In addition, for all unidentified risks (unknown unknowns), workaround would be carried out:
Workaround: the immediate risk response strategies for unidentified or passively accepted risks occur in order to contain the damages against the project plan (the costs dealing with identified risks can be obtained from the management reserve upon management approval)
Note: the costs dealing with unidentified risks are included in the management reserve
The idea behind net present value (or NPV) is that you can compare potential projects by figuring out how much each one is worth to your company right now. A project's NPV is figured out by coming up with how much the project is worth, and then subtracting how much it will cost. If you're asked to choose between projects and given the NPV of each of them, choose the one with the biggest NPV. That means you're choosing the one with the most value!
Administer Procurements is the Monitoring & Controlling process for Procurement Management. It's when you run into a change that has to be made to a specific contract. You use work performance information to determine how the contract is going, and the contract and procurement documents to see exactly what everyone's on the hook for. But you don't actually see the Procurement Management Plan as an input to administer procurements.
Since the CFO is affected by your project, that means he's a stakeholder. The best thing you can do in this situation is get the new stakeholder's opinion incorporated in the project up front. It's important that all of the project stakeholders understand the needs and objectives that the project is meant to address. The worst case is to have the stakeholder's opinion incorporated at the end of the project -- that could mean a lot of re-work or even an entirely unacceptable product.
This project is not in good shape. The client has needs that aren't being met, but there may not be enough time or money to meet them. What's the project manager going to do? Well, the first thing that you should do any time you have a problem is try to figure out what's causing it. All of the other answers involved taking some sort of action, and you should never take action until you've figured out the root cause of the problem.
Residual risks are risks that remain even after you have planned for and implemented all of your risk response strategies. They don't need any further analysis because you have already planned the most complete response strategy you know in dealing with the risk that came before them.
The Project Manager is mitigating the risk by backing up the data so that it doesn't get lost. He is transferring it to the insurance company by insuring the company for the cost of re-keying the information
Diagramming Techniques (including Ishikawa diagrams and Flowcharts) are a tool of the Identify Risks process. You use them to find the root cause of defects in Quality Management processes but they can also be useful in finding the risks that can lead to trouble in Risk Management. Don't assume that every time you see a fishbone diagram the question is talking about Perform Quality Control.
By the time the Close Project or Phase process happens, you should have already gotten formal written acceptance for the deliverables. That's what the Verify Scope process is for, and you verify that formal acceptance in the Close Project or Phase process.
The two main outputs of Direct and Manage Project Execution are Deliverables and Work Performance Information. Deliverables are the documents and other work products your project produces, and Work Performance Information is a name for all of the performance metrics and reports you can generate to track how your project is doing versus your plan.
The configuration management system is there to be sure that everybody on the team has the most updated version of all of the project documents. Whenever a project document is changed, it is checked into the Configuration Management System so that everyone knows where to go to get the right one.
The “document repository” sounded good, but you won't find that term any where in the PMBOK® Guide.. Watch out for made-up terms on the exam!
Forecasting is a cost monitoring tool that helps you predict how much more money you'll need to spend on the project. So which of the cost metrics would you use to do that? There are two useful numbers that you can use for forecasting. One of them is called Estimate to Complete (ETC), which tells you how much more money you'll probably spend on your project. And the other one, Variance at Completion (VAC), predicts what your variance will be when the project is done.
Kaizen is a Japanese word that means “improvement” - and it's also a management technique that helps your company use problem-solving to constantly find new ways to improve. Kaizen focuses on making small improvements and measuring their impact. It's is a philosophy that guides management, rather than a particular way of doing quality assurance.
Ishikawa diagrams - or fishbone diagrams - are an important tool that's used in Kaizen.
Smoothing is minimizing the problem, and it can help cool people off while you figure out how to solve it. But it's only a temporary fix, and does not really address the root cause of the conflict.
One effective way to deal with a risk is to pay someone else to accept it for you. This is called transference. The most common way to do this is to buy insurance. Insurance is just a contract that you use to pay a company to take on some of your risk.
Pareto charts plot out the frequency of defects and sort them in descending order. The right axis on the chart shows the cumulative percentage. This helps you figure out which root cause is responsible for the largest number of defects. The 80/20 rule states that 80% of defects are caused by 20% of the root causes you can identify. So if you do something about that small number of causes, you can have a big impact on your project.
The bars in the Pareto chart show the number of defects in each category, with a line overlaid that shows the percentage of the total defects found.
Stakeholder Analysis is one of the tools and techniques of the Identify Stakeholders process. And that shouldn't really be a surprise. After all, the goal of stakeholder analysis is to write down the needs of your stakeholders. Identify Stakeholders is one of the processes in the Communications Management knowledge area, and answer A is the definition of Communications Management.
When you're performing the Close Procurements process, you're closing out work done by a seller for a contract. To do that, you do a few things: you verify that all of the work and deliverables are acceptable, you finalize any open claims, and in case of early termination, you follow the termination clause in the contract. On the other hand, when you're performing the Close Project or Phase process, you're finalizing all of the various activities that you do across all of the process groups, and you're also verifying that the work and deliverables are complete.
The Plan-Do-Check-Act cycle is a way of making small improvements and testing their impact before you make a change to the process as a whole.
The project scope management plan is a really important tool in your project. It tells you exactly how you'll create the project scope, define the WBS, verify that the work has been done, and make changes to the scope. But it doesn't tell you about specific assumptions that you and the team have made, or constraints on your project. To find those, you should look in the requirements documentation and the project scope statement.
The Scope Baseline contains the WBS and project scope statement, so you'll find constraints and assumptions there, too!
