C783 Project Management Essentials - Set 2 - Part 1

Correct Answer: Control Costs

The Control Costs process monitors project spending, compares it to the budget, and applies corrective actions if necessary. Estimate Costs (Option A) focuses on predicting costs, Determine Budget (Option C) establishes the budget baseline, and Plan Cost Management (Option D) sets guidelines for managing costs.

Correct Answer: Requirements Management Plan

The Requirements Management Plan defines the approach for identifying and documenting project requirements. Scope Management Plan (Option A) outlines scope handling, Communications Management Plan (Option C) addresses information flow, and Stakeholder Management Plan (Option D) involves stakeholder engagement.

Correct Answer: Analogous Estimating

Analogous Estimating uses historical data from similar projects to predict timelines. Parametric Estimating (Option A) relies on mathematical models, Bottom-Up Estimating (Option B) provides detailed estimates, and Three-Point Estimating (Option D) averages various time scenarios.

Correct Answer: Financial viability

NPV assesses the profitability of a project by calculating the difference between present value inflows and outflows. It does not determine cost effectiveness (Option A), project duration (Option B), or resource needs (Option D).

Correct Answer: Risk Management

Risk Management processes identify, assess, and respond to potential project risks. Quality Management (Option A) ensures product standards, Scope Management (Option C) defines project boundaries, and Integration Management (Option D) coordinates project components.

Correct Answer: Provide governance and support for project management

A PMO oversees project standards, resources, and guidance. Project changes (Option A), deliverables (Option C), and budgets (Option D) are managed by project teams or sponsors.

Correct Answer: Parametric Estimating

Parametric Estimating uses statistical relationships to forecast costs or durations. Analogous (Option A) uses past projects, Three-Point (Option C) considers scenarios, and Bottom-Up (Option D) provides detailed task estimates.

Correct Answer: To break down project deliverables into manageable tasks

The WBS divides project work into smaller tasks. It doesn’t focus on risks (Option A), costs (Option B), or resource scheduling (Option D).

Correct Answer: Resource Breakdown Structure (RBS)

The RBS provides a breakdown of resource types for each task. The Activity List (Option A) contains tasks, the Project Schedule (Option B) tracks timelines, and the Project Charter (Option D) authorizes the project.

Correct Answer: Creating detailed project plans as more information becomes available

Progressive elaboration refers to refining plans over time as new information emerges. Options A, C, and D do not accurately define progressive elaboration.

Correct Answer: Increasing resources to shorten project timelines

Crashing involves adding resources to critical tasks to reduce project duration. Option B refers to fast-tracking, while C and D relate to scope and quality management.

Correct Answer: Affinity Diagram

Affinity Diagrams classify ideas for better analysis. WBS (Option A) structures project tasks, Flowcharts (Option B) show workflows, and Scatter Diagrams (Option D) illustrate data relationships.

Correct Answer: Initiating

The Develop Project Charter process is part of the Initiating group, which starts the project. Planning (Option A), Executing (Option C), and Closing (Option D) occur in later stages.

Correct Answer: Lessons Learned Register

The Lessons Learned Register includes reflections on project performance, providing insights for future projects. The Project Charter (Option A) authorizes the project, the Project Management Plan (Option B) guides project processes, and Requirements Documentation (Option D) details project needs.

Correct Answer: Budget at Completion

BAC is the total budget for the project. Options B, C, and D are unrelated to Earned Value Management terms.

Correct Answer: The sequence of tasks with zero float

The critical path has zero float, meaning any delay impacts the project timeline. It’s not necessarily the shortest timeline (Option B), nor does it include non-critical tasks (Option C). Option D is incorrect.

Correct Answer: Defining the work needed to complete the project

Project Scope Management identifies and documents the project’s work requirements. Options A, B, and D cover time, cost, and communication management.

Correct Answer: Mitigate

Mitigation decreases a risk’s probability or impact. Avoidance (Option A) eliminates the risk, Transfer (Option C) shifts it to a third party, and Accept (Option D) acknowledges it without action.

Correct Answer: Display causes of defects in descending order

Pareto charts prioritize defect causes based on frequency. Options B, C, and D are unrelated to defect analysis.

Correct Answer: Project Charter

The Project Charter offers a high-level overview of the project’s purpose, requirements, and constraints. The Scope Statement (Option B) elaborates on deliverables, the WBS (Option C) organizes tasks, and the Risk Register (Option D) documents risks.