Gold Final Quiz Attempt-1

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Gold Final Quiz Attempt-1

Gold Final Quiz Attempt-1

Quiz

Materials

Download Scenario 1, 2 & 3 from Material Tab.

Examination Procedure

Examination duration : (3) Three Hours – Fixed Time : 10:00 AM – 1:00 PM.
Number of Questions- 32
Question pattern – MCQ with SINGLE CHOICE option based on scenario
Passing score : 60%
Results : Displayed Immediately
Your answers are AUTO SAVED every 5 Seconds
You can mark a question for REVIEW and revisit again
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Examination Format

The candidates will be provided 3 Scenarios. Each question directs to use respective scenario.
Additional information is provided for a few questions, which is clearly stated within the question to which it is relevant. All information provided within a question MUST only be applied to answer those questions.
Scenario – 1, 2 & 3 are available in Materials Tab for download.

001 Post Course Case Study Scenario 1 Main Project

002 Post Course Case Study Scenario 2 Schedule

003 Post Course Case Study Scenario 3 Cost

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Question
1 of 32

Question1
Refer Scenario 1 – Which of the following can be categorized as a benefit of the project?
- The total expected savings over 10 years, at current prices, are 20 million USD.
- The project will restructure the selected business functions.
- The contract to supply the hardware and software solution, at current prices, will be worth £2m.
- The cost of the project is 2.5 million USD, but with considerable savings over 10 years.
Question
2 of 32

Question2
Refer Scenario 1 – Which of the following can be stated as a ‘Reason’ to undertake the project?
- There is an expected saving of £20m over 10 years.
- Reducing staff will mean that no property transfer is required.
- The inadequate controls and outdated technology must be addressed.
- The project will restructure the selected business functions.
Question
3 of 32

Question3
Refer Scenario 1 – Owing to the strategic importance of the project, the CEO of ABC Company decided to become a Project Sponsor. The project sponsor is responsible for the project business case …
- Until the completion of the project.
- Until the completion of the Product Life Cycle.
- Until the last benefit of the project is realized.
- Until the first benefit of the project is realized.
Question
4 of 32

Question4
Refer Scenario 1 – The business case had projected a saving of 20 million USD over 10 years in operating cost as a result of the implementation of the project. During the project execution, the project manager realized that a saving of only 10 million USD was possible. What should the project manager do?
- As long as there is operational cost saving, there is no need to do anything.
- Reset expectations with the stakeholders about the scale of saving; while taking steps to increase saving.
- Revise the business case and present it back to the stakeholders to assess way forward.
- Inform the team that the goal was to save 20 million USD and that they should do whatever it takes to meet it.
Question
5 of 32

Question5
Additional Information – “During feasibility study ABC Company management studied a list of internal projects envisioned. The management shortlisted projects to start with. The management analyzed the organization’s strategic objectives, investment required for the projects and the business need.” What additional aspect should be considered while making this decision?
- Technical expertise and past experience of the organization.
- The availability of resources.
- The probability of expected cash inflows.
- The frequency of changes to organization strategy.
Question
6 of 32

Question6
Refer Scenario 1 – The Project is divided into 4 stages. A stage gate meeting is planned at the end of every stage. What is the primary objective of Stage gate review?
- To analyze the risks, validate the business case and decide if the project should be continued.
- To acquire the necessary resources for the completion of next stage.
- To update the scope, cost and schedule baselines and get these approved.
- To get a sign-off from the customer for deliverables completed till date.
Question
7 of 32

Question7
Refer Scenario 1 – The project life cycle of the project is divided into four stages based on the recommendations. The first stage is Initiation stage. Which of the following statements is NOT true regarding this stage?
- Risks are lowest during this stage.
- Stakeholders have highest influence on the project during this stage.
- Cost of resources is generally not too high during this stage.
- Customers need for information is less during this stage.
Question
8 of 32

Question8
Refer Scenario 1 – Owing to the strategic importance of the project, the CEO of ABC Company has taken the role of Project Sponsor. In other words the project has been directly undertaken by Portfolio. Which of the following statement is appropriate with reference to Portfolio Management?
- Portfolio management should not undertake the projects directly.
- Portfolio should only invest on programs.
- Portfolio management can select and support both project and program investment.
- A portfolio manager should not play a role of project sponsor.
Question
9 of 32

