New PMP Question & Answers with explanation
At what point in the project’s life cycle is the risk probability of occurrence at its highest?
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You have a very energetic project team. One of your team members has been classified by his teammates as brilliant. The team members are motivated by results, have good conflict-resolution skills, and are highly committed to the project, among other things. They have a solid understanding of the project goals and objectives and understand the direction the project is headed in. When their brilliant teammate questions the approach the team is using regarding one of the goals, you ask the team for their input and gather the facts before making a decision. You ask the team what they would do, and their conclusion is that the brilliant teammate is right and it’s better to go with his solution than the one they planned. What type of power is the teammate displaying, and what leadership style does the project manager possess based on this question?
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Your selection committee can choose only one of the following projects: Project A’s original investment is $1 million, and the payback period is 18 months. Project B’s original investment is $1.4 million, and the payback period is 18 months. Project C’s original investment is $1.8 million, and the payback period is 18 months. Which project should the committee choose?
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The project management team is coordinating the decision between making or buying a product. Making the product would require an initial investment of $35,000 and has a probability of 15 percent failure and a probable impact of $15,000. Buying the product would require an initial investment of $25,000 but has a probability of 35 percent failure and $10,000 impact. What is the expected monetary value of making the product?
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You have selected a vendor and are meeting with them to begin discussing the details of the final contract. They tell you that the equipment originally bid in the RFP is no longer available. They say the best solution is to buy the new equipment they’re offering, which costs more than the original equipment. You have concerns that the new equipment might not be compatible with existing equipment and discuss this with them. After further investigation, it’s proven the new equipment will work, and the vendor agrees to add some additional training time to help offset the difference in price. Which of the following tools and techniques of the Conduct Procurement process does this describe?
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