News Page Company Profile Consulting & ADR Resources & Papers Tools & Techniques Stakeholder Management Training Home
     

PMP® - Practice Make Perfect

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:
   
Which of the following costs estimating techniques is used most frequently in the early stages of a project?

A. Analogous estimating.
B. Life-cycle costing.
C. Parametric modelling.
D. Feasibility studies.

Today's Answer:
   
Best Answer : A
 
Reason :

Analogous estimating uses the actual cost of a previous, similar, project as the basis for estimating the cost of the current project.  This is the most readily available estimate early in a project is an 'analogous' estimate, as more information is developed parametric of 'bottom-up' estimates become viable and are usually more accurate. The 'early stages of a project' include work undertaken before the project is approved and the project charter signed; for example, if the estimate is a part of the feasibility study, the study requires an estimated costs to assess the viability of the proposal. For more on feasibility studies see:  www.mosaicprojects.com.au/WP1027_Feasibility_Studies.pdf

Reference:
PMBOK® Guide 5th Edition  Ch   7.2.2.2

A new question is Tweeted every day:
Download a free set of 30 PMP (25 CAPM) questions for you to try: Go to the Download Page
To buy the PMBOK® Guide and other PMI Standards in Australia click here
See more on our PMP and CAPM training courses - or -  our PMI-SP training course
 
PMI Courses:

 

 
Classroom Courses in Melbourne

Full schedule Lowest prices
guaranteed



Try our 30 Free PMP Questions


Try our 25 Free CAPM Questions
 



Book a
PMP or CAPM Mentored Email™ course



or

See more on our Mentored Email™
methodology 




Return to Today's Question Page


 
More detailed information on the CAPM Credential



More detailed information on the PMP Credential



More detailed information on the PMI-SP Credential



Download PMI's Credentials Brochure
CAPM + PMP + PgMP

 

Download the PMP Handbook



Download the CAPM Handbook



Download the
PMI-SP Handbook




Share this Page

The Last Week's Questions* The Last Week's Answers Question relevant for:
PMP CAPM PMI-SP
Monday:

Which of the following costs estimating techniques is used most frequently in the early stages of a project?

A. Analogous estimating.
B. Life-cycle costing.
C. Parametric modelling.
D. Feasibility studies.
Best Answer : A
   
Reason :
Analogous estimating uses the actual cost of a previous, similar, project as the basis for estimating the cost of the current project.  This is the most readily available estimate early in a project is an 'analogous' estimate, as more information is developed parametric of 'bottom-up' estimates become viable and are usually more accurate. The 'early stages of a project' include work undertaken before the project is approved and the project charter signed; for example, if the estimate is a part of the feasibility study, the study requires an estimated costs to assess the viability of the proposal. For more on feasibility studies see:  www.mosaicprojects.com.au/WP1027_Feasibility_Studies.pdf

Reference:
PMBOK® Guide 5th Edition  Ch   7.2.2.2

Sunday:
 
Constraints do not include:

A. Predicted impact of weather.
B. Organisational structure of the performing organisation.
C. Collective bargaining agreements.
D. Expected staff assignments.

Best Answer : A

Reason :  
Constraints are factors that limit the options available to the project team and include any agreement or arrangement imposed by the performing organisation, legislation and any contract or formal agreement.  The expected effect of a future weather event is an assumption that is believed to be true for the purposes of planning and may also require an appropriate contingency.

Reference:
PMBOK® Guide 5th Edition  Ch   5.3.3.1

Saturday:
A three-Point Estimate includes all of the following except:

A. Expected value.
B. Optimistic value.
C. Pessimistic value.
D. Most likely value.

Best Answer : A
   
Reason : 
The expected value is calculated from the other three using an appropriate formula such as E = (O + M + P)/3 or
E = (O + 4M + P)/6.

Reference:
PMBOK® Guide 5th Edition  Ch   6.5.2.4

Friday:
 
Claims administration and validate the product is done during  ___________ .

A. Close project.
B. Conduct Procurements.
C. Close Procurements.
D. Control Procurements.

Best Answer : D
   
Reason : 
Control procurements includes claims administration and all necessary project management processes including quality control. This occurs before close procurements which is focused on the negotiations and documentation needed to finalise the supply before the project closure can start. Close procurements does not start until the goods and services being procured have been supplied and accepted, whereas claims can arise at any time during the supply process generally associated with change requests and contract variations (perceived or actual).

