C722 Project Management Practice Questions - Set 4 - Part 3

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

Question 41: Which type of estimating provides a range for task durations, accounting for uncertainties by using best, worst, and most likely scenarios?

a) Analogous Estimating

b) Three-Point Estimating

c) Parametric Estimating

d) Bottom-Up Estimating

Question 42: What type of project cost includes expenses like office utilities and administrative salaries, which are shared across multiple activities?

a) Variable Costs

b) Direct Costs

c) Overhead Costs

d) Fixed Costs

Question 43: What does Earned Value (EV) represent in project management?

a) The total project budget

b) The value of work scheduled

c) The value of completed work

d) The remaining project cost

Question 44: In Agile, what is the purpose of a Sprint Retrospective?

a) To assign new tasks

b) To review project risks

c) To evaluate the Sprint and identify improvements

d) To update project baselines

Question 45: What does the Project Scope Statement primarily describe?

a) The list of project tasks and activities

b) Project stakeholders and their responsibilities

c) The project’s deliverables and boundaries

d) The project budget and resources

Question 46: What type of project management approach organizes tasks into linear, sequential phases, often used in software development?

a) Agile

b) Kanban

c) Waterfall

d) Scrum

Question 47: In project budgeting, what are Direct Costs?

a) Overhead costs shared among multiple tasks

b) Costs associated with unanticipated risks

c) Costs directly attributed to specific project tasks

d) Expenses that remain constant regardless of project changes

Question 48: Which project selection technique focuses on projects aligned with strategic objectives and operational priorities, even without clear financial returns?

a) Numeric Model

b) Non-numeric Model

c) Profitability Index

d) Weighted Scoring Model

Question 49: What is the purpose of a Work Breakdown Structure (WBS) in project management?

a) To prioritize project risks

b) To break down project deliverables into smaller components

c) To determine the project schedule

d) To identify project stakeholders

Question 50: In project cost management, what is the primary purpose of Earned Value Management (EVM)?

a) To track stakeholder engagement

b) To assess project quality

c) To measure project performance against cost and schedule baselines

d) To define project scope

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