Gold Final Quiz Attempt-3

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Gold Final Quiz Attempt-3

Gold Final Quiz Attempt-3

Download Scenario 1, 2 & 3 from Material Tab.

Examination Procedure

Examination duration : (3) Three Hours – Fixed Time : 8.45 AM – 12 Noon
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.

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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- The inadequate controls and outdated technology must be addressed.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 – 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
4 of 32

Question4
Refer Scenario 1 – Initial estimates indicated that the project would cost 2.5 million USD and take two years to complete. There is an expected saving of 20 million USD over 10 years. Which of the following describes the term ‘Benefits’?
- An outcome perceived as positive by one or more stakeholders
- A measurable improvement resulting from an outcome that is perceived as an advantage by one or more stakeholders
- The result of the change derived from using the project's outputs
- The tangible specialist products of the project
Question
5 of 32

Question5
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
6 of 32

Question6
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
7 of 32

Question7
Refer Scenario 1 – In the given project lifecycle, as work will progress, uncertainty about the expected outcome will ……
- Increase
- Decrease
- Increase or Decrease
- Remain the same
Question
8 of 32

Question8
Refer Scenario 1 – The project manager thinks that , some project management processes will have to be tailored as appropriate. Tailoring is necessary in a project’s processes because:
- The guidelines given in frameworks may not address all process groups.
- Some projects do not require formal management methods.
- Every project is unique and not all the processes may be equally important on each project.
- Some projects may have to extend into the operational and maintenance phases.
Question
9 of 32

Question9
Refer Scenario 1 – The project is divided in 4 stages. Which of the following statement is correct about Project Stage?
- Higher the risks in the project shorter should be the stages
- Project should be divided into stages only if it has a long duration
- A project life cycle has the same stages irrespective of the industry
- Higher the risks in the project longer should be the stages
Question
10 of 32

Question10
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
11 of 32

Question11
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
12 of 32

Question12
Refer Scenario 1 – “Identify ABC Company employees with knowledge or experience in restructuring and include them in the project team.” This statement is an example of which risk response strategy?
- Avoid
- Mitigate
- Accept
- Transfer
Question
13 of 32

Question13
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
14 of 32

Question14
Refer Scenario 2 – Based on the data given in the scenario, what is the Critical Path of the network diagram?
- Create a detailed design – Prepare a contract – Evaluate proposals – Agree contract
- Specification of the new solution – Select supplier – Evaluate proposals – Agree contract
- Specification of the new solution – Create request for tender – Evaluate proposals – Agree contract
- Specification of the new solution – Prepare a contract – Evaluate proposals – Agree contract
Question
15 of 32

Question15
Refer Scenario 2 – Based on the data given in the scenario, what is the float in activity “Create request for tender”?
- 3
- 0
- 1
- 2
Question
16 of 32

Question16
Refer Scenario 3 – Based on the data in the scenario, What is the Cost Variance on the status date for four deliverables?
- 16000
- -16000
- 10000
- -10000
Question
17 of 32

Question17
Refer Scenario 3 – Based on the data in the scenario, What is the Schedule Performance Index on the status date for four deliverables?
- 0.77
- 0.84
- 1.18
- 1.29
Question
18 of 32

Question18
Refer Scenario 3 – Which of the following statement about Cost Baseline is NOT true?
- It indicates the cost of project
- It indicates the price of the project
- It let's you know the Budget At Completion
- It is a sum total cost of all the deliverables + contingency reserves
Question
19 of 32

Question19
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
20 of 32

Question20
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
21 of 32

Question21
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
22 of 32

Question22
Refer Scenario 1 – 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
23 of 32

Question23
Additional Information – Which of the following is a benefit of stakeholder engagement?
- Clarify and resolve identified issues
- Meet stakeholder needs and expectations
- Obtain their continued commitment to the project
- Increase support and minimize resistance
Question
24 of 32

Question24
Additional Information – The Project Manager has sent a meeting request to the Sponsor to discuss the project’s stakeholder management plan. The sponsor believes that only the scope, schedule and cost management plans are sufficient for such projects. Which of the following is the best response to this request?
- The sponsor should decline the request as stakeholder management planning is not relevant for internal projects.
- The sponsor should accept the request as stakeholder management planning is critical for all types of projects.
- The sponsor should decline the request as stakeholder management planning should be done by project manager himself.
- The sponsor should accept the request as he needs to know how the project manager plans to deal with him
Question
25 of 32

Question25
Refer Scenario 1 – The project manager is in the process of make or buy analysis for the deliverables in Stage 4. In which of the following scenario a customer would prefer outsourcing rather than developing the product In-house?
- When Quality control is of primary importance
- When scope is well defined and Price is the primary criteria
- When Intellectual property is of primary concern
- When data security is a primary criteria
Question
26 of 32

Question26
Refer Scenario 1 – For Stage 2 (Create a detailed design for the future Facilities staffing structure and a specification of the new hardware and software solution) the project manager plans to hire Restech resources on a per hour basis. This type of contract is typically known as …
- Fixed Price contract
- Cost Plus Award Fee contract
- Time and Material Contract
- Cost Reimbursable contract
Question
27 of 32

Question27
Additional Information – The project manager is in the process of creating a contract document for stage 4. The contract must have what two things?
- An offer and consideration
- Signatures and the stamp of a legal entity
- The value and worth of the procured item
- A start date and an acceptance of the start date
Question
28 of 32

Question28
Additional Information – A stakeholder register is a dynamic document. It should be reviewed and updated as project progresses. Which of the following is NOT a reason for updating the stakeholder Register?
- Some of the stakeholders may be helpful in providing technical expertise
- There may be changes in the project
- Stakeholder influence and interest may change over time
- New stakeholders may become a part of the project
Question
29 of 32

Question29
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
30 of 32

Question30
Refer Scenario 1 – Which of the following statement appropriately reflects a Major Risk to the project?
- Existing ABC Company data may prove difficult to transfer to the new software solution, which would require additional specialist resources, at the expense of the external supplier.
- The initial estimates, taken from the feasibility study report, indicate that the project will take two years to complete, which means that the business problems would remain for this period.
- The management stages recommended by the consultants may not be appropriate, which would result in confusion in planning the project.
- Due to market conditions, a suitable external supplier may not be found, which may lead to premature closure of the project.
Question
31 of 32

Question31
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
32 of 32

Question32
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.

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