Question1
Question Statement:
Which of the following is a tool used to secure expert judgment?
Choices:
A. Peer review
B. Delphi technique
C. Expected value technique
D. Work Breakdown Structure (WBS)
Question 2
Question Statement:
Based on the information provided below, which project would you recommend pursuing?
Project I, with BCR (Benefit Cost ratio) of 1:1.6;
Project II, with NPV of US $ 500,000;
Project III, with IRR (Internal rate of return) of 15%
Project IV, with opportunity cost of US $ 500,000.
Choices:
A. Project I
B. Project III
C. Either project II or IV
D. Can not say from the data provided
question3
Question Statement:
What should be done by the project manager to ensure that all work in the project is included?
Choices:
A. Create a contingency plan
B. Create a risk management plan
C. Create a WBS
D. Create a scope statement
question4
Question Statement:
What kind of a relationship is implied when completion of a successor is dependent on initiation of its predecessor?
Choices:
A. FS
B. FF
C. SS
D. SF
Question 5
Question Statement:
What should a project manager do or follow to ensure clear boundaries for project completion?
Choices:
A. Scope verification
B. Complete a scope statement
C. Scope definition
D. Risk management plan
Answers:
Answer 1
B
Explanation:
The ‘Delphi technique’ is a commonly used tool to secure expert judgment while initiating a project.
‘Peer review’ is a project selection tool, ‘Expected value’ is a method quantitative risk analysis, and ‘WBS’ is a project planning tool.
Answer 2
Correct Choice:
B
Explanation:
Project III has an IRR of 15%, which means the revenues from the project equal the cost expended at an interest rate of 15%. This is a definitive and a favorable parameter, and hence can be recommended for selection.
Project I has an unfavorable BCR and hence cannot be recommended.
Information provided on projects II and IV is not definitive, and hence neither of projects II and IV qualifies for a positive recommendation.
Answer 3
Correct Choice:
C
Explanation:
A start-to-finish (SF) relationship between two activities implies that the completion of successor is dependent on the initiation of its predecessor.
A finish-to-start (FS) relationship between two activities implies that the initiation of successor is dependent on the completion of predecessor.
A finish-to-finish (FF) relationship between two activities implies that the completion of successor is dependent on the completion of predecessor.
A start-to-start (SS) relationship implies that the initiation of successor is dependent on the initiation of predecessor.
Answer 5
Correct Choice:
B
Explanation:
The project team must complete a scope statement for developing a common understanding of the project scope among stakeholders. This lists project deliverables – summary level sub-products, whose full and satisfactory delivery marks the completion of the project.
Scope verification is the process of securing a formal acceptance of the project scope by stakeholders.
Scope definition is the process of subdividing the major project deliverables into smaller, more manageable components.
A risk management plan involves setting up processes for identifying and dealing with project risks.
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