CAPM MOD-7

Question 1

(5) Steps to Create Budget

Answer 1

• Cost estimate
• Add Up Activities (Cost Baseline)
• Add Reserves
• Liaison w/Senior Management
• Present for Approval

Question 2

What Effect can multiple critical paths have?

Answer 2

Higher level of risk

Question 3

What are critical activities?

Answer 3

• Vital to project schedule success
• May not be on critical path

Question 4

Ho do you find critical path?

Answer 4

Path w/most days

Question 5

What does not have any float?

Answer 5

Critical Path

Question 6

Float

Answer 6

Time in activity can be delayed/extended without delaying finish date

Question 7

Critical path

Answer 7

• Longest Path
• Shortest Duration

Question 8

What effect does crashing usually have on project?

Answer 8

Increases project costs

Question 9

Fast Tracking

Answer 9

Overlapping Activities

Question 10

Crashing

Answer 10

Adding People/Equipment to Critical Activities

Question 11

What does negative float mean?

Answer 11

Dates not feasible without changing plan?

Question 12

How do you calculate float?

Answer 12

Early finish date - Late finish date

Question 13

How do you perform backward pass?

Answer 13

• Assign finish date to end milestone
  _ Each activity gets start/finish

Question 14

What does backward pass represent?

Answer 14

Late start/finish dates

Question 15

How do you do a forward pass?

Answer 15

• Assign start date to start milestone
• Left to right
• Assign start/finish dates to each activity/milestone

Question 16

What does a forward pass represent?

Answer 16

• Earliest possible finish date
• Shortest duration

Question 17

(3) Steps to estimated durations

Answer 17

1. Forward pass
2. Backward pass
3. Calculate float

Question 18

Except for first/last milestone, what must every milestone/activity be connected by?

Answer 18

• Predecessor
• One successor

Question 19

Does a milestone have durations/resources assigned?

Answer 19

No

Question 20

Steps to develop a project schedule? (1-3)

Answer 20

1. Identify milestones
2. Specify activities (WBS)
3. Sequence (Put in order)

Question 21

Steps to develop a project schedule? (4-5)

Answer 21

4. Estimate resources
5. Determine Duration

Question 22

What does a schedule depend on?

Answer 22

Creating a WBS

Question 23

What is a Work Breakdown Structure?

Answer 23

• Total Scope of work to be completed by team
• Break down into individual tasks

Question 24

Scope creep

Answer 24

uncontrolled scope expansion w/out changes on schedule or budget

Question 25

What does scope define?

Answer 25

What is to be delievred

Question 26

(3) Types of baselines found in project management plan

Answer 26

1. Scope baseline
2. Schedule baseline
3. Cost baseline

Question 27

What type of approach uses a project management plan?

Answer 27

Predictive

Question 28

Time Materials contract

Answer 28

• Cost-Reimbursable
• Fixed Price

Question 29

Cost-Plus Contact

Answer 29

• Seller pays for actual costs
  AND
• Fee for sellers profit

Question 30

(3) Types of procurement contracts

Answer 30

• Fixed Price
• Cost Plus
• Time/Materials

Question 31

First step in planning for resources

Answer 31

Estimate activity resources

Question 32

What can PM tailor in predictive approach?

Answer 32

1. Engagement
2. Tools
3. Methods
4. Processes

Question 33

What approach for intangible products?

Answer 33

Agile

Question 34

What approach for physical products?

Answer 34

Predictive

Question 35

What factors should you consider when tailoring a predictive life cycle?

Answer 35

1. Product/Deliverable
2. Project Team
3. Culture

Question 36

Importance of charter (1-3)

Answer 36

1. Authorizes start
2. High Level requirements
3. Shared understanding

Question 37

Importance of charter (4-5)

Answer 37

4. Identify stakeholders
5. How project links to ongoing work