C722 Project Management Practice Questions - Set 4 - Part 1

Correct Answer: b) Project Charter

The Project Charter formally authorizes the project and includes high-level objectives, deliverables, and cost estimates.

Correct Answer: b) Schedule Variance (SV)

Schedule Variance measures the difference between the baseline and actual schedules, showing project progress relative to the plan.

Correct Answer: c) Critical Chain Project Management (CCPM)

CCPM adds buffers to account for uncertainties, focusing on resource constraints to avoid schedule overruns.

Correct Answer: b) To document how project requirements will be identified and tracked

The Requirements Management Plan outlines processes for gathering, tracking, and verifying project requirements throughout the project lifecycle.

Correct Answer: b) Matrix

The Matrix structure combines aspects of Functional and Projectized structures, allowing for flexible resource allocation.

Correct Answer: c) Analogous Estimating

Analogous Estimating uses data from past projects with similar characteristics, making it useful for initial cost estimation.

Correct Answer: d) Gantt Chart

A Gantt Chart is a bar chart that represents tasks over time, showing durations, start and end dates, and sometimes dependencies.

Correct Answer: b) Requirements Traceability Matrix

The Requirements Traceability Matrix links requirements to deliverables, tracking their progress and ensuring completion.

Correct Answer: d) Transfer

Risk Transfer assigns responsibility for risk management to a third party, like insurers, to reduce the project’s direct exposure.

Correct Answer: c) Backlog

The Backlog contains a prioritized list of customer requirements and guides the development work in Agile projects.

Correct Answer: b) Critical Path Method (CPM)

The Critical Path Method identifies the longest sequence of tasks, determining the shortest time required to complete the project.

Correct Answer: c) To balance resource use and avoid overload

Resource leveling adjusts the schedule to prevent resource overallocation, balancing workload over the project duration.

Correct Answer: b) 50-50 Rule

The 50-50 Rule in Earned Value Management assigns 50% of the value at task start and the remaining 50% upon task completion.

Correct Answer: c) Indirect Costs

Indirect Costs, like administrative expenses, support the project but are not attributable to a single activity.

Correct Answer: c) Conflict over resource allocation

In a Matrix structure, resources report to both project and functional managers, which can lead to conflicts over their allocation.

Correct Answer: b) Variable Costs

Variable Costs fluctuate with project output levels, including materials, labor, and other direct production expenses.

Correct Answer: b) Time efficiency

SPI compares earned value to planned value, measuring time efficiency and showing whether the project is ahead or behind schedule.

Correct Answer: c) Project Charter

The Project Charter formally authorizes the project, assigning resources and outlining key objectives and deliverables.

Correct Answer: a) Three-point Estimating

Three-point Estimating averages optimistic, most likely, and pessimistic estimates, providing a balanced duration estimate.

Correct Answer: d) Closing

The Closing phase includes the formal handover of deliverables, finalizing project work and completing all documentation.