EXAM QUESTIONS

Question 1

Work package 1 has a probability of 25% and an impact of $10,000. Work package 2 has a probability of 50% and an impact of $50,000. Work package 2 has an expected monetary value of:

Answer 1

Correct answer: $25,000

Work package 2 has an expected monetary value (EMV) of $25,000. The formula for EMV is Probability x Impact. Therefore, EMV = 50% x $50,000 = $25,000.

Question 2

The Perform Integrated Change Control process consists of what two types of control?

Answer 2

Correct answer: Configuration control / Change control

The two types of control within the Integrated Change Control Process are:

Configuration control: Focuses on the specification of deliverables and processes.
Change control: Focuses on the identification, documentation, and approval or rejection of changes to project documents, baselines, or deliverables.

Question 3

Which resource optimization technique adjusts the start and finish dates based on resource constraints?

-Resource Leveling
-Resource Smoothing
-Critical Path

Answer 3

Correct answer: Resource leveling

Resource leveling is a technique in which start and finish dates are adjusted based on resource constraints, with the goal of balancing the demand for resources with the available supply.

Resource smoothing adjusts the activities so they do not exceed specified limits. The critical path may be changed through resource leveling, but not through resource smoothing. Schedule compression is used to shorten or accelerate the overall schedule duration.

Question 4

2. You have been asked to establish an estimated project cost using Expected Monetary Value (EMV). If the project has a best case estimate of $50,000 with a probability of 25%, a most likely case estimate of $55,000 with a probability of 45%, and a worst case estimate of $68,750 with a probability of 30% what is the EMV for the project?

Answer 4

The formula to get the correct answer is:($50,000 * 25%) + ($55,000 * 45%) + ($68,750 * 30%) = $57,875

Question 5

Which of the following is NOT a tool or technique used in the identify risks process?

Data Gathering
Prompt List
Data Analysis
Risk Categorization

Answer 5

Answer C. PMBOK® Guide p. 396 – The tools and techniques of the identify risks process include:  Expert judgment  Data gathering  Data analysis  Interpersonal and team skills  Prompt lists  Meetings

Question 6

Which of the following is NOT an input to the perform quantitative risk analysis process?

Agreements
PM Plan
Org Process Assets
Project Documents

Answer 6

Answer B. PMBOK® Guide p. 396 – The inputs to the perform quantitative risk analysis process include:  Risk management plan  Cost management plan  Schedule Management Plan  Risk register  Enterprise environmental factors  Organizational process assets

Question 7

You have just determined that you need to transfer a risk. In which of the following risk management processes are you?

Answer 7

Plan Risk Response

Question 8

.You have been asked to select one of four projects for your organization to execute. The organization is very risk adverse. If you assume the ends of a range of estimates are +/- 3 sigma from the mean, which of the following range estimates involves the least risk?

Answer 8

26 days plus or minus 5 days.

This question is actually much easier than it first appears. Because we are assuming a range of estimates that is +/- 3 sigma, meaning it is a normal distribution, all you have to do is determine which range estimate has the smallest difference or variance. The 3 point estimate has a range of 11 days. The plus or minus 5 days is a range of 10 and 20-33 days is 13.

Question 9

Which of the following is a tool or technique used in the monitor risks process?

Answer 9

Qualitative basis