PMP Last Minute

7/27/2019 PMP Last Minute

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Exit criteria:

Phase gates:

The three types of project network diagrams:

Activity-on-Node (most popular), Activity-on-Arrow (uses dummy activities), and GERT (uses loops and

conditional branches).

Estimates

Rough order of magnitude (ROM) = -/+ 50%

Preliminary = -15% to +25%

Budget = -10% to +25%

Definitive = -5% to +10%

Final = 0%

Order of Magnitude = -25% to +75%

Close Project or Phase

Contract close out activities include

Product verification

Financial closure (making final payment and updating cost records)

Conducting lessons learned

Final project performance reporting

Archiving project records

Administrative closure

Procurement closure means verifying that the procured work is complete or terminated.


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Close project or phase is the process of tying up and closing all the activities for every project management

process group.

A contract change control system defines the process by which the procurement can be modified. It

includes the paperwork, tracking systems, dispute resolution procedures, and approval levels necessary for

authorizing changes.

Negotiations process is not part of procurement documents.

Planning documentation is required during administrative closure to make final project performance

reporting

WBS can be used to communicate to customer as well as track time and cost by category of work

Performance Reports usually discuss variances between estimated and actual performance on the project.

Tools like status review meeting are used during Performance reporting.

Formulas

Task Variance = square of standard deviation (three point estimate)

TCPI is not a schedule performance measurement. A higher number means its time to take a

stricter cost management approach. When the number is < 1.0 project is well within its budget.

There is no metric that measures the project performance against the project scope.

Cost baseline = cost of project + contingency reserves

Total float of critical paths is Zero or negative

Motivation Theory

McGregor's Theory Y in contrast to Theory X, which stated that workers inherently dislike and avoid work

and must be driven to it, and Theory Y, which stated that work is natural and can be a source of satisfaction

when aimed at higher order human psychological needs.

For Ouchi, Theory Z focused on increasing employee loyalty to the company by providing a job for life with

a strong focus on the well-being of the employee, both on and off the job. According to Ouchi, Theory Z

management tends to promote stable employment, high productivity, and high employee morale and

satisfaction.

Communication

Team meeting is example of verbal communication.

Paralingual communication is the tone and pitch of the voice when talking to the people.

Halo effect

Noise is a biggest concern for the virtual team. Low Power / Low Interest: Monitor Only
http://en.wikipedia.org/wiki/Theory_X_and_theory_Yhttp://en.wikipedia.org/wiki/Theory_X_and_theory_Yhttp://en.wikipedia.org/wiki/William_Ouchihttp://en.wikipedia.org/wiki/William_Ouchihttp://en.wikipedia.org/wiki/Theory_X_and_theory_Yhttp://en.wikipedia.org/wiki/Theory_X_and_theory_Y


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Low Power / High Interest: Keep Informed

High Power / Low Interest : Keep Satisfied

High Power / High Interest: Manage Closely

PMI Code of conduct

As per PMI code of conduct, a project manager shall not accept any assignment that is not consistent with

background, experience, skills and qualifications.

Others

The Resource breakdown structure is a hierarchically-organized depiction of the identified project risks

arranged by the risk category and subcategory that identifies the various areas and causes of potential

risks. The RBS is part of Risk management plan and updating it means revisiting the Plan Risk management

process.

You must document the change request approval before carrying out the defects under direct and manage

execution process.

The project statement of work (SOW) is a narrative description of products or services to be delivered by

the project and is provided by the project initiator or customer for external projects or the sponsor or

requesting organization for internal projects. If the project is being done for an external customer, the SOW

may be received from the customer as part of a bid document.

Mandatory dependencies are also called as Hard logic.

Preferred Logic, Preferential Logic and soft logic are used for discretionary dependency

The project schedule can sometimes be presented in summary form, sometimes referred to as the master

schedule or milestone schedule

the difference between Business Need and Business Case , content of Statement of Work

(SOW)


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The three scheduling techniques are CPM (uses one estimate), PERT (uses three estimates), and GERT (can

show various project outcomes ).

The Monte Carlo technique is the most popular simulation scheduling technique and is also used for risk

analysis

The three levels of estimating accuracy are order of magnitude (-25% to +75%), budget (-10% to +25%), and

definitive (-5% to +10%).

1. The " core " planning processes are those that must be done in a specific sequence.

2. The "facilitating" planning processes are always performed, are not optional, and directly impact manyof the core planning processes

Elapsed time includes non-working days in a given work week.

Triggers are discovered in risk identification process while watched in risk monitoring and control process

Present value = Future value / (1 + i)**n. here I is periodic rate of interest and n is no of periods

McClelland identified 3 important needs in the workplace: achievement, power,

and affiliation

Expectancy theory says that reward motivation will work if the team believes that

the goal is achievable

Smoothing occurs when the person trying to resolve the conflict asks everyone

to focus on what they agree upon and diminishes the items on which there is

disagreement.

