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PMP® Practice Exam Questions

PMP Malaysia Sharma Management International Sdn Bhd Project Management Institute, Inc. PMStudy

PMP SAMPLE QUESTIONS - Project Cost Management

There have been quality problems with one of the deliverables on your project. A project team member has informed you they have discovered a workaround which will bring the product back into acceptable limits. The possibility of quality issues with this product was not identified as a risk. Both the workaround and the rework required an increase in costs. Which of the following is correct when funding this unforeseen workaround and rework?

 

A)

The use of the contingency reserves and submission of a change request to adjust the cost baseline
 

B)

The use of the contingency reserves without adjusting the cost baseline
 

C)

The use of the management reserves and submission of a change request to adjust the cost baseline
 

D)

The use of the management reserve without adjusting the cost baseline
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A project to construct a new hospital is behind schedule and over budget as the result of a force majeure. To discuss the situation, the project manager is holding a meeting with key project stakeholders where they review a change request to update the project baselines. After evaluating the impact of the change on all project constraints, a decision must be made regarding the request. The project sponsor wants to deny the request. Another stakeholder is in favor of deferring the request until a later date. The project manager and other stakeholders feel it is best to approve the request. The project manager is unsure how to proceed since there is disagreement among the stakeholders. What should the project manager do?

 

A)

Defer the request until all of the stakeholders are in agreement
 

B)

Deny the request as the project sponsor has the final say
 

C)

Consult the project management plan
 

D)

Approve the request as the project manager has authority to decide for the group
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Listen to explanation
A project is midway through execution when its project manager leaves the company, and a new hire takes over the project. When the director of finance asks about how the project is doing, the new project manager discovers, that although financial project reports are prepared weekly that includes CPI & SPI, the financial database repository has never been updated. The project manager shares the reports with the director and commits to updating the repository weekly for the reminder of the project. Which tailoring consideration did your predecessor most likely miss earlier in the project?

 

A)

Project complexity
 

B)

Knowledge management
 

C)

Cost management plan
 

D)

Earned value management
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