Project Practice Test: Video 2 Answers (25 Questions) — Questions and Answers

Question 1: What are the dollars included in a cost estimate to account for unforeseen future events, sometimes known as "unknown unknowns"?

Parametric Modeling
Management Reserves (Correct answer)
Rough Order of Magnitude
Reserves

Correct answer: Management Reserves

Management reserves are funds included in the overall project budget to cover unforeseen future events, often referred to as 'unknown unknowns,' which are risks not identified during the planning process. These reserves are typically controlled by senior management and are not part of the project cost baseline. Accessing management reserves usually requires a formal change request and approval from higher authority.

Question 2: What is planned value less earned value?

Project Cost Management
Schedule Variance (Correct answer)
Management Reserves
Schedule Performance Index

Correct answer: Schedule Variance

Schedule Variance (SV) is a key Earned Value Management (EVM) metric that measures the difference between the Earned Value (EV) and the Planned Value (PV). While typically calculated as EV - PV, the concept represents the deviation from the planned schedule. A positive SV indicates the project is ahead of schedule, while a negative SV means it is behind schedule, providing an objective measure of schedule performance.

Question 3: Which of the following offers the lowest level of estimation accuracy?

Budget estimate
WBS estimate
Rough order of magnitude (Correct answer)
Definitive estimate

Correct answer: Rough order of magnitude

A Rough Order of Magnitude (ROM) estimate is typically performed very early in the project lifecycle, often during the initiation phase, with limited information available. It provides a very broad estimate, usually with an accuracy range of -25% to +75% (or even -50% to +100%). This makes it the least accurate type of estimate, but it is useful for initial feasibility studies and high-level decision-making.

Question 4: What is the term of the additional percent or sum by which actual costs surpass projections?

Additional Cost
Baseline Cost
Overrun (Correct answer)
Cost Overhead

Correct answer: Overrun

An overrun, specifically a cost overrun, refers to the amount by which actual costs exceed the estimated or budgeted costs for a project or activity. It indicates that the project is spending more money than originally planned, which can significantly impact project profitability and financial viability. Overruns highlight deviations from the cost baseline and necessitate corrective actions.

Question 5: Which of the following choices most accurately sums up analogous estimating?

Regression analysis
Less accurate (Correct answer)
Bottom-up estimating
More accurate

Correct answer: Less accurate

Analogous estimating, also known as top-down estimating, uses historical data from a similar past project to estimate the duration or cost of a current project. While quick and useful in early project phases when detailed information is scarce, it is generally less accurate than other methods. Its accuracy depends heavily on the similarity between the current and past projects and the reliability of the historical data.

Question 6: Which output of the Collect Requirements process is used as a key input to Define Scope?

Project charter
Requirements documentation (Correct answer)
WBS dictionary
Stakeholder engagement plan

Correct answer: Requirements documentation

Requirements documentation, which captures stakeholder needs, is a primary input to the Define Scope process.

Question 7: Scope creep most commonly results from:

Poor risk management
Inadequate change control and stakeholder management (Correct answer)
Aggressive project scheduling
Insufficient team training

Correct answer: Inadequate change control and stakeholder management

Scope creep typically occurs when changes are allowed informally without going through change control and stakeholder agreements are unclear.

Question 8: Which document formally authorizes the project and gives the project manager authority to apply resources?

Project Management Plan
Project Charter (Correct answer)
Scope Statement
Requirements Traceability Matrix

Correct answer: Project Charter

The project charter formally authorizes the project and grants the PM authority to use organizational resources.

Question 9: During project execution, a stakeholder requests a small addition that will take only two hours. The PM should:

Submit a change request and await approval before proceeding (Correct answer)
Document it in the lessons learned register
Add it to the next sprint automatically
Allow the team to complete it since it is minor

Correct answer: Submit a change request and await approval before proceeding

All scope changes, regardless of size, must go through integrated change control before work begins.

Question 10: Which of the following is NOT typically included in a project scope statement?

Resource assignments by name (Correct answer)
Project exclusions
Acceptance criteria
Project deliverables

Correct answer: Resource assignments by name

Resource assignments by name belong in the resource management plan, not the scope statement.

Question 11: Which WBS element represents the lowest level of deliverable at which cost and schedule can be reliably estimated?

Control account
Planning package
Work package (Correct answer)
Milestone

Correct answer: Work package

A work package is the lowest level of the WBS where work can be estimated, assigned, scheduled, monitored, and controlled.

Question 12: A quality metric that measures the number of defects per million opportunities is known as:

ISO 9001
Kaizen
Six Sigma (Correct answer)
Total Quality Management

Correct answer: Six Sigma

Six Sigma is a data-driven methodology targeting fewer than 3.4 defects per million opportunities.

