GIAC Certified Project Manager v1.0

Page:    1 / 24   
Exam contains 358 questions

Which of the following forecasting methods is described in the statement below?
"It is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted."

  • A. Causal/econometric method
  • B. Judgmental method
  • C. Ensemble forecasting
  • D. Time series method


Answer : A

Explanation:
Answer option A is correct.
Forecasting is the process of estimating or predicting in unknown situations. Forecasting is about predicting the future as accurately as possible with the help of all the information available, including historical data and knowledge of any future events that might impact forecasts. The forecasting methods are categorized as follows:
-> Time series method: It uses historical data as the basis for estimating future outcomes.
-> Causal/econometric method: This forecasting method is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted. If the causes are understood, projections of the influencing variables can be made and used in the forecast.
-> Judgmental method: Judgmental forecasting methods incorporate intuitive judgments, opinions, and subjective probability estimates.
-> Other methods: Other methods may include probabilistic forecasting, simulation, and ensemble forecasting.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Procurement and Project Integration
Objective: Forecasting and Integrated Change Control

Identify Risks is the process of determining which risks may affect the project. Which of the following are inputs of the Identify risks process?

  • A. Risk management plan
  • B. Risk register
  • C. Scope baseline
  • D. Project documents


Answer : ACD

Explanation:
Answer options C, D, and A are correct.
Identify risks is one of the five processes related to the risks in a project. In this process, those risks are determined that may affect the project. In this process, the characteristics of these identified risks are documented.

Inputs -
There are eleven inputs in the Identify risks process:
-> Risk management plan
-> Activity cost estimates
-> Activity duration estimates
-> Scope baseline
-> Stakeholder register
-> Cost management plan
-> Schedule management plan
-> Quality management plan
-> Project documents
-> Enterprise environmental factors
-> Organizational process assets

Outputs -
The risk identification process covers the total scope of a project and produces only one output, the risk register.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Risk Identification and Assessment

Which of the following forecasting methods is described in the statement below?
"It is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted."

  • A. Causal/econometric method
  • B. Judgmental method
  • C. Ensemble forecasting
  • D. Time series method


Answer : A

Explanation:
Answer option A is correct.
Forecasting is the process of estimating or predicting in unknown situations. Forecasting is about predicting the future as accurately as possible with the help of all the information available, including historical data and knowledge of any future events that might impact forecasts. The forecasting methods are categorized as follows:
-> Time series method: It uses historical data as the basis for estimating future outcomes.
-> Causal/econometric method: This forecasting method is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted. If the causes are understood, projections of the influencing variables can be made and used in the forecast.
-> Judgmental method: Judgmental forecasting methods incorporate intuitive judgments, opinions, and subjective probability estimates.
-> Other methods: Other methods may include probabilistic forecasting, simulation, and ensemble forecasting.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Procurement and Project Integration
Objective: Forecasting and Integrated Change Control

Identify Risks is the process of determining which risks may affect the project. Which of the following are inputs of the Identify risks process?

  • A. Risk management plan
  • B. Risk register
  • C. Scope baseline
  • D. Project documents


Answer : ACD

Explanation:
Answer options C, D, and A are correct.
Identify risks is one of the five processes related to the risks in a project. In this process, those risks are determined that may affect the project. In this process, the characteristics of these identified risks are documented.

Inputs -
There are eleven inputs in the Identify risks process:
-> Risk management plan
-> Activity cost estimates
-> Activity duration estimates
-> Scope baseline
-> Stakeholder register
-> Cost management plan
-> Schedule management plan
-> Quality management plan
-> Project documents
-> Enterprise environmental factors
-> Organizational process assets

Outputs -
The risk identification process covers the total scope of a project and produces only one output, the risk register.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Risk Identification and Assessment

You work as a project manager for HRM Inc. Your project has a schedule variance of -$35,500 and a schedule performance index of 0.92. What do these values mean in regard to project performance?

  • A. The project is performing well.
  • B. The project has a planned value of $600,000.
  • C. The project is likely to be late and over budget.
  • D. The project is eight percent off schedule and has a considerable schedule variance.


