-002 Certification Exam Questions with AI Explanations

QUESTION: 151

The degree, amount, or volume of risk that an organization or individual will withstand is known as its risk:

Analysis
Appetite
Tolerance
Response

Answer(s): C

Explanation:

11 PROJECT RISK MANAGEMENT
[..]
Organizations perceive risk as the effect of uncertainty on projects and organizational objectives. Organizations and stakeholders are willing to accept varying degrees of risk depending on their risk attitude. The risk attitudes of both the organization and the stakeholders may be inﬂuenced by a number of factors, which are broadly classified into three themes:

Risk appetite, which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
Risk tolerance, which is the degree, amount, or volume of risk that an organization or individual will withstand.
Risk threshold, which refers to measures along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk.
For example, an organization’s risk attitude may include its appetite for uncertainty, its threshold for risk levels that are unacceptable, or its risk tolerance at which point the organization may select a different risk response. Positive and negative risks are commonly referred to as opportunities and threats. The project may be accepted if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks. Positive risks that offer opportunities within the limits of risk tolerances may be pursued in order to generate enhanced value. For example, adopting an aggressive resource optimization technique is a risk taken in anticipation of a reward for using fewer resources.

Reveal Solution Next Question

QUESTION: 152

Project deliverables that have been completed and checked for correctness through the Control Quality process are known as:

Verified deliverables.
Validated deliverables.
Acceptance criteria.
Activity resource requirements.

Answer(s): A

Explanation:

Process: 8.3 Control Quality
Definition: The process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes.
Key Benefit: The key benefits of this process include: (1) identifying the causes of poor process or product quality and recommending and/or taking action to eliminate them; and (2) validating that project deliverables and work meet the requirements specified by key stakeholders necessary for final acceptance.

Inputs
1. Project management plan
2. Quality metrics
3. Quality checklists
4. Work performance data
5. Approved change requests
6. Deliverables
7. Project documents
8. Organizational process assets

Tools & Techniques
1. Seven basic quality tools
2. Statistical sampling
3. Inspection
4. Approved change requests review

Outputs
1. Quality control measurements
2. Validated changes
3. Verified deliverables
4. Work performance information
5. Change requests
6. Project management plan updates
7. Project documents updates
8. Organizational process assets updates

Reveal Solution Next Question

QUESTION: 153

An output of the Perform Integrated Change Control process is:

Deliverables.
Validated changes.
The change log.
The requirements traceability matrix.

Answer(s): C

Explanation:

4.5.3.2 Change Log
A 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.

Process: 4.5 Perform Integrated Change Control
Perform Integrated Change Control is the process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan; and communicating their disposition. It reviews all requests for changes or modifications to project documents, deliverables, baselines, or the project management plan and approves or rejects the changes.
Key Benefit: The key benefit of this process is that it allows for documented changes within the project to be considered in an integrated fashion while reducing project risk, which often arises from changes made without consideration to the overall project objectives or plans.

Inputs
1. Project management plan
2. Work performance reports
3. Change requests
4. Enterprise environmental factors
5. Organizational process assets

Tools & Techniques
1. Expert judgment
2. Meetings
3. Change control tools Outputs

1. Approved change requests
2. Change log
3. Project management plan updates
4. Project documents updates

Reveal Solution Next Question

QUESTION: 154

During which process does the project team receive bids and proposals?

Conduct Procurements
Plan Procurements
Estimate Costs
Control Budget

Answer(s): A

Explanation:

Process: 12.2 Conduct Procurements
Definition: The process of obtaining seller responses, selecting a seller, and awarding a contract.
Key Benefit: The key benefit of this process is that it provides alignment of internal and external stakeholder expectations through established agreements.

Inputs
1. Procurement management plan
2. Procurement documents
3. Source selection criteria
4. Seller proposals
5. Project documents
6. Make-or-buy decisions
7. Procurement statement of work
8. Organizational process assets
Tools & Techniques
1. Bidder conference
2. Proposal evaluation techniques
3. Independent estimates
4. Expert judgment
5. Advertising
6. Analytical techniques
7. Procurement negotiations

Outputs
1. .Selected sellers
2. .Agreements
3. .Resource calendars
4. .Change requests
5. .Project management plan updates
6. .Project documents updates

Reveal Solution Next Question

QUESTION: 155

The process of monitoring the status of the project and product scope as well as managing the changes to the scope baseline is known as:

Validate Scope.
Plan Scope Management.
Control Scope.
Define Scope.

Answer(s): C

Explanation:

5.4.3.1 Scope Baseline
The scope baseline is the approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, that can be changed only through formal change control procedures and is used as a basis for comparison. It is a component of the project management plan. Components of the scope baseline include:
Project scope statement. The project scope statement includes the description of the project scope, major deliverables, assumptions, and constraints.
WBS. The WBS is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. Each descending level of the WBS represents an increasingly detailed definition of the project work. The WBS is finalized by assigning each work package to a control account and establishing a unique identifier for that work package from a code of accounts. These identifiers provide a structure for hierarchical summation of costs, schedule, and resource information. A control account is a management control point where scope, budget, actual cost, and schedule are integrated and compared to the earned value for performance measurement. Control accounts are placed at selected management points in the WBS. Each control account may include one or more work packages, but each of the work packages should be associated with only one control account. A control account may include one or more planning packages. A planning package is a work breakdown structure component below the control account with known work content but without detailed schedule activities.
WBS dictionary. The WBS dictionary is a document that provides detailed deliverable, activity, and scheduling information about each component in the WBS. The WBS dictionary is a document that supports the WBS. Information in the WBS dictionary may include, but is not limited to:
○ Code of account identifier,
○ Description of work,
○ Assumptions and constraints,
○ Responsible organization,
○ Schedule milestones,
○ Associated schedule activities,
○ Resources required,
○ Cost estimates,
○ Quality requirements,
○ Acceptance criteria,
○ Technical references, and
○ Agreement information

Process: 5.6 Control Scope
Definition: The process of monitoring the status of the project and product scope and managing changes to the scope baseline.
Key Benefit: The key benefit of this process is that it brings objectivity to the acceptance process and increases the chance of final product, service, or result acceptance by validating each deliverable.

Inputs
1. Project management plan
2. Requirements documentation
3. Requirements traceability matrix
4. Work performance data
5. Organizational process assets

Tools & Techniques
1. Variance analysis

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

Reveal Solution Next Question

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

Free PMI PMI-002 Dumps Questions (page: 31)

QUESTION: 151

Explanation:

QUESTION: 152

Explanation:

QUESTION: 153

Explanation:

QUESTION: 154

Explanation:

QUESTION: 155

Explanation: