1. Theory Questions (each correct answer is 1 point. Total of 20 points for all correct answers. Answers require no more than one sentence!): 1) What does Cost Variance compare? 2) At what stage does planning have the most importance in a project? 3) What percentage of a Project Manager's job should be focused on project control? 4) The specific actions that will be taken if a risk occurs is also known as? 5) What are the functions of Out of Scope? 6) Cost estimates are that are based on the information known at a given point in time. 7) What should a control system focus on? 8) Why do companies decide to franchise? 9) Name three elements a plan includes? 10) People who come up with completely new ideas and turn them into viable businesses are also regarded as? 11) What do we refer to as the moment where a risk becomes enough of a reality to activate a contingency plan? 12) Earned value management (EVM) is also known as? 13) What does controlling mean in project management? 14) On which type of risk should you focus most effort on? 15) What percentage of communications is non- verbal and concerned with gestures? 16) Name three things a business should be. 17) What is the most important benefit to Project Management? 18) Who is a stakeholder? 19) What is Risk management? 20) What is a Work Breakdown Structure