Answer 1
Correct Choice:
B
Explanation:
The ‘Delphi technique’ is a commonly used tool to secure expert judgment while initiating a project.
‘Peer review’ is a project selection tool, ‘Expected value’ is a method quantitative risk analysis, and ‘WBS’ is a project planning tool.
Answer 2
Correct Choice:
B
Explanation:
Project III has an IRR of 15%, which means the revenues from the project equal the cost expended at an interest rate of 15%. This is a definitive and a favorable parameter, and hence can be recommended for selection.
Project I has an unfavorable BCR and hence cannot be recommended.
Information provided on projects II and IV is not definitive, and hence neither of projects II and IV qualifies for a positive recommendation.
Answer 3
Correct Choice:
C
Explanation:
A WBS is a deliverable oriented grouping of project components that organizes and defines the total scope of the project.
Answer 4
Correct Choice:
D
Explanation:
A start-to-finish (SF) relationship between two activities implies that the completion of successor is dependent on the initiation of its predecessor.
A finish-to-start (FS) relationship between two activities implies that the initiation of successor is dependent on the completion of predecessor.
A finish-to-finish (FF) relationship between two activities implies that the completion of successor is dependent on the completion of predecessor.
A start-to-start (SS) relationship implies that the initiation of successor is dependent on the initiation of predecessor.
Answer 5
Correct Choice:
B
Explanation:
The project team must complete a scope statement for developing a common understanding of the project scope among stakeholders. This lists project deliverables – summary level sub-products, whose full and satisfactory delivery marks the completion of the project.
Scope verification is the process of securing a formal acceptance of the project scope by stakeholders.
Scope definition is the process of subdividing the major project deliverables into smaller, more manageable components.
A risk management plan involves setting up processes for identifying and dealing with project risks.
