OM Project Management Fundamentals 2

Question 1

A project manager notices that actual costs have exceeded the planned budget at the midpoint of a project. Which Earned Value metric best quantifies this variance?

Accepted Answer

Cost Variance (CV)

Answer

Cost Variance (CV) = Earned Value minus Actual Cost, directly showing the dollar difference between work performed and money spent.

Question 2

In the PMBOK framework, which document formally authorizes a project and grants the project manager authority to apply organizational resources?

Accepted Answer

Project Charter

Answer

The Project Charter formally authorizes the project and gives the project manager the authority to use organizational resources.

Question 3

During project execution, a key team member unexpectedly resigns. According to risk management best practices, this situation should have been addressed during which process?

Accepted Answer

Risk Response Planning

Answer

Risk Response Planning is where strategies (like cross-training or succession planning) are developed for identified risks such as key personnel departure.

Question 4

A project has a BAC of $100,000, an EV of $40,000, and an AC of $50,000. What is the Estimate at Completion (EAC) assuming future work is performed at the current CPI?

Accepted Answer

$125,000

Answer

CPI = EV/AC = 0.8; EAC = BAC/CPI = $100,000/0.8 = $125,000.

Question 5

Which type of project dependency occurs when Activity B cannot start until Activity A finishes, and is established by contract or policy rather than logic?

Accepted Answer

Mandatory dependency

Answer

Mandatory dependencies (hard logic) are contractually or legally required sequencing constraints between activities.

(OM) Organizational Management Specialty Certification Practice Test

(OM) Organizational Management Specialty Certification Practice Test

OM Project Management Fundamentals 2