PMP: Project Management Professional Study Guide 3rd Edition Kim Heldman - Solutions

Unlock the full potential of your PMP exam preparation with our comprehensive collection of solved problems from the "PMP: Project Management Professional Study Guide 3rd Edition" by Kim Heldman. Discover a wealth of online resources, including answers key, solution manual, and solutions pdf, all designed to guide you through every question and answer with ease. Whether you're seeking chapter solutions, step-by-step answers, or an instructor manual, our extensive test bank offers everything you need. Explore the textbook's questions and answers with the convenience of a free download, ensuring your success in mastering the material.

One of the purposes of risk management is to create an understanding of the potential risks and their effects. True _____ False _____
Your project schedule indicates that the work to be completed by a critical resource will not be completed in time to meet a predetermined release date for the resource. What are your options and potential trade-offs?
Consider the following questions that may be asked by an executive during a project review. How would you respond?How can we get the project done faster?How can we complete the project at a lower cost?How can you reduce the amount of overtime you are using?How can we improve quality?
Sometimes, the order of the trade-offs on the Triple Constraint is based heavily on the type of contract. For each of the contract types below, indicate which types the project manager would most likely allow cost overruns to occur before considering the other two items associated with the Triple
The project you are assigned to is over budget and behind schedule due to an unforeseen risk event. There is a contract clause that protects you from penalties but the customer is pressuring you to deliver on time. From the list provided, select the best options to consider.
PM Quick Check:Properly written objectives will help reduce the need for trade-off decisions. A well-written objective is characterized by the word ______________________.
Constraints Alive!Every project is unique but projects often experience similar problems. What typical constraints may be encountered by a project team?
The customer for your project insists on adding requirements that will increase the project scope. You are 50% complete with the project when the customer introduces a significant change in the configuration of a major deliverable. What actions may be taken to address this situation and what are
Making the Trade You are the project manager for a project that is showing a schedule slippage, but the budget is under-running for the work that has been performed. What are the possible actions you may take to correct the schedule slippage? There are several possible answers.
PM Quick Check:Explain the significance of the Triple Constraint and why it is depicted as a triangle.Why are the three sides the same length? Is it possible that one constraint may be more important or have greater risk?
PM Quick Check:A. What is the future value of $5,000 invested at 10% interest for 3 years?B. What is the Present Value of a project that will yield $100,000 two years from now if the cost of capital is 15%?C. What is the Net Present Value of the following project? The discount rate is 5%. The
Review the following common risks that may be encountered when planning a project.These items may significantly impact the project cost or activity duration estimates and ultimately affect the final project results. For each risk identified provide a possible preventive action or response.
Life-Cycle Costing Which of the following costs are generally associated with the project life cycle, and which costs are associated with the total life cycle of the product?A. R&D Costs Project Life Cycle ______ Product Life Cycle _______ B. Production Costs Project Life Cycle ______ Product Life
Estimating Pitfalls For each of the following estimating pitfalls and problems provide a possible preventive measure or solution.
PM Quick Check:A. Sunk costs are used as a major factor in the decision to approve the continuation of a project into the next phase.True _______ False _______
PM Quick Check:A. Using the technique of analogous estimating is also associated with the technique known as:a) Scope decompositionb) Scope definitionc) Feasibility analysisd) Expert judgment B. Before developing the project cost estimates for resources the project manager should consider the
What is the difference between a “sunk cost” and an “opportunity cost”?
Explain how the WBS is used by the project manager and project team to develop a reliable bottom-up estimate.
PM Quick Check:A. Which of the following will provide the project team and project manager with the most useful information to develop a well-prepared and definitive project cost estimate?a) The Project Charterb) The Preliminary Scope Statementc) The WBSd) The Statement of Work B. The ROM or rough
Project Estimating Types Review each of the following estimating types and match the descriptions and/or characteristics.
