CAPM Exam Study 2024 | With complete solution 2024, Exams of Nursing

Download CAPM Exam Study 2024 | With complete solution 2024 and more Exams Nursing in PDF only on Docsity! 1 CAPM Exam Study 2024 | With complete solution 2024 You are evaluating the dependencies that exist currently within your risk management plan to determine its accuracy. Which of the following is best described as an action to verify that all risks have been identified, that plans have been created to handle risks, and that the individuals responsible for responding to the risks are prepared to take action? A Risk reassessment B Reserve analysis C Workaround D Risk audit - Correct answer: Risk audit A risk audit is an action to verify that all risks have been identified, that plans have been created to handle risks, and that the individuals responsible for responding to the risks are prepared to take action. Basically, a risk audit examines and documents the effectiveness of the risk responses. This is in relation to dealing with the root causes and identified risks. The risk audit also evaluates the effectiveness of the risk management process. A workaround is an unplanne d response that is created to handle unexpected problems on a project. A risk reassessment is an action taken to periodically review and adjust the documentation of the risk management plan and risk register. A reserve analysis is a review of the project's financial resources to compare the current balance against the projected amount needed. You are a project manager for a very large company and have taken over a new project that was in the middle of execution. You would like to see which stakeholders have the greatest influence over your project. Where is the best place to find this information? - Correct Answer: Stakeholder register It is in the stakeholder register that a project manager would find which stakeholders have been identified as having the greatest influence over a project. The stakeholder register will also contain details about particular stakeholders to help understand what knowledge they may have. It also captures the requirements and various expectations they may have for the project. Shanda decided to use an iterative planning technique as a way to work a form of progressive elaboration on her project. Rolling wave planning is an iterative planning 2 technique that she explored and decided to utilize. Which of the following is rolling wave planning not applicable to? A Work packages B Cost analysis C Planning packages D Release planning - Correct answer: Cost analysis Rolling wave planning is an iterative planning technique applicable to work packages, planning packages, and release planning when using an Agile or waterfall approach. Rolling wave planning involves a detailed plan of the work to be completed in the near term. The work in the future is planned at a much higher level. Rasheed is the lead project manager for a telecommunications organization and is in charge of training new project managers. One of the new project managers is assisting with managing the communications process. In evaluating the documents, he notices a document that does not belong in this process. Which of the following is not an example of a project document that would be an input to the Manage Communications process? A Lessons learned register B Resource management plan C Stakeholder register D Change log - Correct answer: Resource management plan The resource management plan is part of the project management plan, which is an input to the Manage Communications process. It is not a project document. The communications management plan includes components of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated. Moira begins the event by illustrating the proposed iteration goals alongside reviewing the higher-priority stories. The development team discusses options for implementation, technical issues, dependencies, and other requirements. They choose the effort to be performed in the next iteration. What type of meeting does this best describe? A Phase review B Status review C 5 implementing rules, processes, and procedures. They will even implement something called reward and punishment so that the team is always disciplined in implementing the values it has created. Servant leader: A project manager with this style usually has traits such as a focus on others, growth, learning, shared prosperity, relationship orientation, and team collaboration. Transformational: This leadership style has characteristics such as empowering the team through ideal attributes and behaviors, inspirational motivation, encouraging innovation and creativity, and individual consideration. The main characteristic of the transformational leadership style is inspiration. Interactional: A combination of transactional, transformational, and charismatic. Project managers with an interactional style consider variables such as the work environment, corporate culture, market challenges, conflict and complexity, and the influence of leaders on the business. Carla is the project manager at a highly secured electrical facility. She is in the process of collecting processes, procedures, and historical information for the department's new electrical management and security project. The project is currently in which phase of the project management process? A Planning B Executing C Initiating D Monitoring & Controlling - Correct answer: Initiating The project manager is currently in the initiation phase of the project. Initiating is the processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. The Initiating phase of the project management