-002 Certification Exam Questions with AI Explanations

QUESTION: 146

Which type of contract gives both the seller and the buyer flexibility to deviate from performance with financial incentives?

Cost Plus Incentive Fee (CPIF)
Fixed Price Incentive Fee (FPIF)
Cost Pius Award Fee (CPAF)
Time and Material (T&M)

Answer(s): B

Explanation:

Fixed Price Incentive Fee Contracts (FPIF). This fixed-price arrangement gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics. Typically such financial incentives are related to cost, schedule, or technical performance of the seller. Performance targets are established at the outset, and the final contract price is determined after completion of all work based on the seller’s performance. Under FPIF contracts, a price ceiling is set, and all costs above the price ceiling are the responsibility of the seller, who is obligated to complete the work.

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QUESTION: 147

What is the estimate at completion (EAC) if the budget at completion (BAC) is $100, the actual cost (AC) is $50, and the earned value (EV) is $25?

$50
$100
$125
$175

Answer(s): C

Explanation:

Estimate to completion calculates how much more of the budget is needed to complete the project if everything continues at the current level of performance.
EAC ‘atypical’ = AC + BAC - EV
EAC ‘typical’ = AC + ((BAC - EV) / CPI)

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QUESTION: 148

The business needs, assumptions, and constraints and the understanding of the customers’ needs and high- level requirements are documented in the:

Project management plan.
Project charter.
Work breakdown structure.
Stakeholder register.

Answer(s): B

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QUESTION: 149

Which Process Group and Knowledge Area include the Sequence Activities process?

Executing Process Group and Project Time Management
Executing Process Group and Project Cost Management
Planning Process Group and Project Time Management
Planning Process Group and Project Cost Management

Answer(s): C

Explanation:

Knowledge Areas

1. 4. Project Integration Management
2. 5. Project Scope Management
3. 6. Project Time Management
4. 7. Project Cost Management
5. 8. Project Quality Management
6. 9. Project Human Resource Management
7. 10.Project Communications Management
8. 11.Project Risk Management
9. 12.Project Procurement Management
10. 13.Project Stakeholder Management

Planning Process Group
4.2 Develop Project Management Plan
5.1 Plan Scope Management
5.2 Collect Requirements
5.3 Define Scope
5.4 Create WBS
6.1 Plan Schedule Management
6.2 Define Activities
6.3 Sequence Activities
6.4 Estimate Activity Resources
6.5 Estimate Activity Durations
6.6 Develop Schedule
7.1 Plan Cost Management
7.2 Estimate Costs
7.3 Determine Budget
8.1 Plan Quality Management
9.1 Plan Human Resource Management
10.1 Plan Communications Management
11.1 Plan Risk Management
11.2 Identify Risks
11.3 Perform Qualitative Risk Analysis
11.4 Perform Quantitative Risk Analysis
11.5 Plan Risk Responses
12.1 Plan Procurement Management
13.2 Plan Stakeholder Management

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QUESTION: 150

In the Plan Stakeholder Management process, expert judgment is used to:

Provide information needed to plan appropriate ways to engage project stakeholders.
Ensure comprehensive identification and listing of new stakeholders.
Analyze the information needed to develop the project scope statement.
Decide the level of engagement of the stakeholders at each required stage.

Answer(s): D

Explanation:

4.1.2.1 Expert Judgment
Expert judgment is often used to assess the inputs used to develop the project charter. Expert judgment is applied to all technical and management details during this process. Such expertise is provided by any group or individual with specialized knowledge or training and is available from many sources, including:
Other units within the organization, Consultants,
Stakeholders, including customers or sponsors, Professional and technical associations, Industry groups,
Subject matter experts (SME), and Project management office (PMO).

Process: 13.2 Plan Stakeholder Management
Definition: Stakeholder Management is the process of developing appropriate management strategies to effectively engage stakeholders throughout the project life cycle, based on the analysis of their needs, interests, and potential impact on project success.
Key Benefit: The key benefit of this process is that it provides a clear, actionable plan to interact with project stakeholders to support the project’s interests.

Inputs
1. Project management plan
2. Stakeholder register
3. Enterprise environmental factors
4. Organizational process assets
Tools & Techniques
1. Expert judgment
2. Meetings
3. Analytical techniques

Outputs
Stakeholder management plan 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: 30)

QUESTION: 146

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QUESTION: 147

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QUESTION: 148

QUESTION: 149

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QUESTION: 150

Explanation: