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GIAC GCPM Exam Practice Questions (P. 4)

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Question #31
Which of the following forecasting methods is described in the statement below?
"It is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted."
  1. A
    Causal/econometric method
  2. B
    Judgmental method
  3. C
    Ensemble forecasting
  4. D
    Time series method

Correct Answer:
A
Answer option A is correct.
Forecasting is the process of estimating or predicting in unknown situations. Forecasting is about predicting the future as accurately as possible with the help of all the information available, including historical data and knowledge of any future events that might impact forecasts. The forecasting methods are categorized as follows:
✑ Time series method: It uses historical data as the basis for estimating future outcomes.
✑ Causal/econometric method: This forecasting method is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted. If the causes are understood, projections of the influencing variables can be made and used in the forecast.
✑ Judgmental method: Judgmental forecasting methods incorporate intuitive judgments, opinions, and subjective probability estimates.
✑ Other methods: Other methods may include probabilistic forecasting, simulation, and ensemble forecasting.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Procurement and Project Integration
Objective: Forecasting and Integrated Change Control

Question #32
Identify Risks is the process of determining which risks may affect the project. Which of the following are inputs of the Identify risks process?
  1. A
    Risk management plan
  2. B
    Risk register
  3. C
    Scope baseline
  4. D
    Project documents

Correct Answer:
ACD
Answer options C, D, and A are correct.
Identify risks is one of the five processes related to the risks in a project. In this process, those risks are determined that may affect the project. In this process, the characteristics of these identified risks are documented.

Inputs -
There are eleven inputs in the Identify risks process:
✑ Risk management plan
✑ Activity cost estimates
✑ Activity duration estimates
✑ Scope baseline
✑ Stakeholder register
✑ Cost management plan
✑ Schedule management plan
✑ Quality management plan
✑ Project documents
✑ Enterprise environmental factors
✑ Organizational process assets

Outputs -
The risk identification process covers the total scope of a project and produces only one output, the risk register.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Risk Identification and Assessment

Question #33
Which of the following forecasting methods is described in the statement below?
"It is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted."
  1. A
    Causal/econometric method
  2. B
    Judgmental method
  3. C
    Ensemble forecasting
  4. D
    Time series method

Correct Answer:
A
Answer option A is correct.
Forecasting is the process of estimating or predicting in unknown situations. Forecasting is about predicting the future as accurately as possible with the help of all the information available, including historical data and knowledge of any future events that might impact forecasts. The forecasting methods are categorized as follows:
✑ Time series method: It uses historical data as the basis for estimating future outcomes.
✑ Causal/econometric method: This forecasting method is based on the assumption that it is possible to identify some factors that might influence the variable that is being forecasted. If the causes are understood, projections of the influencing variables can be made and used in the forecast.
✑ Judgmental method: Judgmental forecasting methods incorporate intuitive judgments, opinions, and subjective probability estimates.
✑ Other methods: Other methods may include probabilistic forecasting, simulation, and ensemble forecasting.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Procurement and Project Integration
Objective: Forecasting and Integrated Change Control

Question #34
Identify Risks is the process of determining which risks may affect the project. Which of the following are inputs of the Identify risks process?
  1. A
    Risk management plan
  2. B
    Risk register
  3. C
    Scope baseline
  4. D
    Project documents

Correct Answer:
ACD
Answer options C, D, and A are correct.
Identify risks is one of the five processes related to the risks in a project. In this process, those risks are determined that may affect the project. In this process, the characteristics of these identified risks are documented.

Inputs -
There are eleven inputs in the Identify risks process:
✑ Risk management plan
✑ Activity cost estimates
✑ Activity duration estimates
✑ Scope baseline
✑ Stakeholder register
✑ Cost management plan
✑ Schedule management plan
✑ Quality management plan
✑ Project documents
✑ Enterprise environmental factors
✑ Organizational process assets

Outputs -
The risk identification process covers the total scope of a project and produces only one output, the risk register.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Risk Identification and Assessment

Question #35
You work as a project manager for HRM Inc. Your project has a schedule variance of -$35,500 and a schedule performance index of 0.92. What do these values mean in regard to project performance?
  1. A
    The project is performing well.
  2. B
    The project has a planned value of $600,000.
  3. C
    The project is likely to be late and over budget.
  4. D
    The project is eight percent off schedule and has a considerable schedule variance.

Correct Answer:
D
Answer option D is correct.
A schedule variance is found by subtracting the planned value from the earned value. A -$35,500 schedule variance is considerable for most projects, but combined with a schedule that is eight percent off schedule is more serious. The size of the project, however, and the defined project budget, needs to be determined to evaluate how serious the variance is.
Schedule variance (SV) is a earned value technique used for measuring the schedule performance on a project. The variance signifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula:
SV = Earned value (EV) - Planned value (PV)
If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Time and Cost Management
Objective: Earned Value Analysis and Forecasting

Question #36
Gary has identified a project risk that could injure project team members. He does not want to accept any risk where someone could become injured on this project, so he hires a professional vendor to complete this portion of the project work. This workaround to the risk event is known as what type of risk response?
  1. A
    Avoidance
  2. B
    Acceptance
  3. C
    Mitigation
  4. D
    Transference

