C783 Project Management Essentials - Set 5 - Part 1

Correct Answer: To identify and engage stakeholders

The project stakeholder management process focuses on identifying stakeholders and understanding their needs and expectations. Options A, C, and D relate to performance monitoring, cost management, and scope definition, which are not the primary purpose of this process.

Correct Answer: A detailed guide for addressing identified risks

A risk response plan outlines the specific actions to take when addressing identified risks. Options A, C, and D describe different aspects of risk management but do not define a risk response plan.

Correct Answer: The time a task can be delayed without affecting the project deadline

Float refers to the amount of time a task can be postponed without impacting the overall project schedule. Options B, C, and D are not correct definitions.

Correct Answer: Quality

The triple constraint in project management consists of time, scope, and cost. Quality is an important aspect but is not part of the traditional triple constraint framework.

Correct Answer: To determine how project information will be shared

The Plan Communications Management process outlines the methods and channels for project communication among stakeholders. Options B, C, and D pertain to scope, quality, and cost management.

Correct Answer: A tangible or intangible product produced as a result of project activities

A deliverable is an outcome of project work that can be evaluated and accepted) Options A, C, and D do not accurately describe deliverables.

Correct Answer: To authorize the project and provide the project manager with authority

The project charter formally initiates the project and grants the project manager the authority to allocate resources and make decisions. Options A, C, and D relate to scope, cost estimation, and scheduling.

Correct Answer: A structure organized around departments, with employees reporting to functional managers

In a functional organization, team members report to a functional manager within their specific department. Options A, C, and D describe different organizational structures.

Correct Answer: To assess compliance with quality processes and standards

Quality audits evaluate adherence to quality management processes, ensuring that the project meets defined standards. Options A, C, and D pertain to budgeting, stakeholder identification, and scheduling.

Correct Answer: The value of work actually completed at a specific point in time

Earned value quantifies the work completed in terms of its budgeted value. Options A, C, and D do not accurately represent earned value.

Correct Answer: To monitor and manage project costs and performance

Control Costs involves tracking project expenditures and performance against the budget. Options A, C, and D refer to different project management activities.

Correct Answer: Risk Matrix

A Risk Matrix helps visualize and prioritize risks according to their probability and impact. Options A, C, and D involve documenting risks, identifying causes, and evaluating strengths and weaknesses, respectively.

Correct Answer: It helps in defining the project scope and deliverables

A WBS breaks down the project into smaller components, aiding in defining the scope and deliverables clearly. Options B, C, and D are not direct benefits of using a WBS.

Correct Answer: Initiating

The Initiating phase involves identifying initial project risks to inform planning. Options A, B, and D occur later in the project life cycle.

Correct Answer: Documenting and evaluating proposed changes to the project

A change control process manages and evaluates any proposed changes to ensure they are assessed before implementation. Options A, C, and D are unrelated to change control.

Correct Answer: Quality Management Plan

The Quality Management Plan is a key component of the overall project management plan, detailing how quality will be managed) Options A, C, and D refer to other documents used in project management.

Correct Answer: Evaluating project progress against established baselines

Project performance measurement involves comparing actual performance with planned baselines to assess progress. Options A, C, and D involve different aspects of project management.

Correct Answer: To assess whether the project is viable and worthwhile

A feasibility study evaluates the project's practicality and potential for success before it begins. Options A, C, and D involve different aspects of project management.

Correct Answer: Plan Risk Management

Plan Risk Management establishes how risks will be identified, analyzed, and managed throughout the project. Options B, C, and D refer to different risk management activities.

Correct Answer: The difference between the budgeted cost and the actual cost

Cost variance indicates how much the actual costs deviate from the budgeted costs. Options B, C, and D do not accurately describe cost variance.