Wednesday , September 29 2021

All-In-One Project Management Professional (PMP®)EXAM PREP MCQs – Exclusive (NEW) 2021 Part # 1

All-In-One Project Management Professional (PMP®) EXAM PREP MCQs – Exclusive (NEW) 2021 Part # 1

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1. A company is considering two projects, Alpha and Beta. Project Alpha is expected to result in a $50 million net profit, while project Beta and is expected to net $45 million. Both projects could be very lucrative and rewarding. However, the financial controller has stated that the company can only invest in one of these projects.

If project Alpha is selected, what will be the opportunity cost?

A) $95 million

B) $50 million

C) $45 million

(D) ​$5 million

Answer

$45 million
  

Explanation

Opportunity cost is regarded as the value of the alternative that is not chosen. If the decision is made to select project Alpha and forego the $45 million in potential profit from project Beta, the opportunity cost of this decision is $45 million, the value of project Beta.

The topic of this question is not covered in the PMBOK® Guide. However, the Project Management Professional (PMP)® Examination Content Outline (ECO) indicates that while there are some commonalities between the PMBOK® Guide and the ECO, the exam is not bound by the PMBOK® Guide. The list of enablers specified in the tasks of the ECO domains is not exhaustive either. The ECO assumes that prospective PMP aspirants are familiar with other sources of information/preparation, including but not limited to PMI Code of Ethics and Professional Conduct, PMI's Practice Standards (e.g., Scheduling, Earned Value Management, etc.); organizational behavior theories such as Tuckman's Ladder, Theory X and Theory Y, Maslow's hierarchy of needs; commonly frowned upon project management practices, such as gold plating; and others. We intentionally have these questions in our simulator so that you would be better prepared for the real exam. PMP aspirants are encouraged to explore additional sources of information and/or to be familiar with them from their project management experience.

  

2. You are managing a project to build five bridges. The project consists of five sequential phases with each phase delivering one bridge.

After the first phase of the project is complete, which process group of the second phase should follow?

A) Initiating

(B) Planning

C) Executing

D) ​Closing

Answer

Initiating
  

Explanation

The Initiating Process Group is made up of two processes, Develop Project Charter and Identify Stakeholders. The Initiating Process Group is performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. The purpose of this Process Group is to align the stakeholders' expectations and the project purpose, inform stakeholders of the scope and objectives, and discuss how their participation in the project and its associated phases can help to ensure their expectations are met.

In the scenario described, you are about to start a new project phase. Therefore, you should start with the Develop Project Charter process. It does not necessarily mean you would develop a new project charter for each consecutive project phase, but it means that you will perform the processes of the Initiating Process Group starting with the Develop Project Charter process. You will review the project charter to see if the high-level assumptions and constraints made during project initiation are still valid, and whether or not the market conditions are still favorable for the project. Performing this process may result in an update of the charter or an addendum to the project charter. In an extreme scenario, this process may result in project termination.

While the PMBOK® Guide does not explicitly mention going back to the Initiating Process Group to look at the project charter, it does provide several examples implying that the project team may choose to go with each new phase as a separate, stand-alone project. Undertaking a stand-alone project means performing all its processes, starting with the Develop Project Charter. The same logic applies to the next process in the Initiating Process Group, the Identify Stakeholders process. It is possible that new stakeholders became involved in the project, or some of the previous stakeholders left, or the level of engagement of the existing stakeholders have changed. Even if nothing has changed, the Develop Project Charter and the Identify Stakeholders processes should be performed. Otherwise, how would you be able to conclude that nothing has changed? Therefore, starting the new phase of the project with the processes of the Initiating Process Group is the best answer to the question asked.

  

3. The project aims to investigate the feasibility of constructing a hydroelectric dam from a technical, economic, and social point of view. The project charter created by the project manager on behalf of the project sponsor is now approved.

Which of the following processes should be performed next?

A) ​Develop Project Management Plan

(B) ​Identify Risks

C) ​Identify Stakeholders

(D) Develop Project Charter

Answer

Identify Stakeholders

  

Explanation

The Identify Stakeholders process is the process of identifying all people or organizations impacted by the project and documenting relevant information regarding their interests, involvement, and impact on project success. Both the Develop Project Charter process and the Identify Stakeholders process are part of the Initiating Process Group which should be completed before proceeding to the processes in the Planning Process Group. In this scenario, since the project charter has been developed and approved, the Identify Stakeholders process should be performed next.

  

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4. You are managing a software upgrade project for your company. Your project sponsor has a great deal of authority regarding project decisions, but you recently discovered that he doesn’t have much interest in your project. To complete the project successfully, you need your project sponsor’s continuous support.