Correct Answer:
D
Answer option B is correct.
Transference is a strategy to mitigate negative risks or threats. In this strategy, consequences and the ownership of a risk is transferred to a third party. This strategy does not eliminate the risk but transfers responsibility of managing the risk to another party. Insurance is an example of transference. When Gary hires a professional vendor to manage that risk, the risk event does not go away, but the responsibility for the event is transferred to the vendor.
Answer option A is incorrect. Avoidance removes the risk event entirely either by adding additional steps to avoid the event or by reducing the project scope requirements.
Answer option C is incorrect. Mitigations are actions that Gary's project team could take to reduce the probability and/or impact of a risk event.
Answer option D is incorrect. Gary is not accepting this risk event; he does not want anyone in his team to become injured, so he is transferring the event.
Reference: The Project Management Body of Knowledge, Fifth edition, Section 11.5.2.1, Page 345
Chapter: Quality and Risk Management
Objective: Risk Modeling and Response

Question #37
Which of the following types of organizational structures represents a hierarchy where every member has one leader and the employees are grouped by the area of expertise?
  1. A
    Projectized
  2. B
    Jury
  3. C
    Functional
  4. D
    Matrix

Correct Answer:
C
Answer option C is correct.
A functional organization represents a hierarchy where every member has one leader, and the employees are grouped by the area of expertise like engineering, accounting, production, marketing, etc., at the top level. A hierarchy represents an arrangement where a leader leads other individual members of the organization. Every department in a functional organization performs its duties independent of other departments.
Answer option D is incorrect. A matrix organization allocates each worker with two bosses in two different hierarchies. One hierarchy is "functional" and promises that each type of skilled person in the organization is well-trained, and measured by a boss who is super-expert in the same field. The other direction is "executive" and tries to get projects completed using experts. Matrix organizations are a blend of functional and projectized characteristics. Projects might be organized by products, regions, customer types, or some other schema.
Answer option A is incorrect. A projectized organization represents the particular and specific organization that has been built through the utilization of an organizational structure, which has been created in a manner in which the project manager leads the group and in which the project manager has the ultimate authority to make any and all decisions involving the organization, including the assignment of all priorities, the application of any predesignated resources, and also any and all direct workings of persons that have been assigned to the project already or may be assigned in the future.
Answer option B is incorrect. A jury consists of a group of peers who make a decision as a group, possibly by voting. The members of a jury go through an issue and come up with a decision.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Project Management Structure and Framework
Objective: Types of Organizations

Question #38
Which of the following are inputs of the Acquire Project Team process?
  1. A
    Resource calendars
  2. B
    Project management plan
  3. C
    Enterprise environmental factors
  4. D
    Organizational process assets

Correct Answer:
BCD
Answer options B, C, and D are correct.
The Acquire Project Team process is one of the eight processes grouped under the Executing Process group. In this process, it is ensured that the human resources are available and the required team is obtained for completing the project assignments.

Inputs -
The Acquire Project Team has the following three inputs:
✑ Project management plan
✑ Enterprise environmental factors
✑ Organizational process assets

Outputs -
The Acquire Project Team process has the following three outputs:
✑ Project staff assignments
✑ Resource calendars
✑ Project management plan updates
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Communications and Human Resources
Objective: Acquiring and Developing Your Project Team

Question #39
Which of the following are outputs of the perform quality assurance process?
  1. A
    Change requests
  2. B
    Project management plan updates
  3. C
    Organizational process assets update
  4. D
    Work performance information

Correct Answer:
ABC
Answer options C, B, and A are correct.
The inputs and outputs of the perform quality assurance process are as follows:

Inputs -


Project management plan -

Quality metrics -

Work performance information -

Quality control measurements -
✑ Outputs
Organizational process assets update

Change requests -

Project management plan updates -

Project document updates -
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition"
Chapter: Quality and Risk Management
Objective: Quality Metrics and Quality Baselines

Question #40
You are the project manager for your organization. Your organization manages projects for other companies. You will be soon managing a project for the JUH
Company. What document do you need first to help to develop the project charter?
  1. A
    Functional requirements
  2. B
    Preliminary project scope statement
  3. C
    Business requirements
  4. D
    Contract

Correct Answer:
D
Answer option D is correct.
When an organization completes a project for another entity a contract should be created and used as an input to the project charter development process.

Contract -
Contract is an exchange of promises between two or more parties to do an act which is enforceable in the court of law. It is an agreement that creates and defines obligations between two or more parties. It is a legal agreement that mutually binds the seller (to provide the specified product, service, or result) and the buyer (to pay for it).
Answer option B is incorrect as the preliminary project scope statement will be created after the project charter has been created.
Answer option C is incorrect as the business requirements will be listed in the project contract, which is the input the project manager needs.
Answer option A is incorrect as the functional requirements will be listed in the project contract, which is the input the project manager needs.
Reference: The Project Management Body of Knowledge, Fifth edition, Section 4.1, Page 66
Chapter: Procurement and Project Integration
Objective: Contract Types and Contract Negotiations

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