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<>>> Therefore, this question is very important in a project manager interview, if the candidate will be managing a budget if he is selected for the position. Project Cost Management. PMP ® Certification is known as the golden standard in the field of project management.It attracts many experienced professionals who want to advance their career by a notch. Therefore if EV = AC, the Cost Variance is zero (i.e. SAP Change Control – TRRevTool; Courses. B. Questions and Answers 1. endobj What are the disadvantages? A. Baseline. Depending on the roles and responsibilities of the project manager in a company, budget management might not be required by the project manager. The earned value minus the actual cost. B. 0000006334 00000 n Question: What is Project Management? 0000002772 00000 n D. Contigency Reserves. By taking all exams you will answer 400 questions and will have twice covered the complete range of subjects found in the PMBOK® Guide. In fact changing one almost inevitably changes one or both of the others. C 6. Considers the total cost of ownership, or develpment plus support costs, for a project. 0000000807 00000 n EXERCIS 4: Cost Performance Index and Schedule Performance Index can be charted each month to show the project trends. Proper completion means implies achievement of end results within given cost and time constraints. ��OD{tzD��:�T8ǰV�u@. What should the change request authorize? Scholars have always advised students that past questions and answers are best made use of after reading thoroughly, questions and answers are used as a metric to test your strengths and identify your weaknesses on a particular subject and work on them. The Triple constraint, scope-cost-time, is a key aspect of project management because each facet is critical and related to the other two. The Financial Accounting past questions and answers in PDF file in this post should not be made as your means of study rather a tool … The project manager then issues a change request. 4 0 obj endobj endstream endobj 249 0 obj<. 0 0.2 0.4 … Go to the Answer. Question: 42. Next: Project Management MCQs 6–10. For each test, choose the one best answer for every question. Direct Costs. (a) Risk increases (b) Risk decreases (c) The duration of the project reduces (d) The project may cost less. 0000001676 00000 n ANSWERS: PROJECT MANAGEMENT MCQS 1. 0000022751 00000 n Based on the following, what would you be more concerned about, cost or schedule, if you were taking over this project from another project manager? 0000016110 00000 n Link: https://openpm.org. 251 0 obj<>stream Get help with your Project cost management homework. Since you want to know about the PMP Question Bank, I am assuming you are already in the process of preparation for your PMP Certification Exam.If you have not yet taken the training, you can read the article to learn more about PMP Exam and PMP Question Bank. Questions on Project Cost Management. A. List of 20,000 Free PMP Exam Questions & Answers • Provider: OpenPM. Answer the questions below What are the advantages of Bottom-Up Estimating? •Project managers must understand project cost management in order to effectively control these tangibles 7. Escalation approval to use contingency funding . stream �j�+5��=U��c���c��\����=�{�sLP�r��}���PC� �6>�S�J�Qh4&/�F*�m�oq,�c1}��˸��r��R�qC�Cg���d��k��}$�+�٤��-4e�-���k�"����)�Jc)���z��?`[a��\�~��a�M�j���0�ˏ����.�Ės[�;o��]��Z�t!-+>�`m=��Z�p�֕b���9{�2=r,�g�D��z��c\�ʤ!K�#IEU�L�꫱��Σ��7,��i�ZdcH�!��y��E.��ş�\�����%;c�8��� )��1����),��Y�YB�������(��X�ल/ �gk�FCuC+�8UI`D_“0�TNgN3��l��o��IzB�����f#\����m��h �F�2��J��;����UA&��(3�:�ΐ:���J됁�����0��������fRX �Ѫ���ʑ�6J��N]���L3P��PxhM&�g��ш�"��X�S�nOm2~�� ��"m�%�&�(v�bS�BC�zLY�T���0��H� �P���K� ����s�� ��%6J�}�nn�gYр�tYS��@����3Ґ�: I�k�&�ی�|;���!P%7�"UcA��G��4W�2�w�t�~��:1E��c{]>�ʉ�`&��&s�8�XD�t��O{I�ZU:�!