Les 3 after 134

What is the primary purpose of a Resource Management Plan?

• To outline project vision, goals, and objectives for human, physical, and material resources

• Documents plan for identification, acquisition, and management of resources

• Documents plan to determine the project's scope

• To create a project schedule

Which contract type reimburses the seller for all allowable costs for performing contract work plus a fixed fee?

• Fixed-Price Contract
• Time and Material Contract

• Cost-Reimbursable Contract

• Incentive Contract

What does BAC stand for in project cost management?

• Baseline Amount Cost

• Budget At Completion

• Budget Allocation Cost
• Baseline At Completion

What is a key benefit of using a RACI chart?

• It provides detailed cost estimates
• It identifies project risks

• It helps create the project schedule
• It clarifies roles and responsibilities within a project

Which document details the work required in a procurement process?

• Request for Proposal (RFP)
• Statement of Work (SOW)
• Invitation for Bid (IFB)
• Request for Quotation (RFQ)

What is the purpose of a bidder conference?

• To select the final vendor
• To negotiate contract terms
• To clarify bid documents and reduce misunderstandings
• To finalize the project budget

What is a T-shaped team member?

• A team member with expertise in one area only
• A team member with a broad range of skills and one deep expertise
• A team member with no specific expertise
• A team member with multiple deep areas of expertise

What is the key consideration in adaptive resource planning?

• Predicting exact project costs
• Flexibility and adjusting to changes
• Maintaining a fixed budget
• Creating detailed project schedules

____ risk assessment is an approach that uses judgment to categorize risks based on their probability and impact. It's subjective and relies on the experience and intuition of the project team. It's a quick way to prioritize risks and decide which ones require immediate attention. _____ risk assessment, on the other hand, uses numerical values and statistical techniques to measure risk. It provides a more detailed and objective analysis, helping to quantify the potential impact of risks on project objectives. It's typically used for high-priority risks identified in the qualitative assessment.

• Quantitative, Qualitative

• Quantitative, Recursive

• Recursive, Quantitative

• Qualitative. Quantitative

Which of the following is "a prediction of the likely costs needed to complete a project activity. It includes all expenses, such as labor, materials, equipment, services, and even contingency reserves. These are often presented in currency or units like staff hours."

• burn rate

• baseline

• budget

• cost estimate