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11. Your company is developing a new financial vehicle to sell to clients. The project team is in the process of identifying risks. Which of the following would not be classified as a risk?
A. A sudden drop in the stock market
B. The economy
C. An eight-point increase in the unemployment rate
D. A decision by the Federal Reserve to increase lending rates to banks
Reason: A risk is defined as an uncertain event or condition that, if it occurs, will cause an impact on one or more of your project objectives. Answers A, C, and D are all possible risk events. Answer B is a category of risk events, and not a specifically identified risk vent.
12. Your project team has just completed the final component of a three year long project that cost $20 million. The final product has been transitioned to operations and maintenance, a final lessons learned meeting has been held, all contracts have been closed and all post-project support requirements have been identified, documented and agreed upon with the customer. You have been offered a promotion due to the resounding success of this project. As part of project closure what is the next thing you will do?
A. Hold a celebration event to toast the team’s success
B. Thank the project team for their work and let them know you got promoted for it
C. Create the final project closure documents
D. Release project team
Reason: Creating the final project closure documents would be next. Since the team will assist with developing these, Answer D is one of the last things that would be done. While we may hold a celebration for the project team, that would happen after the project is completely closed.
13. You are the project manager for a large manufacturing project. You’re expecting one of your team members to hand-deliver a deliverable to you by the end of the day. Toward the end of the day you notice the team member has not arrived and you call to find out the status of that deliverable. The team member tells you that he was unable to get to your office so they sent the deliverable via e-mail. You explain to the team member that the reason you needed this deliverable hand delivered was so that you could give it a final once over before it is given to the client. The team member tells you that they informed you that sending this deliverable via e-mail, rather than in person, could occur due to their work schedule. What could’ve been done to avoid this situation?”
A. Better attention during communications requirements analysis
B. Using paralingual communication
C. Adding the risk to the risk register and developing an appropriate response plan
D. Adding this issue to the issues log
Reason: The only way to have avoided this situation is to have identified the possibility (risk) that the deliverable would not be able to be hand delivered, and developing an appropriate response strategy. Simply paying better attention during communications requirements analysis would not have avoided the situation, only identified it. Adding this item to the issue log may occur after it becomes an issue, but would not have avoided the situation.
14. You’re about halfway done with your project and everything is on schedule and within budget. All of a sudden, many change requests come from multiple stakeholders. After all of the changes were documented, you spent time with the stakeholders to discover why there were so many and ascertain if there were any more expected to come. The project work has now quieted down and returned to normal. Just before a status meeting one of the team members casually mentions they have added a small feature to the end product, and added, “Don’t worry, it did not have an impact on time, cost, or quality.” What is the first thing you should do?
A. Ask the team member how they determined there were no impacts
B. Hold a team meeting to review the need for the added feature
C. Look for other added features in the work of this team member
D. Ask the team member for the basis of determining the need for the added feature
Reason: Upon discovery of gold plating, which is what the question is talking about, the project manager should first of all address the initial communication, finding out the basis for the statement. Answer D may be something you do eventually, but since the feature has already been added without proper approval, trying to figure out the decision process is irrelevant. Answers B and C are a waste of time.
15. You are managing a project for a US Government entity and everyone on the project has been on edge and tense lately due to senior management’s pressure to finish the project on time. The tension has grown so much that your status and team meetings degrade into shouting matches where the team members are pointing fingers at each other for missed deadlines. One of the team members is asking to be excused from future meetings, citing the tension is upsetting to them. The project sponsor has now expressed interest in attending the team meetings to better understand how the project is performing, the issues involved for completing the project and the customer is talking about adding project scope. In this situation which of the following would be the best approach for the project manager to take?
A. Setup a bowling night as a team-building exercise and demand that all team members attend
B. Work with the team to develop ground rules for the team
C. Ask the project sponsor if the information they are requesting to be sent in a report rather than them attending the meeting
D. Talk in private with the team member who is asking to be excused and explain the value of communication in these meetings
Reason: In most situations, you’re trying to get to and deal with the root cause of the problem. Here the problem is obvious that the team does not have ground rules for expected behavior. Asking the project sponsor to take their information in a report does not solve the root cause of the problem. Creating a teambuilding exercise that would involve all team members may help in the short term but the root cause of not knowing what the expected desired behaviors are between team members is not addressed in a teambuilding exercise. Simply talking to the one person who is asking to be excused from the meetings will not deal with the issue of the team not treating each other with respect.
