C722 Project Management Practice Questions - Set 1 - Part 3

Correct Answer: b) The level of risk exposure a stakeholder has an interest in

A Risk Threshold is a stakeholder’s specific interest level in risk exposure, often guiding their response strategies.

Correct Answer: d) Closing

The Closing phase formalizes project completion, secures final approval, and captures lessons learned for future projects.

Correct Answer: c) Float or Slack Time

Float or Slack Time allows certain tasks to be delayed without affecting the project completion date, providing scheduling flexibility.

Correct Answer: d) Evaluate Change

The Evaluate Change step assesses the change’s benefits and costs to determine if it should proceed or be denied.

Correct Answer: b) To document and verify requirements

The Requirements Management Plan ensures customer requirements are accurately documented and verified throughout the project.

Correct Answer: c) Competing resource demands

In a Matrix structure, resource demands can conflict, as employees report to both project and functional managers, requiring careful coordination.

Correct Answer: c) A short cycle for delivering usable functionality

A Sprint is a time-boxed period in Agile where the team works to deliver a piece of functionality that can be reviewed by the customer.

Correct Answer: b) Break down deliverables into smaller, manageable components

The WBS decomposes deliverables into tasks and activities, making project management more structured and manageable.

Correct Answer: c) Probabilistic

Probabilistic estimating uses statistical methods to account for uncertainty in activity durations, offering a more flexible approach.

Correct Answer: d) Project

A project is a temporary endeavor with a distinct start and end, designed to produce a unique product, service, or outcome.