-002 Certification Exam Questions with AI Explanations

QUESTION: 96

Which process numerically analyzes the effect of identified risks on overall project objectives?

Plan Risk Management
Plan Risk Responses
Perform Quantitative Risk Analysis
Perform Qualitative Risk Analysis

Answer(s): C

Explanation:

Process: 11.4 Perform Quantitative Risk Analysis
Definition: The process of numerically analyzing the effect of identified risks on overall project objectives.
Key Benefit: The key benefit of this process is that it produces quantitative risk information to support decision making in order to reduce project uncertainty.

Inputs
1. Risk management plan
2. Cost management plan
3. Schedule management plan
4. Risk register
5. Enterprise environmental factors
6. Organizational process assets

Tools & Techniques
1. Data gathering and representation techniques
2. Quantitative risk analysis and modeling techniques
3. Expert judgment

Outputs
1. Project documents updates

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QUESTION: 97

An input to the Plan Procurement Management process is:

Source selection criteria.
Market research.
A stakeholder register.
A records management system.

Answer(s): C

Explanation:

5.2.1.5 Stakeholder Register
Described in Section 13.1.3.1. The stakeholder register is used to identify stakeholders who can provide information on the requirements. The stakeholder register also captures major requirements and main expectations stakeholders may have for the project.

13.1.3.1 Stakeholder Register
The main output of the Identify Stakeholders process is the stakeholder register. This contains all details related to the identified stakeholders including, but not limited to:
Identification information. Name, organizational position, location, role in the project, contact information;
Assessment information. Major requirements, main expectations, potential influence in the project, phase in the life cycle with the most interest; and
Stakeholder classification. Internal/external, supporter/neutral/resistor, etc.

The stakeholder register should be consulted and updated on a regular basis, as stakeholders may change— or new ones identified—throughout the life cycle of the project.

Process: 12.1 Plan Procurement Management
Definition: The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.
Key Benefit: The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it.

Inputs
1. Project management plan
2. Requirements documentation
3. Risk register
4. Activity resource requirements
5. Project schedule
6. Activity cost estimates
7. Stakeholder register
8. Enterprise environmental factors
9. Organizational process assets

Tools & Techniques
1. Make-or-buy analysis
2. Expert judgment
3. Market research
4. Meetings

Outputs
1. Procurement management plan
2. Procurement statement of work
3. Procurement documents
4. Source selection criteria
5. Make-or-buy decisions
6. Change requests
7. Project documents updates

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QUESTION: 98

Reserve analysis is a tool and technique used in which process?

Plan Risk Management
Plan Risk Responses
Identify Risks
Control Risks

Answer(s): D

Explanation:

11.6.2.5 Reserve Analysis
Throughout execution of the project, some risks may occur with positive or negative impacts on budget or schedule contingency reserves. Reserve analysis compares the amount of the contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate.

Process: 11.6 Control Risks
Definition: The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.
Key Benefit: The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses.

Inputs
1. Project management plan
2. Risk register
3. Work performance data
4. Work performance reports

Tools & Techniques
1. Risk reassessment
2. Risk audits
3. Variance and trend analysis
4. Technical performance measurement
5. Reserve analysis
6. Meetings

Outputs
1. Work performance information
2. Change requests
3. Project management plan updates
4. Project documents updates
5. Organizational process assets updates

6.5.2.6 Reserve Analysis
Duration estimates may include contingency reserves, sometimes referred to as time reserves or buffers, into the project schedule to account for schedule uncertainty. Contingency reserves are the estimated duration within the schedule baseline, which is allocated for identified risks that are accepted and for which contingent or mitigation responses are developed. Contingency reserves are associated with the “known-unknowns,” which may be estimated to account for this unknown amount of rework.
As more precise information about the project becomes available, the contingency reserve may be used, reduced, or eliminated. Contingency should be clearly identified in schedule documentation.
[..]
Estimates may also be produced for the amount of management reserve of time for the project. Management reserves are a specified amount of the project duration withheld for management control purposes and are reserved for unforeseen work that is within scope of the project. Management reserves are intended to address the “unknown-unknowns” that can affect a project. Management reserve is not included in the schedule baseline, but it is part of the overall project duration requirements. Depending on contract terms, use of management reserves may require a change to the schedule baseline.

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QUESTION: 99

Updates to organizational process assets such as procurement files, deliverable acceptances, and lessons learned documentation are typical outputs of which process?

Close Project or Phase
Conduct Procurements
Control Procurements
Close Procurements

Answer(s): D

Explanation:

12.4.3.2 Organizational Process Assets Updates
Elements of the organizational process assets that may be updated include, but are not limited to:
Procurement file. A complete set of indexed contract documentation, including the closed contract, is prepared for inclusion with the final project files.
Deliverable acceptance. Documentation of formal acceptance of seller-provided deliverables may be required to be retained by the organization. The Close Procurement process ensures this documentation requirement is satisfied. Requirements for formal deliverable acceptance and how to address nonconforming deliverables are usually defined in the agreement.
Lessons learned documentation. Lessons learned, what has been experienced, and process improvement recommendations, should be developed for the project fle to improve future procurements.

Process: 12.4 Close Procurements
Definition: The process of completing each project procurement.
Key Benefit: The key benefit of this process is that it documents agreements and related documentation for future reference.

Inputs
1. Project management plan
2. Procurement documents

Tools & Techniques
1. Procurement audits
2. Procurement negotiations
3. Records management system

Outputs
1. Closed procurements
2. Organizational process assets updates

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QUESTION: 100

Risk categorization is a tool or technique used in which process?

Plan Risk Responses
Plan Risk Management
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis

Answer(s): C

Explanation:

Process: 11.3 Perform Qualitative Risk Analysis
Definition: 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.

Inputs
1. Risk management plan
2. Scope baseline
3. Risk register

4. Enterprise environmental factors
5. Organizational process assets

Tools & Techniques
1. Risk probability and impact assessment
2. Probability and impact matrix
3. Risk data quality assessment
4. Risk categorization
5. Risk urgency assessment
6. Expert judgment

Outputs
1. Project documents updates

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PMI Certified Associate in Project Management (-100) PMI-002 Dumps in PDF

Free PMI PMI-002 Real Questions (page: 20)

QUESTION: 96

Explanation:

QUESTION: 97

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QUESTION: 98

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QUESTION: 99

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QUESTION: 100

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