C722 Project Management Practice Questions - Set 3 - Part 1

Test your knowledge of Project Management concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 1: What does the Project Scope Statement include to define the boundaries of a project?

a) Cost estimates

b) Deliverables and acceptance criteria

c) Project team roster

d) Risk register

Question 2: In project management, what is the primary purpose of a “Change Control Board (CCB)”?

a) To manage project risks

b) To assess and approve project changes

c) To assign project roles

d) To schedule project tasks

Question 3: Which cost estimation technique begins by identifying the smallest level of tasks and aggregating their costs?

a) Top-down Estimating

b) Ratio Estimating

c) Bottom-up Estimating

d) Parametric Estimating

Question 4: Which type of reserve is used for planned and anticipated project risks?

a) Contingency Reserve

b) Management Reserve

c) Resource Reserve

d) Buffer Reserve

Question 5: In project scheduling, what term describes the delay added to an activity to align with its successor task?

a) Fast-tracking

b) Float

c) Lead Time

d) Lag Time

Question 6: What Agile project management term is used for prioritizing project work and functionality over time-bound delivery?

a) Fast-tracking

b) Scope Flexibility

c) Resource Leveling

d) Backlog Management

Question 7: What is a “Risk Appetite” in the context of risk management?

a) The amount of risk an organization can financially withstand

b) The level of risk an organization is willing to accept

c) The risk management budget

d) The maximum potential project loss

Question 8: Which project phase formally recognizes the start of the project and includes the creation of a project charter?

a) Defining

b) Planning

c) Executing

d) Closing

Question 9: What tool is a visual representation used in project management to sequence activities based on their dependencies?

a) Resource Histogram

b) Gantt Chart

c) Risk Register

d) Network Diagram

Question 10: In which project phase is the Work Breakdown Structure (WBS) first developed?

a) Executing

b) Planning

c) Closing

d) Defining

Question 11: What process occurs when additional features or requirements are added to a project without approval, often impacting scope?

a) Fast-tracking

b) Scope Creep

c) Schedule Compression

d) Quality Control

Question 12: What estimation method uses previous projects of similar scope as a reference to estimate a current project’s costs?

a) Top-down

b) Bottom-up

c) Analogous

d) Three-point

Question 13: Which project scheduling tool displays task durations and start and end dates in a bar chart format?

a) Gantt Chart

b) Risk Matrix

c) Critical Path Diagram

d) Network Diagram

Question 14: What is the primary purpose of a project’s “Scope Baseline”?

a) To calculate project risks

b) To track project tasks

c) To measure project performance

d) To define approved project scope

Question 15: Which of the following is NOT a type of Agile methodology?

a) Scrum

b) Kanban

c) PRINCE2

d) Extreme Programming

Question 16: What term describes activities that can be performed simultaneously if resources allow?

a) Serial Activities

b) Concurrent Activities

c) Dependent Tasks

d) Critical Path Activities

Question 17: In Earned Value Management, what does the term Planned Value (PV) represent?

a) The value of completed work to date

b) The approved baseline budget

c) The value of work scheduled to be completed by a specific date

d) The total project cost estimate

Question 18: Which risk response strategy focuses on reducing the impact of a risk if it occurs?

a) Avoidance

b) Transfer

c) Mitigation

d) Acceptance

Question 19: Which project selection method assigns scores based on selected criteria to rank potential projects?

a) Checklist Model

b) Scoring Model

c) Non-numeric Model

d) Financial Model

Question 20: Which Project Management Institute (PMI) document provides globally recognized project management standards and guidelines?

a) Project Scope Statement

b) Work Breakdown Structure

c) Project Management Body of Knowledge (PMBOK)

d) Project Charter

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