Which process documents the business needs of a project and the new product, service, or other result that is intended to satisfy those requirements?
Answer(s): B
Process: 4.1. Develop Project CharterDefinition: The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.Key Benefit: The key benefit of this process is a well-defined project start and project boundaries, creation of a formal record of the project, and a direct way for senior management to formally accept and commit to the project.Inputs1. Project statement of work2. Business case3. Agreements4. Enterprise environmental factors5. Organizational process assetsTools & Techniques1. Expert judgment2. Facilitation techniquesOutputs1. Project charter
Which Process Group typically consumes the bulk of a project's budget?
Which of the following involves making information available to project stakeholders in a timely manner?
Answer(s): D
Which process uses occurrence probability and impact on project objectives to assess the priority of identified risks?
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 assessment2. Probability and impact matrix 3. Risk data quality assessment4. Risk categorization5. Risk urgency assessment6. Expert judgmentOutputs1. Project documents updates
What is one of the objectives of Project Risk Management?
Answer(s): C
PROJECT RISK MANAGEMENTProject Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.
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