Questions - Risk,Procurement

7/27/2019 Questions - Risk,Procurement

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Questions

You have reached the end of design phase of your project. Youdecide to call a "phase end review" for obtaining authorization toclose the design phase and initiate the next phase (i.e. execution

phase) of your project.Your manager disagrees with your suggestion. He wants a "kill point"

to formally end the design phase of the project. In this context, youshould:

A. Disagree with your manager because you know that phase endreviews should be used at the end of each phase of the project

B. Agree with your managerC. Escalate this issue to the project sponsor

D. Take advise from a senior project manager about what shouldactually be done at the end of each phase of the project


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Questions

Youre managing a project to build a new accounting system. One ofthe accountants in another department really likes the currentsystem and is refusing to be trained on the new one. What isthe BEST way to handle this situation?

A. Refuse to work with him because hes being difficultB. Appeal to the accountants manager and ask to have him

required to take trainingC. Get a special dispensation so that the accountant doesnt have to

go to the trainingD. Work with him to understand his concerns and do what you can

to help alleviate them without compromising your project


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Questions

One of the initial project documents, issued by seniormanagement, which outlines the authority of the

project manager, is called Project charter. As a seller,what other document can be used in this place:

A. Work breakdown structure

B.Project scope

C.ContractD.Internal memo


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Each item of the Work Breakdown Structure isassigned a unique identifier. What is the name of

this identifier?A. Product ID number

B. Code of accounts

C. Quality inspection identifier

D. Project activity code

Questions


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Questions

Which of the following is NOT a characteristic of aproject?

A. Constrained by limited resources

B. Planned, executed, and controlled

C. Creates a unique product or serviceD. Ongoing and repetitive


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Youre managing a project, when your client tells you that anexternal problem happened, and now you have to meet an earlierdeadline. Your supervisor heard that in a situation like this, you canuse schedule compression by either crashing or fast-tracking theschedule, but hes not sure which is which. What do you tell him?

A Crashing the project adds risk, while fast-tracking adds cost

B When you crash a project, it always shortens the total duration of theproject

C. Crashing the project adds cost, while fast-tracking adds riskD. When you fast-track a project, it always shortens the total duration

of the project

Questions


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Questions

What is the ES & LF of activity FA. 13 , 16B. 10, 10C. 13 , 10

D. 10,14


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You are working on a project with a PV of $56,733 and an SPI of 1.2.Whats the Earned Value of your project?

A. $68,079.60

B. $47,277.50

C. $68,733

D. 0.72

Questions


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Project A has a NPV of $75,000, with an internal rate of return of1.5% and an initial investment of $15,000. Project B has a NPV of$60,000 with a BCR of 2:1. Project C has a NPV of $80,000, which

includes an opportunity cost of $35,000. Based on these projects,which is the BEST one to select:

A. Project A

B. Project B

C. Project CD. Not enough information

Questions


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You are working on a project with an SPI of .72 and a CPI of 1.1.Which of the following BEST describes your project?

A. Your project is ahead of schedule and under budget

B. Your project is behind schedule and over budget

C.Your project is behind schedule and under budget

D.Your project is ahead of schedule and over budget

Questions


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Three members of your project team want to pad theirestimates because they believe there are certain risks that

might materialize. What is the BEST way to handle thissituation?

A. Estimate the activities honestly, and then use a contingencyreserve to cover any unexpected costs

B. Allow more time for the work by adding a buffer to every

activity in the scheduleC. Tell the team members not to worry about it, and if the

schedule is wrong its okay for the project to be late

D.Crash the schedule

Questions


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1. Which tool or technique is used to analyze trends?

A. Scatter chart

B. Run chart

C. Checklist

D. Flow chart

Questions


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1. When is inspection performed?

A. At the beginning of the project

B. Any time a project deliverable is produced

C. Just before the final product is delivered

D. At the end of the project

Questions


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Youre managing a project to deliver 10,000 unitsof custom parts to a manufacturer that uses Just

In Time management. Which of the followingconstraints is most important to your client?

A. The parts must be delivered on time

B. The parts must be delivered in a specific order

C. The parts must conform to ISO specifications

D. The parts must be packaged separately

Questions


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Which of the following is NOT a human resourceprocess?

A. Develop Human Resource Plan

B. Acquire Project Team

C. Report Team Performance

D. Develop Project Team

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Your company is constructing a new just in time manufacturingfacility in Puerto Rico. This facility will be producing 3,000 bicyclesevery day. The raw materials are delivered to the facility on standardpallets, each taking up 1m2 (one square meter) of space. Every day

approximately 500 pallets will be delivered to the facility. You haveasked four local companies to submit their offers for constructingthis new manufacturing facility. If you had to pick a vendor basedon just the following information, which one would you choose?