process includes the following: Selecting the project manager Determining company culture and existing systems Collecting processes, procedures, and historical information Dividing large projects into phases Understanding the business case Uncovering initial requirements, assumptions, and risks Assessing project and product feasibility within the given constraints Creating measurable objectives Developing the project charter 6 Identifying stakeholders Identifying the appropriate focus for each stakeholder What is the process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interest, involvement, interdependencies, influence, and potential impact on project success? A Manage Stakeholder Engagement B Plan Stakeholder Engagement C Identify Stakeholders D Monitor Stakeholder Engagement - Correct answer: Identify Stakeholders Identify Stakeholders is the process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interest, involvement, interdependencies, influence, and potential impact on project success. This process enables the project team to identify an appropriate focus to engage stakeholders. Identify Stakeholders is a process that will be performed throughout the project as necessary. Manage Stakeholder Engagement is a process of communicating and working with stakeholders to meet their needs/expectations, address issues as they occur, and foster appropriate stakeholder engagement and project activities throughout the project lifecycle. Monitor Stakeholder Engagement is the process of monitoring project stakeholder relationships and tailoring strategies for engaging stakeholders through modification of engagement strategies and plans. Plan Stakeholder Engagement is the process of developing approaches to involve project stakeholders based on their needs, expectations, interest, and potential impact on the project. You are the project manager for a technology company working on a project to create a smaller, thinner cell phone design. You have a document that outlines the projected dimensions, lists the necessary parts, and includes graphics of the finished product. This is an example of what type of document? A Work breakdown structure B Business need C Statement of work D Product scope description - Correct answer: Product scope description 7 The product scope description is part of the project scope statement. It documents the characteristics of the product, service, or result described in the project charter and requirements documentation. In this case, the document being described includes the characteristics of the product that needs to be created; therefore, it is the scope description. You are in the control procurement process in the executing process group. Which of the following is not a component of the project management plan that may be updated as a result of the Control Procurements process? Communications baseline Procurement management plan Schedule baseline Cost baseline - Communications baseline Communication is not a component of the project management plan that may be updated. Communications baseline is a fictitious baseline. The project manager just received approval to implement a change request. What is the next step the project manager should take? A Obtain the customer's buy-in B Implement the change C Create options to make the change successful D Evaluate the impact of the change - Correct answer: Implement the change The next step that the project manager should take after receiving approval to implement the change request is to implement the change. When a project manager receives a change order request, the first step is to attempt to resolve the issue with corrective action that would not change the plan or its components. If this is not an option, the project manager would analyze the change order request and make a recommendation for approval or rejection. The analysis and recommendation would be forwarded to the project sponsor who decides whether to approve or reject the change order request. The project manager documents the result. If the sponsor approves the change order request, the project manager implements it by changing the project budget, schedule, and scope as necessary. You are requested to provide the variance of completion for the project you are in charge of. If Earned Value (EV) is $500, Actual Cost (AC) is $400, and Budget to Completion (BAC) is $1,000, what is the Variance at Completion (VAC) if one assumes that future work will be accomplished at the planned rate? A 600 10 A Project documents B Enterprise environmental factors C Work performance data D Organizational process assets - Correct answer: Organizational process assets Organizational process assets are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization. They include any artifact, practice, or knowledge from any or all of the organizations involved in the project that can be used to perform or govern the project. The process assets also include the organization's knowledge bases, such as lessons learned and historical information. Process assets may include tools, methodologies, approaches, templates, frameworks, patterns, or PMO resources. The project team using historical data from a previous similar project is a direct influence on organizational process assets during the Project Procurement Management process. Camila is in a meeting with her project team to evaluate the dependencies of the tasks. They explore the critical path within the current schedule. The critical path is the sequence of activities that represents the: A Least activities through a project B Most activities through a project C Longest path through a project