PMP Review

Question 1

What are Functional, Projectized and Matrix Orgs?

Answer 1

Functional - One where team members work for a department; may be loaned to a project at times and the PM has little to no power

Projectized - PM is manager of projects and resources and has complete authority

Matrix - Combo with functional managers and project managers; PM has more power in Strong Matrix, equal in Balanced, and less in Weak

Question 2

Delphi Technique

Answer 2

Gathering expert opinion without participants knowing who else is being polled; prevents biasing opinions or groupthink

Question 3

Nominal Group Technique

Answer 3

Brainstormed ideas are voted upon and ranked by priority

Question 4

Planned Value (PV)

Answer 4

Planned % Complete * Budget (BAC)

Question 5

Actual Value (AV)

Answer 5

Actual % Complete * Budget (BAC)

Question 6

Actual Cost (AC)

Answer 6

Sum of actual costs

Question 7

Cost Variance (CV)

Answer 7

EV - AC
0 means project on budget
Negative means variance and over budget
Positive means under budget

Question 8

Schedule Variance (SV)

Answer 8

EV - PV
0 means project on schedule
Negative means variance and behind schedule
Positive means ahead of schedule

Question 9

Cost Performance Index (CPI)

Answer 9

EV ÷ AC
Equal to or greater than 1 indicates a favorable condition
Less than 1 indicates an unfavorable condition

Question 10

Schedule Performance Index

Answer 10

EV ÷ PV
Equal to or greater than 1 indicates a favorable condition
Less than 1 indicates an unfavorable condition

Question 11

Estimate At Completion (EAC)

Answer 11

BAC ÷ CPI or
AC + (BAC - EV)

Actual cost to date plus an estimate of costs for remaining authorized work to provide an accurate projection of cost at the completion of the project.

Question 12

Estimate to Completion (ETC)

Answer 12

EAC - AC

Forecast of how much more money will need to be spent to complete the project.

Question 13

Variance At Completion (VAC)

Answer 13

BAC - EAC

Shows the difference between the budget (BAC) and estimated cost (EAC)

Question 14

To-Complete Performance Index (TCPI)

Answer 14

(BAC-EV) ÷ (BAC-AC)

A projection of cost performance that a project must achieve on the value of the remainder of the project work to achieve a specified end result.

Question 15

Pareto Chart

Answer 15

Assists in prioritizing corrective actions as the issues with the greatest impact are displayed in order. (Quality Mangement)

Question 16

Scatter Diagram

Answer 16

Plot of data points against 2 variables to depict possible statistical correlation or dependence of the variables

Question 17

Cause-and-Efect Diagram

Answer 17

Fishbone, Ishikawa, Root-Cause Diagram

Analyzing and relating potential underlying causes to an effect or result

Question 18

Maslow’s Hierarchy of Needs

Answer 18

5 categories of needs exist in an hierarchy; meeting needs in one category does not motivate unless the lower level needs are already met

Question 19

Herzberg’s Motivation-Hygiene

Answer 19

Hygiene factors do not motivate but must be present for motivational factors to function
(achievement, recognition, the satisfaction of the work itself, responsibility and opportunities for advancement and growth)

Question 20

McGregor’s Theory-X & Theory-Y

Answer 20

X-managers believe constant supervision is necessary

Y-manager believe people can be trusted to work

Question 21

Fiedler’s Contingency

Answer 21

Effectiveness of a leader’s style (task or relationship-oriented) is contingent on the situation

Question 22

McClelland’s Theory of Needs

Answer 22

Workers may be motivated by meeting their varying degrees of need for 1. Achievement 2. Power 3. Affiliation

Question 23

Expectancy (Vroom)

Answer 23

The realistic (believable) expectation of a reward is the motivator

Question 24

Number of Communication Channels

Answer 24

n(n-1) ÷ 2

Question 25

Net Present Value (NPV)

Answer 25

The difference between the value of cash now and the value of cash at a future date. Select the one with highest future value.