Compliance in PM Day 7 203iz

What is the PMBOK® Guide primarily used for in project management?

• As a strict methodology

• As a guide for step-by-step implementation

• As a financial management tool

• As a marketing strategy

What is a significant gap in typical project management practices according to the text?

• Lack of financial resources

• Inadequate team communication

• Insufficient coverage of compliance aspects

• Poor time management

What does the example of Bank A illustrate in the context of project management?

• The importance of financial planning

• The need for user acceptance testing

• The challenges of regulatory compliance

• The benefits of team collaboration

What is compliance defined as according to Merriam-Webster?

• The act or process of complying to a desire, demand, proposal, or regimen.

• The act of creating new project standards.

• The process of stakeholder negotiation.

• The method of project execution.

What is one advantage of considering compliance as a requirement in a project?

• It allows for early documentation of regulations.

• It reduces the project budget significantly.

• It eliminates the need for a work breakdown structure.

• It guarantees project success.

What is a disadvantage of considering compliance as a requirement?

• It simplifies the project management process.

• It may lead to fragmented requirements.

• It ensures all regulations are met.

• It shortens the project duration.

What is a disadvantage of considering compliance as a process asset?

• It requires fewer resources.

• It is not tied to the project scope.

• It simplifies the project scope.

• It guarantees compliance with all regulations.

What is the main purpose of the framework discussed in the document?

• To provide a single solution for all projects

• To replace existing methodologies

• To offer guidelines adaptable to different projects

• To eliminate the need for compliance

What is the significance of Compliance Documentation in the framework?

• It is optional and not necessary for the project

• It is a static document that never changes

• It aligns with quality principles and is a project deliverable

• It replaces the need for a compliance council

What is a compliance risk in project management?

• A risk that is always within the project manager's control

• A risk related to the implementation of security measures

• A risk that is only relevant after project closure

• A risk that does not affect corporate decisions