which determines the shortest possible duration of the project D Shortest path through a project which determines the shortest possible duration of the project - Correct answer: Longest path through a project which determines the shortest possible duration of the project The critical path refers to the sequence or order of schedule activities that will make up the entire duration of a project. It represents the longest path through the entirety of the project, and typically, this path consists of every single activity that must be concluded from the kickoff to the ultimate conclusion of the project. Being the longest path, it is also the shortest possible duration of the project. The critical path will help the project manager to determine the length of time the project will take and where their attention would be best focused. Company X is in the process of implementing new software. Jai is the head of the IT department for Company X and Bai is the operations manager for the department receiving the new software. What are Jai and Bai best considered? 11 A Sponsors B Customers C Project managers D Stakeholders - Correct answer: Stakeholders Jai and Bai would both be considered stakeholders for Company X's software implementation project. Stakeholders are individuals who will affect or be affected by a project. The project manager is the person in charge of the project, and the project sponsors are those who are authorizing the project to occur. The project manager is reviewing the current earned value report, which shows the following: Schedule Performance Index (SPI) = 1.2 Cost Performance Index (CPI) = 1.6 Planned Value (PV) = $200,000 Schedule Variance (SV) = $40,000 What is the project's Cost Variance (CV)? A $125,000 B $160,000 C $90,000 D $96,000 - Correct answer: $90,000 The project's Cost Variance (CV) is $90,000. The CV formula is CV = EV - AC Neither Earned Value (EV) nor Actual Cost (AC) is provided in the question; therefore, you must solve the question by working backward to the answer. 1. Find the EV: You can find Earned Value (EV) using the Schedule Variance (SV) formula: SV = EV - PV $40,000 = EV - $200,000 $40,000 + $200,000 = EV EV = $240,000 2. Find the AC: You can find AC using the CPI formula: CPI = EV / AC 1.6 = 240,000 / AC 1.6 x AC = $240,000 AC = $240,000 / 1.6 AC = $150,000 12 3. Find the Cost Variance (CV): CV = EV - AC CV = $240,000 - $150,000 CV = $90,000 You are working in an Agile environment where the project team is geographically dispersed throughout the world with overlapping time zones. What is a technique that could be used to bridge the gap between the physical distance between Agile team members? A Team collaboration B Continuous integration C Fishbowl windows D Pair programming - Correct answer: Fishbowl windows Adaptive and Agile practices promote co-located teams, where, at times, you will come across teams that are geographically distributed. To bridge a gap, fishbowl window techniques can be adapted. This involves setting up video conferencing links between geographically distributed teams. A mobile device manufacturer is halfway through prototyping a new product when the supplier who provides one of the raw materials used to manufacture their device casings declares bankruptcy and goes out of business. The team had not foreseen this problem during project planning. Which of the following best describes a process that may not have been performed comprehensively in this scenario? A Perform qualitative risk analysis B Monitor risks C Identify risks D Plan risk management - Correct answer: Identify risks The identify risks process is used to identify potential project risks individually as well as overall risks to the project in general. The characteristics of the risks are documented so that they can be analyzed (perform qualitative and perform quantitative risk analysis processes) and planned for (plan risk responses). Without proper identification of risks before they are realized, they cannot be planned for, and responses are often pressured by time and cost constraints. 15 documents in the Project Management Information System (PMIS) to be used as historical data, close out all procurement activities ensuring termination of all relevant agreements, and perform team members' assessments and release project resources. You are working with a senior stakeholder within your organization to perform a cost- benefit analysis of your newly initiated project. Which of the following best describes the reason to conduct a cost-benefit analysis? A Participate in the development of the project charter by compiling and analyzing gathered information to ensure project stakeholders are in agreement on its elements B Conduct an analysis using appropriate tools and techniques to align expectations and gain support for the project C Validate project alignment with organizational strategy and expected business value D Identify high-level risks, assumptions, and constraints based on the current environment, organizational factors, historical data, and expert judgment to propose an implementation strategy - Correct answer: Validate project alignment with organizational strategy and expected business value Performing a cost-benefit analysis is an effective way to analyze the value of the project with the project sponsor and stakeholders and ensure the project is in line with the overall operational strategy of the organization. A cost-benefit analysis serves as a financial tool employed to assess the benefits of a project relative to its associated costs. Its purpose is to evaluate the merits and drawbacks of various