Question9
Refer Scenario 1 – The Project lifecycle was divided into 4 stages. Which of the following statement is TRUE regarding the characteristics of this project life cycle?
- Cost of resources will be highest in Stage 1.
- Uncertainty will be highest in Stage 4.
- Stakeholder influence will be highest during Stage 1.
- Stakeholder ability to influence the project will increase as the project progresses.
Question
10 of 32

Question10
Refer Scenario 1 – The project lifecycle is divided into 4 stages. What key action must be taken by the project manager during subsequent phases in order to validate decisions made at the start of project?
- Update the Project Management Plan.
- Validate the justification of Business case.
- Perform cost estimation and budgeting.
- Conduct team meetings.
Question
11 of 32

Question11
Refer Scenario 1 – Which of the following statement appropriately explains the term ‘Risk Tolerance’?
- Any event that may result in loss of data must be escalated to the Project Sponsor.
- Risk tolerance must be used to respond to known risks.
- Any risk with a proximity category of imminent will be estimated as having a very high impact.
- Probability will be assessed against the scales defined in this Risk Management Strategy.
Question
12 of 32

Question12
Refer Scenario 1 – “Contract a restructuring specialist to take an assurance role in the project, and provide advice to the Project Sponsor and Project Manager.” This statement is an example of which risk response strategy?
- Avoid
- Mitigate
- Share
- Transfer
Question
13 of 32

Question13
Refer Scenario 1 – “Include a clause in the contract with the selected external supplier stating that, if the full functionality of the software solution is not delivered, the selected external supplier will reduce their fees accordingly.” This statement is an example of which risk response strategy?
- Mitigate
- Exploit
- Share
- Transfer
Question
14 of 32

Question14
Refer Scenario 1 – Which of the following statement appropriately explains the term ‘Proximity’?
- Any event that may result in loss of data must be escalated to the Project Sponsor.
- The risk of staff leaving the organization is expected to occur 'beyond the project'.
- Each risk will be assigned a risk owner.
- At the end of each stage, risk owners will be consulted to check on the status of risk responses.
Question
15 of 32

Question15
Refer Scenario 2 – Based on the data given in the scenario, which activity has the highest float?
- Specification of the new hardware and software solution.
- Create request for tender.
- Prepare a contract.
- Select supplier and agree contract.
Question
16 of 32

Question16
Refer Scenario 2 – Based on the data given in the scenario, which activity would be the primary candidate for crashing?
- Create a detailed design.
- Select supplier and agree contract.
- Prepare a contract.
- Create request for tender.
Question
17 of 32

Question17
Refer Scenario 2 – The scenario states that you have to use Precedence Diagramming Method (PDM) to draw the network diagram. Which of the following statements is TRUE about Precedence Diagramming Method?
- In PDM, Nodes represent dependencies.
- In PDM, Arrows represent activities.
- In PDM, Start to Finish is most commonly used relationship in forward scheduling.
- In PDM, nodes represent the activities.
Question
18 of 32

Question18
Refer Scenario 2 – If project manager decides to provide a lag of 3 weeks for the activity ‘Evaluate Proposals’. What will be the impact on Project completion?
- The Project duration will increase by ONE week than the original duration.
- There will be no change in project duration than the original duration.
- The Project duration will increase by THREE weeks than the original duration.
- Float value of activity "Evaluate proposals" would become negative.
Question
19 of 32

Question19
Refer Scenario 2 – If project manager decides to provide a lag of 3 weeks for the activity ‘Evaluate Proposals’. What will be the changed Critical Path?
- There will be no change in Critical Path.
- Create a detailed design – Create request for tender – Select supplier and agree contract.
- Specification of the new hardware and software solution – Evaluate proposals – Select supplier and agree contract.
- Specification of the new hardware and software solution – Prepare a contract.
Question
20 of 32

Question20
Refer Scenario 3 – All deliverables of the project are considered to be complete ……
- When CV equals one.
- When BAC equals EAC .
- When EV equals PV.
- When CV equals zero.
Question
21 of 32

Question21
Refer Scenario 3 – Based on the data in the scenario, What is the Cost Variance on the status date for four deliverables?
- 10200
- -10200
- 7700
- -7700
Question
22 of 32

