example of a variable cost.
Appraisal costs Meaning
Appraisal costs relate to quality assurance activities, like testing and inspection, that are designed to catch defects before a product or service is delivered
Purpose of Risk identification
Determining which risks may affect the project and documenting their characteristics. The purpose is to ensure that all potential risks are identified so that they can be assessed and managed appropriately.
What is a Change freeze period
A change freeze period is designed to bring stability to the project environment by suspending ALL change requests during this time.
What is a Performance bond
It is a guarantee that the seller will perform the contract as specified. If the seller fails to perform, the buyer can use the bond to cover any costs incurred as a result.
Variance At Completion (VAC) Formulas
Variance At Completion (VAC) is a measure of the difference between the budgeted cost and the estimated cost at completion.
VAC = BAC - EAC
NOT EAC-BAC
Any increase makes the variance with (-) symbol
When The Activity Definition process should take place
after the completion of the WBS because it is the process of identifying the specific activities that need to be performed to produce the deliverables identified in the WBS.
How does the «“Requirements Management”» Plan aid you in prioritizing the requirements
The Requirements Management Plan includes a process for prioritizing requirements, considering various factors such as stakeholder needs and project constraints.
What is one way to improve time management skills?
DELEGATING tasks to others when possible is a useful way to improve time management skills. By doing so, individuals can focus on their most important tasks, reduce stress, and optimize their time more efficiently