alternatives, aiding in the selection of the most advantageous option in terms of benefits. By comparing the projected benefits against the costs incurred, a cost-benefit analysis empowers project managers to gauge the cost-effectiveness of project activities. Essentially, this analysis provides a clear comparison between the expenses involved in an activity and the anticipated gains it is expected to yield. The project sponsor has asked you to provide a particular analysis report at the next meeting. Which earned value (EV) analysis technique measures the cost of completing the remaining work against the remaining budget? A EAC B TCPI C CPI D ETC - Correct answer: TCPI To Complete Performance Index (TCPI) is a measure of the cost performance that must be achieved with the remaining resources to meet a specified management goal expressed as the ratio of the cost to finish the outstanding work to the budget available. 16 To calculate the efficiency that must be maintained to complete on plan, use the following formula: TCPI = (BAC - EV) / (BAC - AC) TCPI > 1.0 is harder to complete TCPI = 1.0 is same to complete TCPI < 1.0 is easier to complete To calculate the efficiency that must be maintained to complete the current EAC, use the following formula: TCPI = (BAC - EV) / (EAC - AC) TCPI > 1.0 is harder to complete TCPI = 1.0 is same to complete TCPI < 1.0 is easier to complete During the planning phase, the project manager and team decided to implement a significant feature in their project, aimed at reducing overtime by 90%. This decision was influenced by excessive overtime in a previous project, leading to various constraints. Which term best describes this aspect of the project management process? A Product scope B Process improvement plan C Project title D Project scope - Correct answer: Process improvement plan The correct term in this scenario is Process Improvement Plan. This is because the action taken by the project manager and team directly addresses a specific operational issue (excessive overtime) encountered in a previous project. By incorporating a major feature to reduce overtime, they are effectively executing a plan to improve the project process. This is distinct from product scope, which relates to the features and functions of the project's end product, or project scope, which encompasses the total work involved in delivering the product. Product scope refers to the characteristics and functionalities of the project's end result. Project scope involves the work and activities needed to deliver the project's outcome. Project title is the name or identifier of the project. The project manager informed their team that they would receive an extra day of paid time off if they completed the project by its assigned deadline. Which of the following project manager powers does this best describe? A Reward-oriented B Expert C 17 Referent D Persuasive - Correct answer: Reward-oriented Reward-oriented is the project manager power that best describes the example given. This is the power that comes from the ability to provide rewards (e.g., praise, money, etc.). Persuasive is the ability to provide arguments that move people to a desired course of action. Expert is the power of the project manager who is a technical or project management expert. Referent is when the project manager has respect or admiration for others and is thought of as a credible person. You are in the control procurement process in the executing process group. Which of the following is not a component of the project management plan that may be updated as a result of the Control Procurements process? Communications baseline Procurement management plan Schedule baseline Cost baseline - Communications baseline The project you are working on has very high uncertainty and risk associated with it. The deliverables were designed separately, and there are different project managers leading them. What development approach was utilized to create this project? Operational approach Hybrid approach Adaptive approach Predictive approach - Hybrid Approach You have just been assigned to a new project and are working at the beginning stages. You identify key deliverables based on the business requirements to manage customer expectations and direct the achievement of project goals. This task is completed in what process group? A Planning B Executing C Monitoring & Controlling D Initiating - Correct answer: Initiating There are eight tasks associated with the Initiating the Project process group. Identifying key deliverables based on the business requirements to manage customer expectations and direct the achievement of project goals is part of this process group. 20 Bai is the project manager in charge of a team very diverse in skill sets and expertise. She works with the HR manager to add each team member's newly acquired skills to their human resource records. What process group will best identify where the project manager is currently in? A Closing B Monitoring & Controlling C Planning D Executing - Correct answer: Closing The project manager is in the closing process group when they are working with the HR manager to add the newly acquired skills of each team member to the team members' human resource records. Closing is those processes performed to formally complete or close a project, phase, or contract. At project or phase closure, the following may occur: Obtain acceptance by the customer or sponsor to formally close the project or phase Conduct post-project or phase-end review Record impacts of tailoring to any process Document lessons learned Apply appropriate updates to organizational process