Mini Exam 2: Predictive

Question 1

A large risk to a project is identified, and the risk management plan is executed. Upon completion of the approved actions, what should the project manager do?

A. Update the risk management plan.
B. Revise the project schedule and the budget.
C. Update the lessons learned.
D. Identify new risks, and monitor residual risks.

Answer 1

D. Identify new risks, and monitor residual risks

PMBoK Sixth Edition states: “11.2 IDENTIFY RISKS

Identify Risks is the process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics. The key benefit of this process is the documentation of existing individual project risks and the sources of overall project risk. It also brings together information so the project team can respond appropriately to identified risks. This process is performed throughout the project

Question 2

A vendor informs a project manager that the project’s equipment can be delivered earlier than anticipated. The project manager recognizes that this is an opportunity to complete the project ahead of schedule.

What should the project manager do next?

A. Request management approval.
B. Use the equipment offered.
C. Revise the project schedule.
D. Determine if there is a risk

Answer 2

D. Determine if there is a risk

The project manager should determine if there is a risk before making any decisions. The early delivery of equipment could create a risk if the project team is not prepared to use it or if the vendor is unable to meet the quality standards. The project manager should assess the impact of the early delivery on the project schedule and budget, and review the vendor’s quality assurance process to ensure that the equipment meets the project’s requirements.

Question 3

A project’s outcome is highly sensitive to and dependent upon financial market activity. Therefore, the company’s financial advisor delivers daily exchange-rate forecasts. The project’s budget was planned using a conservative scenario with high exchange-rate variations. The project manager now wants to review this budget to update the probability and impact of a possible new scenario using current financial conditions.

To what should the project manager refer?

A. Stakeholder register
B. Risk register
C. Lessons learned
D. Marketplace conditions

Answer 3

B. Risk register

PMBoK Sixth Edition Chapter 11 states: “

11.2.3.1 RISK REGISTER

The risk register captures details of identified individual project risks. The results of Perform Qualitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks are recorded in the risk register as those processes are conducted throughout the project. The risk register may contain limited or extensive risk information depending on project variables such as size and complexity.

Question 4

A supplier reports that they are over capacity, which may delay their delivery. What should the project manager update?

A. Risk register
B. Stakeholder register
C. Issue log
D. Project schedule

Answer 4

A. Risk register

PMBoK Sixth Edition Chapter 4 and 11 states: “

11.2.3.1 RISK REGISTER

The risk register captures details of identified individual project risks. The results of Perform Qualitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks are recorded in the risk register as those processes are conducted throughout the project. The risk register may contain limited or extensive risk information depending on project variables such as size and complexity.

Question 5

Due to increased price volatility, a vendor asks the project manager of a large development project to make a price change that will affect the project contract.

What should the project manager do?

A. Request the change control board (CCB) to meet with the vendor to discuss the change.
B. Execute the price change requested by the vendor and update the project contract.
C. Comply with the vendor’s request and update the project management plan.
D. Analyze the impact and submit a formal change request, if appropriate.

Answer 5

D. Analyze the impact and submit a formal change request, if appropriate.

The project manager should thoroughly asses how the proposed price change will affect various aspects of the project, including scope, budget, schedule, and quality. If it is determined that the vendor’s request would significantly impact the project, such as changes to the project’s cost, scope, or schedule, the project manager should submit a formal change request. Submitting a formal change request is the appropriate way to document and communicate the proposed change to relevant stakeholders and decision-makers.

Question 6

A project manager is leading a project to develop a new system for a government agency using a predictive approach. The project’s governance framework is designed to ensure that the system meets the needs of the stakeholders and complies with all applicable regulations. The project manager receives an approved change request related to a project’s governance framework.

What should the project manager do to implement this change?

A. Review the changes to the governance framework and update relevant planning documents.
B. Recalculate the durations of project activities affected by the change to the governance framework.
C. Put the project on hold until the impact of the governance framework can be assessed.
D. Submit the formal change request to the project steering committee for final approval.

Answer 6

A. Review the changes to the governance framework and update relevant planning documents.

The project manager needs to fully understand the nature and extent of the approved changes. Without a thorough review, it’s impossible to know how these changes will impact the project. After reviewing the changes, the project manager should update planning documents to ensure that the project aligns with the new governance framework and maintains alignment with stakeholder needs and regulatory requirements.

Question 7

The project manager is having difficulties persuading stakeholders to adopt new technlogy in the project.
What should the project manager have done to avoid this resistance?

A. Invest in stakeholders’ communication
B. Provide technical support to stakeholders
C. Propose an agreement to stakeholders
D. Engage stakeholders as early as possible

Answer 7

D. Engage stakeholders as early as possible

The best way to avoid resistance to new technology is to engage stakeholders as early as possible. This means involving them in the decision-making process from the beginning and giving them a chance to provide input on the new technology. By engaging stakeholders early on, the project manager can assess their needs and concerns, address objections, build trust and rapport, and get their buy-in.

Question 8

A project manager implements multi-factor authentication, daily backups, and strict access controls to mitigate the risk of security breaches and data leaks during a product development project. Despite these measures, some risk remains that sensitive data could still be compromised through unforeseen vulnerabilities.

What type of risk does this remaining risk represent?

A. Secondary risk
B. Residual risk
C. Primary risk
D. Compliance risk

Answer 8

B. Residual risk

Residual risk is the portion of risk that remains after all planned risk mitigation responses have been implemented, or any risk that has been deliberately accepted. In this case, the project manager has addressed the original security risks with various controls; however, some exposure remains.

Question 9

A project manager with a directive behavioral orientation is leading a virtual team of software developers. The project manager wants to build a high-performing team that is motivated and productive. The team is working on a complex project with a tight deadline.

How should the project manager lead this team?

A. Build rapport and develop strong relationships with team members.
B. Motivate team members with achievement awards.
C. Influence team decisions and control the delivery process.
D. Implement communication channels to announce task completion.

Answer 9

D. Implement communication channels to announce task completion.

In this situation, the project manager has a directive behavioral orientation and is task-oriented and results-driven. Directive orientation is characterized by a focus on results, a willingness to take charge, and a preference for clear and concise communication. These qualities are essential for a project manager who is responsible for ensuring that a complex project with a tight deadline is completed successfully.

Question 10

A project incurs a 4-week delay. If delayed another 2 weeks or longer, the project will be penalized. In order to be able to deliver on time, the team is offered an appealing financial compensation and 2 days of vacation.

What theory is being applied?

A. Achievement theory
B. Expectancy theory
C. Maslow’s theory
D. Contingency theory

Answer 10

B. Expectancy theory

Expectancy theory proposes that employees are motivated when they are given assignments they feel confident they can achieve, when they value the compensation you offer and when they believe you will compensate them as promised.

Question 11

A project team often asks questions about the rationale for their work and how the client perceives their progress and deliverables. What should the project manager do to build trust and get the team engaged?

A. Share feedback and invite team members to status meetings with the stakeholders.
B. Assure the team that the client is happy and you are handling the expectations.
C. Present the project plan and progress report to the team with regular updates when revised
D. Compare the pending tasks to the completed tasks so the team has a sense of accomplishment.

Answer 11

A. Share feedback and invite team members to status meetings with the stakeholders

The concern is based on the relationship with the client so we should engage the team members on that process of the project.

Question 12

After weeks of dealing with conflicts, compromising, and achieving the project goal, team members are focusing on documenting the lessons learned to be shared with stakeholders, sponsors, and future project teams.

What phase are they most likely in?

A. Forming
B. Storming
C. Performing
D. Adjourning

Answer 12

D. Adjourning

During this final phase, the successful completion of the project is often celebrated, and the team members focus on documenting the lessons learned as part of the project closure activities. A team that has successfully built trusting relationships is likely to be better equipped to honestly evaluate its processes, issues, and achievements to glean the lessons that can be shared with stakeholders, sponsors, and future project teams.

Question 13

Which of the following combination of approaches should a team lead take to have a highly motivated and high-performing project team? (Choose three)

A. Build strong relationships, Provide context to work and the big picture, Implement customized incentives.
B. Ensure team peer review is done, Emphasize on team performance management, Prioritize individual rewards
C. Emphasize on team dynamics, Plan and deliver regular training on team dynamics, Hold regular team building activities
D. Foster a competitive environment, Prioritize reward for team member excellence, Hold regular team meetings

Answer 13

A, B and C. Build strong relationships, Provide context to work and the big picture, Implement customized incentives, Ensure team peer review is done, Emphasize on team performance management, Prioritize individual rewards and Emphasize on team dynamics, Plan and deliver regular training on team dynamics, Hold regular team building activities

Question 14

Which is the process that the project manager performs to prioritize individual project risks for further analysis or action by assessing their probability of occurrence and impact, as well as other characteristics?

A. Quantitative Risk Analysis
B. Qualitative Risk Analysis
C. Identify Risks
D. Plan Risk Management

Answer 14

B. Qualitative Risk Analysis

The choices list four processes within Risk Management. They are done in the order of 1) Plan Risk Management, 2) Identify Risks, 3) Qualitative Risk Analysis, 4) Quantitative Risk Analysis. Qualitative Risk Analysis prioritizes identified risks by assessing their probability and impact, and is relatively simple, compared to Quantitative Risk Analysis. Quantitative analysis uses mathematical models to calculate risk responses, and can be time consuming and expensive. Therefore, only the highest priority risks are advanced to quantitative analysis.

Question 15

A project manager has finished the Qualitative Risk Analysis with their team. Which project documents may require update based on this information?

A. Risk Register, Risk Report, Lessons Learned
B. Plan Risk Management, Assumption Log
C. Risk Register, Assumption Log, Issue Log, Risk Report
D. Risk Register, Risk Report

Answer 15

C. Risk Register, Assumption Log, Issue Log, Risk Report

At a minimum, risk register, issue log, assumption log, and risk report should be reviewed for revision upon completion of the qualitative risk analysis. Other docs, such as the lessons learned database and stakeholder register may require update, but it is likely that the 4 above will be affected. other answers are either incomplete or include possible optional but not the most likely affected documents.