Question 13: The concept of 'continuous improvement' in quality management is most closely associated with:

Kaizen (Correct answer)
Monte Carlo simulation
PMBOK Guide
PERT analysis

Correct answer: Kaizen

Kaizen is a Japanese philosophy of continuous, incremental improvement involving all employees to enhance quality and efficiency.

Question 14: A customer requests a change that expands the project scope. After approval through the change control process, the project manager should update:

Only the project charter
Only the WBS
The scope baseline and related project documents (Correct answer)
Only the project schedule

Correct answer: The scope baseline and related project documents

Approved scope changes require updates to the scope baseline and any affected project documents such as the schedule, budget, and WBS.

Question 15: A scope baseline consists of which three documents?

Charter, WBS, and WBS Dictionary
Scope Statement, WBS, and WBS Dictionary (Correct answer)
Requirements Document, WBS, and Project Plan
Scope Statement, Network Diagram, and WBS

Correct answer: Scope Statement, WBS, and WBS Dictionary

The scope baseline is composed of the approved project scope statement, the WBS, and the WBS dictionary.

Question 16: Which of the following best describes the Variance at Completion (VAC)?

The remaining budget to complete the project
The difference between PV and EV at the reporting date
The difference between EV and AC at the reporting date
The projected difference between BAC and EAC (Correct answer)

Correct answer: The projected difference between BAC and EAC

VAC = BAC - EAC; it predicts whether the project will be over or under budget at the end.

Question 17: A project manager wants to use EVM but the work is highly repetitive with fixed unit costs. Which earned value technique is most appropriate?

Level of effort method
0/100 method
Units completed method (Correct answer)
Percent complete method

Correct answer: Units completed method

The units completed method works best for repetitive tasks where each unit has a known budgeted cost, making EV calculation straightforward.

Question 18: A project has BAC = $500,000, CPI = 0.90, and is 60% complete by EV. A new EAC is needed assuming past performance continues. What is the EAC?

$555,556 (Correct answer)
$450,000
$500,000
$480,000

Correct answer: $555,556

EAC = BAC / CPI = $500,000 / 0.90 ≈ $555,556, reflecting that inefficiency will persist through project completion.

Question 19: Which EVM technique assigns 100% credit only when the work package is fully completed?

Milestone method
50/50 method
Percent complete
0/100 method (Correct answer)

Correct answer: 0/100 method

The 0/100 method assigns no earned value until the work is complete, then grants 100% — ideal for short-duration tasks.

Question 20: The Estimate to Complete (ETC) assumes remaining work will be done at the budgeted rate. Which formula represents this?

ETC = BAC - EV (Correct answer)
ETC = BAC / CPI
ETC = (BAC - EV) / CPI
ETC = AC + BAC - EV

Correct answer: ETC = BAC - EV

ETC = BAC - EV is used when past variances are atypical and future work is expected to proceed at the original budgeted rate.

Question 21: Accepted change requests provide data for:

Develop project management plan and develop project charter
Develop Project Management Plan and Develop Schedule
Control Scope and Validate Scope
Direct and Manage Project Work (Correct answer)

Correct answer: Direct and Manage Project Work

Accepted change requests are formal approvals to modify project baselines or components. These approved changes serve as direct inputs to the 'Direct and Manage Project Work' process, which is where the project manager and team perform the work defined in the project management plan. Implementing these changes ensures that the project's execution aligns with the latest approved requirements and scope.

Question 22: In project management, 'lessons learned' are best captured during which phase?

Executing only
Throughout the project and especially during closing (Correct answer)
Initiating only
Planning only

Correct answer: Throughout the project and especially during closing

Lessons learned should be documented throughout the project lifecycle and are formally compiled and archived during the closing phase.

Question 23: Which concept refers to the progressive detailing of a project's scope as more information becomes available?

Scope creep
Rolling wave planning (Correct answer)
Decomposition
Change control

Correct answer: Rolling wave planning

Rolling wave planning is the technique of elaborating project details progressively as information becomes clearer over time.

Question 24: A project manager is asked to deliver a product 'fit for use.' This most closely relates to which concept?

Risk
Quality (Correct answer)
Scope
Schedule

Correct answer: Quality

'Fit for use' is a core definition of quality — the product meets the needs for which it was intended.

Question 25: Which concept refers to the total amount of work products and activities that the project will perform?

Work breakdown
Project scope (Correct answer)
Product scope
Project schedule

Correct answer: Project scope

Project scope encompasses all the work — and only the work — required to complete the project successfully.

Project Practice Test: Video 2 Answers (25 Questions)

What are the dollars included in a cost estimate to account for unforeseen future events, sometimes known as "unknown unknowns"?

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