assets Archive all relevant project documents in the Project Management Information System (PMIS) to be used as historical data Close out all procurement activities, ensuring termination of all relevant agreements Perform team members' assessments and release project resources You manage a team of remote workers who are dispersed geographically throughout the world and in different time zones. Your goal is to improve the team environment and collaboration. With that goal in mind, you request permission from your organizational leaders to purchase and implement a new highly sophisticated video conferencing system. What is this method best known as? A Electronic project management tools B Project information analysis system C Social media management D Electronic communications management - Correct answer: Electronic communications management 21 Project Management Information Systems (PMIS) can ensure that stakeholders can quickly and efficiently access the information they need. Project information is managed and distributed using a variety of tools, including: Electronic project management tools: project management software, meeting and virtual office support software, web interfaces, project portals and dashboards, and collaborative work management tools Electronic communications management: email, fax, voicemail; audio, video, and web conferencing; websites and web publishing Social media management: websites and web publishing; blogs, and applications Using video conferencing to talk to team members is an example of electronic communications management. Project success is dependent on effective communication. You are the project manager, and three of your team members are constantly arguing with each other. To resolve their latest conflict, you help them come to a conclusion that uses a little of each of their ideas. Which conflict management technique is being used in this scenario? A Compromise/reconcile B Force/direct C Collaborate/problem solve D Withdraw/avoid - Correct answer: Collaborate/problem solve There are five general techniques for resolving conflict. Each technique has its unique place and use: Collaborate/problem solve: Incorporating multiple viewpoints and insights from differing perspectives; requires a cooperative attitude and open dialogue. This approach can result in a win-win situation. Withdraw/avoid: Retreating from an actual or potential conflict situation; postponing the issue to be better prepared or to be resolved by others. Smooth/accommodate: Highlighting areas of agreement rather than areas of difference; conceding one's position to the needs of others to maintain harmony. Compromise/reconcile: Searching for solutions that bring some degree of satisfaction to all parties to temporarily or partially resolve the conflict. This is generally a lose-lose situation. Force/direct: Pushing one's viewpoint at the expense of others; offering only win-lose solutions, usually enforced through a power position. This is often a win-lose situation. 22 While similar to smooth/accommodate, the conflict management technique being used in this scenario is collaborate/problem solve, which is used to get to the root of an issue so that it will lead to consensus and commitment. The project sponsor has asked the project manager to provide the CPI at the next meeting. The project manager calculates the CPI and finds that the result is .76. What does this mean? A The project is currently expected to be 76 percent over budget when completed B The project is ahead of schedule C The project is progressing at 76 percent of the planned rate D The project is getting back about 76 cents out of every dollar that is put into it - Correct answer: The project is getting back about 76 cents out of every dollar that is put into it Cost Performance Index (CPI) is a measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost. To calculate the CPI, use the formula CPI = EV / AC. CPI values > 1.0 indicate a project is under planned cost CPI values = 1.0 indicate a project is on planned cost CPI values < 1.0 indicate a project is over planned cost A CPI of .76 tells the project manager that the project is only getting about 76 cents out of every dollar that is put into it. You are in the process of auditing the quality of a multi-phased project you are leading. The objective of a quality audit may include all except which of the following? A To identify good practices being performed B To share good practices implemented in similar projects C To identify additional stakeholders D To identify gaps and shortcomings - Correct answer: To identify additional stakeholders Quality audits are conducted to determine if a project is complying with organizational policies, practices, and procedures. A quality audit will not be performed to identify additional stakeholders. A quality audit may be performed to identify any gaps or shortcomings, current good practices that are being performed, or to share good practices implemented in other similar projects. 