A histogram is "a representation of a frequency distribution by means of bars whose widths represent class intervals and whose areas are proportional to the corresponding frequencies." Create a histogram using the following data:Data set - {3, 11, 12, 19, 22, 23, 24, 25, 27, 29, 35, 36, 37, 45,
True or False The pareto diagram is a form of histogram.True _______ False ______
A WBS and an organization chart are very similar in their construction and appearance.True ______ False ______
A WBS is a tool used to:a) Show project dependenciesb) Display the project schedulec) Organize the project deliverables into specific groupsd) Define resource responsibility
PM Quick Check:A. The Gantt chart is intended to effectively and clearly show project activity dependencies.True ______ False ______ B. Network diagrams are used to depict project status and progress.True ______ False ______ C. A Gantt chart and a bar chart are generally used for the same
Why Projects and Plans Faila) Projects fail for any number of reasons. Many failures can be prevented if the appropriate level of planning is applied. For each of the following reasons of failure, provide a possible solution or preventive measure.b) Projects are sometimes cancelled. The termination
The scope statement is the document that provides a common understanding of the scope among all project stakeholders True ______ False _____
The product scope is the work that must be accomplished to deliver the service or result with all specified features and functions.True _______ False ______
The WBS provides the project manager and team with the ability to develop more reliable cost and schedule estimates.True ________ False ________
A WBS displays all project tasks in a logical sequence._____ True _____ False
Projects are usually prioritized by executives and the connection of the project to the organization’s strategic plan._____ True _____ False
The benefits associated with a project may be either tangible or intangible._____ True _____ False
What are the generally accepted strategies for the following stakeholder categories?a) Low power or influence, low interest or concernb) High power or influence, low interest of concernc) Low power or influence, high interest or concernd) High power or influence, high interest or concern
Stakeholder identification, stakeholder mapping, and developing strategies for managing different stakeholders are important elements in managing project requirements and dealing effectively with change. Stakeholder influence and interest in a project are also important. What tool or technique can
The project sponsor role is often misunderstood. It is important to ensure that the project manager and team members are aware of the multiple roles and responsibilities of the sponsor. Describe the key roles generally associated with the project sponsor.
Describe the characteristics of a “mature” project management organization.
What conditions would cause a project executive or sponsor to become directly involved in the day to day activities of a project?
Why is a SWOT analysis important to the strategic planning process?
Managing Scope Creep Multiple Choice: To avoid scope creep which of the following would be the most appropriate action to take?:a) Issue an authorization to change the scope each time the customer submits a requirements change request.b) Ignore all change requests and review them at the completion
Managing the Micromanager Multiple choice: The most effective method for managing a project sponsor or executive who closely manages, observes, and influences day-to-day project manager activities is:a) Provide the sponsor with large amounts of administrative work to prevent the sponsor from
Executive Knowledge: True or Falsea) Executives should be involved in all phases of project planning and implementation.True ______ False ______b) The project sponsor provides assistance “as needed” during the execution of the project.True ______ False ______c) Expectations should be mutually
The Importance of Lessons Learned PM Quick Check: True or false?a. Lessons learned should only be reviewed and documented after the project has been completed._____ True _____ Falseb. Project success will be assured if the project team maintains control of the scope, schedule, and cost of the
Explain how each of the following organizational variables can have an impact on project success:
List five principal factors that are commonly used to measure and determine if a project is successful.a) ____________________________b) ____________________________c) ____________________________d) ____________________________e) ____________________________
Project management continues to evolve and in the last 12 years agile project management has been growing in popularity especially in the software development field. What are the major differences between agile project management and what is referred to as “traditional” project management?
In today’s project environment, virtual teams (also known as distributed teams) present unique challenges for the project manager. What are the typical characteristics of the virtual team and what factors are important to ensure the team works effectively?
A project manager may be required to establish a specific team of people to develop a complex or highly integrated product or service. These special teams are referred as Integrated Product Teams or IPTs. What skills or characteristics would you seek when forming an integrated product team?
Organizations establish relationships with suppliers to ensure the appropriate level of quality, reasonable price for services, and reliability. What are the three most common types of external partnerships established by an organization?