What stakeholder management strategy should you use with your project sponsor?

A) Keep the sponsor satisfied

(B) Manage the sponsor closely

C) ​Monitor the sponsor’s actions

D) Keep the sponsor informed

Answer

Keep the sponsor satisfied

  

Explanation

A power/interest grid is a classification model used for stakeholder analysis and management that groups the stakeholders based on their level of authority (power) and their level of concern (interest) regarding project outcomes. The classification and recommended management strategies are as follows:

Low-power/low-interest: monitor only

Low-power/high-interest: keep informed

High-power/low-interest: keep satisfied

High-power/high-interest: manage closely

Based on this scenario, the sponsor can be classified as high-power and low-interest; therefore, keeping the sponsor satisfied is the best strategy under the circumstances described in the scenario.

  

5. The project sponsor asks for a copy of the document that contains the description, owner, source, priority, and status of product requirements.

Which project document is the project sponsor requesting?

A) ​The requirements management plan

B) ​The requirements traceability matrix

C) ​The scope management plan

D) ​The work breakdown structure (WBS)

Answer

The requirements traceability matrix

  

Explanation

In this scenario, the project sponsor requested a document that provides specific information about the product requirements of your current project. The requirements traceability matrix is a grid that links product requirements from their origin to the deliverables that satisfy them. Typical attributes used in the requirements traceability matrix may include a unique identifier, a textual description of the requirement, the rationale for inclusion, owner, source, priority, version, current status, and status date. Additional attributes to ensure that the requirement has met stakeholders' satisfaction may include stability, complexity, and acceptance criteria.
  



6. You are facing problems decomposing the testing work package into the final activities required to complete the work package. Detailed testing plans and activities cannot be determined until the system is at least 50% developed and more details become available. The system development work package will take at least three months to complete.

What is the best way to resolve this problem?

A) Use product analysis techniques such as product breakdown and systems analysis to decompose the system testing work package

B) Decompose the system development work package now and decompose the system testing work package later

C) Break down the project into multiple phases so that the system testing work package goes into the second project phase

D) Consult the project management plan to determine what to do in this situation

Answer

Decompose the system development work package now and decompose the system testing work package later
  

Explanation

Delaying the decomposition of the system testing work package until later in the project is an example of rolling wave planning. Rolling wave planning is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level. Decomposition may not be possible for a deliverable or subcomponent that will be accomplished far into the future. The project management team usually waits until the deliverable or subcomponent is agreed on, so the details of the work breakdown structure (WBS) can be developed. Therefore, the best approach is to use rolling wave planning and decompose the system development work package now, and then decompose the system testing work package later, when more project information becomes available.
  

7. You are about to start planning for a large and complex project. Due to the size of the project along with the regulatory and environmental considerations, the development of a detailed project management plan will be critical.

As a starting point for initial project planning, what is the first thing you should do?

A) ​Conduct a project kick-off meeting to inform and engage stakeholders and gain commitment

B) Review the project charter to understand the high-level information about the project

C) Begin the process of identifying stakeholders so they can be engaged as necessary for project planning

D) Share the project scope statement with the project team for a common understanding of project deliverables

Answer

Review the project charter to understand the high-level information about the project
  

Explanation

  

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8. As you are monitoring the cost baseline for your project, you notice that project expenses are higher than expected at this point in the project.

What is the most likely cause of the variance?

A) Overestimated material costs

B) Lack of stakeholder support

C) ​An incomplete milestone list

D) ​Excess inventory

Answer

Excess inventory

  

Explanation

Physical resource management is concentrated in allocating and using the physical resources such as materials, equipment, and supplies efficiently and effectively. Organizations should have data on how much inventory to keep on hand as the project progresses. Failing to manage and control resources efficiently can be a source of increased costs in a project. In the scenario described, you have determined expenses are higher than expected. One of the causes for increased costs is failing to maintain appropriate levels of inventory. Too much stock on hand may result in realizing the expenses for those supplies before they were expected when comparing against the cost baseline.
  

9. Recently, you promoted your star programmer, Sam, to lead the agile development team. Sam was a fantastic software coder, and you thought the promotion would mean that he could now share his expertise with the other development team members. However, you are surprised to learn that the performance of Sam in his new role is not meeting your expectations.

Which empirical rule did you forget while considering the promotion of Sam?

A) ​Expectancy theory

B) ​Halo effect

C) ​Pareto concept

D) ​Murphy’s law

Answer

Halo effect
  

Explanation

  

10. You have just taken over a project in execution. During your first week, you determine that the project team members spend a lot of time responding to unexpected requests for information from different project stakeholders. Because of these interruptions, the team cannot focus on their project activities, and as a result, the project is behind schedule.

