CAPM Predictive Methodologies 4 — Questions and Answers
Question 1: In a predictive project, what is 'float' (also called slack)?
- Extra budget allocated for risks
- The amount of time an activity can be delayed without delaying the project (Correct answer)
- Unassigned team resources
- Activities with no predecessors
Correct answer: The amount of time an activity can be delayed without delaying the project
Float is the amount of time a non-critical activity can be delayed without impacting the project's overall end date.
Question 2: A project manager uses analogous estimating for a new project. What is the main drawback of this technique?
- It is too time-consuming
- It relies on historical data that may not be comparable (Correct answer)
- It requires detailed WBS decomposition
- It cannot be used early in the project
Correct answer: It relies on historical data that may not be comparable
Analogous estimating uses past project data, so if the historical project is not truly similar, the estimate may be inaccurate.
Question 3: In predictive project management, which risk response strategy involves shifting the negative impact of a risk to a third party?
- Avoid
- Mitigate
- Accept
- Transfer (Correct answer)
Correct answer: Transfer
Risk transfer moves the financial impact or responsibility for a risk to a third party, such as through insurance or outsourcing.
Question 4: A project's planned value (PV) is $100,000, earned value (EV) is $80,000, and actual cost (AC) is $90,000. What is the Cost Variance (CV)?
- -$20,000
- -$10,000 (Correct answer)
- $10,000
- $20,000
Correct answer: -$10,000
Cost Variance = EV − AC = $80,000 − $90,000 = −$10,000, indicating the project is $10,000 over budget.
Question 5: Which process in predictive project management involves comparing project results to standards and identifying ways to eliminate unsatisfactory performance?
- Plan Quality Management
- Manage Quality (Correct answer)
- Control Quality
- Plan Resource Management
Correct answer: Manage Quality
Manage Quality (formerly Quality Assurance) audits quality requirements and results from quality control to ensure appropriate standards are used.
Question 6: In the predictive approach, what is the primary purpose of a kick-off meeting?
- Approve the project budget
- Formally announce project start and align the team on objectives (Correct answer)
- Conduct risk identification
- Review the completed WBS
Correct answer: Formally announce project start and align the team on objectives
A kick-off meeting formally announces the project has begun and ensures all stakeholders share a common understanding of goals and plans.
Question 7: A project manager is applying the 80/20 rule during quality control to focus improvement efforts. Which tool is being used?
- Control chart
- Scatter diagram
- Pareto chart (Correct answer)
- Histogram
Correct answer: Pareto chart
A Pareto chart ranks defects from most to least frequent, helping teams focus on the vital few causes responsible for most problems.
CAPM Predictive Methodologies 4
In a predictive project, what is 'float' (also called slack)?