Acting in a professional manner is an expectation established by many organizations and it is common for an organization to conduct mandatory annual reviews of its policies regarding profession conduct. Provide examples of the items that may be discussed during these reviews.
Ethics and professional conduct are critically important in the project environment. In order to ensure awareness of these factors The Project Management Institute®developed a Code of Ethics and Professional Conduct which is divided into four sections. What are the four sections?
What are the basic measures used in the development of team incentive plans?
Virtual teams In today’s project environment the project manager can expect to manage project teams that are dispersed geographically due to the nature of the project. These dispersed teams, also known as virtual teams present unique challenges to the project manager. Consider each of the
From the project manager perspective, describe an Integrated project team:
Training and Education Project managers must continually assess the needs of their project teams as well as their own personal needs for continued self-development. There are three general opportunities for training to occur: on-the-job training, formal education, and knowledge transfer.To ensure
What would you do? Review each situation and select a response that most closely represents your viewpoint.A. An assistant project manager had the opportunity to be promoted and manage a new large project that was about to begin. She needed the project manager’s permission to accept the new
The project team, functional managers, and project resources are usually assessed on their abilities associated with:A. Technical implementation B. Team performance C. A & B
Project managers are measured on their performance in specific areas. These areas are viewed in terms of primary and secondary importance. Review each measure and identify if it is a primary or secondary measure of performance.
Why are proper financial compensation and rewards important to the morale and motivation of the project team?
PM Quick Check:A. Defining job titles and corresponding responsibilities are critical to project success and should be acted upon in the early stages of project planning.True ______ False ______ B. According to Herzberg, compensation is a motivating factor.True ______ False ______
PM Quick Check: In which structure will the project manager have the greatest influence in the preparation of an employee’s performance appraisal?A. Functional B. Matrix C. Projectized
PM Quick Check:A. The less specific the objectives of a project, the more likely that conflict will develop.True _______ False _______ B. When conflict occurs during project implementation the project managers should:a) Study the problem and collect all available informationb) Develop a situational
Fill in the blank:The connection between the organizational goals and project priorities is established by the ________________ and the project manager.A. Project Team B. Customer C. Sponsor D. Stockholders
PM Quick Check:Conflict is a risk factor that always produces a negative result.True_____ False______ Conflict always results in an unpleasant work environment and leads to more serious issues that cannot be resolved.True _____ False______ The most effective method for resolving conflicts is to
PM Quick Check: True or false?A. In Maslow’s hierarchy of needs, the first level of the hierarchy is associated with hygiene factors such as good working conditions and appropriate levels of supervision.______ True ______ False B. Theory Z managers are authoritarian in style, distrust their
PM Quick Check:a) True or false? Abraham Maslow developed the X and Y management theories.True _____ False _____b) Maslow postulated that once a need is satisfied, it loses its motivational importance and is replaced by a different need.True _____ False _____
Match the term with the appropriate explanation:A. Taking controlled action to resolve an unfavorable trend or deviation or taking advantage of an unusually favorable trend.B. Determining through formal or informal reports the degree to which progress toward objectives is being made.C. Determining
List five principal functions of management.a. _____________________________________________b. _____________________________________________c. _____________________________________________d. _____________________________________________e. _____________________________________________
What is the main purpose of the project management office and how can a PMO effectively support the project managers and project teams as they plan and implement projects?
Occasionally the project manager must deal with an incompetent team member. What steps may be taken to effectively manage this type of situation?
Provide examples of actions and activities a project manager may take to ensure an environment and project atmosphere that will encourage high levels of teamwork and a cohesive team.__________________________________________________________________________________
How often are projects completed on time, within budget, and according to performance specification? How effective is the communication between functional units? What factors contribute to project failure? How can project management be used to improve overall performance? What is the level of
What are the characteristics of a strong and well organized project methodology?
Review each of the following characteristics of an effective project management methodology and explain why these characteristics are important to achieving project success.
______________________________________________________
______________________________________________________
______________________________________________________
Few projects are completed without making decisions about trade-offs. What are three elements that are generally considered when making trade-off decisions during project execution to achieve success?
