CCM Project Management Fundamentals 3 — Questions and Answers
Question 1: A stakeholder who provides funding and high-level direction for a credit system project but is not involved in daily activities holds which role?
- Project manager
- Project sponsor (Correct answer)
- Functional manager
- Project coordinator
Correct answer: Project sponsor
The project sponsor provides resources and support while championing the project at the executive level.
Question 2: When planning a credit risk assessment tool implementation, the project team uses a technique to break work into smaller, manageable components. What is this technique called?
- Network diagramming
- Decomposition (Correct answer)
- Parametric estimating
- Monte Carlo simulation
Correct answer: Decomposition
Decomposition is the technique of subdividing project scope and deliverables into smaller, more manageable components.
Question 3: A project team is using a three-point estimate for a task. Optimistic = 3 days, Most Likely = 5 days, Pessimistic = 10 days. What is the PERT estimate?
- 5.5 days (Correct answer)
- 5.17 days
- 6 days
- 4.83 days
Correct answer: 5.5 days
PERT estimate = (O + 4M + P) / 6 = (3 + 4×5 + 10) / 6 = 33 / 6 = 5.5 days.
Question 4: During a project status meeting, the project manager reports a Schedule Performance Index (SPI) of 0.85. What does this indicate?
- The project is 15% ahead of schedule
- The project is only accomplishing 85 cents of work for every dollar of scheduled work (Correct answer)
- The project is 15% under budget
- The project has completed 85% of its work
Correct answer: The project is only accomplishing 85 cents of work for every dollar of scheduled work
An SPI below 1.0 means the project is behind schedule, earning only $0.85 of planned work for every $1.00 scheduled.
Question 5: Which communication method is most appropriate for formally documenting a key decision made during a credit project steering committee meeting?
- Instant messaging
- Meeting minutes distributed via email (Correct answer)
- Verbal confirmation to attendees
- A phone call to key stakeholders
Correct answer: Meeting minutes distributed via email
Meeting minutes distributed via email provide a formal, documented record of decisions made during official project meetings.
Question 6: A project manager wants to prioritize risks based on their probability and impact. Which tool is best suited for this purpose?
- Responsibility Assignment Matrix
- Probability and Impact Matrix (Correct answer)
- Project charter
- Stakeholder register
Correct answer: Probability and Impact Matrix
The Probability and Impact Matrix plots risks by likelihood and consequence to help prioritize risk responses.
Question 7: In a credit department project, the project manager must balance competing demands from multiple functional departments. Which organizational structure best supports this challenge with a dedicated project manager?
- Functional organization
- Projectized organization (Correct answer)
- Matrix organization
- Simple organization
Correct answer: Projectized organization
In a projectized organization, the project manager has full authority and resources are dedicated entirely to the project.
CCM Project Management Fundamentals 3
A stakeholder who provides funding and high-level direction for a credit system project but is not involved in daily activities holds which role?