Test your basic knowledge |

Subjects : certifications, capm
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. An applicable restriction that will affect the performance of the project/process.






2. The document that sets out the format and establishes the activities and criteria for planning - structuring - and controlling the project costs. The cost management plan is contained in - or is a subsidiary plan of - the project management plan.






3. Special category of revised cost estimates to an approved cost baseline.






4. Specify lessons that can be learned from each and every project - even from projects which are failures. They need to be documented. Most companies prefer post-implementation meetings and case studies to document Lessons Learned






5. It compares cost performance over time - schedule activities or work packages overrunning and under running the budget - and estimated funds needed to complete work in progress.






6. Describes the processes concerned with identifying - analyzing - and responding to project risk. It includes planning risk management - identifying risks - performing qualitative risk analysis - performing quantitative risk analysis - planning risk r






7. A requirement imposed by a governmental body and its compliance is mandatory.






8. The expected cost needed to complete all the remaining work for a schedule activity - work break down structure component - or the project.






9. The process of identifying all people or organizations impacted by the project and documenting relevant information regarding their interests - involvement - and impact on project success.






10. Costs allocated to the project by the performing organization as a cost of doing business (e.g. - salaries of corporate executives). Usually calculated as a percentage of direct costs.






11. Process of managing procurement relationships - monitoring contract performance - ad making changes and corrections as needed.






12. The total amount of time that a schedule activity may be delayed from its early start without delaying the project finish date - or violating a schedule constraint. Calculated using the critical path method technique and determining the difference be






13. Any modification to the agreed upon project scope as defined by the approved WBS






14. Broader view of Project Cost Management - whereby other than project costs - we consider the effect of project decisions on the cost of using the project's product.






15. An estimating technique that uses a statistical relationship between historical data and other variables to calculate an estimate for activity parameters - such as scope - cost - budget - and duration. An example for the cost parameter is multiplying






16. Documents the characteristics of the product - result - or service which the project is undertaken to create.






17. Action taken to bring a defective or nonconforming item into compliance with requirements or specifications. It is a frequent cause of project overruns in most application areas.






18. Defines the process by which the procurement can be modified. It includes paperwork - tracking systems - dispute resolution procedures - and approval levels necessary for authorizing changes.






19. Involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work - plus a fee representing seller profit






20. Seller is a subcontractor - vendor - or supplier - who will typically manage the work of the project. Buyer is the customer who has outsourced work to the seller.






21. If the performing organization does not have a formal contracting group - then the project team will have to supply both the resources and expertise to support procurement activities






22. Describes the processes required to ensure timely completion of the project. It includes defining activities - sequencing activities - estimating activity resources - estimating activity durations - developing the schedule - and controlling the sched






23. Describes the processes required to ensure that the project includes only the essential work required to complete the project successfully. It includes collecting the requirements - defining the scope - verifying the scope and controlling the scope o






24. Reduce the probability and/or consequence of an adverse risk event to be within acceptable threshold limits.






25. Forecasts of potential project schedule and cost results listing the possible completion dates or project duration and costs with their associated confidence levels.






26. Process of numerically analyzing the effect of identified risks on overall project objectives.






27. Structured method to guide the project team during development of project plan. Standard forms and templates or even complicated simulations may be used.






28. Involves immediate corrective or preventive action as a consequence of quality control measurements.






29. Systematic process of planning - identifying - analyzing - responding - and monitoring and controlling project risk. It increases the probability and impact of positive events - and decrease the probability and impact of negative events in the projec






30. Process of defining how to conduct risk management activities for a project.






31. Expectations The process of communicating and working with stakeholders to meet their needs and addressing issues as they occur. Project manager applies appropriate interpersonal skills to manage stakeholder expectations - for example - by building t






32. Bring together prequalified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product - service - or result






33. The process to develop an approximation (estimate) of the monetary resources needed to complete project activities.






34. Formal and informal policies that are required for project plan development. Organizational policies include quality management - personnel administration and financial controls.






35. A functional organization has a hierarchy in which every employee has one clear superior. Staff members are grouped by areas of specialization. Functional organizations may still have projects - but the perceived scope of the project is defined by th






36. Repository that provides for collection - maintenance - and analysis of data gathered and used in the risk management process. Use of this database assists risk management throughout the organization and - over time - forms the basis of a risk lesson






37. A -specific version of the schedule model used to compare actual results to the plan to determine if preventive or corrective action is needed to meet the project objectives.






38. An uncertain event or condition that - if it occurs - has a positive or negative effect on the project objective.






39. Project Simulation uses a model that translates the specified detailed uncertainties of the project into their potential impact on project objectives.






40. Meetings held to assess project status and/or progress.






41. Technique to evaluate the degree to which data about risks is useful for risk management.






42. Used to solicit proposals from prospective sellers






43. Process of monitoring the status of the project and product scope and managing changes to the scope baseline.






44. Processes and procedures developed for the closing or canceling of projects.






45. For many procurement items - the procuring organization may elect to either prepare its own independent estimate - or have an estimate of costs prepared by an outside professional estimator - to serve as a benchmark on proposed responses.






46. A method of estimating a component of work. The work is decomposed into more detail. An estimate is prepared of what is needed to meet the requirements of each of the lower - more detailed pieces of work. These estimates are then aggregated into a to






47. It shortens the project schedule without changing the project scope - in order to meet schedule constraints - imposed dates - or other schedule objectives. -. This technique includes crashing and fast tracking.






48. Describes the processes required to ensure that the project is completed within the approved budget. It includes estimating the cost - determining the budget - and controlling the costs.






49. The expected total cost of a schedule activity - a work breakdown structure component - or the project when the defined scope of work will be completed.






50. They involve measuring value or attractiveness to the project owner. Includes considering the decision criteria and a means to calculate value under uncertainty.