Project Management Fundamentals Of Project Management 4 — Questions and Answers
Question 1: The critical path in a project schedule is defined as:
- The path with the most expensive activities
- The longest sequence of dependent activities that determines the project's minimum duration (Correct answer)
- The path with the highest-risk activities
- The shortest route from start to project completion
Correct answer: The longest sequence of dependent activities that determines the project's minimum duration
The critical path is the longest path through the network diagram and determines the earliest the project can finish.
Question 2: What is 'float' (also called slack) in a project schedule?
- Extra budget reserved for unexpected costs
- The amount of time an activity can be delayed without delaying the project finish date (Correct answer)
- The difference between planned and actual cost
- A buffer added to the critical path
Correct answer: The amount of time an activity can be delayed without delaying the project finish date
Float (or slack) is the flexibility in scheduling a non-critical activity without impacting the overall project end date.
Question 3: Which estimating technique uses actual costs from similar past projects as the basis for estimating the current project?
- Bottom-up estimating
- Parametric estimating
- Analogous estimating (Correct answer)
- Three-point estimating
Correct answer: Analogous estimating
Analogous estimating uses historical data from similar projects to estimate duration or cost.
Question 4: A RACI chart is a tool used to:
- Identify project risks and assign mitigation owners
- Clarify roles and responsibilities for project activities (Correct answer)
- Track project schedule and cost variances
- Map stakeholder influence and interest
Correct answer: Clarify roles and responsibilities for project activities
A RACI chart defines who is Responsible, Accountable, Consulted, and Informed for each task or decision.
Question 5: What is the difference between a project and a program?
- A program is smaller in scope than a project
- A program is a group of related projects managed in a coordinated way to obtain benefits not available from managing them individually (Correct answer)
- A project always has more stakeholders than a program
- Programs are operational while projects are temporary
Correct answer: A program is a group of related projects managed in a coordinated way to obtain benefits not available from managing them individually
A program consists of related projects managed together to realize strategic benefits and coordination advantages.
Question 6: What is the purpose of a lessons learned register?
- To document team member performance reviews
- To capture knowledge gained during the project for use on current and future projects (Correct answer)
- To record all project risks and their outcomes
- To list all approved changes to the project scope
Correct answer: To capture knowledge gained during the project for use on current and future projects
Lessons learned documents capture what went well and what could be improved so future projects can benefit from the experience.
Question 7: When a project manager identifies a risk and decides to do nothing about it because the probability or impact is very low, this is called:
- Risk transference
- Risk avoidance
- Risk acceptance (Correct answer)
- Risk mitigation
Correct answer: Risk acceptance
Risk acceptance means acknowledging a risk and choosing not to take action, often because the cost of addressing it outweighs the benefit.
Project Management Fundamentals Of Project Management 4
The critical path in a project schedule is defined as: