Pmi final exam review - Study guides, Class notes & Summaries

What is the cost of a work package if the resource costs are $25/hour and material costs are $250? This work should take 75 hours. - ANSWER-$2,125 Which of the following statements regarding control accounts is true? A. Every work package must have its own control account. B. A control account is established where the lowest OBS element intersects the lowest WBS element. C. Activity cost estimates. D. A control account is another term for cost center. - ANSWER-D. A control account is an...

CAPM Exam Prep, PMI Questions, PMBOK 6th Edition - CAPM Prep, CAPM Exam Prep 2023 360-degree appraisal - ANSWER-A performance review completed by a person's peers, manager, and subordinates. It's called a 360-degree appraisal as it's a circle of reviews by people at different levels of an organization. Acceptance - ANSWER-This is a response to a risk event, generally made when the probability of the event and/or impact are small. It is used when mitigation, transference, or avoidanc...

PMI-ACP Exam Prep 1 - Agile Principles and Mindset (verified answers )2023What is the difference between "being agile" and "doing agile"? "Being agile" starts with internalizing the agile mindset, then using that understanding to select and implement the correct practices, tailoring them to different situations as needed. "Doing agile" involves using agile practices without embracing the agile mindset that allows us to understand how to select the right balance of practices and tailor ...

A Guide to the Project Management Body of Knowledge (PMBOK Guide) - ANSWER-The PMI publication that defines widely accepted project management practices. The CAPM and the PMP exam are based on this book. Application Areas - ANSWER-The areas of expertise, industry, or function where a project is centered. Examples of application areas include architecture, IT, health care, and manufacturing. Business Value - ANSWER-A quantifiable return on investment. The return can be tangible, such as equ...

SHRM-CP Exam 361 Questions with Verified Answers 2022 SHRM - CORRECT ANSWER Society for Human Resource Management What is Business Acumen? - CORRECT ANSWER How an Organization decides to deal with a business situation to drive the best outcomes. -knowledge of the most profitable aspects of the business -understanding of cash flow and the current market situation -thorough understanding of the respective business niche Significance of Business Acumen - CORRECT ANSWER -helps HR bring m...

CAPM Exam Prep, PMI Questions, PMBOK 6th Edition - CAPM Prep, CAPM Exam Prep 360-degree appraisal - A performance review completed by a person's peers, manager, and subordinates. It's called a 360-degree appraisal as it's a circle of reviews by people at different levels of an organization. Acceptance - This is a response to a risk event, generally made when the probability of the event and/or impact are small. It is used when mitigation, transference, or avoidance are not selec...

CAPM Practice Exam 151 Questions with Verified Answers What includes the reasons for project initiation, objectives and a decision on the project? - CORRECT ANSWER Business Case Crashing - CORRECT ANSWER A technique used to shorten the schedule duration for the least incremental cost by adding resources. Fast-Tracking - CORRECT ANSWER A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duratio...

CAPM Exam Prep, PMI, PMBOK 6th Edition 1297 Questions with Verified Answers 360-degree appraisal - CORRECT ANSWER A performance review completed by a person's peers, manager, and subordinates. It's called a 360-degree appraisal as it's a circle of reviews by people at different levels of an organization. Acceptance - CORRECT ANSWER This is a response to a risk event, generally made when the probability of the event and/or impact are small. It is used when mitigation, transference, or av...

CAPM Practice Exam 260 Questions with Verified Answers 3 things that describe role of a PM ?? - CORRECT ANSWER 1. responsible for the final result of the team 2. need to integrate multiple disciplines 3. communicate with team Cost Management Plan has these 3 characteristics - CORRECT ANSWER 1. describes how project costs will be planned, structured, & controlled 2. may specify level of precision, degree to which activity cost estimates will be rounded up or down 3. may specify varia...

CAPM Practice 215 Questions with Verified Answers John is a project manager for a newly formed project team. The project team has worked hard for last 4 months and has taken very few leaves. John wants to motivate the team members by informing them that he can give a couple of paid leaves if they complete the Phase-1 deliverables on time. Which theory is applied by John to achieve the result? a) Achievement Theory b) Theory Y c) Expectancy Theory d) Contingency Theory - CORRECT ANSWER c...