Get Familiar With CAPM, Third Edition

  By Certification Magazine —

These questions are based on CAPM3ED: Certified Associate in Project Management, Third Edition
Self Test Software Practice Test

Objective: Project initiating.
Sub-objective: Develop Preliminary Project Scope Statement.

Single answer, multiple-choice

Which type of cost estimate would MOST likely be used early in the Develop Preliminary Project Scope Statement process?

A. Budget

B. Detailed

C. Definitive

D. Order of magnitude

Answer:

D. Order of magnitude

Tutorial:

An order of magnitude cost estimate would most likely be used early in the Develop Preliminary Project Scope Statement process. An order of magnitude estimate is an approximation that is made without detailed data. An order of magnitude estimate has an accuracy of -25 percent and 75 percent. An order of magnitude estimate would most likely be used to create a ballpark estimate because it is the easiest to create.

A budget estimate would not likely be used early in the Develop Preliminary Project Scope Statement process because it would require more detail to create. A budget estimate has an accuracy of between -10 percent and 25 percent.

A detailed estimate would not likely be used early in the Develop Preliminary Project Scope Statement process because it would require more detail to create than would be available. A detailed estimate is created from well-defined specifications. A detailed estimate, also referred to as a definitive estimate, is typically created using a bottom-up estimating technique.

A definitive estimate would not likely be used early in the Develop Preliminary Project Scope Statement process because it would require more detail to create than would be available. A definitive estimate is created from well-defined specifications. A definitive estimate typically is created using a bottom-up estimating technique. A definitive estimate has an accuracy of between -5 percent and 10 percent.

References:

A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides): Project Integration Management - 4.2 Develop Preliminary Project Scope Statement

A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides): Project Cost Management - 7.1 Cost Estimating

Objective: Project planning.

Sub-objective: Qualitative risk analysis.

Single answer, multiple-choice

You are the project manager and must produce a new line of products for your company. You have identified the risks for your project and now need to begin the qualitative risk analysis process. Which tool would you use during the qualitative risk analysis process?

A. Inspection.

B. Decomposition.

C. Decision tree analysis.

D. Risk-data quality assessment.

Answer:

D. Risk-data quality assessment.

Tutorial:

You would use a risk-data quality assessment during the qualitative risk analysis process. The risk-data quality assessment is a tool used in qualitative risk analysis. The risk-data quality assessment involves evaluating the degree to which data pertaining to risk management is valuable.

You would not use inspection. Inspection involves reviewing or auditing work. Inspection is used during the "scope verification" and "perform quality control" processes.

You would not use decomposition. Decomposition is a technique used to create a work breakdown structure (WBS). During decomposition, the major deliverables of a project are reviewed and decomposed into successively smaller components that can be estimated, executed and managed.

You would not use decision tree analysis. Decision tree analysis is a tool used in quantitative risk analysis. With decision tree analysis, decision tree diagrams are used to quantify which risks have the most impact on a project.

Reference:

A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides): Project Risk Management - 11.3.2.3 Risk Data Quality Assessment

Objective: Project executing.
Sub-objective: Request seller responses.

Single answer, multiple-choice

You are developing a qualified sellers list for your project. Which source would you NOT use to gather information about prospective sellers?

A. Trade associations.

B. Trade publications.

C. Interviews with competitors of prospective sellers.

D. Site visits.

Answer:

C. Interviews with competitors of prospective sellers.

Tutorial:

You would not use interviews with competitors of prospective sellers to gather information about the prospective sellers. This would not be an ethical approach to gathering information on prospective sellers.

All of the other options are valid sources you might use to gather information to develop a qualified sellers list.

A qualified sellers list is a documented list of potential sellers that have the capability of performing the desired work. A qualified sellers list usually is developed in the "request seller responses" process. Other sources include the Internet, library directories or contact with previous customers of the prospective sellers.

Reference:

A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides): Project Procurement Management - 12.3.2 Request Seller Responses: Tools and Techniques

Objective: Project monitoring and controlling.

Sub-objective: Schedule control.

Single answer, multiple-choice

A Schedule Performance Index of less than one indicates the:

A. Project has experienced a permanent loss of time.

B. Earned value physically accomplished so far is 100 percent.

C. Project may not be on schedule, but the project manager need not be concerned.

D. Project is running behind the monetary value of the work it planned to accomplish.

Answer:

D. Project is running behind the monetary value of the work it planned to accomplish.

Tutorial:

Schedule Performance Index (SPI) tells the schedule efficiency ratio of earned value accomplished against the planned value. An SPI of less than one indicates the project is taking more time than planned for the same amount of work and is behind the monetary value of the work that was planned to be accomplished.

An SPI of less than one indicates the project is taking more time than planned for the same amount of work and has experienced some loss of time. However, there is no information that indicates the loss of time is permanent.

Earned value physically accomplished will be 100 percent only when the earned value equals planned value; therefore, the SPI would equal one. An SPI of less than one indicates the project is taking more time than planned for the same amount of work and the project is running behind schedule. The project manager cannot ignore any variances in terms of time or cost.