CCM Project Management Fundamentals 3

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?

Accepted Answer

Project sponsor

Answer

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?

Accepted Answer

Decomposition

Answer

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?

Accepted Answer

5.5 days

Answer

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?

Accepted Answer

The project is only accomplishing 85 cents of work for every dollar of scheduled work

Answer

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?

Accepted Answer

Meeting minutes distributed via email

Answer

Meeting minutes distributed via email provide a formal, documented record of decisions made during official project meetings.

(CCM) Certified Credit Manager Practice Test

(CCM) Certified Credit Manager Practice Test

CCM Project Management Fundamentals 3