Question22
Refer Scenario 3 – Based on the data in the scenario, if it is assumed that same performance will continue throughout the project then what is the Estimate At Completion (EAC)?
- 1280000
- 1000000
- 640000
- 600975
Question
23 of 32

Question23
Refer Scenario 3 – Based on the data in the scenario, What is the Schedule Performance Index on the status date for four deliverables?
- 0.75
- 0.8
- 1.1
- 0.62
Question
24 of 32

Question24
Additional Information – “During planning the project manager conducts a brainstorming session with all team members and relevant stakeholders to identify innovative ways to ensure the project’s success.” Group brainstorming encourages all of the following EXCEPT ……
- Team building.
- Finding alternatives.
- Uninhibited verbalization.
- Convergent thinking.
Question
25 of 32

Question25
Additional Information – “ABC Company, awarded the contract to Franklin Consultants. The project manager of Franklin consultants has completed the scope validation process. One of the representatives of ABC Company says that a functionality, related to service desk, is missing.” What should the project manager of Franklin Consultants do now?
- Tell the customer representative that the product is as per scope and has passed all validations.
- Talk to the project team regarding this missing functionality.
- Meet the customer representative and understand the exact situation.
- Incorporate the missing functionality into the product.
Question
26 of 32

Question26
Additional Information – “The project manager has obtained the approval, for the scope statement, from the sponsor. The project manager and his senior team members are brainstorming to identify the WBS deliverables.” All of the following are benefits of the WBS EXCEPT?
- It will help prevent work from slipping through.
- It will ensure that both implicit & explicit requirements are taken care of.
- It will facilitate communication and cooperation among stakeholders.
- It indicates the impact of one team members work on the entire project.
Question
27 of 32

Question27
Additional Information – “During the course of the project, The project manager of Franklin Consultants thinks that he has discovered vital trade secrets of ABC Company’s business.” As a seller’s project manager, he should ……
- Best way is to keep quiet.
- Discuss the situation with his (Franklin Consultants)sponsor.
- Inform the customer and validate the information and take appropriate steps accordingly.
- Resign from the project since it is a conflict of interest situation.
Question
28 of 32

Question28
Additional Information – “Some stakeholders requested additional requirements . This resulted in negative impact on Cost and Schedule. But also helped in reducing stakeholders’ resistance to acceptance of the new systems.” What is the preventive action the project manager must take in order to avoid such a risk in future?
- Project Manager should plan and manage stakeholders as per their roles in the project.
- Review the WBS and the RACI Chart for incomplete scope.
- Review the project contract documents that would help to identify stakeholders.
- Request the sponsor to identify the stakeholders since project manager does not have sufficient authority.
Question
29 of 32

Question29
Additional Information – “The Initiation phase is in its conclusion phase . However, one team member of Franklin Consultants informs the Project Manger that the QA representative of ABC is not satisfied about the quality of deliverables.” What the project team of Franklin Consultants has failed to do?
- Maintain continuous communication with customer.
- Provide customer with frequent status reports.
- Analyze customer expectations and prepare Quality Assurance process and checklists.
- Analyze customer expectations and prepare Quality Control process and checklists.
Question
30 of 32

Question30
Considering the strategic importance of the project, the CEO of ABC Company has taken the role of Project Sponsor. For the project manager of Franklin Consultants what is the most appropriate strategy for engaging with him?
- Only monitoring his requirements should be good enough .
- Since he is also a CEO of the company keeping him satisfied should work.
- A project sponsor should be monitored closely in all respect. He should be actively engaged from the beginning.
- As a CEO he may not be acessible.so keeping him informed through his deputy should be good enough.
Question
31 of 32

Question31
Additional Information – “One of the Functional Manager resigned while the project was in execution phase.” What action should the project manager consider now?
- Organize a meeting with the new Functional Manager when he has any queries or asks for changes.
- Continue with the project as before since the role of a functional manager is already defined in Stakeholder Engagement Strategy.
- Evaluate the Interest and influence of the new Functional Manager and strategize his engagement.
- Discuss the inclusion of new stakeholder with your team members.
Question
32 of 32

Question32
Refer Scenario 3 – What will be the final payment to Franklin Consultants if the project gets completed in 7,60,000 USD?
- 8,68,000 USD
- 8,28,000 USD
- 8,44,000 USD
- 8,56,000 USD

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