Mike is a seasoned project manager who has been tasked with mentoring Bernard, a junior project manager. During a mentoring session, Mike talks about the two types of knowledge. One type, he shares, can be codified using words, pictures, and numbers. What type of knowledge is Mike referring to?

Your project has experienced some changes in performance, and some risks have occurred. EAC and BAC now differ as a result. Your project sponsor is asking for an estimate of the cost of the project at completion. Which of the following is true?

You are the project manager for the Heart of Texas casual clothing company. Your project involves installing a new human resources system, and you are using a hybrid approach to delivering project outcomes. You’ve identified the risks associated with this project and are ready for the next step. What is the next step?

Your project selection committee is meeting later this week and is considering initiating one of two projects. They’ve asked you to recommend the project that will benefit the organization the most. The information you’ve gathered shows the initial investment for Project 1 is $795,000. Monthly cash inflows for the first year are $44,000, and expected cash inflows beginning in year 2 are $156,000 per quarter. Project 2 has an initial investment of $845,000. Expected quarterly inflows for the first year are $180,000. Beginning in the second year, inflows are expected to be $136,000 per quarter. Which project should you recommend to the committee and why?