PM Exam

Question 1

Teams have a vision statement before they begin a new project for what purpose

Answer 1

Lists the goal that team or company is ultimately trying to achieve

Question 2

Team member says that he greatly appreciates leaders who support team s physical and mental health is a type of what leadership

Answer 2

Healing leadership

Question 3

Listening leadership

Answer 3

Ability to attend to other s opinions

Question 4

Stewardship leadership

Answer 4

Means being responsible and working alongside the team to accomplish the work

Question 5

Empathy leadership

Answer 5

Understanding other people s emotions and being sensitive to their feelings

Question 6

PM gathers a large group of potential stakeholders and evaluate their skills all at once. Method is called

Answer 6

Focus groups

Question 7

Focus groups

Answer 7

Way to assess skills that stakeholders possess and function like a group interview

Question 8

Skills matrix

Answer 8

Chart that displays various skills and whether team has them or not

Question 9

Survey

Answer 9

Series of questions that participants answer

Question 10

Peer reviews

Answer 10

Teammates rating and analyzing each other’s performances

Question 11

Stakeholder explains one of her suggestions to team, and team later complains that the suggestion makes it more difficult for them to pursue their own interests for the project. What should team do?

Answer 11

Teams should work to meet the expectations of the stakeholder

Question 12

Stakeholders

Answer 12

Have influence over the project because they have Personal interest in seeing it succeed

Question 13

Which of following is NOT an aspect of emotional intelligence

Answer 13

A. Motivation
B. Social skills
C. Empathy
D. Foresight

D foresight

Question 14

Cost variance (CV)

Answer 14

Actual costs subtracted from the earned value using equation
CV=EV-AC

Cost variance= earned value - actual costs

Question 15

Project budget = $150,000
30% of projected work has been completed
Earned value=$50,000
PM spent $55,000
What is cost variance

Answer 15

EV= $150,000 *.30=$50,000
CV= EV- AC
CV= $50000-55,000

Cost variance is $5000

Question 16

Schedule Variance (SV)

Answer 16

Difference between how much of work of project was planned to have been completed and how much work has actually been completed

Question 17

Schedule Variance (SV)

Answer 17

SV=EV-PV

Schedule variance=earned value minus how much work actually completed

SV= earned volume - planned volume

Question 18

Schedule variance (SV)

Project planned by 6 months =50%
Planned value after 6 months =$75000
30% of work completed after 6 months
Earned value is $50000
What is SV

Answer 18

SV ( schedule variance)

SV=EV-PV

$50000-$75000= -$25000

Question 19

Cost Performance Index (CPI)

Answer 19

Amount of work completed per dollars spent

CPI= EV/ AC

Cost performance index = earned value divided by actual costs spent

Question 20

CPI problem example

Answer 20

Earned value = $50000
Actual costs= $55000
CPI = 0.91
Means project loses $.09 for every dollar spent, which will result in total loss of $18,000 if project continues on same performance rate

Question 21

Schedule performance index (SPI)

Answer 21

Measurement of how closely the project is following the planned schedule

SPI= EV/ PV

Question 22

Schedule performance Index (SPI)

Answer 22

Earned value = $50000
Planned value = $75000

SPI= EV/PV

$50000/$75000= 0.67 SPI

Question 23

Estimate at Completion (EAC)

Answer 23

Projection of how much project will cost to complete based on current project performance

Question 24

EAC

Answer 24

Estimate at completion

EAC= AC ( BAC-EV/ CPI x SPI)

Question 25

Estimate at completion (EAC) example

Answer 25

Project budget=$150,000
Earned value=$50,000
Planned value after 6 months= $75,0000
SV= -$25,000
Actual cost=$55,000
CPI= 0.91
SPI= 0.67

EAC= $55,000 + ( $200,000 - $50,000/ 0.91 x 0.67)
EAC= $300, 901. 64

Question 26

To complete performance index (TCPI)

Answer 26

Predicts whether the project can be completed within the planned budget based on the current performance or whether it can be completed at the new EAC

Question 27

Determine if project can be completed within planned budget

TCPI= BAC - EV / BAC - AC

Answer 27

TCPI= 200,000-50,000/ 200,000-55,000

TCPI = ( 150,000/145,000)

TCPI=1.03

Question 28

Determine if project can be completed at new EAC

TCPI=BAC-EV/EAC-AC

Answer 28

TCPI = BAC- EV / EAC- AC

TCPI= 200,00-50,000/300,901.64 - 55,000

TCPI=150,000 /245, 901.64

TCPI= 0.61

Question 29

Estimate to Complete (ETC)

Answer 29

Estimate of how much money will be required to complete the project under the current conditions

ETC= EAC-AC

300, 901.64 - 55,000

ETC =245, 901.64