CRM Project Management Fundamentals 3

Question 1

In project risk management, a risk response strategy where the records department transfers responsibility for a risk to a third party is called:

Accepted Answer

Transfer

Answer

Risk transfer shifts the negative impact of a risk to a third party, such as through insurance or outsourcing contracts.

Question 2

Which process group in project management is concerned with defining, planning, executing, monitoring, and closing project phases?

Accepted Answer

Process groups

Answer

The five PMBOK process groups — Initiating, Planning, Executing, Monitoring & Controlling, and Closing — guide project management activities.

Question 3

A records management project has a Budget at Completion (BAC) of $200,000 and an Earned Value (EV) of $80,000 with Actual Cost (AC) of $100,000. What is the Cost Variance (CV)?

Accepted Answer

-$20,000

Answer

CV = EV − AC = $80,000 − $100,000 = −$20,000, indicating the project is over budget.

Question 4

During a records management system implementation, a key stakeholder requests a major feature addition late in the project. The project manager should first:

Accepted Answer

Assess the impact on scope, schedule, and cost before deciding

Answer

Any change request must be evaluated for its impact on the triple constraints before being approved or rejected.

Question 5

What is the critical path in a project network diagram?

Accepted Answer

The longest sequence of dependent tasks determining minimum project duration

Answer

The critical path is the longest duration path through the project network, and any delay on it directly delays the project end date.

(CRM) Certified Records Management Practice Test

(CRM) Certified Records Management Practice Test

CRM Project Management Fundamentals 3