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ITIL ISEB-PM1 Exam
ISEB-PM1 Foundation Certificate in Project Management (Page 21 )

Updated On: 12-Feb-2026
Page 21 of 126
PDF with 625 Questions

What is the difference between expected monetary value and net present value?

  1. Expected value is the estimated value of the work actually accomplished and net present value is the value of the work to be done.
  2. Expected value is the value it takes to recover your investment and net present value is the value of money.
  3. Expected value is the probability times impact of an opportunity and net present value is the benefits less costs over many time periods.
  4. Expected value is the estimated value of risk response plans and net present value helps determine the value of investments.

Answer(s): C



A company attorney, newly hired by the company, walks into the project manager's office and tells her that he is ready to work with her on the procurement process. The project manager has little experience with procurement, so she is excited to have the assistance. With which of the following would it be BEST for the project manager to ask the attorney for help?

  1. Claims administration, audit results, and updating organizational process assets
  2. Contract change control system, payments, and change requests
  3. Recommended corrective actions, performance reporting, and records management system
  4. Procurement documentation, project management plan updates, and procurement management plan updates

Answer(s): A



A project manager discovers an urgent need for outsourced resources on the project. He knows he has the money to cover the cost of these resources. He goes to the procurement manager and explains the situation, insisting a contract be drawn up today so he can obtain resources and circumvent the standard procedure. Is this the correct process to follow?

  1. Yes, of course. For urgent needs, it is not necessary to follow the organization's procedure regarding procurement.
  2. Yes. Urgent needs from projects should always be dealt with immediately, as directed by the project manager.
  3. No. The procurement manager has a process to follow when creating contracts that helps protect the company and its projects.
  4. No. The procurement manager should be checking in with the project manager to see if he is in need of a contract, rather than making the project manager come and ask for one.

Answer(s): C



Which of the following is the BEST thing to do at a bidder conference?

  1. Answer sellers' questions
  2. Meet the sellers' teams
  3. Make sure the sellers have all the procurement documents
  4. Make sure the sellers ask all their questions

Answer(s): D



To complete performance index (TCPI) is represented by which of the following?

  1. BAC - EV/BAC - AC
  2. A measure of the value of work completed compared to the actual cost or progress
  3. A measure of progress achieved compared to progress planned
  4. AC + (BAC - EV)

Answer(s): A






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