Answer : D

Explanation:
Answer option D is correct.
A schedule variance is found by subtracting the planned value from the earned value. A -$35,500 schedule variance is considerable for most projects, but combined with a schedule that is eight percent off schedule is more serious. The size of the project, however, and the defined project budget, needs to be determined to evaluate how serious the variance is.
Schedule variance (SV) is a earned value technique used for measuring the schedule performance on a project. The variance signifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula:
SV = Earned value (EV) - Planned value (PV)
If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Time and Cost Management
Objective: Earned Value Analysis and Forecasting

Gary has identified a project risk that could injure project team members. He does not want to accept any risk where someone could become injured on this project, so he hires a professional vendor to complete this portion of the project work. This workaround to the risk event is known as what type of risk response?

  • A. Avoidance
  • B. Acceptance
  • C. Mitigation
  • D. Transference


Answer : D

Explanation:
Answer option B is correct.
Transference is a strategy to mitigate negative risks or threats. In this strategy, consequences and the ownership of a risk is transferred to a third party. This strategy does not eliminate the risk but transfers responsibility of managing the risk to another party. Insurance is an example of transference. When Gary hires a professional vendor to manage that risk, the risk event does not go away, but the responsibility for the event is transferred to the vendor.
Answer option A is incorrect. Avoidance removes the risk event entirely either by adding additional steps to avoid the event or by reducing the project scope requirements.
Answer option C is incorrect. Mitigations are actions that Gary's project team could take to reduce the probability and/or impact of a risk event.
Answer option D is incorrect. Gary is not accepting this risk event; he does not want anyone in his team to become injured, so he is transferring the event.
Reference: The Project Management Body of Knowledge, Fifth edition, Section 11.5.2.1, Page 345
Chapter: Quality and Risk Management
Objective: Risk Modeling and Response

Which of the following types of organizational structures represents a hierarchy where every member has one leader and the employees are grouped by the area of expertise?

  • A. Projectized
  • B. Jury
  • C. Functional
  • D. Matrix


Answer : C

Explanation:
Answer option C is correct.
A functional organization represents a hierarchy where every member has one leader, and the employees are grouped by the area of expertise like engineering, accounting, production, marketing, etc., at the top level. A hierarchy represents an arrangement where a leader leads other individual members of the organization. Every department in a functional organization performs its duties independent of other departments.
Answer option D is incorrect. A matrix organization allocates each worker with two bosses in two different hierarchies. One hierarchy is "functional" and promises that each type of skilled person in the organization is well-trained, and measured by a boss who is super-expert in the same field. The other direction is "executive" and tries to get projects completed using experts. Matrix organizations are a blend of functional and projectized characteristics. Projects might be organized by products, regions, customer types, or some other schema.
Answer option A is incorrect. A projectized organization represents the particular and specific organization that has been built through the utilization of an organizational structure, which has been created in a manner in which the project manager leads the group and in which the project manager has the ultimate authority to make any and all decisions involving the organization, including the assignment of all priorities, the application of any predesignated resources, and also any and all direct workings of persons that have been assigned to the project already or may be assigned in the future.
Answer option B is incorrect. A jury consists of a group of peers who make a decision as a group, possibly by voting. The members of a jury go through an issue and come up with a decision.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Project Management Structure and Framework
Objective: Types of Organizations

Which of the following are inputs of the Acquire Project Team process?

  • A. Resource calendars
  • B. Project management plan
  • C. Enterprise environmental factors
  • D. Organizational process assets


Answer : BCD

Explanation:
Answer options B, C, and D are correct.
The Acquire Project Team process is one of the eight processes grouped under the Executing Process group. In this process, it is ensured that the human resources are available and the required team is obtained for completing the project assignments.

Inputs -
The Acquire Project Team has the following three inputs:
-> Project management plan
-> Enterprise environmental factors
-> Organizational process assets

Outputs -
The Acquire Project Team process has the following three outputs:
-> Project staff assignments
-> Resource calendars
-> Project management plan updates
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Communications and Human Resources
Objective: Acquiring and Developing Your Project Team

Which of the following are outputs of the perform quality assurance process?

  • A. Change requests
  • B. Project management plan updates
  • C. Organizational process assets update
  • D. Work performance information


Answer : ABC

Explanation:
Answer options C, B, and A are correct.
The inputs and outputs of the perform quality assurance process are as follows:

Inputs -



Project management plan -

Quality metrics -

Work performance information -

Quality control measurements -
-> Outputs
Organizational process assets update

Change requests -

Project management plan updates -

Project document updates -
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Quality Metrics and Quality Baselines

You are the project manager for your organization. Your organization manages projects for other companies. You will be soon managing a project for the JUH
Company. What document do you need first to help to develop the project charter?

