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The correct answer is D.
As more risks are identified, the amount of contingency reserves set aside to cover those risks will increase, not decrease. However, a project on which thorough risk response planning is done is likely to experience fewer unplanned risk events. Those unplanned events would add more cost to the project than would the reserves for identified risks.
Pass PMP in the First Attempt : PMP Strategy
Revise Risk Management Concepts: Project Risk Management
The correct answer is D.
Answer D is correct. You know you are under budget since the CPI is greater than one, but you don’t know by how much. You also do not know how you are doing on schedule. To find out, first calculate the EV from the data presented; EV = CPI x AC = 1.1 x $800M = $880M. Now you can determine the CV, SV, and the SPI. CV = $880M – $800M = $80M; SV = $880M – $890M = -$10M; SPI = $880M / $890M = 0.99. Based on this information you are about on schedule and $80M under budget. Answer A is incorrect. You are behind schedule by $10M worth of work, or 1 percent of the total. Answer B is incorrect because you ARE behind schedule by a little, not ahead. Answer C is wrong since that team activity would have already been planned into the budget. We don’t use excess unless specific risk events occur which were planned for and approved in the plan.
Pass PMP in the First Attempt : PMP Strategy
Revise Cost Management Concepts: Project Cost Management
The correct answer is D.
The expected monetary value of the first risk is 0.3 x $3,000,000 or $900,000. The expected monetary value of the second event is 0.3 x -$1,600,000 or -$480,000. The expected monetary value of the third risk is 0.2 x (-$1,800,000 – $500,000) or -$260,000. The total of all three potential risk events is $900,000 – $480,000 – $260,000 or $160,000.
Pass PMP in the First Attempt : PMP Strategy
Revise Risk Management Concepts: Project Risk Management
Correct answer is D.
Obviously the current project management plan is not organizational process asset, so it will not be part of organizational process assets updates.
Pass PMP in the First Attempt : PMP Strategy
Revise Stakeholder Management Concepts: Project Stakeholder Management
The correct answer is A.
If you had trouble with this one, you need to remember that the questions are asked from the buyer’s perspective unless otherwise noted. In this case the seller has the most cost risk, and the buyer’s risk is lower.
Pass PMP in the First Attempt : PMP Strategy
Revise Procurement Management Concepts: Project Procurement Management
The correct answer is D.
The control limits are set based on the company’s quality standard and indicate the acceptable range.
Pass PMP in the First Attempt : PMP Strategy
Revise Quality Management Concepts: Project Quality Management
The correct answer is D.
A team member should have flexibility at the work package level to make some changes as long as they are within the overall scope of the WBS dictionary.
Pass PMP in the First Attempt : PMP Strategy
Revise Scope Management Concepts: Project Scope Management
The correct answer is C.
Contacting the employee’s manager and arranging a meeting is the best way to handle this discreetly and effectively. This situation does not involve project-related activities, so resolution of the issue is not within the jurisdiction of the project manager.
Pass PMP in the First Attempt : PMP Strategy
Revise Resource Management Concepts: Project Resource Management
The correct answer is D.
This situation describes the need to “compare.” A trend report (choice A) shows performance over time. A forecasting report (choice B) looks only to the future. A status report (choice C) is generally static (relating to a moment in time). The only choice that compares project results is a variance analysis (choice D).
Pass PMP in the First Attempt : PMP Strategy
Revise Communication Management Concepts: Project Communication Management
The correct answer is A.
This is another question asking about the process of project management.
Pass PMP in the First Attempt : PMP Strategy
Revise Schedule Management Concepts: Project Schedule Management
The correct answer is D.
The owner should be looking for triggers and implementing the risk response strategy.
Pass PMP in the First Attempt : PMP Strategy
Revise Risk Management Concepts: Project Risk Management
The correct answer is A.
This question essentially asks, “What is an output of the Perform Qualitative Risk Analysis process?” Only Choice A meets that criteria. Choices B and C are parts of the Plan Risk Responses process. Choice D occurs during the Perform Quantitative Risk Analysis process.
Pass PMP in the First Attempt : PMP Strategy
Revise Risk Management Concepts: Project Risk Management
The correct answer is B.
Setup costs do not change as production on the project changes. Therefore, they are fixed costs.
Pass PMP in the First Attempt : PMP Strategy
Revise Cost Management Concepts: Project Cost Management
Other than what is mentioned in choice B, all other information is included in the stakeholder management plan. What is mentioned under choice B is included in the stakeholder register, not stakeholder management plan.
Pass PMP in the First Attempt : PMP Strategy
Revise Stakeholder Management Concepts: Project Stakeholder Management
The correct answer is A.
Remember that the procurement process is more formal and thus requires more formal processes. Ensuring all bidders receive the same information in writing eliminates the problem of bias in presenting the opportunity.
Pass PMP in the First Attempt : PMP Strategy
Revise Procurement Management Concepts: Project Procurement Management
