You are the project manager for your organization. Management has offered you a bonus if you can complete the project work two months earlier than what your schedule predicts. You can use a schedule compression technique, but management does not want to increase costs in the project. What approach would you recommend to condense the project duration?

Correct Answer:A
Of all the choices, only fast tracking is an option that would not increase project costs. Fast tracking allows phases of the project to overlap, but it does increase project risks. 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.
Answer option B is incorrect. Crashing adds labor to the project and increases project costs.
Answer option C is incorrect. Effort-driven activity analysis examines activities whose duration may be reduced by adding labor. This approach, however, increases project costs, as it is a form of project crashing.
Answer option D is incorrect. Rewards and recognitions are good incentives for the project team, but simply offering the reward does not decrease the duration of the project.

You work as the project manager for BlueWell Inc. You are reviewing and regulating the progress to meet the performance objectives defined in the project management plan. Mark, a trainee, has a doubt related to the inputs of monitor and control project work. Which of the following is the input to monitor and control project work?

Correct Answer:C
Performance report is an input of monitor and control project work. Reports are prepared by the project team detailing activities, milestones, and problems. A performance report is made by the project team detailing activities, milestones, problems, accomplishments, and identified issues. Performance reports are used to report some key information as follows: Current status Scheduled activities Significant accomplishment for the period Forecasts Issues
Answer option B is incorrect. It is the tool and technique used for monitoring and controlling project work.
Answer options A and D are incorrect. These are the outputs to monitor and control project work.

You are the project manager of the NHT Project. This project has 12,345 office doors to install throughout a campus. Each of the doors costs the project $456 and requires special hardware to electronically lock and open the doors. You've gathered the project team before they begin the installation for a hands-on training. As a group you and the project team install 50 doors following a checklist of instructions so that every door will be installed exactly the same throughout the campus and with minimal waste. This is an example of what project execution technique?

Correct Answer:A
This is an example of a preventive action as you're working with the team before they install the doors to train them on the installation. The checklist is a quality control tool but the question was asking for a project execution activity. Preventive and corrective actions are part of project execution.
Answer option D is incorrect. Quality control is a controlling and monitoring process, not an executing process.
Answer option B is incorrect. The defect repair validation comes after the project team has corrected an error - something that has not occurred in this instance.
Answer option C is incorrect. Corrective action is a response to something that needs to be corrected in the project.

You are the project manager for the GRT Project in your organization. You have created your time duration estimates based on historical information, but the estimates are not holding true in your current project. Unfortunately, many activities are late. You have decided to create a PERT estimate with your project team for each of their activities. What is the formula used for PERT?

Correct Answer:C
PERT uses the formula of (O+4M+P)/6 to predict the duration of the project activities and the overall project schedule. Three-point estimate is a way to enhance the accuracy of activity duration estimates. This concept is originated with the Program Evaluation and Review Technique (PERT). PERT charts the following three estimates: Most likely (TM):
The duration of activity based on realistic factors such as resources assigned, interruptions, etc. Optimistic (TO): The activity duration based on the best-case scenario Pessimistic (TP): The activity duration based on the worst-case scenario The expected (TE) activity duration is a weighted average of these three estimates: TE = (TO + 4TM + TP) / 6 Duration estimates based on the above equations (sometimes simple average of the three estimates is also used) provide more accuracy.
Answer option A is incorrect. This is not a valid formula.
Answer option D is incorrect. This almost describes the three-point estimate, but does not answer the question about PERT.
Answer option B is incorrect. This is the formula for the three-point estimate. Note the PERT, while similar, uses 4M and divides the result by six factors.

You are the project manager of the NNN Project. Stakeholders in the two-year project have requested to send status reports to them via email every week. You have agreed and are sending the reports on each Thursday. After six months of the project, the stakeholders are pleased with the project progress and they would like you to reduce the status reports to every two weeks. What process will examine the change to this project process and implement it in the project?

Correct Answer:B
Although this appears to be a simple change the project manager must still follow the rules of the project's change control system. Perform Integrated Change Control is the process of reviewing all change requests, approving changes, and controlling changes to the deliverables and organizational process assets in a project. Perform Integrated Change Control has to do with influencing the things that cause change, determining that the change is required or has happened, and managing the change.
Answer option D is incorrect. Communications management is the execution of the communications management plan.
Answer option A is incorrect. The project change control process not valid as it's the parent of the integrated change control process, which is more accurate for this question.
Answer option C is incorrect. Configuration management is the documentation and control of the product's features and functions.

Donna is the project manager of the QSD Project and she believes Risk Event D in the following figure is likely to happen.

If this event does happen, how much will Donna have left in the risk contingency reserve if none of the other risk events have happened?

Correct Answer:C
To answer this question, you'll first need to calculate the contingency reserve. 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. The sum of the risk events equals the contingency reserve for the project. In this question, the value is
$41,700. If Risk D happens, it'll cost the project $35,000. The difference of $35,000 and
$41,700 is $6,700.
Answer option A is incorrect. This is the impact of Risk Event D.
Answer option D is incorrect. $14,000 is the risk event value of Risk Event D.
Answer option B is incorrect. $41,700 is the amount of the contingency reserve.