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Project Management Workbook And PMP/CAPM Exam Study Guide 12th Edition Harold R. Kerzner , Frank P. Saladis - Solutions
Material price escalations
Overhead escalations
Estimating errors
Labor rate escalations
There are basically two types of reserves that project managers should become familiar with: management reserves, generally associated with unknown unknowns(issues that cannot be anticipated or planned for), and contingency reserves, generally associated with known unknowns (issues and risks about
Select one and only one of the listed acronyms to answer each question.PV EV AC BAC SV CV EAC ETCa. What is the revised estimate for the final cost at the completion of the project?b. How much money was expended thus far?c. How much physical work was actually accomplished thus far? _____d. How much
What is the net present value of the following project? The discount rate is 5%.The initial investment is $10,000 and the project has a 5-year duration.
What is the present value of a project that will yield $100,000 two years from now if the cost of capital is 15%?
What is the future value of $5,000 invested at 10% interest for 3 years?
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 (or both)?
Review the following common risks that may be encountered when planning a project. These items may significantly impact the project cost and schedule and the activity duration and cost estimates and ultimately affect the final project results.For each risk identified, provide a possible preventive
For each of the following estimating pitfalls and problems provide a possible preventive measure or solution.a. Misinterpretation of the statement of work.b. Omissions or improperly defined scopec. Poorly defined or overly optimistic scheduled. Inaccurate or incomplete WBSe. Applying improper skill
PM Quick Check: Sunk costs are used as a major factor in the decision to approve the continuation of a project into the next phase.☐☐ True☐☐ False
There is generally a sequence of steps taken to determine the estimated cost of a project deliverable. Review the following list and number each to create the appropriate sequence for completing the estimating process.a. Develop the WBS.b. Provide a complete definition of the work requirements.c.
PM Quick Check: Before developing the project cost estimates for resources the project manager should consider the following organizational expense items:building maintenance, fringe benefits, group insurance, office supplies, clerical support, postage, retirement plans, sick leave, vacation pay.
PM Quick Check: Using the technique of analogous estimating is also associated with the technique known as:a. Scope decompositionb. Scope definitionc. Feasibility analysisd. Expert judgment
Review the list of project costs and identify each item as a direct cost or an indirect cost.
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: Reliability of estimates is a critical factor in the projectplanning process. To ensure greatest reliability of activity estimates they should be developed by:a. The project sponsorb. The project managerc. The functional managerd. The customer
PM Quick Check: The ROM or rough order of magnitude estimating type is associated with which of the following estimating methods?a. Engineering or grass rootsb. Parametricc. Analogousd. Definitive
PM Quick Check: 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
Review each of the following estimating methods and match with the appropriate descriptions and characteristics for each.Estimating Method Generic Type WBS Relationship Accuracya. Parametric (or ROM)b. Analogy (analogous or budgetary)c. Engineering or grass roots (also bottom up or
How much time should be allowed if management wants to be 95% sure of the project completion date?
What is the standard deviation for the activities on the critical path?
What is the length of the critical path?
Calculate the expected time for each activity on the critical path.A: ; F: ; G
Rather than incur the crashing cost yourself for a 23-week project, you ask the client to pay for your crashing costs. The client offers you a $3,000 bonus for compression to a 23-week project. Is this acceptable?
The client wants the project completed by 23 weeks. What is the least amount of additional cost for a 23-week project?
The client wants the project completed in 24 weeks. What is least amount of additional cost to achieve a 24-week project?
Complete the column in the table for the crashing cost/week.
What is the probability of completing the activity in 31.67 days or less?
Using normal distribution, what is the probability of completing the activity referred to in questions 12 and 13 within 21.67 days and 31.67 days?
Using the same information from the previous question, calculate the standard deviation using the short formula.
You have received the following information from a project team member: the estimated pessimistic duration to complete an activity is 45 days, the optimistic time is 15 days, and the most likely time is 25 days. What will you post as the duration for this activity using the PERT weighted average
PM Quick Check: The critical path is the:a. Shortest path through the network diagramb. Longest path through the project network that determines the earliest time the project can be completedc. Path with the greatest number of resources assigned
During the project scheduling process or during actual execution of the project, it may become necessary to shorten the duration of the project. “Crashing the schedule”generally means to reduce duration by using additional resources or overtime.a. Review the information in the table. Determine
PM Quick Check: In the precedence diagramming method, the most common logical relationship is:a. start to finishb. finish to startc. finish to finishd. start to start
PM Quick Check: In network diagrams, activities with zero float are referred to as:a. critical activitiesb. noncritical activitiesc. eventsd. dummy activities
Referring to the diagram developed in question 6, perform a backward pass to determine the late start and late finish of each activity.a. Identify the activities that have float or slack.b. What is the early start of Activity C?c. What is the late start of Activity E?
