Project Schedule #2

Q: Your company has appointed you PM for a new product line production. Three new products are involved, two of which will be introduced together, and a third one that will follow within two years. Product number three will be elaborated in more detail closer to its release date, while the first two products will be elaborated in great detail now. The scope management plan has just been completed.  Which of the following is true?
Options:
a) The WBS template from a previous project, a tool and technique of the Create WBS process, was used to create the WBS for this project. The WBS encompasses the major deliverables for the project.
b) The WBS encompasses the full scope of work for the project and the technique in question is called rolling wave planning.
c) Only the deliverables associated with the work of the project should be listed on the WBS. Since product number three isn't being released until a later date it should not  yet be included on the WBS.
d) The WBS should be created next, and it encompasses the full scope of work for the project. Only the work of the project is listed on the WBS.

A: b).
Explanation: There isn't enough information in the question to know whether a) is correct, although it could be. d) is incorrect because the next process after the scope management plan is created is the Scope Definition process. The WBS details the entire scope of the project and includes all deliverables. It is an output of the Create WBS process and the technique of elaborating some deliverables at a later date is called rolling wave planning.

Risk Management #2

Q: Which of the following is most closely associated with pure risk:
Options: a) both 1) profit and loss and 2) market fluctuations; b) personnel turnover; c) profit and loss; d) market fluctuations; e) insurance.
A: e) insurance.

Estimates #1

Q: A ________ estimated prepared from layouts, sketches and flowsheets, should be accurate within (-10, +25%).
A: Budget.

Risk Management #1

Q: Several potential risks have been identified on the project. The impact was examined and all the uncertain elements were kept at their baseline values. What type of diagram will be used in the analysis?
A: Tornado diagram

Explanation: The question describes sensitivity analysis, which is a tool and technique of the Quantitative Risk Analysis process. Tornado diagrams are often used to display sensitivity analysis data.

Project Schedule #1

Q: You are a PM for some company, doing some product. You're developing the project schedule and have determined the critical path. Which of the following statements is true?
A: You calculated the early and late start dates, the early and late finish dates, and the float times of activities.

Explanation: The CMP calculates a single early and late start and a single early and late finish date for each activity. Once these dates are known, float time is calculated for each activity to determine the critical path. Other answers typically contain elements of PERT calculations.