FREE Best PMBOK Guide Question and Answers

Question 1

The project's goal is to look into the technical, economic, and social viability of building a hydroelectric dam. The project sponsor has now approved the project charter that the project manager drafted on their behalf.

Which procedure from the list below has to be done next?

Accepted Answer

Identify Stakeholders

Answer

According to the PMBOK Guide, after the project charter is developed and approved (which occurs in the Initiating Process Group), the next critical step within the Initiating Process Group is to Identify Stakeholders. This involves identifying all individuals or organizations impacted by the project and documenting their interests, involvement, and potential influence. This crucial step ensures that all relevant parties are considered before detailed project planning begins.

Question 2

The document including the description, owner, source, priority, and status of product requirements is requested by the project sponsor.

The project sponsor is asking for which project document.

Accepted Answer

The requirements traceability matrix

Answer

The requirements traceability matrix is a project document that links product requirements from their origin to the deliverables that satisfy them. It typically includes attributes such as a description, unique identifier, owner, source, priority, and status. This matrix is essential for managing requirements throughout the project lifecycle, ensuring their implementation, and assessing the impact of any changes.

Question 3

A business is thinking about the projects Alpha and Beta. Project Beta is anticipated to generate a net profit of $45 million, while Project Alpha is anticipated to generate a $50 million profit. Both initiatives may be highly profitable and rewarding. The corporation may only invest in one of these initiatives, according to the financial controller, who made this statement.

What will the opportunity cost be if project Alpha is chosen?

Accepted Answer

$45 million

Answer

Opportunity cost is defined as the value of the next best alternative that was not chosen. In this scenario, if Project Alpha is chosen (yielding $50 million profit), the company foregoes the opportunity to undertake Project Beta. Since Project Beta was the next most profitable alternative with an anticipated profit of $45 million, this amount represents the opportunity cost of choosing Project Alpha.

Question 4

You notice that project expenses are greater than anticipated at this stage of the project as you keep an eye on the cost baseline for your project.

What is the most probable reason for the difference?

Accepted Answer

Excess inventory

Answer

Monitoring the cost baseline involves comparing actual project expenses against the planned budget. If expenses are higher than anticipated, it indicates a negative cost variance. Excess inventory directly contributes to increased project costs through higher holding costs, storage fees, insurance, and potential obsolescence. This can significantly inflate project expenses beyond what was initially planned in the cost baseline.

Question 5

You are having trouble breaking down the testing work package into the last few tasks necessary to finish the work package. Prior to the system being at least 50% created and more information becoming available, specific testing strategies and activities cannot be specified. The work package for system development will be finished in at least three months.

What is the best approach to fixing this issue?

Accepted Answer

Separate the system testing work package from the system development work package first.

Answer

This scenario describes a situation where detailed planning for a future work package (testing) is not yet possible due to dependencies on an ongoing work package (development). The best approach is to use Rolling Wave Planning, which involves planning work in detail only when more information becomes available. Separating the system testing work package allows for detailed planning of the development work now, while deferring the detailed breakdown of testing until the system is sufficiently created and more information is known.

PMBOK - Project Management Body of Knowledge Practice Test

PMBOK - Project Management Body of Knowledge Practice Test

FREE Best PMBOK Guide Question and Answers