Answer 16
Correct Choice: A
Explanation:
The question is about correct accounting for risk events that occur and updating the reserves.
Reserves are meant for making provisions in cost and schedule, to accommodate for consequences of risk events.
Risk events are classified as “unknown unknowns” or “known unknowns”, where “unknown unknowns” are risks that were are not identified and accounted for, while “known unknowns” are risks that were identified and provisions were made for them.
Provisions for “unknown unknowns” are in management reserves while those for “known unknowns” are accommodated in contingency reserves. Management reserves are at the discretion of senior management while the contingency reserves are at the project manager’s discretion.
Residual and secondary risks are remaining unmitigated risks and resultant risks of mitigation, respectively. These are not reserves.
In this case, the risk event is one of the identified risks and therefore, ‘contingency reserve’ is the one where the cost and schedule impact would be accommodated in.
Answer 17
Correct Choice:
B
Explanation:
Archiving is the last step in the project closing.
Answer 18
Correct Choice:
A
Explanation:
‘Stakeholders’ include everyone who are actively involved in the project or whose interests may be affected as a result of the project execution or completion.
The ‘project team’ creates the lessons learned on the project.
The role of the ‘project office’ depends on the function defined for it within the performing organization and it could be either facilitating best practices for all projects or could constitute the project team.
As lessons learned should capture all variations and what could have been done better for future deployment, ‘stakeholders’ should be involved in creation of lessons learned.
Answer 19
Correct Choice:
C
Explanation:
Understanding cultural differences is the first step towards an effective communication amongst the project team involving outsourced work from a different country. So, what is needed in this case is ‘an exposure to the cultural differences’, which is being mentioned as choice C.
Choice A, that is, ‘a training course on the laws of the country’ is a subject of legal experts and not of the project team.
Choice B, that is, ‘ a course on linguistic differences’ would not serve the purpose of understanding and appreciating cultural differences, for better teaming.
Choice D, that is, ‘a communication management plan’ is a document that provides data gathering and dissemination amongst stakeholders of the project. It is necessary for the project but does not help in bridging communication gaps across different cultures.
Answer 20
Correct Choice:
D
Explanation:
Choice D, that is, ‘assess alternatives to meet the milestone’ indicates confronting the issue with an attempt to resolve the issue. Hence this would be the best approach.
Choices A and C, that is, ‘report the error and the expected delay’ or ‘report the error and the planned recovery actions’ do not attempt to solve the problem.
An attempt to solve the problem is the next best thing to do in this situation, before reporting the issue correctly.
Choice B, that is, ‘omit the status update on the milestone’ is unethical.
End of Test!
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