�v EH�:���_.K��m����rx�X�dA ��6�h����E�)����c�Θr��`�(я����O�g{� ��C1U��f 4��7��]���j�y���pobN�� S�UfD��K When taking an examination that you need to prepare well your knowledge for your exam, thus firstly you should learn the concept and information included in your material.Indeed, there are 200 questions in your real exam that you need to score 106 out of 200 questions during 4 hours. C. Definitive Estimate . Home; Services. Frequently Asked Questions in Project Management 1. D. EV – AC = Cost Variance. 0000013440 00000 n Cost Control. 0000001103 00000 n Project Cost Management •Recall the triple-constraint (right) •Project cost management includes the processes required to ensure that a project team completes a project within an approved budget •Endgame: satisfy stakeholders 8. 248 24 Option D is not a planning activity. In order to pass this preparation test, you should correctly answer 150 out of 200 questions in 4 hours, like in the real exam. 3 0 obj %PDF-1.5 %PDF-1.5 %���� PRINCIPLES OF MANAGEMENT QUESTION AND ANSWERS Management Question and Answers (Phib) INTRODUCTION TO MANAGEMENT (B) temporary 2. If an unidentified risk occurs: (a) You will use the management reserve to manage it What term can BEST describe the difference of $5,000? If a decision is made to speed-up the schedule and complete project earlier than planned, this may require either reduction of project scope or assigning more resources. 0000002808 00000 n <> The question is related to Cost … 0000002550 00000 n 0000001419 00000 n • Provider: Project Management Prepcast Project Cost management for Project Managers based on PMBOK By Dr. T D Jainendrakumar The Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. However, the project manager realizes only 75% percent of the work has been completed. An accepted deadline for a project approaches. (A) 5. (C) III only 5. 0000002005 00000 n 0000002310 00000 n 0000006620 00000 n Project Management MCQs (PDF) Download the Project Management Multiple Choice Questions (MCQs) in PDF from this page. ©Casablanca Management Pty Ltd 1 https://www.mosaicproject.com.au Free PMP Questions & Answers 1 All of the following tools and techniques are part of processes in the 0000006192 00000 n PREVIOUS: Time UP NEXT: Risk. %���� %%EOF Go to the Answer. 0000000016 00000 n 0000003474 00000 n 13. 12. The PMP®, or Project Management Professional, is an exam conducted by the Project Management Institute (PMI)®, is a globally recognized certification. endobj A cost estimate that provides an accurate estimate of project costs. This question, being one of the most important project management interview questions, intends to know the type of projects you would like to take up. 185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition. 2 0 obj For more information, read Protect Your Project Against Cost Overruns article. Option B does not protect against cost overrun, rather it is a schedule buffer. 0000002082 00000 n (D) progressive elaboration 3. Project management and the theory of project management multiple choice question (MCQ) Test. Therefore, Option A is the only valid answer. Project is on budget (but not necessarily on schedule, as there is not enough information on schedule variance) Questions on Project Human Resources Management 7. trailer Given the fact that you have landed on this PMP ® Exam Questions & Answers blog, I believe you are already aware of these facts. By answering this question honestly, you open up an opportunity to manage projects that excite you or those in which you can excel. x�bb�c`b``Ń3� �� Y�� Questions. CHAPTER 1 Project Management Framework Fundamentals 21 CHAPTER 2 Professional and Social Responsibility 53 CHAPTER 3 Understand Project Initiating 77 CHAPTER 4 Examine Project Planning 97 CHAPTER 5 Explore More Elements of Project Planning 135 CHAPTER 6 Understand Project Execution 179 CHAPTER 7 Investigate Project Monitoring and Controlling 213 CHAPTER 8 Explain Project … 0 (C) related projects 4. … Free Project Cost Management Questions, Free PMP Chapter 7 Questions, Free PMP Exam Questions Chapter 7 Project Cost Management, Free PMP Chapter 7 test. S���A��|#f�=��E�if$ɹ���$��q2��2��i���6*���[ H1c�)�l2k9"�cº`Ġ0�jf'�8ɾX�#�vZ��C���k+������{���J��w �����&p誆 1}�_|q��|��GҖ^�3�TLY�+� B. xref Budget management is a crucial aspect of project management. PMP Exam Questions and Answers (Sample Questions) The PMP (Project Management Professional) is an internationally recognized certification and the PMP Exam is conducted by the PMI (Project Management Institute).The exam includes multiple-choice questions that test the professional’s knowledge and experience on the project management processes and knowledge areas. ��1�q�g��$�>�[��̙A2s�w�TW�ZU����~��o?