Responsibility, Respect, Fairness, and Honesty

Meetings: Informal & verbal

speeches such as this one are examples of formal verbal communication.


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Questions

Q. A project manager is having difficulty getting resources from a functional manager. Which of the

following would be the MOST appropriate to help resolve this problem?

A. Senior management

B. The customer

C. Key stakeholders

D. The sponsor

The correct answer is A

Q. As project manager, you have made the decision to outsource a part of your project to an outside

organization with whom you have never previously worked. You are ready to begin negotiating the

contract. What should be your goal in the contract negotiations?

A. Having a lawyer or the legal department review each clause in the proposed contract prior to

sharing it with any outside entity.

B. Negotiating the best possible price for your customer or organization.

C. Arriving at mutually agreeable terms for the contract between your organization and the

subcontracting organization.

D. Shifting as much of the project risk to the subcontracting organization as possible.

The correct answer is C

Q. Which process group creates the contract change control system?

A. Initiating

B. Planning


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C. Executing

D. Monitoring and Controlling

Q. What is the logic behind the belief that fast tracking increases risk?

A. The faster you drive, the more probable that you'll have an accident

B. The uncertainty of adjusting discretionary dependencies in order to fast track

C. The compressed schedule would probably have more critical paths

D. The resulting increased number of network paths increases the margin of error in schedule

network analysis

Q. In a control chart used in the Perform Quality Control process, which of the following statements is

LEAST true?

A. The upper customer specification limit represents the project's quality metric for the work

performance information.

B. A data observation below the lower control limit yet above the lower customer specification limit

represents a process that is out of control and a product that is within specification.

C. A data observation that is above the lower control limit and below the upper customer

specification limit represents a product that is within specification and a process that is in control.

D. A data observation that falls at a value equal to two standard deviations above the mean

represents a product from a process that is in control.

The correct answer is A

Q. Successfully planning, managing, and controlling the execution of the project depends on managing the

project scope. Successfully managing the project scope depends on having a detailed:

A. Project Scope Statement

B. Project Management Plan

C. Project Schedule


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D. Scope Management Plan

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All of these answers are important to managing the project, but the questionspecifically asked about managing scope, so you can eliminate Answers B and

C. The Scope Management Plan tells you how to define the scope and how to

process requested changes to the scope, but it is the Project Scope Statement

which actually defines the scope, including the boundaries of what's in and

what's out. Having this clearly defined in detail is mandatory for successful

scope management, therefore, Answer A is the correct answer.

Q. The PMBOK Guide describes several major outputs that are used by the

project manager and the team to understand the work that needs to be carriedout. Review the following choices and select the best answer that places these

major outputs in logical order from the most detailed to the least.

A. Charter, Scope Statement, WBS, WBS Dictionary, Activity List

B. Scope Baseline, Activity Attributes, Schedule Model Data, ChangeRequests

C. Activity List, WBS, Scope Statement, Requirements Documentation

D. Activity Attributes, Scope Baseline, Charter, RequirementsDocumentation

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The correct answer is CWow. Reading through the answers to this question may cause your head to

ache! The question is basically asking you to arrange these outputs from the

MOST DETAILED to the LEAST DETAILED. The project charter is the first

significant output generated by an initiating process. So, the charter is LEASTDETAILED and should appear at the end, if it is listed. Therefore, 'A' is incorrect.

('A' is tricky - the order is logical, but exactly the opposite of what was asked.) 'B'

is incorrect because it is in the wrong order. 'D' is very close - however, the

Charter should follow Requirements Documentation to be a correct answer. 'C'

is the best answer - it moves progressively from the most detailed to the least

detailed.


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Q. The Project Scope Statement is typically:

A. A definitive list of all the work and only the work to be done on the project.

B. Issued by senior management.

C. Progressively elaborated.

D. Defined before the functional specifications.

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The correct answer is CQ. The project scope statement typically starts off general and becomes more

specific as the project progresses. Progressive elaboration is a term that

describes the way in which the details of the scope are discovered over time. 'A'is incorrect since it is more descriptive of the WBS than the project scope

statement. 'B' is incorrect since the project scope statement is created by the

project team and not by senior management. 'D' is incorrect because the project

scope statement IS a functional specification.

Which of the following statements is FALSE regarding the tool called Rolling

Wave Planning?

A. Rolling Wave Planning is a tool or technique of Define Activities.

B. Rolling Wave Planning delays analysis on work packages that are notthe near future.

C. A Rolling Wave Plan serves as a summary activity (hammock) whenone node of the WBS has too many work packages and must be rolled into

another node.

D. The project team uses rolling wave planning to plan and schedulefuture work. These future planned WBS nodes are often revisited as moredetails emerge.The Scope Management Plan tells you how to define the scope and how to

process requested changes to the scope, but it is the Project Scope Statement

which actually defines the scope, including the boundaries of what's in and

what's out. Having this clearly defined in detail is mandatory for successful

scope management, therefore, Answer A is the correct answer.


