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Project Cost Management is primarily concerned with the cost of resources need to complete schedule activities. From a broader point of view, it is also concerned with the effect of project decisions on using, maintaining and supporting the product, service or result of the project. This is referred to as:

Option 1: Life cycle costing
Option 2: Post-project costing
Option 3: Comprehensive project costing
Option 4: Project cycle costing
Option 5:

As the project manager of a project, you have needed to estimate certain activity durations before all project team members were acquired. On acquisition of the project team, you find that the actual competency levels of the acquired team members are much lower than what you had anticipated. In such a case, you will:

Option 1: Make no changes to the schedule.
Option 2: Ask the project team members to meet the original schedule by putting in overtime if required.
Option 3: Make changes to activity duration and schedule incorporating the changed competency levels.
Option 4: Inform the customer that the project is behind schedule.
Option 5:

You are two days late on reporting status for a project that you are managing. The status report indicates that the project is lagging behind schedule. During the current week, you are confident of making up some of the lost time. How should you report project status?

Option 1: Since the status report is already due, do nothing. Send out the status report next week when the project is back on track.
Option 2: Since the status report is already 2 days overdue, you may communicate to stakeholders that you will send a consolidated status report next week. In this manner, you can avoid being untruthful or falsifying reports.
Option 3: Send out a status report to all stakeholders indicating that the project is on track. Once this week goes by, things will be fine and the status reports will be back to normal from next week.
Option 4: You should report project status exactly as it is. You may also mention that you expect to make up some of the lost ground, but will truthfully represent current status.
Option 5:

A Probability and Impact Matrix contains risks prioritized according to their potential implications for meeting the project's objectives. The typical approach is:

Option 1: To use a look-up table or Probability and Impact Matrix with specific combinations of Probability and impact that lead to a risk being rated as "high", "moderate" or "low" importance. The importance for planning responses to the risk are usually set by the organization.
Option 2: To create a Risk Breakdown Structure with the probabilities and Impacts listed on the individual boxes. The higher the risk, the closer it is towards the Start Node.
Option 3: To use a look-up table or Probability and Impact Matrix with specific combinations of Probability and impact that lead to a risk being rated as "high", "moderate" or "low" importance. The importance for planning responses to the risk are usually set by the project manager.
Option 4: To create a matrix with the Cost, Time, Scope and Quality on one axis and probability of occurrence on the other.
Option 5:

Your company has been chosen to develop a new line of business for a large insurance company. This is a large and important project for the company and you have told senior management that you will be creating a team meeting room for this project. This is one of the strategies for:

Option 1: Collocation
Option 2: Centralized Team
Option 3: Project Control
Option 4: Develop Project Team
Option 5:

Which of the following is not accurate about the initial phase of a project?

Option 1: The highest uncertainty is at this stage of the project
Option 2: The cost associated at the beginning of the project is highest
Option 3: Stake holders have maximum influence during this phase
Option 4: None of these statements are accurate
Option 5:

The Administer Procurements process ensures that the seller's performance meets contractual requirements and that the buyer performs according to the terms of the contract. This process is part of which process group?

Option 1: Executing
Option 2: Closure
Option 3: Planning
Option 4: Monitoring and Controlling
Option 5:

One of the configuration management activities in the project involved capturing, storing and accessing configuration information needed to manage products and product information. This is known as:

Option 1: Configuration status accounting
Option 2: Configuration auditing
Option 3: Configuration verification
Option 4: Configuration reporting
Option 5:

You and your team have diligently been working on a project over the past 2 years and yesterday you met with the Operations area to turn over the production system to the Operations team. You came back from the meeting with signed formal documentation indicating the project was completed to specifications and the deliverables have been officially turned over to production for ongoing maintenance. This is an example of what?

Option 1: Contract Closure
Option 2: A new project for Operations
Option 3: Sign-off documentation
Option 4: Project or phase closure documentation
Option 5:

A Work Breakdown Structure (WBS) dictionary supports the WBS and is a companion document to the WBS. Which of the following is not included in the WBS dictionary?

Option 1: List of schedule milestones
Option 2: Resource assigned
Option 3: Contract Information
Option 4: Code of Account Identifier
Option 5:

The State of New York has contracted your company to provide a claims payment system for Medicaid benefits. In the contract there is a clause that indicates that the State of New York can review your work processes and deliverables. This is an example of?

Option 1: Performance Report
Option 2: Record Management System
Option 3: Deliverables Checklist
Option 4: Inspections and Audits
Option 5:

Which process group corresponds to the ?do? part of the plan-do-checkact cycle?

Option 1: Closing
Option 2: Monitoring and Controlling
Option 3: Planning
Option 4: Executing
Option 5:

Lori is managing a project in a Functional organization. In this organization, she can expect to find that:

Option 1: She wields considerable authority and can make independent decisions related to the project.
Option 2: Management systems are designed to support projects and project management is easy.
Option 3: Management systems are not designed to support project needs efficiently, and project management is difficult.
Option 4: There are no barriers to communication between cross- functional teams. She is able to easily reach out to other teams without needing to go through the Functional manager.
Option 5:

A project involved three performing organizations. Organization A had a well-defined quality policy, Organization B a lacked a formal quality policy and Organization C had a rudimentary quality policy. What should the project management team do?

Option 1: There is no action required by the project management team. Once the project has been awarded to a performing organization, the onus of execution rests with the performing organization.
Option 2: The project management team will need to ask Organization B and Organization C to come up with a formal quality policy.
Option 3: The project management team will need to ask Organization A to share its quality policy with Organization B and C.
Option 4: The project management team will need to develop a quality policy for the project that can be shared with all the three performing organizations.
Option 5:

A project was randomly picked up for a quality audit and a number of issues and non-conformances were found by the external auditor. The project manager lodged a protest with the quality department that this was incorrect procedure and he should have been given notice since an external auditor was involved. What is your view?

Option 1: The project manager is correct. Quality audits need to be scheduled when an external auditor is involved so that the project manager has time to prepare for them.
Option 2: The project manager is correct. All quality audits need to be scheduled and cannot be randomly done.
Option 3: The project manager has no case. Quality audits may be random and performed by internal or external auditors.
Option 4: The project manager has no case. All quality audits need to be randomly planned and performed by external auditors.
Option 5:

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