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1. Q4. Regulations are mandatory but Standards are not mandatory
Q6: A phase end review can be held with the explicit goals of obtaining authorization
to close the current phase and to initiate the subsequent one... Phase end reviews are
also called phase exits, phase gates, or kill points.

Q7: A Project Management Office (PMO) is an organizational unit to centralize and
coordinate the management of projects under its domain. A PMO can also be referred
to as ... "project office." PMOs can operate in a continuum from providing project
management support functions in the form of training, software, standardized policies
and procedures, to actual direct management and responsibility for achieving the
project objectives.

Q10: Weak matrix organizations maintain many of the features of a functional
organization and the project manager role is more that of a coordinator or expediter
than that of a manager.

Q14: Project managers or the organization can divide projects into phases to
provide better management control with appropriate links to the ongoing operations of
the performing organization. Collectively, these phases are known as the project

life cycle. Many organizations identify a specific set of life cycles for use on all of their
projects

Q17: The terms "Facilitating Processes" and "Core Processes" are no longer used. These terms have been eliminated to ensure that all project management processes and project management process groups have the same level of importance.

Q18: Justification: If the project will affect the physical surroundings, some team
members should be knowledgeable about the local ecology and physical geography
that could affect the project or be affected by the project.

Reference: PMBOK Third Edition, Page Number: 14

pmstudy notes: Look out for words like "Always", "All the time", "Never" etc. which
suggest that there cannot be any exceptions - try to find out whether exceptions are
applicable to the particular situation. In this context, please note that several projects
do not impact physical surroundings (e.g. several IT projects may not have any impact
on physical surroundings)

Q28: A PMO oversees the management of projects, programs, or a combination of
both. The projects supported or administered by the PMO may not be related other
than by being managed together. Some PMOs, however, do coordinate and manage
related projects.... PMOs can operate in a continuum, from providing project
management support functions in the form of training, software, standardized policies,
and procedures, to actual direct management and responsibility for achieving the
project objectives.

Q 45: A portfolio is a collection of projects or programs and other work that are
grouped together to facilitate effective management of that work to meet strategic
business objectives.

Reference: PMBOK Third Edition, Page Number: 16

pmstudy.com comments: Project Portfolio Management refers to the selection and
support of projects or program investments. These investments in projects and
programs are guided by the organization`s strategic plan and available resources

Question: You have created a collection of formal documented procedures that
define how project deliverables will be documented, changed and approved.
This can also be referred to as:

1. Project Management Methodology
2. Configuration Management System
3. Change Control System
4. Scope Definition Document

Configuration Management System: ... The configuration management system is also
a collection of formal documented procedures used to apply technical and
administrative direction and surveillance to:... Supports the audit of the products or
components to verify conformance to requirements

Q54: The different steps that should be followed when a change is requested are as

follows:
a) Evaluate the impact of the change within the team
b) Be proactive - if the change can have negative impact on the project, try to
influence the factors that cause change so that only approved changes are
implemented
c) Communicate the impact of the change to the project sponsor and the customer
d) Take the project through the change control process by getting approval from the
project customer, project sponsor and other stakeholders. Also, please note that
additional funding is always provided by the project sponsor (not the project
customer), and that changes are usually approved or rejected by the change control
board
e) Get adequate resources required for the change as required
f) Implement the changes

Depending on options available in the question, you will have to make evaluate which
of the above steps you are currently following and evaluate the impact of the change.
Reference: pmstudy.com notes as mentioned above
Please note that you have completed the first step i.e. you have evaluated that impact
of the change.

Option 1: Crashing or fast-tracking are not recommended because project schedule is
not impacted by the change. Crashing or fast-tracking may decrease the project
schedule but increase costs which is not desirable
Option 2: The project manager cannot stop the customer from requesting or making
changes
Option 3: You should inform the customer about the changes but cannot ask for
additional funding because funding is provided by the customer.
Option 4 is the best choice in the given situation

Chapter 3: Scope
Justification: Present Value is the future value of a payment discounted at a discount
rate for the delay in payment. This rate is also called the "Cost of Capital"
Reference: pmstudy.com notes as mentioned above
Q4: Time Management
1. Project Schedule Development, an iterative process, determines planned start
and finish dates for project activities
2. Question: All the following are advantages of GERT (Graphical Evaluation
and Review Techniques) as compared with PERT (Project Evaluation and
Review Technique) EXCEPT:
1. Allows looping
2. Allows for dummy tasks
3. Allows branching
4. Allows multiple project end results
Justification: Graphical Evaluation and Review techniques are similar to PERT but
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