Beth works as a project manager for BlueWell Inc. Which of the following tools and techniques of Administer Procurements process will Beth use to manage contracts, and procurement documentation and records?
Correct Answer:A
A records management system is used to manage contract, and procurement documentation and records by the project managers. It includes specific set of processes, related control functions, and automation tools that are merged as part of the project management information system.
Answer option D is incorrect. Payment system determines the payments to the seller, which is processed by the account payable system of the buyer after certification of satisfactory work by the authorized person on the project team.
Answer option C is incorrect. Inspection and audits are required by the buyer and supported by the seller as mentioned in the procurement contract during execution of the project to verify the compliance in the seller's work processes or deliverables.
Answer option B is incorrect. Performance reporting offers the management with the information about how effectively the seller is achieving the contractual objectives.
You are the project manager of the NHG. The following figure represents your project network diagram.
Management has asked that you add some features to the project scope. Through the change control system these changes are approved and they'll affect Activity I. The duration of Activity I, which is on the critical path, will decrease by three days. What affect does this have on the critical path?
Correct Answer:C
The critical path is the path in the project network diagram with the longest duration. In project management, a critical path is the sequence of project network activities which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). This project actually has two critical paths. Path ACGIJ takes 23 days. Path ACGHJ also takes 23 days. When Activity I decreases by three days the critical will still take 23 days to complete as Path ACGHJ remains a critical path.
Answer option A is incorrect. The duration of the critical path did not increase.
Answer option D is incorrect. The duration of the path ACGIJ will decrease to 20 days but the critical path will remain at 23 days.
Answer option B is incorrect. The critical path did not reduce to 17 days.
Della works as a project manager for BlueWell Inc. She has asked her assistant Beth to provide activity duration estimate for an activity. Beth provides Della the following estimate chart:
What will be the activity duration according to the PERT three-point analysis?
Correct Answer:C
A three-point estimate records the optimistic, most likely, and the pessimistic duration and then records an average for the predicted duration. Three-point estimate is a way to enhance the accuracy of activity duration estimates. This concept is originated with the Program Evaluation and Review Technique (PERT). PERT charts the following three estimates: Most likely (TM): The duration of activity based on realistic factors such as resources assigned, interruptions, etc. Optimistic (TO): The activity duration based on the best-case scenario Pessimistic (TP): The activity duration based on the worst-case scenario The expected (TE) activity duration is a weighted average of these three estimates: TE = (TO + 4TM + TP) / 6
Duration estimates based on the above equations (sometimes simple average of the three estimates is also used) provide more accuracy.
Here it is,
TE = ( 24 + 28*4 + 36) / 6
= 272/6
= 29 (approx)
Answer options B, D, and A are incorrect. These are not the valid answers for this question.
Finances: An understanding of the basic concepts of project fianance are important in making a project. Careful budgeting and planning will provide a great help in finance. 4.Meeting: There should be periodic meeting of team members to resolve the issues. This will help to monitor the problems easily and efficiently.
Answer option D is incorrect. This is the information that is used for monitoring to be useful. It is not a monitoring method.
Solution:
Does this meet the goal?
Correct Answer:A
Which of the following is NOT an output of the control schedule process?
Correct Answer:C
The project termination request is not an output of the control schedule. Early termination of a project is a closing process and usually does not stem from the project manager. The outputs of the control schedule process are as follows: Work Performance Measurements: The work packages and control accounts are documented and communicated to the stakeholders. Organizational Process Assets Updates: The assets that are updated are: corrective actions chosen and the reasons, causes of variance, and other types of lessons learned from project schedule control. Change Requests: It is processed for reviews and disposition through the Perform Integrated Change Control process. Project Management Plan Updates: The elements that need to be updated are: schedule baseline, schedule management plan, cost baseline. Project Document Updates: The elements that need to be updated in project document updates are: schedule data and project schedule.