25 You are leading a project that includes a multi-phased approach. The last milestone has been completed for the last phase. When does the project manager arrange for the storage of procurement records and/or drawings? A Close Project or Phase B Conduct Procurements C Control Procurements D Plan Procurement Management - Correct answer: Close Project or Phase As part of Project Integration Management, procurements are closed through the Close Project or Phase process. Project documents are an integral part of the Close Project or Phase process. To close the contract, all procurement documentation is collected, indexed, and filed. Information on contract schedule, scope, quality, and cost performance along with all contract change documentation, payment records, and inspection results are cataloged. This information can be used for lessons learned information and as a basis for evaluating contractors for future contracts. The project manager arranges for the storage of procurement records and/or drawings during the Close Project or Phase process. Other items that occur during the Close Project or Phase process include updates to records, final contract performance reporting, and lessons learned. You are in a meeting with the project team and discussing various processes in the planning process group related to the project. Which of the following is an activity in the Planning process group? A Conduct Procurements B Develop the Project Charter C Identify the Project Stakeholders D Develop the Project Management Plan - Correct answer: Develop the Project Management Plan The planning process group includes those activities associated with the planning process, including developing the project management plan, defining the scope, developing the schedule, and planning communications management. The Planning Process Group includes all processes related to answering two questions: "What will you do?" and "How will you do it?" These processes are as follows: 26 Plan Scope Management, Collect Requirements, Define Scope, Create Work Breakdown Structure (WBS), Plan Schedule Management, Define Activities, Sequence Activities Estimate Activities Duration, Develop Schedule, Plan Cost Management, Estimate Costs, Determine Budget, Plan Quality Management, Plan Resource Management Estimate Activity Resources, Plan Communications Management, Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Plan Procurement Management, and Plan Stakeholder Engagement Develop the Project Charter and Identify the Project Stakeholders are activities in the initiating process group. Conduct Procurements is an activity within the executing process group. You are in a meeting with the project team to determine the EMV of the project. Work package 1 has a probability of 25% and an impact of $10,000. Work package 2 has a probability of 50% and an impact of $50,000. What is the expected monetary value of work package 2? A $12,500 B $2,500 C $25,000 D $5,000 - Correct answer: $25,000 Work package 2 has an Expected Monetary Value (EMV) of $25,000. The formula for EMV is Probability x Impact. Therefore, EMV = 50% x $50,000 = $25,000. You are working on a technology project and the development phase is in week two of a four-week work period. You are informed by the tech lead that to finish the development phase, the development team will either need to augment with one additional resource or extend their original estimate by two weeks. The extended time frame will need to be approved by the project sponsor. You communicate this change through the proper channels to all stakeholders. Where is the BEST place to document this to make sure there is a record of the process? A Change log B Stakeholder register C Issue log D Project budget - Correct answer: Change log 27 A change log is used to document changes that occur during a project. These changes (and their impact on the project in terms of time, cost, and risk) are communicated to the appropriate stakeholders. A change log is a comprehensive list of changes submitted during a project and its current status. A change can be a modification to any formally controlled deliverable, project management plan component, or project document. The issue log is used for logging issues or risks that come up in the project and is typically used before a resolution has been identified. Because the issue was properly brought up to the project sponsor, approved, and communicated as an official change, it should be logged in the change log. There was no change to the project budget, so logging this change there is unnecessary. The stakeholder register only holds information on the various stakeholders in the project and would not include official project changes. You've recently joined a new Agile project, and the product owner invited you to a meeting to discuss the project's requirements. During the meeting, they expressed the need to receive detailed estimates. How should you respond to aligning with Agile practices? A Detailed estimates are subject to change as the requirements of the project change and evolve. B Detailed estimates are not typically provided in Agile projects due to the evolving nature of requirements. C Detailed estimates are best suited for short-term planning, applied in a just-in-time approach. D Detailed estimates can only be provided once the full scope of the project has been defined. - Correct answer: Detailed estimates are best suited for short-term planning, applied in a just-in-time approach. Emphasizing detailed estimates for short-term planning in Agile projects aligns with Agile's emphasis on adaptability and responsiveness to change. Agile methodologies advocate for a just-in-time approach to estimation, focusing on immediate and near- future work, as this allows for more precise and relevant estimates in environments where long-term forecasts are often impractical due to high variability and evolving scopes. The PMBOK Guide's recommendation of lightweight estimation methods supports this approach, offering quick, high-level forecasts that can be adjusted as project needs evolve. This strategy ensures that estimates remain accurate and relevant, reflecting the current understanding of the project and accommodating the fluid nature of Agile projects.