A.) Company A: 8,000 m2 of production space and 500 m2 of palletstorage

B.) Company B: 8,000 m2 of production space and 350 m2 of palletstorage

C.) Company C: 8,000 m2 of production space and 250 m2 of palletstorage

D.) Company D: 8,000 m2 of production space and 0 m2 of palletstorage

Questions


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Your designer has given his resignation. This means thatyou will be losing him and your team size (includingyourself ) will go from 12 to 11 people. How many fewer

communication channels do you personally have on yourproject?

A.) 1

B.) 10

C.) 11

D.) 12

Questions


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The project manager for a construction project discovers that thelocal city council may change the building code to allow adjoiningproperties to combine their sewage systems. She knows that acompetitor is about to break ground in the adjacent lot and contactshim to discuss the possibility of having both projects save costs bybuilding a sewage system for the two projects.

This is an example of which strategy?

A. Mitigate

B. Share

C. Accept

D. Exploit

Questions - Risk


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Which of the following is NOT a risk response technique?

A. Exploit

B. Transfer

C. MitigateD. Confront

Questions - Risk


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You are using an RBS to manage your risk categories. What processare you performing?

A. Risk Planning

B. Risk IdentificationC. Qualitative Analysis

D. Quantitative Analysis

Questions - Risk


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Which of the following is used to monitor low priority risks?

A. Triggers

B. Watch lists

C. Probability and Impact MatrixD. Monte Carlo analysis

Questions - Risk


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Youre managing a construction project. Theres a 30% chance thatweather will cause a three-day delay, costing $12,000. Theres also a20% chance that the price of your building materials will drop,which will save $5,000. Whats the total EMV for both of these?

A. $3,600

B. $1,000

C. $2,600

D. $4,600

The expected monetary value (or EMV) of the weather risk is the probability(30%) times the cost ($12,000), but dont forget that since its a risk, thatnumber should be negative. So its EMV is 30% x -$12,000 = -$3,600.

The building materials opportunity has an EMV of 20% x $5,000 = $1,000.Add them up and you get -$3,600 + $1,000 = -$2,600.

Questions - Risk


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Joe is the project manager of a large software project. When itstime to identify risks on his project, he contacts a team of expertsand has them all come up with a list and send it in anonymously.What technique is Joe using?

A. SWOT

B. Ishikawa diagramming

C. Delphi

D. Brainstorming

Questions - Risk


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Susan is project manager on a construction project. When she hearsthat her project has run into a snag due to weeks of bad weather onthe job site, she says No problem, we have insurance that coverscost overruns due to weather. What risk response strategy did sheuse?

A. Exploit

B. Transfer

C. Mitigate

D. Avoid

Questions - Risk


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Youre performing risk identification on a software project. Twoof your team members have spent half of the meeting arguingabout whether or not a particular risk is likely to happen on the

project. You decide to table the discussion, but youre concernedthat your teams motivation is at risk. The next item on theagenda is an discussion of a potential opportunity on the projectin which you may be able to purchase a component for muchless than it would cost to build.Which of the following is NOT avalid way to respond to an opportunity?

A. Exploit

B. Transfer

C. Share

D. Enhance

Questions - Risk


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Risks that are caused by the response to another risk are called

A. Residual risks

B. Secondary risks

C. Cumulative risksD. Mitigated risks

Questions - Risk


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Whats the main output of the Risk Management processes?

A. The Risk Management Plan

B. The Risk Breakdown Structure

C. Work Performance InformationD. The Risk Register

Questions - Risk


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Tom is a project manager for an accounting project. Hiscompany wants to streamline its payroll system. The project isintended to reduce errors in the accounts payable system and

has a 70% chance of saving the company $200,000 over the nextyear. It has a 30% chance of costing the company$100,000.Whats the projects EMV?

A. $170,000

B. $110,000

C. $200,000D. $100,000

Questions - Risk


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Whats the difference between management reserves andcontingency reserves?

A. Management reserves are used to handle known unknowns,

while contingency reserves are used to handle unknownunknowns.

B. Management reserves are used to handle unknown unknowns,while contingency reserves are used to handle knownunknowns.

C. Management reserves are used to handle high-priority risks,while contingency reserves are used to handle low-priorityrisks.

D. Management reserves are used to handle low-priority risks,while contingency reserves are used to handle high-priorityrisks.

Questions - Risk


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How often should a project manager discuss risks with theteam?

