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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Agile and Hybrid Methodologies | 20% | - Agile Estimation and Planning
|
| Topic 2: Project Management Fundamentals and Core Concepts | 50% | - Understanding the Value of Project Management
|
| Topic 3: Predictive, Plan-Based Methodologies | 30% | - Predictive Tool Techniques
|
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NEW QUESTION # 969
What are the two most common contract types used in a project?
Answer: B
Explanation:
Section: Volume E
Explanation/Reference: https://pmstudycircle.com/2013/12/types-of-procurement-contracts-used-in-project-management/
NEW QUESTION # 970
The planned work contained in the lowest level of work breakdown structure (WBS) components is known as:
Answer: D
Explanation:
Section: Volume A
NEW QUESTION # 971
Which of the following must be included in the risk register when the project manager completes the Identify Risks process?
Answer: D
Explanation:
According to the PMBOKGuide and standard PMI practice for the Identify Risks process, the primary output of this process is the Risk Register. At the completion of this initial identification phase, the register is populated with specific foundational information that will be refined during subsequent qualitative and quantitative analyses.
The components required at this stage include:
* List of identified risks: A detailed description of individual project risks, often formatted as a risk statement (e.g., Event may occur, leading to Impact).
* Potential risk owners: While a formal owner is confirmed during the Plan Risk Responses process, the Identify Risks process often identifies a person best suited to monitor the risk or provide further detail.
* List of potential risk responses: During identification, the project team often identifies obvious or immediate actions that could be taken to address a risk; these are captured now to inform the later Plan Risk Responses process.
Analysis of other options:
* B and D: While " list of causes " and " risk categories " are important, they are often part of the risk breakdown structure (RBS) or added during analysis. Option A represents the most complete " standard
" output specifically cited by PMI for the initial population of the register.
* C: " Short risk titles " are not a formal requirement; PMI emphasizes comprehensive risk descriptions to ensure clarity of the threat or opportunity.
This documentation ensures that the Risk Management Plan transitions effectively into active tracking and prepares the team for Perform Qualitative Risk Analysis.
NEW QUESTION # 972
Match the process with its corresponding Process Group:
Answer:
Explanation:
Explanation:
According to the PMI standard, processes are categorized into five distinct Process Groups. These groups are independent of project phases and represent the logical grouping of project management inputs, tools and techniques, and outputs.
Initiating (Process: Develop Project Charter): This group consists of those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start. The Project Charter is the foundational document here.
Planning (Process: Create WBS): This group involves processes required to establish the scope of the project, refine objectives, and define the course of action required to attain those objectives. Creating the Work Breakdown Structure (WBS) is a critical part of defining the scope baseline.
* Executing (Process: Manage Quality): These processes are performed to complete the work defined in the project management plan to satisfy the project requirements. Manage Quality (sometimes called Quality Assurance) focuses on the processes used to ensure the project is on track to meet quality standards.
* Monitoring and Controlling (Process: Monitor and Control Project Work): This group consists of processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.
* Closing (Process: Close Project or Phase): These processes are performed to formally complete or close the project, phase, or contract. It involves archiving information, completing lessons learned, and releasing team resources.
A common trick on the exam is confusing the Process Group (the " when/how " ) with the Knowledge Area (the " what " ). For example, while " Create WBS " is in the Scope Management Knowledge Area, it belongs strictly to the Planning Process Group.
NEW QUESTION # 973
Using values such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous similar project as the basis for estimating the same parameter or measurement for a current project describes which type of estimating?
Answer: B
Explanation:
According to the PMBOKGuide and the Standard for Project Management, the technique described is Analogous Estimating. This method uses the values or parameters from a previous, similar project as the basis for estimating the same parameters for the current project.
As per PMI standards, analogous estimating is frequently used to estimate project duration, cost, or budget when there is a limited amount of detailed information about the project (e.g., in the early phases). Key characteristics include:
* Top-Down Approach: It is generally less costly and time-consuming than other techniques but also less accurate.
* Expert Judgment: It relies on the historical experience of the project team or experts to adjust for differences between the past and current projects.
* Reliability: It is most reliable when the previous projects are truly similar in fact and not just in appearance, and the project team members preparing the estimates have the needed expertise.
The other options are incorrect based on the following PMI definitions:
* Bottom-up: This is a method of estimating project duration or cost by aggregating the estimates of the lower-level components of the WBS. While highly accurate, it is the most time-consuming method.
* Parametric: This uses a statistical relationship between historical data and other variables (e.g., square footage in construction or lines of code in software development) to calculate an estimate for activity parameters. It is more quantitative than analogous estimating.
* Three-point: This technique enhances accuracy by considering estimation uncertainty and risk. It uses three estimates (Most Likely, Optimistic, and Pessimistic) to define an approximate range for an activity ' s cost or duration (e.g., PERT).
As per the PMI Lexicon of Project Management Terms, Analogous Estimating is a form of gross value estimating and is often adjusted for known differences in project complexity or scale.
NEW QUESTION # 974
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