C722 Project Management Practice Questions - Set 1 - Part 2

Correct Answer: b) Norming

In the Norming stage, team members resolve conflicts and establish relationships, setting the stage for effective collaboration.

Correct Answer: b) Checklist Model

The Checklist Model applies a standard set of questions to evaluate each project’s viability, making it straightforward for comparison.

Correct Answer: d) Resource-based

Project organizational structures include Functional, Projectized, and Matrix, while "Resource-based" is not a recognized structure type.

Correct Answer: a) Finish-to-Start

Finish-to-Start is the most common dependency, where the successor task begins only once the predecessor has finished.

Correct Answer: b) Earned Value Analysis

Earned Value Analysis compares planned and actual performance, providing insights into budget and schedule adherence.

Correct Answer: c) Bottom-up Estimate

Bottom-up Estimating calculates project costs by aggregating estimates from each task level in the WBS, allowing for detailed and accurate budgeting.

Correct Answer: b) To monitor changes in project cost, scope, or time

The Project Baseline provides reference points for cost, scope, and schedule, which are essential for tracking changes throughout the project.

Correct Answer: d) Requirements Traceability Matrix

The Requirements Traceability Matrix is a tool for tracking project requirements, linking them to their sources, and ensuring they are fulfilled.

Correct Answer: b) Transfer

Risk Transfer allocates risk to a third party, typically through contracts or insurance, thereby reducing the project’s direct exposure to certain risks.

Correct Answer: c) Project Manager

In a projectized structure, the Project Manager has primary authority and control over project resources, timelines, and decision-making.

Correct Answer: a) Defining

The Defining phase establishes project foundations, including objectives, scope, and initial baselines, setting the stage for Planning.

Correct Answer: c) Scoring Model

The Scoring Model uses weighted criteria to evaluate and prioritize projects, allowing management to focus on strategic factors.

Correct Answer: b) Optimistic + Most Likely + Pessimistic / 3

The Three-Point Estimate calculates an average using optimistic, most likely, and pessimistic estimates to predict task duration.

Correct Answer: b) Mitigation

Risk Mitigation reduces the impact or likelihood of a risk, making it more manageable within the project’s acceptable risk levels.

Correct Answer: c) Executing

The Executing phase focuses on completing deliverables, which are then prepared for delivery in the Closing phase.

Correct Answer: a) Matrix

The Matrix structure combines Functional and Projectized characteristics, where resources report to both functional and project managers.

Correct Answer: b) To manage communications with stakeholders

The Stakeholder Management Plan outlines how to engage and communicate with stakeholders based on their influence and interest in the project.

Correct Answer: c) Direct Overhead Costs

Direct Overhead Costs, also known as indirect costs, are shared expenses that support multiple project tasks but aren’t tied to any one task.

Correct Answer: c) Earned Value (EV)

Earned Value is calculated as the percent complete times the total budget, representing the value of work actually performed.

Correct Answer: a) Resource Leveling

Resource Leveling adjusts schedules to prevent overallocation and ensure resources are distributed evenly throughout the project.