What should you do first?

(A.) Tell the team members to stop responding to unexpected requests since it is not the responsibility of the team

(B.) Push the team to respond to all the requests faster so that they can perform their assigned project activities on time

(C.) Ask the team to forward all stakeholder inquiries to you so that the team members can focus on their assigned tasks

(D.) Review the communications management plan to understand how stakeholder requests should be handled

Answer

Review the communications management plan to understand how stakeholder requests should be handled
  

Explanation

Monitor Communications is the process of monitoring and controlling communications throughout the entire project life cycle to ensure the information needs of the project and its stakeholders are met. In this scenario, the stakeholders are reaching out directly to the project team members, which is not the most effective use of the team's time. To determine why this is happening, you need to review the communications management plan to determine how stakeholder inquiries are to be managed. With this information, you can best judge whether the stakeholders are violating that agreement. After that, you can proceed to make whatever changes are needed to shield the project team from the time-consuming responses to the stakeholders' requests for information and develop a better communications protocol for stakeholder information requests.
  



Question 11: 

The project management plan specifies that a predictive development approach has been selected to produce the project deliverables.

Where in the project life cycle will the overall project risk be the lowest?

(Please note that on the real PMP exam you may be asked to provide your answer by clicking the correct area in the image. But here in the simulator, we are asking you to select the answer below.)

A) A

B) B

C) C

(D) D

Answer

D
  

Explanation

  

Question 12: 

Samantha is a Cost Planner at PMaspire. She is currently monitoring budget variations of the project.

Map the Tools and techniques (1 to 3) with their appropriate process (a to c):

A) 1) a

2) c

3) b

B) 1) b

2) a

3) c

C)  1) a

2) b

3) c

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Answer

Correct Answer:

a) Three-point estimation.

c) Funding Limit Reconciliation.

b) Earned Value Analysis.

  

Explanation

Process: Plan Cost Management, Estimate Cost, Determine Budget, Control Cost ECO- Process- Task- 5- Plan and manage budget and resources A Guide to the Project Management Body of Knowledge, (PMBOK® Guide), Project Management Institute Inc., pages: 235, 240, 248, 257.
  

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Question 13: 

A team member submits a draft of the requirements management plan to the project manager for review. The project manager notices that one of the components included in the plan does not belong there.

Which of the following components did the project manager most likely notice?

A) A process that describes how the project requirements will be prioritized

B) The metrics that will be used and the rationale for using them

C) A process that specifies how a project scope statement will be prepared

(D) How requirement activities will be planned, tracked, and reported

Answer

A process that specifies how a project scope statement will be prepared
  

Explanation

The requirements management plan is a component of the project or program management plan that describes how requirements will be analyzed, documented, and managed. A process that specifies how a project scope statement will be prepared is an element of the scope management plan and should be excluded from the requirements management plan. The incorrect answer choices represent components that should be included in the requirements management plan.
  

Question 14: 

While reviewing your project’s performance, you discover a significant variance. If the issue is not fixed before the next customer inspection, your project might be canceled. However, after a further review conducted by the project team, you are glad to hear that bringing the project back on track requires only a minor correction to a configuration element.

What should you do first?

A) ​Implement the corrective action

B) Submit a change request

C) Consult the project sponsor

(D) ​Delay the customer inspection

Answer

Submit a change request
  

Explanation

All of the available answers seem like possible options in this scenario, but the question is specifically asking what you should do 'first'. Although you have already analyzed the situation and you know what corrective actions are required, you must follow the proper change control procedure. A configuration element is a project artifact that has been placed under configuration control. Any change to a configuration element should be formally controlled and will require a change request. Since the question describes a situation requiring a change to a configuration element, the first thing you should do is submit a change request and have it approved before you can implement the changes.
  

Question 15:

 A project manager is leading a process improvement project for a factory operation. Currently, the project manager and the team are performing the Monitor and Control Project Work process.

Which of the following activities might be carried out during this process?

A) Comparing actual project performance against the project management plan

B) Implementing approved change requests to achieve the project’s objectives

C) Analyzing change requests and either approving or rejecting them

(D) ​Gaining formal acceptance of the deliverables by the customer or sponsor

Answer

Comparing actual project performance against the project management plan
  

Explanation

Monitor and Control Project Work is the process of tracking, reviewing, and reporting overall progress to meet the performance objectives defined in the project management plan. Of the available choices, only comparing actual project performance against the project management plan is performed during the Monitor and Control Project Work process.
  

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All-In-One Project Management Professional (PMP®)EXAM PREP MCQs - Exclusive (NEW) 2021 Part # 1

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