-002 Certification Exam Questions with AI Explanations

QUESTION: 186

Activity cost estimates and the project schedule are inputs to which Project Cost Management process?

Estimate Costs
Control Costs
Plan Cost Management
Determine Budget

Answer(s): D

Explanation:

7.2.3.1 Activity Cost Estimates
Activity cost estimates are quantitative assessments of the probable costs required to complete project work. Cost estimates can be presented in summary form or in detail. Costs are estimated for all resources that are applied to the activity cost estimate. This includes, but is not limited to, direct labor, materials, equipment, services, facilities, information technology, and special categories such as cost of financing (including interest charges), an inflation allowance, exchange rates, or a cost contingency reserve. Indirect costs, if they are included in the project estimate, can be included at the activity level or at higher levels.

Process: 7.3 Determine Budget
Definition: The process of aggregating the estimated costs of individual activities or work packages to establish an authorized 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.

Inputs
1. Cost management plan
2. Scope baseline
3. Activity cost estimates
4. Basis of estimates
5. Project schedule
6. Resource calendars
7. Risk register

8. Agreements
9. Organizational process assets

Tools & Techniques
1. Cost aggregation
2. Reserve analysis
3. Expert judgment
4. Historical relationships
5. Funding limit reconciliation

Outputs
1. Cost baseline
2. Project funding requirements
3. Project documents updates

Reveal Solution Next Question

QUESTION: 187

In project management, a temporary project can be:

Completed without planning
A routine business process
Long in duration
Ongoing to produce goods

Answer(s): C

Reveal Solution Next Question

QUESTION: 188

Which document in the project management plan can be updated in the Plan Procurement Management process?

Budget estimates
Risk matrix
Requirements documentation
Procurement documents

Answer(s): C

Explanation:

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

Reveal Solution Next Question

QUESTION: 189

Which type of probability distribution is used to represent uncertain events such as the outcome of a test or a possible scenario in a decision tree?

Uniform
Continuous
Discrete
Linear

Answer(s): C

Explanation:

Decision Tree Analysis. A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

- Can only be used with discrete data.

Reveal Solution Next Question

QUESTION: 190

Which change request is an intentional activity that realigns the performance of the project work with the project management plan?

Update
Preventive action
Defect repair
Corrective action

Answer(s): D

Explanation:

4.3.3.3 Change Requests
A change request is a formal proposal to modify any document, deliverable, or baseline. An approved change request will replace the associated document, deliverable, or baseline and may result in an update to other parts of the project management plan. When issues are found while project work is being performed, change requests are submitted, which may modify project policies or procedures, project scope, project cost or budget, project schedule, or project quality. Other change requests cover the needed preventive or corrective actions to forestall negative impact later in the project. Requests for a change can be direct or indirect, externally or internally initiated, and can be optional or legally/contractually mandated, and may include:

Corrective action—An intentional activity that realigns the performance of the project work with the project management plan;
Preventive action—An intentional activity that ensures the future performance of the project work is aligned with the project management plan;
Defect repair—An intentional activity to modify a nonconforming product or product component;
Updates—Changes to formally controlled project documents, plans, etc., to reflect modified or additional ideas or content.

Reveal Solution Next Question

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

Free PMI PMI-002 Real Questions (page: 38)

QUESTION: 186

Explanation:

QUESTION: 187

QUESTION: 188

Explanation:

QUESTION: 189

Explanation:

QUESTION: 190

Explanation: