Project Management Concepts Quiz_Round 3

What is the cost baseline?

• Total planned cost

• Budget for the project

• Approved version of the time-phased project budget

• Funding requirement

What is the key purpose of validate scope?

• Check schedule progress

• Gain formal acceptance of deliverables

• Define roles

• Acquire resources

What is the best way to deal with unidentified project risks?

• Add them to the scope statement

• Use contingency and management reserves

• Escalate to stakeholders

• Ignore them

What does “Plan Risk Responses” focus on?

• Risk identification

• Prioritizing risks

• Defining actions to address risks

• Quantitative risk analysis

What is an example of a cost-reimbursable contract?

• Firm Fixed Price (FFP)

• Time and Materials (T&M)

• Cost Plus Fixed Fee (CPFF)

• Lump Sum

What is a stakeholder engagement assessment matrix used for?

• Tracking deliverables

• Evaluating stakeholder engagement levels

• Managing contracts

• Approving budgets

What does the “Control Quality” process focus on?

• Acceptance of deliverables

• Monitoring stakeholder feedback

• Verifying that results comply with quality standards

• Defining metrics

What is a functional manager’s primary role?

• Assign resources and manage departmental work

• Approve project deliverables

• Manage project risk

• Sign the project charter

Which type of contract puts the most risk on the buyer?

• Firm Fixed Price

• Cost Plus Incentive Fee

• Time and Materials

• Fixed Price with Economic Adjustment

What is crashing in project management?

• Performing activities in parallel

• Adding resources to reduce schedule duration

• Reducing scope

• Eliminating float