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Daily PMP Questions from Mosaic

"I am always doing what I can’t do so that I may learn how to do it."
Pablo Picasso
 

     
This weeks Questions + Answer:
   
     
Today's Question:
   
Control cost includes all of the following except:

A.  Recording all appropriate cost changes.
B.  Developing the cost baseline.
C.  Preventing unapproved changes from being included in the reported cost.
D.  Informing appropriate stakeholders of approved changes.

Today's Answer:
   
Best Answer : B
 
Reason :

Developing the cost baseline is a part of Determine Budget (not Control Costs). The activities involved in cost control are described in PMBOK section 7.4 – p216, and include the other three options either explicitly or implicitly.

Reference:
PMBOK® Guide 5th Edition  7.4

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The Last Week's Questions* The Last Week's Answers Question relevant for:
PMP CAPM PMI-SP
Saturday:
Control cost includes all of the following except:

A.  Recording all appropriate cost changes.
B.  Developing the cost baseline.
C.  Preventing unapproved changes from being included in the reported cost.
D.  Informing appropriate stakeholders of approved changes.

Best Answer : B
  
Reason : 
Developing the cost baseline is a part of Determine Budget (not Control Costs). The activities involved in cost control are described in PMBOK section 7.4 – p216, and include the other three options either explicitly or implicitly.

Reference:
PMBOK® Guide 5th Edition  7.4

Friday:
 
The term ‘Project-Based Organisation’ (PBO) refers to:

A.  Various organisational forms that create temporary systems to carry out their work.
B.  Organisations that use projects to undertake all of their work.
C.  Organisations that have a management structure that standardises the governance of projects.
D.  Organisations that are based on the PMBOK® Guide.

Best Answer : A
   
Reason : 
All organisations involve some project work and some operational work. PBO refers to any organisational type that creates temporary systems (ie, projects / programs) to carry out the major part of the organisation's work.

Reference:
PMBOK® Guide 5th Edition  1.5.2.1


Thursday:
 

The recommended sequence for the various stages in a contract negotiation are:

A.  Protocols, introductions, opening statements, probing, bargaining, closure, agreement.
B.  Preparation, protocols and introductions, bargaining, probing, final offers, agreement, closure.
C.  Preparation, protocols and introductions, opening statements, probing, bargaining, closure, agreement.
D.  Preparation, protocols, introductions, probing, bargaining, establish bottom lines, agreement, closure.

Best Answer : C
   
Reason : 
‘Preparation, protocols and introductions, opening statements, probing, bargaining, closure and agreement’ is the generally recommended sequence. Preparation is essential, as is reaching agreement (if it is reasonable) and closing the negotiation and documenting the agreement. Authorities vary on the contents and sequence of the other steps.

In the ‘real world’ agreeing the negotiating sequence, agenda and protocols is usually the first negotiation within the negotiation. When negotiating the end of the Vietnam War (in Paris) it took the Vietnamese and Americans nearly two years to negotiate the protocols and agenda for the talks!  Establishing the ‘bottom line’ for either or both parties (often referred to as ‘BATNA’ – Best Alternative To a Negotiated Agreement) is a vital element in negotiations and mediations to resolve disputes but is less important in contract negotiations which should be directed towards agreeing the contract which becomes the start of a productive and beneficial working relationship.  For more on negotiating see:  www.mosaicprojects.com.au/WP1024_Negotiating.pdf

Reference:
PMBOK® Guide 5th Edition  12.2.2.7

Wednesday:
   

Which of the following is a good use for the work breakdown structure?