����?x��7o>��w/s�ճ����g/��/����/�|�ٛ/_�z���� M���߼������p{�����7O�\���틧Oֺ��o�\��o_=}��z�%�}�[J��y�!�{�ƺ}}s��j�/�#��:}�����o��-��~/�j���uOCҌ�S�_Ý�}��k�O˺�|K���,�>��g/b�k����0�r/+��l)�{���;_��$�J�}gH��v[�~դ��Iߕ�m-���m��XR�_a.��'uM1~�v�-F�+��{|W���w,#��yo��_L�J�c��1��s�44[�/�r�{�ir The best way to study is to thoroughly understand what is covered on the exam. D. There is no cost variance Answers 5. 65 Sample PMP Questions and Answers PDF; PMBOK® Guide Sixth Edition Summarized PDF; PMP Question & Answer 2018: Free PDF Download ; What should I study for the PMP exam? Plan cost management is the initial process of project cost management where you will be defining how the costs of the project will be estimated, budgeted, managed, monitored and controlled. 0000003962 00000 n What does this mean to you? PMP Certification; PMP Crash Course; Android App … endstream endobj 271 0 obj<>/W[1 1 1]/Type/XRef/Index[22 226]>>stream Generally, techniques like WBS(Work Breakdown Structures) or historical data of similar kinda projects are used for defining the cost resource requirements which include time , material, labor, equipment etc. Cost Variance Management Overhead Management … <> PMP Question Bank "PDF" With Answers - In Bibloteka you will be able to Download 1440 PMP certification exam & project management professional certification exam sample questions in PDF in free of cost. 0000008066 00000 n When you launch an exam below, a new window will open. ��V~L�˧6jv����{��r���Z$�� Project management involves applying the knowledge & skills of the project team members including the project manager, application of tools and techniques available to ensure the defined tasks are completed properly. 0000022992 00000 n PMP Exam by each Knowledge Area. Your score and the correct answers will be presented at the end of each practice exam. How It Works. 0000009373 00000 n D. Cash Flow Analysis. 0000001283 00000 n And then create and follow a PMP study plan. Option C is not a planning activity. <<95c2edb3bd8bd1499ade67efd0feda2b>]>> 248 0 obj<> endobj •Please read Chapter 7 from Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fourth Edition, Project Management Institute, Inc., 2008 (pages 165-188) •The study notes explain topics that are important for PMP® exam preparation, and you can expect several questions from these topics. A. No registration required. A project has more than one critical path. No of questions: 600+ Note: Based on the PMBOK® Guide 6th Edition. Questions 5 Answers and References 99 This document is intended to help you prepare yourself for the PMP® (Project Management Professional) exam, offered by PMI® (the Project Management Institute). Question: 41. �.�.���4q�<6 <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 1 0 obj PMP Sample Test Questions (correct answers are bolded) 1. startxref Reserve Analysis a technique NOT used in: Estimate Costs Determine Budget Control Costs Estimate Activity Duration CORRECT: C A Project with a total funding of $100,000 finished with a BAC value of $95,000. WWW.COMMERCEPK.COM http://www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost and Management Accounting-615A The PMP exam is based on A Guide to the Project Management Body of Knowledge (PMBOK® … Answer: Project Management is the collection and application of skills, knowledge, processes, and activities to meet a specific objective that may take the form of a product or service. … ... Project Cost Management. 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