Causes and effects. Although all projects are unique, there are many common issues that are experienced by project managers and teams. Referring to the list of causes and effects, match two causes (only 2) to each effect and explain why the two were chosen.Causes:a) Top management does not
What additional factors may be considered to more effectively and reliably indicate successful completion of a project?
What are three key factors that are commonly used to indicate project success?
Measure progress periodically.
Focus on identifying and solving problems early, quickly, and cost effectively.
Focus on deliverables rather than resources.
Adopt a project management methodology and use it consistently.
You are the project manager for a new construction project in your city. Your longtime personal friend is bidding on the project. They’ve asked you to give them an indication of the budget for this project so that they do not overbid and lose the deal. What is the most appropriate response?A.
You are a project manager for Pizza Direct, which is a retail pizza delivery store. Your company is competing with another retail store for the option of opening two new stores in a foreign country.You know, but have not yet informed your company, that you are going to go to work for the
You are a project manager for Pizza Direct, which is a retail pizza delivery store. Your company is competing with another retail store for the option of opening two new stores in a foreign country.You’ve been told that it is culturally unacceptable to eat certain foods in this country. You know
You are a project manager for Pizza Direct, which is a retail pizza delivery store. Your company is competing with another retail store for the option of opening two new stores in a foreign country.You have been invited to dinner with the prospective foreign business partners and their spouses upon
Your upcoming project includes project team members from a foreign country. In order to make certain that cultural differences don’t interfere with team performance, thereby affecting the success of the project, your first course of action is to do which of the following?A. Provide diversity
You are a project manager for a software manufacturing firm. The project you’ve just finished created a new software product that is expected to become a number-one seller. All prerelease of software is handled through the marketing department. A friend of yours is a certified software
You are a project manager with several years of experience in project management. You’ve just accepted your first project in a foreign country. You’ve been in the country a week or two and are experiencing some disorientation. This is known as which of the following?A. Collocation B. Diversity
As a PMP, you are required to comply with the PMP Code of Professional Conduct. Part of your responsibility concerns applying professional knowledge. All of the following are part of applying professional knowledge except for which one?A. Developing relationships based on mutual respect B. Staying
You are a contract project manager working with the State of Bliss. Your latest project involves rewriting the Department of Revenue’s income tax system. As project manager, you have taken all the appropriate actions regarding confidentiality of data. One of the key stakeholders is a huge movie
You are a contract project manager working with the State of Bliss. Your latest project involves rewriting the Department of Revenue’s income tax system. One of the key stakeholders is a huge movie buff, and she has the power to promote you into a better position at the conclusion of this
As a PMP, you will be required to comply with the PMP Code of Professional Conduct. This code refers to all of the following except which one?A. Reporting conflicts of interest B. Reporting experience and PMP status truthfully C. Complying with the stakeholder requirements D. Complying with the
As a project manager, you know that the most important activity to ensure customer and stakeholder satisfaction is which of the following?A. Documenting the requirements B. Documenting the performance measurements C. Reporting changes and updating the project plan and other project documents where
Life seems to be going very well for your close friend, a fellow PMP. She’s taken a trip to France, bought a new car, and stocked her wine cellar with a half-dozen expensive bottles of wine, all within the last six months. After a few cocktails one evening, she tells you her secret. The vendor
You are a project manager working on contract with a company in a foreign country. At the project kickoff meeting, you are given an expensive-looking gift. The person who presented this to you said that it is customary in their country to give their business partners gifts. What is the most
You are a project manager for a telecommunications firm. You’re working on a project that entails upgrading technical hardware and equipment. The estimated cost of the hardware and equipment is $1,725,000. You are reviewing products from three different vendors. One of the vendors offers you and
You are a project manager for a telecommunications firm. You’re working on a project that entails upgrading technical hardware and equipment. The estimated cost of the hardware and equipment is $1,725,000. You are reviewing products from three different vendors. One of the vendors invites you to

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PMP: Project Management Professional Study Guide 3rd Edition Kim Heldman - Solutions

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