Reference:
PMBOK® Guide 5th Edition  Ch. 12.3.2.6
Thursday:
 

The ___________  co-ordinates people and other resources to carry out the plan.

A. Work Breakdown Structure
B. Resource planning process
C. Resource levelling process
D. Executing process

Best Answer : D
   
Reason : 
Executing processes co-ordinate people and other resources to carry out the plan. The other options are planning processes used to develop the plan.

Reference:
PMBOK® Guide 5th Edition  Ch. 3.5
Wednesday:
   

A Project Manager is at the project kick-off meeting. You note her skilled and confident presentation is inspiring and motivating the team to commit to the vision and mission for the project and to perform at high levels. This PM is exhibiting the following leadership style:

A. Hierarchal.
B. Authoritarian.
C. Charismatic.
D. Democratic.
Best Answer : C
   
Reason : 
A Charismatic leader inspires enthusiasm within the team and is energetic in motivating others to move forward. Charismatic leaders are noted for their ability to inspire and motivate followers to perform at high levels, and to be committed to the organisation or the 'cause'. For more on leadership see: http://www.mosaicprojects.com.au/WhitePapers/WP1014_Leadership.pdf

Reference:
PMBOK® Guide 5th Edition  Ch. 9.4.2.4
Tuesday:
 

Given the following estimates: Optimistic $300, Pessimistic $900, and most likely $700, What is the Standard Deviation (SD) for this activity calculated using the PERT approximation?

A. 700.00
B. 100.00
C. 666.66
D. 600.00
Best Answer : B
   
Reason :

PERT approximates the calculation of a Standard Deviation (SD) by using the formula (Pessimistic - Optimistic) / 6.  (900 - 300)/ 6 = 100.  The standard deviation (represented by the Greek letter sigma, σ) shows how much variation or dispersion from the average exists within a data set. It is properly calculated as the square root of its variance where the variance measures the dispersion within the data set.  For more on understanding PERT (and its limitations) see:  www.mosaicprojects.com.au/WP1087_PERT.pdf

Reference:
PMBOK® Guide 5th Edition  Ch. 7.2.2.5


Mosaic's PMP® & CAPM® Training Options

   
Mosaic's Classroom Courses:

  • 5 day intensive training course, Monday to Friday including:
    • Coffee on arrival, Morning and afternoon teas + lunch
    • Course notes and exercises
    • Over 2000 practice questions with detailed answers
  • A free copy of the PMBOK® Guide 5th Edition
  • Post course: 
    • A 100 question benchmark test
      (with scoring and answers)
    • On-line practice questions:
      - 90 day licence to use Mosaic's PM Final exam simulator
    • Our guarantee to work with you until you pass your exam
  • View our classroom schedule for CAPM and PMP courses

Mosaic's Mentored Email™ Courses include:

  • 16 modules for PMP candidates, 14 modules for CAPM. Each module includes:
    • The delivery of reference materials.
    • 20 to 25 test questions.
    • Scoring and comprehensive feedback on your answers.
  • Post course: 
    • The final module includes a 100 question benchmark test (with scoring and answers)
    • On-line practice questions:
      - PMP 90 day licence to use Mosaic's PM Final exam simulator
    • Our guarantee to work with you until you pass your exam
  • See more on Mosaic's Mentored Email™ courses for CAPM and PMP

Mosaic's PMI Scheduling Professional (PMI-SP:

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.
   


.
- View our current PMP classroom course schedule and prices -

Public Training Course Bookings are made from this schedule

Need More Information?
To discuss your training requirements, please complete an [Information Request Form]
Telephone (03) 9696 8684 or simply email your request to:- training@mosaicprojects.com.au


Home - Contact Us - Site Map - Company - Training - Consulting - Resources - Legals


Tel: (03) 9696 8684
.Intl: +613 9696 8684

Copyright © 2017 Casablanca Management Pty. Ltd.
All rights reserved.
Important legal notices, disclaimer and trademark attributions.

Share this Page