A mandatory relationship is also referred to as
The most common logical relationship in a PDM diagram is
List the four types of logical relationships that may be utilized in the precedence diagram method.a.b.c.d.
Amount of work
Element of worke. Critical path
Milestoned. Effort
Total timec. Duration
Longest path through a networkb. Activity
Network match-up: Match each of the terms provided with its definition.Term Definitiona. Event
What is the impact on the end date if Activity B cannot start until a month from now because of late delivery of raw materials?
What is the impact on the end date if Activity F slips by 5 weeks?
What is the impact on the end date if Activity I slips by 6 weeks?
Which activities are on the critical path and what is the length?
By how many weeks can Activity B slip before it becomes a second critical path?
What is the impact on the end date if Activity E finishes early by 1 week?
What is the impact on the end date if Activity F slips by 2 weeks?
Which activities make up the critical path and what is the length?
What is the impact on the end date if Activity D slips by 10 weeks?
What is the impact on the end date if Activity E slips by 1 week?
What is the impact on the end date if Activity B slips by 12 weeks?
Which activities are on the critical path and what is the length of the critical path?
Create a network diagram using the PDM and the information in the table below:(Hint: A common practice in the development of network diagrams is to use Post–It™ notes or other similar products that allow the team to move activities around until they are satisfied that the diagram correctly
What are the major advantages of using network scheduling techniques?
Review the list of items and indicate whether each item is an input, a tool or technique, or an output.a. Enterprise environmental factorsb. Decompositionc. Activity listd. Organizational process assetse. Rolling wave planningf. Project management plan g. Expert judgment h. Activity attributes i.
PM Quick Check: After the major project deliverables have been defined using the process of decomposition, the activities necessary to produce the lower-level project deliverables are included in the .
PM Quick Check: The process of activity definition is an extension of the development of the .
What activities should be included in the closeout or transfer of the project deliverable to the operational environment? Make a list of activities that should be included in the closeout phase.
If you were a member of a configuration control board, what questions would you ask before determining whether or not a change should be approved?
What are performance measurement baselines (PMBs) and why are they important?
Projects are sometimes canceled. The termination of the project can occur in any project phase. What are the typical reasons that a project may be canceled by executive management?
For each of the following reasons for failure, provide a possible solution or preventive measure.a. Corporate goals are not understood at the lower or organizational levels or functional units.b. Plans are too complex and require too much in too little time.c. Financial estimates are significantly
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 is the role of the project executive or sponsor during the project-planning process?
During project planning and execution the project manager is expected to provide the project executive with information about the project. What information is typically provided to the project executive or sponsor?
Identify five items senior executives consider during the project selection process:
The six typical levels within the indented structure are:
When using the indented structure to develop the WBS, levels are divided into two major categories, the and levels.
Describe how the work should be structured in the WBS to achieve the proper level of planning and control:
Why is it important to validate project assumptions?
What are the major roles of the project manager, functional manager, and senior management (sponsor) during the planning process?
What are the main objectives of a project kick-off meeting?
Who generally prepares and issues the project charter?
What is the difference between “scope” and a project scope statement?
What is the difference between a project charter and a project scope statement?
What is the main reason for the development of a business case?
List the key items that would generally be included in a project charter.
PM Quick Check: A milestone can best be described as:a. A significant event in the project scheduleb. An activity in the project that consumes a large amount of project resources and timec. The activities included in the close of a phase or the project
Review each of the problems that are generally associated with developing and documenting objectives. Explain the reason or root cause of the problem and provide a possible solution or action to prevent the problem from occurring.
The commonly accepted criteria for project objectives are expressed in the word“SMART.” Fill in the blanks with the correct description of each letter of the word SMART as it relates to writing objectives.
The responsibilities of the project manager and the functional managers assigned to the project are specific and unique. Match each of the following roles with either the project manager or the functional manager.
Projects are divided into phases for which of the following reasons? (Select all that apply.)a. To improve the ability to control project activities and resources and manage deliverables more effectivelyb. To establish gates for project reviewsc. To provide consistency for managing projects within
The purpose of a feasibility study is toa. Determine the total cost of the project and establish a baseline budget.b. Provide technical data and alternatives to the concept and form a basis on which to decide whether to undertake the project.c. Determine the return on investment before initiating
What factors should be considered when deciding if a project should continue into the next phase of the project life cycle?
What are the nine major components of the planning stage of a project according to Dr. H. Kerzner?
Why is continuous validation of assumptions critical to project success?
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