C722 Project Management Practice Questions - Set 5 - 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 type of project document serves as a record of potential project-derailing events and the plans for managing them if they occur?

a) Risk Register

b) Project Charter

c) Stakeholder Register

d) Project Scope

Question 2: Which project management method was originally developed for the U.S. Navy’s Polaris missile project and uses a statistical approach to estimate task duration?

a) Waterfall

b) Agile

c) PERT

d) CPM

Question 3: What project management term describes the intentional overlap of tasks to compress the schedule, even if they are normally performed in sequence?

a) Lead Time

b) Lag Time

c) Crashing

d) Fast-tracking

Question 4: In project scheduling, what does the term “Total Float” refer to?

a) The time needed to expedite a task

b) The time a task can be delayed without affecting the project’s end date

c) The time added to tasks for safety

d) The total duration of the project

Question 5: What type of cost remains constant throughout the project, regardless of the level of output or activity?

a) Variable Cost

b) Direct Cost

c) Overhead Cost

d) Fixed Cost

Question 6: Which project document is used to ensure that changes in requirements are systematically tracked from initiation through project closure?

a) Project Charter

b) Requirements Traceability Matrix

c) Stakeholder Register

d) Work Breakdown Structure

Question 7: What is the process called that involves continuous assessment of risks and developing plans to manage them as they evolve in a project?

a) Quality Control

b) Schedule Management

c) Risk Management

d) Resource Allocation

Question 8: What project management document is created during the Planning phase to establish how information will be collected, documented, and archived?

a) Communications Plan

b) Project Scope

c) Risk Register

d) Quality Assurance Plan

Question 9: Which project management technique calculates the time by which each task must start and finish to stay on schedule?

a) Forward Pass and Backward Pass

b) Critical Path Method

c) Fast-tracking

d) Schedule Compression

Question 10: What is the primary purpose of a project’s Scope Baseline?

a) To track the project budget

b) To manage stakeholder expectations

c) To set the standard for managing changes to the project’s scope

d) To determine project risks

Question 11: In Agile, what term refers to the meeting where the project team discusses what they will complete in the next Sprint?

a) Backlog Grooming

b) Retrospective

c) Sprint Planning

d) Daily Stand-up

Question 12: What is the main advantage of a Bottom-Up Estimating approach in project cost estimation?

a) It is fast and requires minimal data

b) It uses historical data from similar projects

c) It provides highly detailed and accurate estimates

d) It relies on industry standards for accuracy

Question 13: Which project phase focuses on executing the work defined in the project management plan to meet project objectives?

a) Planning

b) Defining

c) Executing

d) Closing

Question 14: In which project phase is the Work Breakdown Structure (WBS) typically created?

a) Executing

b) Defining

c) Planning

d) Closing

Question 15: What term is used to describe the degree of uncertainty an organization is willing to take in anticipation of a potential reward?

a) Risk Tolerance

b) Risk Threshold

c) Risk Appetite

d) Contingency Reserve

Question 16: Which project management term refers to analyzing completed project activities to identify and document lessons learned for future use?

a) Risk Management

b) Project Review

c) Project Baseline

d) Retrospective

Question 17: What project selection method evaluates whether a project aligns with competitive market needs, even if financial metrics are not met?

a) Checklist Model

b) Competitive Necessity Model

c) Weighted Scoring Model

d) Numeric Model

Question 18: What process involves determining whether project objectives have been met through monitoring and verifying quality standards?

a) Quality Assurance

b) Quality Control

c) Scope Validation

d) Cost Management

Question 19: In project risk management, what does “Avoidance” refer to as a risk response strategy?

a) Reducing the risk’s impact

b) Outsourcing the risk

c) Eliminating the risk entirely

d) Accepting the risk without action

Question 20: What project document provides a structure to systematically manage project changes as they arise?

a) Project Charter

b) Change Management Plan

c) Requirements Matrix

d) Risk Register

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