PMP Chapter 4

Question 1

Assumption log

Answer 1

An assumption is something that is believed to be true or false, but it has not yet been proven to be true or false.
Assumptions that prove wrong can
become risks for the project. All identified project assumptions are recorded in the assumption log for testing and analysis, and the outcomes are recorded

Question 2

Benefit/cost ratio (BCR) models

Answer 2

This is an example of a benefits
comparison model. It examines the
benefit-to-cost ratio.

Question 3

Change control board (CCB)

Answer 3

A committee that evaluates the
worthiness of a proposed change and
either approves or rejects the proposed
change.

Question 4

Change control system (CCS)

Answer 4

The change control system communicates the process for controlling changes to the
project deliverables. This system works
with the configuration management
system and seeks to control and
document proposals to change the
project’s product.

Question 5

Change log

Answer 5

All changes that enter into a project are
recorded in the change log. The
characteristics of the change, such as the
time, cost, risk, and scope details, are
also recorded.

Question 6

Change management plan

Answer 6

This plan details the project procedures
for entertaining change requests: how
change requests are managed,
documented, approved, or declined.

Question 7

Closure processes

Answer 7

This final process group of the project
management life cycle is responsible for
closing the project phase or project. This
is where project documentation is
archived and project contracts are also
closed.

Question 8

Communications management plan

Answer 8

This plan defines who will get what
information, how they will receive it, and
in what modality the communication will
take place.

Question 9

Configuration identification

Answer 9

This includes the labeling of the
components, how changes are made to
the product, and the accountability of the changes.

Question 10

Configuration management plan

Answer 10

This plan is an input to the control scope
process. It defines how changes to the
features and functions of the project
deliverable, the product scope, may enter the project.

Question 11

Configuration management system

Answer 11

This system defines how stakeholders are allowed to submit change requests, the conditions for approving a change
request, and how approved change
requests are validated in the project
scope. Configuration management also
documents the characteristics and
functions of the project’s products and
any changes to a product’s
characteristics.

Question 12

Configuration status accounting

Answer 12

The organization of the product materials, details, and prior product documentation.

Question 13

Configuration verification and auditing

Answer 13

The scope verification and completeness
auditing of project or phase deliverables
to ensure that they are in alignment with
the project plan.

Question 14

Contract closure

Answer 14

The formal verification of the contract
completeness by the vendor and the
performing organization.

Question 15

Cost baseline

Answer 15

This is the aggregated costs of all of the
work packages within the work
breakdown structure (WBS).

Question 16

Cost management plan

Answer 16

This plan details how the project costs
will be planned for, estimated, budgeted,
and then monitored and controlled.

Question 17

Explicit knowledge

Answer 17

Knowledge that can be quickly and easily
expressed through conversations,
documentation, figures, or numbers, is
easily communicated.

Question 18

Future value

Answer 18

A benefit comparison model to determine a future value of money. The formula to calculate future value is FV = PV(1 + I)^n, where PV is present value, I is the given interest rate, and n is the number of periods

Question 19

Integrated change control

Answer 19

A process to consider and control the
impact of a proposed change on the
project’s knowledge areas.

Question 20

Issue log

Answer 20

Issues are points of contention where
some question of the project’s direction
needs to be resolved. All identified issues are documented in the issue log, along with an issue owner and a deadline to resolve the issue. The outcome of the issue is also recorded.

Question 21

Mathematical model

Answer 21

A project selection method to determine
the likelihood of success. These models
include linear programming, nonlinear
programming, dynamic programming,
integer programming, and multiobjective
programming.

Question 22

Milestone

Answer 22

Milestones are significant points or
events in the project’s progress that
represent accomplishment in the project. Projects usually create milestones as the result of completing phases within the
project.

Question 23

Milestone list

Answer 23

This list details the project milestones and their attributes. It is used for several
areas of project planning, but also helps
determine how quickly the project may be achieving its objectives

Question 24

Murder boards

Answer 24

These are committees that ask every
conceivable negative question about the
proposed project. Their goals are to
expose the project’s strengths and
weaknesses, and to kill the project if it’s
deemed unworthy for the organization to commit to. Also known as project steering committees or project selection
committees.

Question 25

Net present value

Answer 25

Evaluates the monies returned on a
project for each period the project lasts

Question 26

Payback period

Answer 26

An estimate to predict how long it will
take a project to pay back an organization for the project’s investment of capital.

Question 27

Present value

Answer 27

A benefit comparison model to determine the present value of a future amount of money. The formula to calculate present value is PV = FV ÷ (1 + i)^n, where FV is future value, I is the given interest rate, and n is the number of periods

Question 28

Procurement management plan

Answer 28

The procurement management plan
controls how the project will acquire
goods and services.

Question 29

Project charter

Answer 29

This document authorizes the project. It
defines the initial requirements of the
project stakeholders. The project charter
is endorsed by an entity outside of the
project boundaries

Question 30

Project management plan

Answer 30

The documented approach of how a
project will be planned, executed,
monitored and controlled, and then
closed. This document is a collection of
subsidiary management plans and related documents.

Question 31

Project scope management plan

Answer 31

Defines how the project scope will be
planned, managed, and controlled.

Question 32

Quality baseline

Answer 32

Documents the quality objectives for the
project, including the metrics for
stakeholder acceptance of the project
deliverable.

Question 33

Quality management plan

Answer 33

This plan defines what quality means for
the project, how the project will achieve
quality, and how the project will map to
organizational procedures pertaining to
quality.

Question 34

Regression analysis

Answer 34

A mathematical model to examine the
relationship among project variables, like
cost, time, labor, and other project
metrics.

Question 35

Risk management plan

Answer 35

Risk is an uncertain event or condition
that may affect the project outcome. The
risk management plan defines how the
project will manage risk.

Question 36

Risk register

Answer 36

The risk register is a centralized database consisting of the outcome of all the other risk management processes, such as the outcome of risk identification, qualitative analysis, and quantitative analysis.

Question 37

Risk response plan

Answer 37

This subsidiary plan defines the risk
responses that are to be used in the
project for both positive and negative
risks.

Question 38

Schedule baseline

Answer 38

This is the planned start and finish of the
project. The comparison of what was
planned and what was experienced is the schedule variance.

Question 39

Schedule management plan

Answer 39

Defines how the project schedule will be
created and managed.

Question 40

Scope baseline

Answer 40

The scope baseline is a combination of
three project documents: the project
scope statement, the work breakdown
structure, and the WBS dictionary. The
creation of the project deliverable will be
measured against the scope baseline to
show any variances from what was
expected and what the project team has
created

Question 41

Scoring models

Answer 41

These models use a common set of
values for all of the projects up for
selection. For example, values can be
profitability, complexity, customer
demand, and so on.

Question 42

tacit knowledge

Answer 42

Knowledge that’s more difficult to express because it’s personal beliefs, values, knowledge gain from experience, and “know-how” when doing a task.