Which process includes prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact?
Answer(s): A
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 change log for communications can be used to communicate to the appropriate stakeholders that there are changes:
Answer(s): D
4.5.3.2 Change LogA change log is used to document changes that occur during a project. These changes and their impact to the project in terms of time, cost, and risk, are communicated to the appropriate stakeholders. Rejected change requests are also captured in the change log.13.3.1.3 Change LogDescribed in Section 4.5.3.2. A change log is used to document changes that occur during a project. These changes—and their impact on the project in terms of time, cost, and risk—are communicated to the appropriate stakeholders.
A procurement management plan is a subsidiary of which other type of plan?
Answer(s): B
4.2.3.1 Project Management PlanThe project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all of the subsidiary plans and baselines from the planning processes.Project baselines include, but are not limited to: Scope baseline (Section 5.4.3.1),Schedule baseline (Section 6.6.3.1), and Cost baseline (Section 7.3.3.1)Subsidiary plans include, but are not limited to: Scope management plan (Section 5.1.3.1), Requirements management plan (Section 5.1.3.2), Schedule management plan (Section 6.1.3.1), Cost management plan (Section 7.1.3.1),Quality management plan (Section 8.1.3.1), Process improvement plan (Section 8.1.3.2),Human resource management plan (Section 9.1.3.1), Communications management plan (Section 10.1.3.1), Risk management plan (Section 11.1.3.1),Procurement management plan (Section 12.1.3.1), and Stakeholder management plan (Section 13.2.3.1)12.1.3.1 Procurement Management PlanDefinition: Procurement management plan is a component of the project management plan that describes how a project team will acquire goods and services from outside the performing organization. It describes how the procurement processes will be managed from developing procurement documents through contract closure.The procurement management plan can include guidance for:Types of contracts to be used; Risk management issues;Whether independent estimates will be used and whether they are needed as evaluation criteria;Those actions the project management team can take unilaterally, if the performing organization has a prescribed procurement, contracting, or purchasing department;Standardized procurement documents, if needed; Managing multiple suppliers;Coordinating procurement with other project aspects, such as scheduling and performance reporting; Any constraints and assumptions that could affect planned procurements;Handling the long lead times to purchase certain items from sellers and coordinating the extra time needed to procure these items with the development of the project schedule;Handling the make-or-buy decisions and linking them into the Estimate Activity Resources and Develop Schedule processes; the scheduled dates in each contract for the contract deliverables and coordinating with the schedule development and control processes;Identifying requirements for performance bonds or insurance contracts to mitigate some forms of project risk;Establishing the direction to be provided to the sellers on developing and maintaining a work breakdown structure (WBS);Establishing the form and format to be used for the procurement/contract statements of work; Identifying prequalified sellers, if any, to be used; andProcurement metrics to be used to manage contracts and evaluate sellers.A procurement management plan can be formal or informal, can be highly detailed or broadly framed, and is based upon the needs of each project.
An electronics firm authorizes a new project to develop a faster, cheaper, and smaller laptop after improvements in the industry and electronics technology. With which of the following strategic considerations is this project mainly concerned?
Answer(s): C
Which of the following processes are part of the Project Integration Management Knowledge Area?
4. Project Integration Management4.1 Develop Project Charter4.2 Develop Project Management Plan4.3 Direct and Manage Project Work4.4 Monitor and Control Project Work4.5 Perform Integrated Change Control4.6 Close Project or Phase
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