C722 Project Management Practice Questions - Set 1 - Part 1

Correct Answer: b) Project Charter

The Project Charter provides an overview of the project, including the purpose, scope, high-level budget, and stakeholders, and is signed by the sponsor to authorize the project.

Correct Answer: b) Program

A program is a group of related projects that are managed together to achieve greater benefits and control than if managed individually.

Correct Answer: c) Planning

The Planning phase finalizes baselines for scope, budget, and schedule, which are then approved by sponsors to guide project execution.

Correct Answer: c) Time, Scope, Cost

The Triple Constraints represent Time, Scope, and Cost, which must be balanced in project management to achieve project success.

Correct Answer: a) Project Scope

The Project Scope document defines what is included in the project and helps prevent scope creep by setting clear boundaries.

Correct Answer: c) Risk Management

Risk Management involves identifying, assessing, and mitigating risks to minimize potential impacts on project objectives.

Correct Answer: d) Closing

The Closing phase completes the project by delivering outcomes to the customer, obtaining acceptance, and documenting lessons learned.

Correct Answer: b) Planning

The WBS is developed during the Planning phase to break down project deliverables into manageable tasks.

Correct Answer: b) To illustrate task dependencies and durations

A Gantt chart provides a visual representation of tasks, their durations, and dependencies, assisting in tracking project progress.

Correct Answer: c) Executing

Scope creep commonly occurs during the Executing phase as changes or additions to scope arise without proper approval.

Correct Answer: b) Critical Path

The Critical Path is the sequence of tasks that directly impacts the project’s total duration, as any delay will delay the project.

Correct Answer: d) Acceptance

Acceptance involves acknowledging the risk without action to prevent it, but with plans in place to manage potential consequences.

Correct Answer: a) Defining

The Project Charter is developed in the Defining phase to formally authorize the project and outline its key information.

Correct Answer: b) Fast-tracking

Fast-tracking compresses the project schedule by starting tasks that would typically follow one another, although it may increase risk.

Correct Answer: d) Projectized

In a Projectized structure, the project manager has nearly complete control over the project and its resources.

Correct Answer: a) Risk Appetite

Risk Appetite defines the level of risk an organization is willing to take on for potential benefits.

Correct Answer: c) Bottom-up

Bottom-up estimation starts at the task level, building cost estimates from individual tasks up to the total project cost.

Correct Answer: b) Requirements Traceability Matrix

The Requirements Traceability Matrix tracks requirements to ensure they are met and helps prevent scope changes without proper review.

Correct Answer: c) To prioritize risks and assign responses

The Risk Register identifies, scores, and assigns plans for managing project risks and opportunities effectively.

Correct Answer: d) Time buffers

CCPM builds on CPM by adding time buffers to account for uncertainties and ensure resource availability.