PMP Certification Questions

Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.

There is not necessarily a relationship between projects in a portfolio. Answer D is actually one of the goals of PROGRAM management. PMBOK Guide [1.4]

The first phase in a project always has the greatest degree of uncertainty because at this point in time the product is the least well defined. PMBOK, See figure 2-2. [2.1.1]

Overhead costs should be figured into the cost estimate. Desired profit considered together with other factors such as market demand, availability of resources, prior experience are then used to determine the optimal price.

“A quality audit is a structured, independent review to determine whether project activities comply with organizational and project policies, processes, and procedures.”

Answer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.

Answer A is incorrect because without satisfied customers, we do not have potential for new projects. Answer C is incorrect because the change control management process would have likely resolved this problem. Answer D is incorrect because it is the project manager's responsibility to seek communication with the customer to set realistic expectations.