Workaround: the immediate risk response strategies for unidentified or passively accepted risks occur in order to contain the damages against the project plan (the costs dealing with identified risks can be obtained from the management reserve upon management approval)
Note: the costs dealing with unidentified risks are included in the management reserve
The idea behind net present value (or NPV) is that you can compare potential projects by figuring out how much each one is worth to your company right now. A project's NPV is figured out by coming up with how much the project is worth, and then subtracting how much it will cost. If you're asked to choose between projects and given the NPV of each of them, choose the one with the biggest NPV. That means you're choosing the one with the most value!
Administer Procurements is the Monitoring & Controlling process for Procurement Management. It's when you run into a change that has to be made to a specific contract. You use work performance information to determine how the contract is going, and the contract and procurement documents to see exactly what everyone's on the hook for. But you don't actually see the Procurement Management Plan as an input to administer procurements.
Since the CFO is affected by your project, that means he's a stakeholder. The best thing you can do in this situation is get the new stakeholder's opinion incorporated in the project up front. It's important that all of the project stakeholders understand the needs and objectives that the project is meant to address. The worst case is to have the stakeholder's opinion incorporated at the end of the project -- that could mean a lot of re-work or even an entirely unacceptable product.
This project is not in good shape. The client has needs that aren't being met, but there may not be enough time or money to meet them. What's the project manager going to do? Well, the first thing that you should do any time you have a problem is try to figure out what's causing it. All of the other answers involved taking some sort of action, and you should never take action until you've figured out the root cause of the problem.
Residual risks are risks that remain even after you have planned for and implemented all of your risk response strategies. They don't need any further analysis because you have already planned the most complete response strategy you know in dealing with the risk that came before them.
The Project Manager is mitigating the risk by backing up the data so that it doesn't get lost. He is transferring it to the insurance company by insuring the company for the cost of re-keying the information
Diagramming Techniques (including Ishikawa diagrams and Flowcharts) are a tool of the Identify Risks process. You use them to find the root cause of defects in Quality Management processes but they can also be useful in finding the risks that can lead to trouble in Risk Management. Don't assume that every time you see a fishbone diagram the question is talking about Perform Quality Control.
By the time the Close Project or Phase process happens, you should have already gotten formal written acceptance for the deliverables. That's what the Verify Scope process is for, and you verify that formal acceptance in the Close Project or Phase process.
The two main outputs of Direct and Manage Project Execution are Deliverables and Work Performance Information. Deliverables are the documents and other work products your project produces, and Work Performance Information is a name for all of the performance metrics and reports you can generate to track how your project is doing versus your plan.
The configuration management system is there to be sure that everybody on the team has the most updated version of all of the project documents. Whenever a project document is changed, it is checked into the Configuration Management System so that everyone knows where to go to get the right one.
The “document repository” sounded good, but you won't find that term any where in the PMBOK® Guide.. Watch out for made-up terms on the exam!
Forecasting is a cost monitoring tool that helps you predict how much more money you'll need to spend on the project. So which of the cost metrics would you use to do that? There are two useful numbers that you can use for forecasting. One of them is called Estimate to Complete (ETC), which tells you how much more money you'll probably spend on your project. And the other one, Variance at Completion (VAC), predicts what your variance will be when the project is done.
Kaizen is a Japanese word that means “improvement” - and it's also a management technique that helps your company use problem-solving to constantly find new ways to improve. Kaizen focuses on making small improvements and measuring their impact. It's is a philosophy that guides management, rather than a particular way of doing quality assurance.
Ishikawa diagrams - or fishbone diagrams - are an important tool that's used in Kaizen.
Smoothing is minimizing the problem, and it can help cool people off while you figure out how to solve it. But it's only a temporary fix, and does not really address the root cause of the conflict.
One effective way to deal with a risk is to pay someone else to accept it for you. This is called transference. The most common way to do this is to buy insurance. Insurance is just a contract that you use to pay a company to take on some of your risk.
Pareto charts plot out the frequency of defects and sort them in descending order. The right axis on the chart shows the cumulative percentage. This helps you figure out which root cause is responsible for the largest number of defects. The 80/20 rule states that 80% of defects are caused by 20% of the root causes you can identify. So if you do something about that small number of causes, you can have a big impact on your project.
The bars in the Pareto chart show the number of defects in each category, with a line overlaid that shows the percentage of the total defects found.
Stakeholder Analysis is one of the tools and techniques of the Identify Stakeholders process. And that shouldn't really be a surprise. After all, the goal of stakeholder analysis is to write down the needs of your stakeholders. Identify Stakeholders is one of the processes in the Communications Management knowledge area, and answer A is the definition of Communications Management.
When you're performing the Close Procurements process, you're closing out work done by a seller for a contract. To do that, you do a few things: you verify that all of the work and deliverables are acceptable, you finalize any open claims, and in case of early termination, you follow the termination clause in the contract. On the other hand, when you're performing the Close Project or Phase process, you're finalizing all of the various activities that you do across all of the process groups, and you're also verifying that the work and deliverables are complete.
The Plan-Do-Check-Act cycle is a way of making small improvements and testing their impact before you make a change to the process as a whole.
The project scope management plan is a really important tool in your project. It tells you exactly how you'll create the project scope, define the WBS, verify that the work has been done, and make changes to the scope. But it doesn't tell you about specific assumptions that you and the team have made, or constraints on your project. To find those, you should look in the requirements documentation and the project scope statement.
The Scope Baseline contains the WBS and project scope statement, so you'll find constraints and assumptions there, too!
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