risk response

PMP – exam answers (multiple choice , calculation , draw chart

SECTION A: 25 MULTIPLE CHOICE QUESTIONS

1. An activities has a optimistic time of 4 days, a most likely time of 7 days, and a pessimistic time 13 days. What is its expected time?
a. 4 days
b. 7 days
c. 7.5 days
d. 8 days

2. The first step in project planning is to
a. Determine the budget.
b. Select a team organizational model.
c. Determine the project constraints.
d. Establish the scope.

3. Which of the following is NOT a valid risk response?
a. Risk mitigation
b. Risk avoidance
c. Risk transference
d. Risk redirection

4. With respect to Critical Path Method (CPM) , a slack:
a. marks the start or completion of a task
b. is a task or subproject that must be completed
c. is the amount of time a task may be delayed without changing the overall project completion time
d. is the latest time an activity can be started without delaying the entire project.

5. A project manager may use _________ to make sure the team clearly knows what work is included in each of their work packages.
a. The project scope statement
b. The product scope
c. A WBS dictionary
d. A schedule

6. Which of the following is the sequence of dependent tasks that have the largest sum of most likely durations?
a. optimistic duration
b. pessimistic duration
c. critical path
d. slack time

7. Which of the following is a good objective?
a. Construct a building
b. Implement a new telecommunication system
c. Lay 200 bricks by tomorrow
d. Develop a program for proving network maintenance

8. Which one of these is NOT usually an example of a deliverable for a project?
a. Training
b. Technical support
c. Installation disk
d. User manual

9. Which one of these is not an example of a Project Stakeholder?
a. Competitor
b. Senior Management
c. Client
d. Supplier

10. What is crashing?
a. Using more time to complete activities not on the critical path
b. Using more resources to complete activities on the critical path
c. Using fewer activities to shorten the overall project duration
d. Using fewer resources to complete activities on the critical path

11. The critical path of a network is the
a. shortest time path through the network
b. path with the fewest activities
c. path with the most activities
d. longest time path through the network

12. Your project depends on a key deliverable from a vendor you’ve used several times before with great success. You’re counting on the delivery to arrive on June 1. This is an example
of a/an ___________________ .
a. constraint
b. objective
c. assumption
d. requirement

13. Many projects __________ because of scope creep caused by additional work that was not documented or approved.
a. overspend their budget or are not completed on time
b. are accepted and renewed
c. are completed early and under budget
d. are not contracted

14. A ______________ plan must be developed that identifies and assesses potential risks, determines the likelihood of occurrence and potential impacts of risks, and delineates responses for dealing with risks
a. risk development
b. risk mitigation
c. risk management
d. risk avoidance

15. Once the project scope document has been prepared and agreed on, the next step in the planning phase is to
a. Monitor and control the quality to assure acceptance.
b. Begin work on the project.
c. Create a detailed work breakdown structure.
d. Prepare and approve the contract.
16. Corrective action must be taken for a project when
a. Actual progress to the planned progress shows the progress is ahead of schedule.
b. The actual costs of the activities are less than the funds received for the work completed.
c. The technical specifications have been met.
d. The actual progress is less than the planned progress.

17. Earned value, the value of___________, is a key parameter that must be determined throughout the project.
a. the work scheduled
b. the resources assigned
c. the resources used
d. the work actually performed

18. The total project cost is often estimated during the_______ phase of the project or when the project charter or a proposal is prepared
a. initiating
b. performing
c. planning
d. closing

19. There are two approaches to establishing the total budgeted cost for each work package:
a. Top-down and bottom-up.
b. Committed and actual.
c. Horizontal and vertical.
d. Aggregated and disaggregated.

20. The lowest-level work item of any one branch is called
a. A work package.
b. An assignment.
c. a deliverable.
d. An activity

21. In a resource-constrained project, the first priority in assigning resources is given to activities with the:
a. Smallest duration
b. Most Slack
c. Least Slack
d. Highest Cost
22. ________ is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

a. The action trigger
b. The mitigation plan
c. The priority order
d. The likelihood of occurrence
23. Resource leveling, or smoothing, is a method for
a. Developing a schedule that attempts to minimize the fluctuations in requirements for resources.
b. Making sure every task has the same number of resources.
c. Making sure all the resources do the same amount of work.
d. Extending the project to have the least number of resources used per day.

24. Activities can be delayed only to the point where all their positive slack is used up, as any further delays would cause the project to
a. Increase costs of all the activities in the project.
b. Be completed ahead of schedule.
c. Extend beyond the project completion time.
d. Increase its requirements for additional resources for all activities.

25. Buying an insurance policy for a project is a way of _______________________ risk
a. Mitigating
b. Avoiding
c. Transferring
d. Accepting

SECTION B:5 CONSTRUCTIVE RESPONSES
Q1. You are the project manager for project with the following network diagram (18 marks)

Task Preceding Activity Estimate in Days
A — 6
B A 10
C A 6
D A 4
E A 8
F C,B 3
G B,D 4
H E 4
I F,G,H 3
J I 1
a. Draw the network diagram

b. Calculate all of the paths in this network diagram
c. What is the duration of the critical path of this network diagram?
d. What is the slack of task B? ( 2 marks)

Q2. The project below has the following parameter:
Activity Precedence Normal duration Normal cost Crashed duration Crash cost
A – 7 500 4 800
B A 3 200 2 350
C – 6 500 4 900
D C 3 200 1 500
E B,D 3 300 1 550
a. What would be the minimal cost to crash the project by 3day? $ ______ (Show your calculations)
b. What would be the minimal cost to crash the project by 6day? $ ______ (Show your calculations)

Q.3your selection committee is debating between two projects. Project A has a payback period of 18 months. Project B has a cost of $125,000, with expected cash inflows of $50,000 the first year and $25,000 per quarter after that. Which project should you recommend? (5 marks)

Q4. Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of Dhs20,000. The budget is Dhs4,000 per house. At of the end of week 5, you determine that Dhs10,000 has actually been spent and three houses have been painted completely. (18 Marks)

1. Calculate the following variables at the end of week 5

PV:

AC:

EV

SV:

CV:

SPI

CPI

2. Describe the status of your project
. Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house. At of the end of week 5, you determine that $10,000 has actually been spent and three houses have been painted completely.
What is the earned value of the project?
a. $10,000 c. $4,000
b. $12,000 d. $20,000
ANS: B

Feedback
A Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house. At of the end of week 4, you determine that $10,000 has actually been spent and three houses have been painted completely. The earned value is (3/5) x $20,000 = $12,000.
B Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house. At of the end of week 4, you determine that $10,000 has actually been spent and three houses have been painted completely. The earned value is (3/5) x $20,000 = $12,000.
C Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house. At of the end of week 4, you determine that $10,000 has actually been spent and three houses have been painted completely. The earned value is (3/5) x $20,000 = $12,000.
D Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house. At of the end of week 4, you determine that $10,000 has actually been spent and three houses have been painted completely. The earned value is (3/5) x $20,000 = $12,000.

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