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Project Management Professional (PMP®) Certification Training Quiz Questions and Answers

Answer :
  • Conduct a cost-benefit analysis, including competitive advantage, market impact, and strategic alignment.

Explanation :

This agile team and product owner should work together to figure out whether the effort required to fulfil this user story is worth the extra cost and effort that the project team expects. The cost-benefit analysis will help them all to understand the trade-offs involved in including the complex user story. By considering the potential benefits, costs, risks, and alignment with strategic objectives, the project team and product owner can make the best decision. This approach ensures that decisions are based on a thorough evaluation of all relevant factors and supports effective communication and collaboration with stakeholders.Investigating the risk is important but will not evaluate all of the aspects needed for the team and product owner to make this decision. Revisiting the project's budget and time line to accommodate the user story is an important consideration for evaluating the impact on budget and time line, but it should not be the sole basis for the decision. A comprehensive cost-benefit analysis is needed. While identifying alternative solutions or workarounds can be a valid approach in certain situations, it may not directly address the stakeholders' objection regarding the competitive advantage.
Answer :
  • Determine estimate at completion (EAC) and seek approval.

Explanation :

Increasing costs of products and services directly affects projects, so project teams need to adapt. An increase across all vendor services is probably a sign of a big change in the external business environment. Issuing a new request for proposal (RFP) with a cost limitation will not likely be successful because every vendor is affected. The solution here is to understand what is causing the price increases and seek a solution for the project that is sustainable. The project team might then choose to create a revised budget with the new costs of vendor services and goods, namely the estimate at completion (EAC) which will tell them the expected total cost of completing all work expressed as the sum of the actual cost (AC) to date and the estimate to complete (ETC). The product owner or project sponsor will decide whether the organization can or wants to continue supporting the project. Because it is early in the project, this is the most sustainable solution for the long-term health of the project. Management reserves and the contingency budget should be used for covering expenses resulting from issues, not to support a project budget that has been impacted because of external environmental factors.
Answer :
  • Regular communication with stakeholders throughout the project ensures that requirements and scope are valid.

Explanation :

Regular communication with stakeholders throughout the project is the best approach to preventing defects caused by incomplete requirements gathering and poor communication. This approach helps in identifying and resolving issues early on and ensures stakeholders are kept informed of the project's progress. It also helps in building a strong relationship with the stakeholders and ensuring their expectations are managed. Since the work for this project takes a hybrid development approach to software development, we can assume that complete requirements gathering is not likely to be possible. In software development, requirements can change throughout the project and the project team needs to be flexible to accommodate these changes. Assigning a dedicated team for requirements gathering is a good approach; however, it might not always be feasible due to budget and resource constraints. Holding stakeholders accountable for incomplete requirements might create a negative impact on the project team's relationship with the stakeholders. This approach may lead to a breakdown in communication and damage the project team's reputation.
Answer :
  • Can anyone be a servant leader?

Explanation :

The role and title of project manager or team lead can vary by project and organization. In general terms, the profession has embraced self-organizing teams and adaptability as core tenets, and the project manager or team lead is no longer the sole person responsible for and focused on delivering results. Instead, we focus on servant leadership, which is the practice of leading the team by focusing on understanding and addressing the needs and development of team members in order to enable the highest possible team performance. A person taking on this role should balance strategic thinking with daily project work. Understanding that learning is continuous also plays a part in self-organization, so we think of tenets rather than fixed guidelines for leadership characteristics. One such tenet of servant leadership is to understand the vision of the project, not just the daily issues; the servant leader should figure out how to create a balance between daily and strategic work in the context of a project and team. Therefore, the only question in this list to be answered with "yes " is: Can anyone be a servant leader?
Answer :
  • Evaluate the cost-benefit analysis of the contingency plan before implementing it.

Explanation :

After identifying a high-risk item with a costly contingency plan, the project manager's next step should be to evaluate the cost-benefit analysis of the contingency plan before implementing it. This will help the project manager to determine if the cost of the contingency plan is worth the risk mitigation benefit. The project manager should also consider other risk management options such as risk avoidance, risk acceptance, and risk transfer. By evaluating the cost-benefit analysis and considering other risk management options, the project manager can make an informed decision on how to proceed. Implementing the contingency plan without evaluating its cost-benefit analysis may lead to unnecessary expenses and negatively impact the project budget. Waiting to see if the risk materializes may lead to missed opportunities for risk mitigation, increased costs, and project delays. Ignoring a high-risk item is not a proactive risk management approach and may lead to serious consequences if the risk materializes.