PMP Mock Exam: Project Management Fundamentals

Project Management Fundamentals

• A project manager should identify the main stakeholders and schedule meetings with them to gather their expectations when asked to write the project charter by the end of the week.
• A project charter is not the same as a project management plan.

Procurement Management

• When a vendor requests clarification of the RFP, the project manager should email the clarification to all the vendors.
• A project manager should not amend the RFP with the clarification and resend it to all the vendors.

Product Backlog and Agile

• Product backlog items are edited and clarified as more is known.
• Product backlog is a list of the expected work to deliver the product.

Agile Environment

• Fist of five and planning poker are types of voting techniques in Agile environment.

Diagrams and Visualizations

• A context diagram is a visual depiction of the product scope showing a business system and how people and other systems interact with it.
• A flow diagram, process diagram, or network diagram are not the same as a context diagram.

Risk Management

• To mitigate the risk of rapid development of new technologies, the project manager can review and update the project management plan and risk management plan at each iteration.
• Benchmarking past projects or including a contingency clause in the contract are not effective ways to mitigate this risk.

Project Review and Lessons Learned

• To obtain access to information about what went well in a project, the project manager should request the lessons learned repository.
• Work performance reports, issue log, and activity list are not the same as lessons learned repository.

Project Kick-off

• When key deliverables are not clearly identified, the project manager should clarify and identify the project’s key deliverables.

Expected Monetary Value (EMV)

• The total EMV of two threats is calculated by adding the individual EMV values of each threat.
• EMV is calculated by multiplying the probability of occurrence by the impact of the threat.

Earned Value Management (EVM)

• When the project manager believes the current variances occurred because of extraneous factors, the estimate at completion (EAC) is calculated using the formula: EAC = BAC / CPI.
• EAC is used to estimate the total cost of the project at completion.

Present Value

• The present value of an investment is the amount of money that needs to be invested today to achieve a certain amount in the future.
• Present value is calculated using the formula: PV = FV / (1 + r)^n.

Customer Experience

• Net Promoter Score is a rating between -100 to +100 given to rate the customer experience.

Business Environment Analysis

• PESTEL, VUCA, and MOSCOW are techniques used to assess the internal and external business environments.

Team Management

• Stakeholder engagement and leadership skills are necessary to obtain team consensus and sponsor approval.
• Interpersonal and team-building skills are not directly related to obtaining team consensus and sponsor approval.

Project Charter

• When developing the project charter, the project manager should consider the letter of intent and letter of enquiry as inputs.
• The project charter is not the same as the project management plan.

Project Initiation

• The project manager should verify that the project charter was authorized by the sponsor to prevent issues with project approval.
• Obtaining the funds needed, planning the resources, and verifying the business case are not directly related to project authorization.