A. At every milestone

B. Every dayC. Twice

D. At every status meeting

Questions - Risk


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Which of the following should NOT be in the risk register?

A. Watchlists of low-priority risks

B. Relative ranking of project risksC. Root causes of each risk

D. Probability and impact matrix

Questions - Risk


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Which of the following is NOT true about risk management?

A. The project manager is the only person responsible for

identifying risksB. All known risks should be added to the risk register

C. Risks should be discussed at every team meeting

D. Risks should be analyzed for impact and priority

Questions - Risk


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Youre managing a project to remodel a kitchen. You find outfrom your supplier that theres a 50% chance that the model ofoven that you planned to use may be discontinued, and youll

have to go with one that costs $650 more. Whats the EMV ofthat risk?

A. $650

B. $650

C. $325

D. $325

Questions - Risk


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Which risk analysis tool is used to model your risks by runningsimulations that calculate random outcomes and probabilities?

A. Monte Carlo analysis

B. Sensitivity analysisC. EMV analysis

D. Delphi technique

Questions - Risk


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A construction project manager has a meeting with the teamforeman, who tells him that theres a good chance that a generalstrike will delay the project. They brainstorm to try to find a way

to handle it, but in the end decide that if theres a strike, there isno useful way to minimize the impact to the project. This is anexample of which risk response strategy?

A. Mitigate

B. Avoid

C. TransferD. Accept

Questions - Risk


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Youre managing a project to fulfill a military contract. Yourproject team is assembled, and work has begun. Yourgovernment project officer informs you that a supplier that you

depend on has lost the contract to supply a critical part. Youconsult your risk register and discover that you did not plan forthis. Whats the BEST way to handle this situation?

A. Consult the probability and impact matrix

B. Perform quantitative and qualitative risk analysis

C. Recommend preventive actionsD. Look for a new supplier for the part

Questions - Risk


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Which of the following BEST describes risk audits?

A. The project manager reviews each risk on the risk register withthe team

B. A senior manager audits your work and decides whether youredoing a good job

C. An external auditor reviews the risk response strategies foreach risk

D. An external auditor reviews the project work to make sure the

team isnt introducing new risk

Questions - Risk


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Tom is a project manager for a software company. He iscontracting a long-term software project with an externalcompany. That company charges him $20/hour per employee

and $300 overhead per month. What kind of contract is heusing?

A. FP

B. CPPC

C. CR

D. T&M

Questions Procurement


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Which of the following is NOT true about bidder conferences?

All potential sellers should meet separately with the buyer

Potential sellers should ask questions in an open forum so other

sellers can hear the answers Bidder conferences are a good way to make sure sellers are

treated fairly

All sellers are given the same procurement documents

Questions - Procurement


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Youre managing a project that might have to contract out work,and youre comparing the relative advantages and disadvantagesof finding a seller versus having your company do the work itself.

Which process are you in? Plan Purchases

Plan Contracting

Select Sellers

Request Seller Responses



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Youre working on creating a qualified sellers list. Which processare you in?

A. Plan Purchases and Acquisitions

B. Plan ContractingC. Select Sellers

D. Request Seller Responses



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Youre managing a project that is difficult to estimate, so youdont have a good idea of when the project will end. Which of thefollowing contracts is BEST?

A. FPB. CPPC

C. CPIF

D. T&M



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Youre looking for a seller to do work for your project. When doyou send out an RFP?

A. After you create the procurement documents, but before you

select the sellerB. Before you plan contracting, but after you plan purchases and

acquisitions

C. After the bidder conference, but before you select the seller

D. During contract administration



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ABC Consultancy is getting 200 computers installed from avendor. The vendor will be paid the cost involved and a 10%incentive. Which contract will be used in this case?

A. CPPC B. CPIF

C. CPFF

D. Fixed Cost



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Monika is a Project Manager. She is coordinating a bidderconference to allow vendors to get clarification on the work thatneeds to be performed. Which phase of Project Management is

in progress? A. Conduct Procurements

B. Plan Procurements

C. Control Procurements

D. Close Procurements



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Makeorbuy analysis is a tool used in which process?

A. Plan Procurements

B. Conduct Procurements

C. Administer Procurements D. Analyze Procurements



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ABC Consultancy has a large internal project to be initiated. Tostaff this project, ABC Consultancy is working with PeopleConsultancy to provide three resources for six months. Theresources will be part of the team managed by ABCConsultancy for six months. Which contract type should beused?

A. Purchase Order

B. Cost plus Fee

C. Fixed cost D. Time and Material


Questions - Risk,Procurement

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