PK0-003 Online Practice Questions and Answers

Which of the following is the MAIN difference between bottom up and top down cost estimation?

A. Bottom up leads to a more accurate cost estimate than top down because it is performed by subject matter experts

B. Top down leads to a more accurate cost estimate because it is performed by upper management with direct access to budget information

C. Bottom up leads to a less accurate cost estimate because it is breaks down the task into smaller subtasks where some tasks may not have a cost

D. Both top down and bottom up are equally accurate estimation of a project's total cost because they both refer to resources assigned by the project sponsor

The project manager wants to report to the stakeholders to date project's cost performance. If the total of completed work to date is $200,000 and the actual cost is $210,000, which of the following is the cost variance?

A. -5%

B. 5%

C. -$10,000

D. $10,000

Due to external market conditions, the Chief Executive Officer (CEO) has announced a company shift in strategic priorities. As such, more focus will be spent on tuning current operational capabilities. Which of the following is the MOST likely outcome of an existing project that is currently in an initiation phase and about to enter stage-gate review and now falls outside of the new strategic priorities?

A. Stage extension

B. Project completion

C. Stage completion

D. Project cancellation

The project manager is reviewing the earned value of work completed compared to the planned value and is representing it in a dollar figure. This type of analysis is an example of which of the following?

A. Cost performance index

B. Risk mitigation

C. Schedule variance

D. Cost variance

Ann, one of the affected stakeholders, feels that the project team has not been giving periodic stakeholder updates and that her input has not been taken into account. Which of the following should the project manager do to ensure stakeholder expectations are met?

A. Ensure that Ann is involved during the testing phase of the project so she can call out functional gaps

B. Organize a walkthrough of the solution and ensure face-to-face updates occur every two weeks

C. Escalate the issue to the project steering committee that Ann is criticizing the project quality

D. Organize a requirements workshop to capture any gaps

When looking for solutions, which of the following procurement documents should be used?

A. CDM

B. CCM

C. RFI

D. RFQ

During project execution, the project manager would create:

A. A WBS

B. A status report

C. An issue log

D. A risk register

A project starts out as a small three month project. One month into the project, a stakeholder asks the team for additional functionality, which is estimated to take an additional three weeks. The project manager implements the functionality while waiting for approval. This is known as which of the following?

A. Change request

B. Risk

C. Resource constraint

D. Scope creep

Which of the following components of a quality management plan eliminates output that is not up to standards?

A. Quality assurance

B. Quality control

C. Quality baseline

D. Quality metrics

Which of the following would be found in a post-mortem analysis? (Select TWO).

A. Lessons Learned

B. Transition Plan

C. Project sponsor signoff

D. Maintenance responsibilities

E. Reasons for early termination of the project