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risk responses should be planned prior to determining the budget

The correct answer is B

Q. What is indicated by an activity's late finish date?

A. The latest the activity can finish without delaying a subsequent activity

B. The latest the activity can finish without delaying the project

C. The latest probable date that the activity will finish

D. The worst-case or pessimistic estimate for an activity

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An activity's late finish date is the latest an activity can finish without delaying

the project. If it exceeds the late finish date, the critical path will change,

ultimately resulting in the finish date slipping. Choice 'A' is close to the definition

of free float.

The correct answer is AThe communications management plan typically contains all of the following

EXCEPT :

A. The expected stakeholder response to the communication .

B. The stakeholder communication requirements

C. What technology will be used to communicate information

D. A glossary of terms

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The expected response you will receive is not part of the communications

management plan. The communications management plan focuses on how youwill communicate to stakeholders and not how they will communicate to you. 'B',

'C', and 'D' are all typically part of the communications management plan.

Order of magnitude estimate

Leads and lags are APPLIED as part of the Develop Schedule process, but then

they are ADJUSTED in the process of Control Schedule.\


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A definitive list of all the work and only the work to be done on the project. ---

WBS

The communications management plan typically contains all of the following

EXCEPT :

A. The expected stakeholder response to the communication.

B. The stakeholder communication requirements

C. What technology will be used to communicate information

D. A glossary of terms

The best answer is 'D'. The procurement statement of work (SOW) describes

the pieces of the project that are to be performed by an outside vendor. It often

starts off general and is revised as the project progresses

You answered C. The correct answer is AAlex is a project manager who wants to motivate his team by offering them a

week of paid vacation if the project is delivered on time. When presenting this to

the team, he spends extra time convincing the team that this goal is very

achievable. What theory BEST explains Alex's behavior?

A. Expectancy theory

B. Contingency theory

C. Achievement theory

D. Stimulus/Response theory


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You answered C. The correct answer is AAs a vendor contract is being closed, the project manager discovers that he was

overbilled for some of the work. He calls the vendor, who disagrees, saying that

the work was more complex than expected, and therefore the charge was higherthan expected. This isn't easily resolved and has all the signs of an impending

legal battle. Which process should be used to resolve this dispute?

A. Close Procurements

B. Manage Stakeholder Expectations

C. Administer Procurements

D. Control Costs

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Mark

Review

Explanation: Resolving contract disputes is performed in Administer

Procurements. However, when closing the contract, as in this case, the tool of

Negotiated Settlements is used to settle any open claims, even if Alternate

Dispute Resolution forms are invoked. (PMBOK 12.4.2.2)

You answered A. The correct answer is BYou are feeling good about a project you are managing; half-way through the

schedule the project spending is under budget. The actual costs have accrued

to $720,000 and the cost variance is $95,000. You have assured your sponsor

that you will finish the project without exceeding the budget. The sponsor agrees

with your outlook, but he adds caution that to achieve the goal, the project's

remaining spending efficiency should not fall below what percentage?

A. 112%

B. 90%

C. 105%


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D. 85%

work efficiency is the same as SPI.

Throughout the life of a project, a project manager should generally move

through four phases of leadership: Directing, coaching, facilitating, and

supporting.

Virtual teams are a tool of Acquire Project Team, not of Develop Project Team

Which of the following statements about Administrative closure methodologies is

FALSE?

A. It is both a process input and a process output.

B. It includes activities and interactions required to close projects basedon the organization's methodology.

C. Performing this procedure could involve analyzing project success orfailure and documenting lessons learned.

D. As a part of administrative closure, the project team should archive

project information for future use in the organization.

Which of the following would be included in procurement documentation?

A. Team Assessment

B. Invoices

C. Scope Diagram


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D. Organizational Process Assets

The correct answer is BYou are managing a large software project when the need for a new series of

database tables is discovered. The need was previously unplanned, and your

organization's staff is 100% utilized, so you decide to go outside the company

and procure this piece of work. When you meet with prospective sellers, you

realize that the scope of work is not completely defined, but everyone agrees

that the project is relatively small, and your need is urgent. Which type of

contract makes the MOST sense?

A. Fixed price

B. Time and materials

C. Open ended

D. Cost plus incentive fee

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Choice 'A' is incorrect because the scope is not defined enough to establish a

fair fixed price. Choice 'C' is a made-up type of contract. Choice 'D' would notmake sense in this case since the seller's costs are not abundantly clear, and

this type of contract would create too much risk. A Time and Materials

agreement is appropriate in this case

Monitor and Control Risks. That is the process where workarounds are created

A control account plan is a definition of what nodes in the WBS will be used for

points of controlling the budget, schedule and scope

managementby objective

management by exception
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