  • A. Functional requirements
  • B. Preliminary project scope statement
  • C. Business requirements
  • D. Contract


Answer : D

Explanation:
Answer option D is correct.
When an organization completes a project for another entity a contract should be created and used as an input to the project charter development process.

Contract -
Contract is an exchange of promises between two or more parties to do an act which is enforceable in the court of law. It is an agreement that creates and defines obligations between two or more parties. It is a legal agreement that mutually binds the seller (to provide the specified product, service, or result) and the buyer (to pay for it).
Answer option B is incorrect as the preliminary project scope statement will be created after the project charter has been created.
Answer option C is incorrect as the business requirements will be listed in the project contract, which is the input the project manager needs.
Answer option A is incorrect as the functional requirements will be listed in the project contract, which is the input the project manager needs.
Reference: The Project Management Body of Knowledge, Fifth edition, Section 4.1, Page 66
Chapter: Procurement and Project Integration
Objective: Contract Types and Contract Negotiations

The Project Communications Management knowledge area focuses on which of the following processes?
Each correct answer represents a complete solution. Choose all that apply.

  • A. Create Work Breakdown Structure (WBS)
  • B. Distribute Information
  • C. Report Performance
  • D. Identify Stakeholders


Answer : BCD

Explanation:
Answer options C, B, and D are correct.
Project Communications Management is one of the nine Knowledge Areas. It employs the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. The following processes are part of Project Communications
Management:
-> Identify Stakeholders
-> Plan Communications
-> Distribute Information
-> Manage Stakeholder Expectations
-> Report Performance
The Project Communications Management processes provide the critical links among people and information that are necessary for successful communication.
These processes interact with each other and with the processes in the other Knowledge Areas as well.
Answer option A is incorrect. The Create Work Breakdown Structure (WBS) process is associated with the Project Scope Management knowledge area.
Reference:
http://www.preparepm.com/notes/communication.html
Chapter: Communications and Human Resources
Objective: Interpersonal Communication Skills

In which of the following processes are the results of executing the quality activities recorded and monitored in order to assess performance and recommend necessary changes?

  • A. Plan Quality
  • B. Perform Quality Assurance
  • C. Control Cost
  • D. Perform Quality Control


Answer : D

Explanation:
Answer option D is correct.
The Perform Quality Control process is one of the ten processes grouped in the Monitoring and Controlling Process group. During the Perform Quality Control process, results of executing the quality activities are recorded and monitored in order to assess performance and recommend necessary changes.

Inputs -
Following are the seven inputs for the Perform Quality Control process:
-> Project management plan
-> Quality metrics
-> Quality checklists
-> Work performance measurements
-> Approved change requests
-> Deliverables
-> Organizational process assets

Outputs -
Following are the seven outputs of the Perform Quality Control process:

Quality control measurements -


-> Validated changes
-> Validated deliverables
-> Organizational process assets updates
-> Change requests
-> Project management plan updates
-> Project document updates
-> Answer option A is incorrect. The Plan Quality process is for identifying quality requirements and standards for the project and product. This process also documents how the project will demonstrate compliance.

Inputs -
Following are the seven inputs of the Plan Quality process:
-> Scope baseline
-> Stakeholder register
-> Cost performance baseline
-> Schedule baseline
-> Risk register
-> Enterprise environmental factors
-> Organizational process assets

Outputs -
The Plan Quality process has the following five outputs:
-> Quality Management plan
-> Quality metrics
-> Quality checklists
-> Process improvement plan
-> Project document updates
Answer option B is incorrect. The Perform Quality Assurance process is used to review the quality requirements and outcomes from quality control measurements to make sure the quality standards are up to mark.
Answer option C is incorrect. The Control Cost process is used to examine the condition of the project to update the project budget and deal with changes to cost baseline.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Quality Control and Change Control

Which of the following theories describes the statement below?
"It states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction."

  • A. Herzberg's theory
  • B. Ouchi's Theory Z
  • C. McGregor's X and Y
  • D. Expectancy theory


