CRE Project Planning and Management 2 — Questions and Answers
Question 1: Which risk assessment tool uses a matrix to prioritize risks based on probability and severity?
- Pareto chart
- Risk priority matrix (Correct answer)
- Control chart
- Fishbone diagram
Correct answer: Risk priority matrix
A risk priority matrix plots probability against severity to rank risks so resources can be directed toward the highest-priority items.
Question 2: In project management, what does the term 'scope creep' refer to?
- Gradual increase in project budget
- Uncontrolled expansion of project requirements beyond original boundaries (Correct answer)
- Extension of project timeline due to resource constraints
- Reduction in deliverable quality
Correct answer: Uncontrolled expansion of project requirements beyond original boundaries
Scope creep is the uncontrolled addition of features or requirements without corresponding adjustments to time, cost, or resources.
Question 3: A reliability engineer is estimating total project cost including uncertainties. Which technique uses three-point estimates to calculate expected cost?
- Earned value analysis
- PERT estimating (Correct answer)
- Monte Carlo simulation
- Bottom-up estimating
Correct answer: PERT estimating
PERT (Program Evaluation and Review Technique) uses optimistic, most likely, and pessimistic estimates to compute a weighted average expected value.
Question 4: Which project scheduling technique identifies all tasks that directly impact the project completion date?
- Work breakdown structure
- Critical path method (Correct answer)
- Gantt chart
- Resource leveling
Correct answer: Critical path method
The Critical Path Method (CPM) identifies the longest sequence of dependent tasks, determining the minimum project duration.
Question 5: During a reliability project, a change control board (CCB) is established. What is its primary purpose?
- Monitor daily task completion
- Evaluate and approve changes to project scope, schedule, or cost baseline (Correct answer)
- Assign resources to project activities
- Conduct post-project lessons learned sessions
Correct answer: Evaluate and approve changes to project scope, schedule, or cost baseline
A CCB formally reviews and authorizes changes to project baselines, ensuring modifications are evaluated for impact before implementation.
Question 6: What does the Schedule Performance Index (SPI) value of 0.85 indicate?
- The project is 15% ahead of schedule
- The project is completing only 85 cents of planned work per dollar of scheduled work (Correct answer)
- The project is 15% over budget
- The project has 85% of tasks complete
Correct answer: The project is completing only 85 cents of planned work per dollar of scheduled work
An SPI below 1.0 means the project is behind schedule, earning less value than planned for the elapsed time.
Question 7: Which document formally authorizes a reliability improvement project and identifies the project manager?
- Project management plan
- Statement of work
- Project charter (Correct answer)
- Responsibility assignment matrix
Correct answer: Project charter
The project charter is the official document that authorizes the project, names the project manager, and outlines high-level objectives and constraints.
CRE Project Planning and Management 2
Which risk assessment tool uses a matrix to prioritize risks based on probability and severity?