16. You’re the project manager for an international project to deliver aluminum molding equipment. The customer has accepted all of the product deliverables, but the PMO is still waiting on the final project closure report. The customer was so pleased with the outcome, they wrote a very nice letter to your company CEO, detailing how professional you and the team were. In the letter they also state their next project is beginning next month and they want your company to do the work. What is the current status of the project?
A. The project is complete because the customer has accepted the deliverables
B. The project is complete because of the nice letter to the CEO
C. The project is incomplete because the customer wants more work
D. The project is incomplete until all product and project deliverables are accepted
Reason: Projects are not complete until both product and project deliverables have been accepted. In this case the customer has accepted the product deliverables, but the PMO has not received, much less accepted the last project deliverable, which is the final project closure report.
17. You have just been informed that you will be project manager of a project in a highly technical area in which you have limited familiarity. It will begin in three months, is valued at $10 million and is being performed under a fixed price contract. The first thing you do is locate and review the project charter, when you discover that seven individuals have signed this document. Which of the following tasks concerns you the most?
A. Determining the final reporting structure
B. Expending more effort on configuration management
C. Identifying a single project sponsor
D. Develop a risk mitigation plan
Reason: This situation suggests that there are seven sponsor (possible departments or other areas of the business) that has interest in this project. This can cause added communications requirements, vague or conflicting requirements that could impact your configuration management efforts. Since this is a fixed price contract, the project manager is expected to deliver the scope of work as listed in the contract with all the requirements. Having a single project sponsor (Answer C) is nice but not necessary. Risk mitigation (Answer D) will eventually come into play but not at this stage. Determining the final reporting structure may have an impact on communications but not necessarily on the requirements.
18. You are assisting the PMO director in project selection. The executive steering committee has identified four possible projects, but can only do one with the remaining funds in this fiscal year. Project A has an internal rate of return (IRR) of 21% and an NPV of $200,000. Project B has an IRR of 20% and an NPV of $180,000. Project C has an IRR of 7% and an NPV of $180,000. Project D has an IRR of 13% and an NPV of $110,000. Based on this information which project would you recommend and what is the opportunity cost?
A. Project A, $180,000
B. Project B, $290,000
C. Project A, $470,000
D. Project D, $110,000
Reason: When selecting between project options, always select the one with the highest internal rate of return. Opportunity cost is the value of the next highest option in the list of projects. Therefore project A has the highest rate of return in the next highest option in the list as an NPV of $180,000.
19. You are the project manager for a multi-year, US Government sponsored project involving the use and consumption of materials such as gold, silver & copper. You have assembled the best possible team to complete the planning and work on this project. Senior management is cost sensitive and would prefer to reduce risk on this project. Which of the following contract types would you use to ease senior management’s concerns?
A. Firm-Fixed Price
B. Cost Reimbursable Plus a Percentage of Costs
C. Fixed Price Incentive Fee
D. Fixed Price with economic price adjustment
Reason: The question states that this is a multiyear project and has commodities that fluctuate greatly in price. The contract type in answer D is the best to use in this situation, because the price of the contract will be adjusted based upon economic indicators agreed upon between the buyer and seller. Using a fixed price contract as in answers A and C, leaves the company open for a loss of profits if the price of gold, silver and copper increases greatly. While a CPPC may be your preferred type, this is the most risky to the buyer.
20. In your project for a new interplanetary, space-based telescope the team is performing quality testing. The telescope’s focusing mount is out of adjustment causing inaccurate data during the test. You call the team together to discuss the root cause of the problem as well as options and the impact they could have on the rest of the project. Which of the following documents would you create to discover the underlying problem?
A. Pareto chart
B. Ishikawa diagram
D. Affinity diagram
Reason: In this instance you have found a problem and are trying to discover the root cause of the problem. The document used to uncover the possible root causes of a problem is called an Ishikawa diagram, a cause-and-effect or fishbone diagram.
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