The process of defining how the project scope will be validated and controlled is known as:
Answer(s): C
Process: 5.1 Plan Scope ManagementDefinition: The process of creating a scope management plan that documents how the project scope will be defined, validated, and controlled.Key Benefit: The key benefit of this process is that it provides guidance and direction on how scope will be managed throughout the project.Inputs1. Project management plan2. Project charter3. Enterprise environmental factors4. Organizational process assetsTools & Techniques1. Expert judgment2. MeetingsOutputs1. Scope management plan2. Requirements management plan
Technical capability, past performance, and intellectual property rights are examples of:
Answer(s): B
The methodology that combines scope, schedule, and resource measurements to assess project performance and progress is known as:
Answer(s): A
7.4.2.1 Earned Value ManagementEarned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement for projects. It integrates the scope baseline with the cost baseline, along with the schedule baseline, to form the performance measurement baseline, which helps the project management team assess and measure project performance and progress. It is a project management technique that requires the formation of an integrated baseline against which performance can be measured for the duration of the project.
Which process is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses?
Perform Qualitative Risk Analysis assesses the priority of identified risks using their relative probability or likelihood of occurrence, the corresponding impact on project objectives if the risks occur, as well as other factors such as the time frame for response and the organization’s risk tolerance associated with the project constraints of cost, schedule, scope, and quality. Such assessments reflect the risk attitude of the project team and other stakeholders. Effective assessment therefore requires explicit identification and management of the risk approaches of key participants in the Perform Qualitative Risk Analysis process. Where these risk approaches introduce bias into the assessment of identified risks, attention should be paid to identifying bias and correcting for it.Establishing definitions of the levels of probability and impact can reduce the influence of bias. The time criticality of risk-related actions may magnify the importance of a risk. An evaluation of the quality of the available information on project risks also helps to clarify the assessment of the risk’s importance to the project.Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses and lays the foundation for Perform Quantitative Risk Analysis, if required.The Perform Qualitative Risk Analysis process is performed regularly throughout the project life cycle, as defined in the project’s risk management plan. This process can lead into Perform Quantitative Risk Analysis (Section 11.4) or directly into Plan Risk Responses (Section 11.5).Process: 11.3 Perform Qualitative Risk AnalysisDefinition: The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.Key Benefit: The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks.Inputs1. Risk management plan2. Scope baseline3. Risk register4. Enterprise environmental factors5. Organizational process assetsTools & Techniques1. Risk probability and impact assessment 2. Probability and impact matrix3. Risk data quality assessment4. Risk categorization5. Risk urgency assessment6. Expert judgmentOutputs1. Project documents updates
A special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables is called a:
11.4.2.2 Quantitative Risk Analysis and Modeling Techniques page 337Commonly used techniques use both event-oriented and project-oriented analysis approaches, including:• Sensitivity analysis. Sensitivity analysis helps to determine which risks have the most potential impact on the project. It helps to understand how the variations in project’s objectives correlate with variations in different uncertainties. Conversely, it examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values. One typical display of sensitivity analysis is the tornado diagram (Figure 11-15), which is useful for comparing relative importance and impact of variables that have a high degree of uncertainty to those that are more stable.The Tornado diagram is also helpful in analyzing risk-taking scenarios enabled on specific risks whose quantitative analysis highlights possible benefits greater than corresponding identified negative impacts. A tornado diagram is a special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables. In a tornado diagram, the Y-axis contains each type of uncertainty at base values, and the X- axis contains the spread or correlation of the uncertainty to the studied output. In this figure, each uncertainty contains a horizontal bar and is ordered vertically to show uncertainties with a decreasing spread from the base values.
Post your Comments and Discuss PMI CAPM exam prep with other Community members:
Our website is free, but we have to fight against AI bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the CAPM content, but please register or login to continue.