A.  Communicating with the stakeholders.
B.  Showing scheduled dates for each task.
C.  Showing the functional manager for each team member.
D.  Showing the business need for the project.
Best Answer : A
   
Reason : 
The WBS can be used for communicating the full project scope to stakeholders.
The WBS does not show dates or resource assignments although some of this data may be recorded in the WBS dictionary and the business need is shown in the project charter and scope statement.  For more on WBS see:  www.mosaicprojects.com.au/WP1011_WBS.pdf

Reference:
PMBOK® Guide 5th Edition  5.4.3.1
Tuesday:
 

Project Management Processes are linked by:

A.  Processes are linked by their objectives. The summary output of one becomes the detailed action plan for another.
B.  The outputs they produce, the output of one process often becomes the input to another, or is a deliverable of the project.
C.  The processes are linked by the WBS.
D.  The processes are discrete activities with minimal interaction.
Best Answer : B
   
Reason :

The output of one process generally becomes the input to another process or is a deliverable of the project.  The flow of outputs to inputs is core to the structure of the PMBOK® Guide. For more on the value of processes see:  www.mosaicprojects.com.au/WP1086_Standard_Operating_Procedures.pdf

Reference:
PMBOK® Guide 5th Edition  Ch. 3

Monday:

What should be done with non-critical risks?

A.  Document them and revisit during project execution.
B.  Document them for inclusion in the historical record and for use on other projects.
C.  Document them and archive them because the project contingencies will provide adequate allowances.
D.  Document them and give them to senior management.
Best Answer : A
   
Reason :
All risks change throughout the project and need to be regularly reviewed to ensure risks previously assessed as non-critical have not become critical. The non critical risks are included in the risk register as part of the 'Watch list' to facilitate a regular review process. For more on risk management see:  www.mosaicprojects.com.au/WP1047_Risk_Management.pdf  

Reference:
PMBOK® Guide 5th Edition  11.3.3.1

Sunday:
A project has a budget at completion (BAC) of 800, earned value (EV) of 300, planned value (PV) of 350 and actual cost AC of 400.  What is the estimate to complete (ETC)?

A.  450.55
B.  400.00
C.  800.00
D.  666.66

Best Answer : D

Reason :  
ETC is calculates by deducting the AC (ie cost of work done) from the EAC (ie the estimate at completion’ or the forecast total value of the project).  In other words, ETC is the expected cost to complete the project.
CPI = EV/AC = 300/400 = 0.75
EAC = BAC/CPI = 800/0.75 =1066.66
ETC = 1066.66 – 400 = 666.66
The above calculation assumes the EAC is adjusted to allow for current trends.  An alternative calculation, 
assuming work will complete as planned, is ETC = BAC – EV.  This option = 800 - 300 = 500 (however in this questions 500 is not one of the answers to choose from).
For more on EV calculations see:  www.mosaicprojects.com.au/WP1081_Earned_Value.pdf 

Reference:
PMBOK® Guide 5th Edition 7.4.2.1


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Additional Information:
   
Why train with Mosaic:
  • Decades of experience managing major projects in the 'real world'. We bring this internationally recognised experience into our training courses.
  • PMI members for over 25 years - we understand how PMI works.
  • Successful PMI trainers since 1999 - our courses are guaranteed to work!
  • Personal service - by design we are a small business focused on providing an excellent level of service to our trainees.
  • Cost effective - you don't have to join anything to take advantage of our low costs. 
  • Free PM Knowledge - an exensive reference library to back up our training and for general use, see:
   
Your Trainers
We run our courses, ourselves
In a typical PMP or CAPM course, Lynda will teach the 'soft skills' of communication and stakeholder management, Patrick will teach the 'hard skills' of scope, time and cost, and we share the rest.
 
Dr Lynda Bourne Dr. Lynda Bourne DPM, PMP, FACS, FAIM.
Lynda is an internationally recognised consultant, author and trainer. She has extensive experience as a Senior Project Manager and Project Director specialising in delivery of IT and other business-related projects and has worked as a Senior IT Project Management Consultant.  

Lynda is Director of Professional Services with Mosaic Project Services and the Managing Director and CEO of Stakeholder Management Pty Ltd.
 
See Lynda's CV
   
Follow Lynda: 
Patrick Weaver Patrick Weaver PMP, PMI-SP, FAICD, FCIOB.
Patrick has over thirty five years experience in the Project Management industry and has been a PMI member for over 25 years.  His career initially focused on the planning and managing of construction and engineering projects. The last twenty years has seen his businesses and experience expand to include the successful implementation of project controls in a range of government, defence, ICT and business environments and the development of a range of sophisticated training options.

Patrick is
the Managing Director of Mosaic Project Services Pty Ltd.
   


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