Answer : A

Explanation:
Answer option A is correct.
Herzberg's Motivation-Hygiene Theory, also known as Two Factor Theory, was developed by Frederick Herzberg, a psychologist who found that job satisfaction and job dissatisfaction acted independently of each other. Two Factor Theory states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction. Two Factor Theory distinguishes between the following:
-> Motivators (e.g. challenging work, recognition, responsibility) which give positive satisfaction, arising from intrinsic conditions of the job itself, such as recognition, achievement, or personal growth.
-> Hygiene factors (e.g. status, job security, salary and fringe benefits) which do not give positive satisfaction, although dissatisfaction results from their absence.
These are extrinsic to the work itself, and include aspects, such as company policies, supervisory practices, or wages/salary.
Essentially, hygiene factors are needed to ensure an employee is not dissatisfied. Motivation factors are needed in order to motivate an employee to higher performance, Herzberg also further classified our actions and how and why we do them, for example, if you perform a work-related action because you have to, then that is classed as movement, but if you perform a work-related action because you want to, then that is classed as motivation.
Answer option B is incorrect. Ouchi's Theory Z, also known as the Japanese management style, believes in participative management. The organization is more of a familiar environment, and the organization strives for lifelong employment. Theory Z is the name applied to two competing management theories. In contrast to
Theory X, which stated that workers inherently dislike and avoid work and must be driven to it, and Theory Y, which stated that work is natural and can be a source of satisfaction when aimed at higher order human psychological needs, Theory Z focused on increasing employee loyalty to the company by providing a job for life with a strong focus on the well-being of the employee, both on and off the job. According to Ouchi, Theory Z management tends to promote stable employment, high productivity, and high employee morale and satisfaction.
Answer option C is incorrect. McGregor's X and Y theory describes the project team members and their behavior on the project and how management responds.
Answer option D is incorrect. Expectancy theory is about choice. It explains the processes that an individual undergoes to make choices. In organizational behavior study, expectancy theory is a motivation theory first proposed by Victor Vroom of the Yale School of Management. Expectancy theory predicts that employees in an organization will be motivated when they believe that:
-> putting in more effort will yield better job performance
-> better job performance will lead to organizational rewards, such as an increase in salary or benefits these predicted organizatio

Which of the following techniques is described in the statement below?
"It is used to verify whether a particular work can best be accomplished by the project team or must be purchased from outside sources."

  • A. Risk analysis
  • B. Expert judgment
  • C. Make-or-Buy analysis
  • D. Contract type


Answer : C

Explanation:
Answer option C is correct.
A make-or-buy analysis is used to verify whether a particular work can best be accomplished by the project team or must be purchased from outside sources. The budget constraints can influence the make-or-buy decisions. A make-or-buy analysis must consider all related costs; both direct and indirect support costs.
Answer option A is incorrect. Risk analysis is a method or a technique that can be used to identify and assess factors that may hinder the successful completion of a project or the achievement of a goal. It is also known as Project Impact Analysis or PIA. Risk analysis can also be used to determine business needs to start a project.
Answer option B is incorrect. Expert Judgment is a term that refers a specifically to a technique in which judgment is made based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, or product area, a particular discipline, an industry, etc. When project conflicts arise, expert judgment is used to evaluate the inputs into the process. Specifically, expert judgment is used to assess the product description, the project-selection criteria, and the validity of the historical information. In addition, expert judgment could be used to identify key assumptions and constraints. The expert can be anyone from within or external to the project team that has the required specialized knowledge and/or experience relevant to the goals of the project can be used as a source of expert judgment. Just who is an expert? While SMEs (Subject Matter Experts), customers, industry experts, consultants are all examples of experts, it doesn't have to be a person who is considered the ultimate in that sphere. It could be anyone who has the required experience to provide the input and judgment required to address the conflict.
Answer option D is incorrect. The type of contract to be used and the specific contract terms and conditions fix the degree of risk being assumed by the buyer and seller.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Procurement and Project Integration
Objective: Make vs. Buy Analysis

Which of the following tasks are performed by the scope development process?

  • A. To facilitate clear responsibility assignments
  • B. To define a baseline for performance measurement and control
  • C. To improve the accuracy of cost, duration, and resource estimates
  • D. To determine whether a scope change has occurred


Answer : ABC

Explanation:
Answer options C, B, and A are correct.
The tasks performed by the scope development process are as follows:
-> To improve the accuracy of cost, duration, and resource estimates
-> To define a baseline for performance measurement and control
-> To facilitate clear responsibility assignments
Answer option D is incorrect. This task is performed by the scope change control process.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Project Charter and Scope Management
Objective: Project Scope Development

Page:    1 / 24   
Exam contains 358 questions

Talk to us!


Have any questions or issues ? Please dont hesitate to contact us

Certlibrary doesn't offer Real Microsoft Exam Questions.
Certlibrary Materials do not contain actual questions and answers from Cisco's Certification Exams.
CFA Institute does not endorse, promote or warrant the accuracy or quality of Certlibrary. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.