A purchase order for a specified item to be delivered by a specified date for a specified price is the simplest form of what type of contract?
Answer(s): C
• Units of measure. Each unit used in measurements (such as staff hours, staff days, weeks for time measures; or meters, liters, tons, kilometers, or cubic yards for quantity measures; or lump sum in currency form) is defined for each of the resources.Fixed-price contracts. This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Fixed-price contracts may also incorporate financial incentives for achieving or exceeding selected project objectives, such as schedule delivery dates, cost and technical performance, or anything that can be quantified and subsequently measured. Sellers under fixed-price contracts are legally obligated to complete such contracts, with possible financial damages if they do not. Under the fixed-price arrangement, buyers need to precisely specify the product or services being procured. Changes in scope may be accommodated, but generally with an increase in contract price.
What risk technique is used to quantify the probability and impact of risks on project objectives?
Answer(s): D
11.2.2.2 Information Gathering TechniquesExamples of information gathering techniques used in identifying risks can include:Brainstorming. The goal of brainstorming is to obtain a comprehensive list of project risks. The project team usually performs brainstorming, often with a multidisciplinary set of experts who are not part of the team. Ideas about project risk are generated under the leadership of a facilitator, either in a traditional free-form brainstorm session or structured mass interviewing techniques. Categories of risk, such as in a risk breakdown structure, can be used as a framework. Risks are then identified and categorized by type of risk and their definitions are refined.Delphi technique. The Delphi technique is a way to reach a consensus of experts. Project risk experts participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project risks. The responses are summarized and are then recirculated to the experts for further comment.Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps any one person from having undue influence on the outcome.Interviewing. Interviewing experienced project participants, stakeholders, and subject matter experts helps to identify risks.Root cause analysis. Root-cause analysis is a specific technique used to identify a problem, discover the underlying causes that lead to it, and develop preventive action.
Which of the following terms indicates a deliverable-oriented hierarchical decomposition of the project work?
Which process occurs within the Monitoring and Controlling Process Group?
Answer(s): A
Monitoring and Controlling Process Group4.4 Monitor and Control Project Work4.5 Perform Integrated Change Control5.5 Validate Scope5.6 Control Scope6.7 Control Schedule7.4 Control Costs8.3 Control Quality10.3 Control Communications11.6 Control Risks12.3 Control Procurements13.4 Control Stakeholder EngagementProcess: 7.4 Control CostsDefinition: The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.Key Benefit: The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled.Inputs1. Project management plan2. Project funding requirements3. Work performance data4. Organizational process assetsTools & Techniques1. Earned value management2. Forecasting3. To-complete performance index (TCPI)4. Performance reviews5. Project management software6. Reserve analysisOutputs1. Work performance information2. Cost forecasts3. Change requests4. Project management plan updates5. Project documents updates6. Organizational process assets updates
Which of the following processes audits the quality requirements and the results from quality control measures to ensure appropriate quality standards and operational definitions are used?
Process: 8.2 Perform Quality AssuranceDefinition: The process of auditing the quality requirements and the results from quality control measurements to ensure that appropriate quality standards and operational definitions are used. Key Benefit: The key benefit of this process is that it facilitates the improvement of quality processes.Inputs1. Quality management plan2. Process improvement plan3. Quality metrics4. Quality control measurements5. Project documentsTools & Techniques1. Quality management and control tools2. Quality audits3. Process analysisOutputs1. Change requests2. Project management plan updates3. Project documents updates4. Organizational process assets updates
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