-002 Certification Exam Questions with AI Explanations

QUESTION: 171

Which tools or techniques are used during the Close Project or Phase process?

Reserve analysis and expert judgment
Facilitation techniques and meetings
Expert judgment and analytical techniques
Performance reviews and meetings

Answer(s): C

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: 4.6. Close Project or Phase
Definition: The process of finalizing all activities across all of the Project Management Process Groups to formally complete the phase or project.
Key Benefit: The key benefit of this process is that it provides lessons learned, the formal ending of project work, and the release of organization resources to pursue new endeavors.

Inputs
1. Project management plan
2. Accepted deliverables
3. Organizational process assets

Tools & Techniques
1. Expert judgment
2. Analytical techniques
3. Meetings

Outputs
1. Final product, service, or result transition
2. Organizational process assets updates

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QUESTION: 172

When a project is undertaken to reduce defects in a product or service, the objective of the project is to create a/an:

improvement
program
result
portfolio

Answer(s): A

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QUESTION: 173

The degree of uncertainty an entity is willing to take on in anticipation of a reward is known as its risk:

management
response
tolerance
appetite

Answer(s): D

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 classifed 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.

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QUESTION: 174

The zero duration of milestones in project planning occurs because milestones:

Are unpredictable and challenge the Plan Schedule Management process.
Occur at random times in the project plans.
Represent a moment in time such as a significant project point or event.
Represent both significant and insignificant points in the project and are difficult to anticipate.

Answer(s): C

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