IWM507_2023_Test

Which is the BEST definition to describe the work package?

• The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
• The work defined at the lowest level of the work breakdown structure for which cost and duration are estimated and managed.
• A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and validated.
• The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results .

Generally, a bid differs from a proposal in that the term :

• Bid is used when the seller selection decision will be based on price.
• Bid is used when technical capability or technical approach are paramount.
• Proposal is used when the selection decision will be based on price.
• Proposal is used when the project time frame is limited.

What is a work breakdown structure (WBS)?

• A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
• The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results.
• The sum of the products, services, and results to be provided as a project.
• A contract between a service provider (either internal or external) and the end user that defines the level of service expected from the service provider .

Select the answer that BEST describes test and evaluation documents :

• Determining the appropriate combination of processes, inputs, tools, techniques, outputs, and life cycle phases to manage a project.
• A dependent activity that logically comes after another activity in a schedule.
• A special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables.
• Project documents that describe the activities used to determine if the product meets thequality objectives stated in the quality management plan .

How would you define the statement of work (SOW)?

• The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
• A narrative description of products, services, or results to be delivered by the project.
• The approved version of a scope statement, work breakdown structure (WBS), and itsassociated WBS dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results.
• Formal responses from sellers to a request for proposal or other procurement document specifying the price, commercial terms of sale, and technical specifications or capabilities the seller will do for the requesting organization that, if accepted, would bind the seller to perform the resulting agreement.

What is the BEST description for scope baseline ?

• A component of the program or project management plan that describes how the scope will be defined, developed, monitored, controlled, .and validated.
• The sum of the products, services, and results to be provided as a project.
• The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
• The approved version of a scope statement, work breakdown structure (WBS), and its associated WT3S dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results.

What is the definition of cost baseline ?

• A financial analysis tool used to determine the benefits provided by a project against its costs.
• A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
• The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
• The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost .

Which of the below represents the BEST definition for resource leveling ?

• A resource optimization technique in which adjustments are made to the project schedule to optimize the allocation of resources and which may affect critical path.
• The types and quantities of resources required lot each activity in a work package.
• A bar chart showing the amount of time that a resource is scheduled to work over a series of time periods.
• A hierarchical representation of resources by category' and type.

What is the BEST definition for residual risk?

• A risk response strategy whereby the project team decides to acknowledge the risk and not take- any action unless the risk occurs.
• The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.
• A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
• The risk that remains after risk responses have been implemented.

Which of the below represents the BEST definition for quality audits ?

• A quality audit is a structured, independent process to determine if project activities comply with organizational and project policies, processes, and procedures.
• A project document that includes quality management issues, recommendations for corrective actions, and a summary of findings from quality control activities, and may include recommendations for process, project, and product improvements.
• A policy specific to the Project Quality Management Knowledge Area, it establishes the basic principles that should govern the organization’s actions as n implements its system for quality management.
• A description of a project or product attribute and how to measure it .