Beth works as a project manager for BlueWell Inc. Which of the following tools and techniques of Administer Procurements process will Beth use to manage contracts, and procurement documentation and records?

Correct Answer:A
A records management system is used to manage contract, and procurement documentation and records by the project managers. It includes specific set of processes, related control functions, and automation tools that are merged as part of the project management information system.
Answer option D is incorrect. Payment system determines the payments to the seller, which is processed by the account payable system of the buyer after certification of satisfactory work by the authorized person on the project team.
Answer option C is incorrect. Inspection and audits are required by the buyer and supported by the seller as mentioned in the procurement contract during execution of the project to verify the compliance in the seller's work processes or deliverables.
Answer option B is incorrect. Performance reporting offers the management with the information about how effectively the seller is achieving the contractual objectives.

Thomas works as a contract-based project manager for BlueWell Inc. Management has hired Thomas to manage a high-risk project because Thomas has years of experience with this technology and similar project. Thomas would like to use his own templates for the project schedule, quality, and risk management approach. Management is fine with this, except after reviewing the template they had preferred Thomas to use 24-hour time periods for his project calendar rather than the 8-hour time periods as indicated. Thomas agrees, but now he has to update what document in his project management plan?

Correct Answer:A
The project calendar needs to be updated to reflect the 24-hour time period rather than the 8-hour time period. The project calendar is used to define the working and nonworking days and times for tasks. This calendar is usually used to represent an organization's traditional working hours. Project uses this calendar to schedule tasks that do not have resources assigned or that have a task type of fixed duration. By default, the Standard base calendar is used as the project calendar. A user can also reflect alternative schedules by using other base calendars. The working days and hours in the project calendar reflect the working days and hours for the whole project. A user can also specify special days off, such as company holidays. A user can also indicate other nonworking times to reflect periods when the whole team will be working on nonproject activities, such as company meetings or department retreats.
Answer option D is incorrect. The schedule management plan will reference to the project calendar and the resource calendar. It does not need to be updated directly as a result of the time period change.
Answer option C is incorrect. The resource calendar does not need to be updated as this document defines when resources are available.
Answer option B is incorrect. The activities of the project are not changing, only the time periods of the project calendar.

Tom is the project manager for the ABC Construction Company. As part of the project scheduling for the construction of a new office building, he has allotted time for the inspectors of the building structure, as well as electrical, plumbing, and safety into the project's schedule. These inspectors can be considered what type of dependency in the project?

Correct Answer:D
An external dependency is any nonproject activity that is external to the project but has a direct impact on the project activities. An external dependency may be an inspector or any agency that may have to give prior approval before the project can move forward.
Answer option B is incorrect. Required dependency is not a valid term to describe a dependency.
Answer option A is incorrect. Mandatory dependencies describe the required order in which the project work must take place - such as foundation before framing, or the operating system installed before the application may be installed.
Answer option C is incorrect. Discretionary dependencies describe the optional order of the project work, such as painting the walls before installing the carpet.

You are the project manager of the GHE Project. You have identified the following risks with the characteristics as shown in the following figure: How much capital should the project set aside for the risk contingency reserve?

Correct Answer:D
Contingency reserves are estimated costs to be used at the discretion of the project manager to deal with anticipated, but not certain, events. These events are "known unknowns" and are part of the project scope and cost baselines. The contingency reserve is calculated by multiplying the probability and the impact for the risk event value for each risk event. The sum of the risk events equals the contingency reserve for the project. Note that Risk D is a positive risk amount.
Answer option C is incorrect. This value is the sum of the risk events if you did not include Risk D as a positive risk value.
Answer option A is incorrect. This is a sum of the risk event.
Answer option B is incorrect. This is a sum of the risk events without including Risk D as a positive risk event.

You are the project manager for GGY Project. You are working with your project team to record the actual durations for the activities they have completed in the project schedule. Mary, one of your project team members, wants to know why you need to know how long it actually took the project team to complete their assignments as long as the project work is completed. Which of the following is the best response for Mary's query?

Correct Answer:C
The best answer is to track actual durations to measure the actual progress of the project. Actual duration is the time, in the calendar units, between the actual start date of the schedule activity and either the data date of the project schedule if the schedule activity is in development or the actual finish date if the schedule activity is complete.
Answer option B is incorrect. The schedule baseline is not created based on actual durations.
Answer option A is incorrect. Process improvement is part of the quality management knowledge area, but it is not a reason to track actual durations.
Answer option D is incorrect. Quality control is the inspection of the project deliverables. It is not concerned with the actual durations of project work. The improvement of the project processes is defined in the Process Improvement Plan.

Your project team is executing the project plan and things are going well. Your team has reached its first milestone and is now in the second phase of the project. The project stakeholders have requested that you find a method to reduce the duration of the project. They will reward you and your project team with a 25 percent bonus of the project costs if
you can finish the project thirty days earlier than what was already planned. The stakeholders, however, will not approve any additional labor costs as part of the agreement. Which approach could you use to shorten the duration of the project?

Correct Answer:C
Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope. It does not add any additional labor but it can introduce project risks.
Answer option D is incorrect. Removing things from the project scope can reduce the project duration, but it will not satisfy the requirements the stakeholders have identified. Answer option A is incorrect. Resource leveling can actually increase the project duration. Answer option B is incorrect. Crashing can reduce the project duration but it increases the labor expense, something the stakeholders won't approve.