Question 1

X12 standards serve as a common business language allowing all EDI trading partners to communicate electronically with one another.

Accepted Answer

X12 standards were developed as a set of guidelines to facilitate electronic communication between trading partners in a standardized format. The use of these standards allows businesses to exchange electronic documents such as purchase orders, invoices, and shipping notices with each other seamlessly, regardless of their internal systems or software used. This helps to increase efficiency, reduce errors, and improve business relationships between trading partners.

Question 2

Documents prepared during the project planning stages include
A)project plans and documents.
B)technical requirements.
C)functional requirements.
D)all of the above.

Accepted Answer

All of the options listed are documents that are typically prepared during the project planning stages. Project plans and documents outline the overall strategy for the project, while technical requirements describe the specific technological needs of the project. Functional requirements outline the specific features and capabilities that the project must include in order to meet its goals.

Question 3

Target profit is the negotiated profit in a contract assuming the target cost is met.

Accepted Answer

Target profit is the profit that is expected to be achieved in a contract if the target cost is met, and is usually negotiated between the buyer and seller.

Question 4

Documents that are formal,approved documents used to guide both project execution and project control best describe
A)project templates.
B)project plans.
C)resource allocation documents.
D)project structure maps.

Accepted Answer

Project plans are formal, approved documents that guide both project execution and project control. They provide a roadmap for the project, outlining the scope, objectives, timelines, resources, and deliverables. Project plans define the work to be done, the schedule for doing it, the cost of the work, and the quality expectations. They serve as a reference point for the project team and stakeholders, ensuring everyone is on the same page and working towards the same goals.

Question 5

Which of the following contains a brief summary and a rationale that help project stakeholders and outsourced contractors understand why the requirement is needed and track the requirement through the progress of the project?
A)technical requirement
B)functional requirement
C)project charter
D)project scope document

Accepted Answer

A functional requirement contains a brief summary and a rationale that helps project stakeholders and outsourced contractors understand why the requirement is needed and track the requirement through the progress of the project. Technical requirements are more specific and focus on the technical aspects of the project. A project charter and project scope document provide high-level information about the project, but do not necessarily contain detailed requirements.

Question 6

A document that specifies a project's requirement in a complete,precise,verifiable manner and includes the procedures for determining whether the requirement is satisfied best defines
A)specifications.
B)request for proposal.
C)request for quotation.
D)project charter.

Accepted Answer

Specifications are detailed descriptions of a project’s requirements, including technical specifications, quality standards, and performance criteria. They are used to ensure that the final product meets the client’s expectations and that all stakeholders are on the same page regarding project requirements. Request for proposal, request for quotation, and project charter are all different types of project documents that serve different purposes. However, none of them offer a complete, precise, and verifiable description of a project’s requirements like specifications do. Therefore, specifications are the best answer.

Question 7

When using a lifespan-based structure,the highest-level entries in the WBS correspond to the major phases of the lifespan.

Accepted Answer

When using a lifespan-based structure, the major phases of the lifespan correspond to the highest-level entries in the WBS.

Question 8

In the RACI matrix,the accountable individual (A),is the individual responsible for the activities in a project.

Accepted Answer

In the RACI matrix, the accountable individual (A) is the one ultimately answerable for the activity or decision, ensuring its completion and success, not necessarily performing the task. The responsible individual (R) is the one who actually performs the work.

Question 9

The point of total assumption is the point where the contractor assumes all liability for additional costs once the target price reaches the ceiling price.

Accepted Answer

The definition of point of total assumption (PTA) in a fixed-price incentive (FPI) contract is that it is the point at which the contractor assumes all liability for the additional costs beyond the ceiling price. Therefore, option A is correct.

Question 10

Requirements that satisfy the needs of the customers and the end-users best defines
A)mandatory requirements.
B)desirable requirements.
C)customer requirements.
D)designated requirements.

Accepted Answer

Customer requirements are requirements that are desirable for the customer or end-user. They are key to ensuring that the product or service meets the needs and expectations of the customer. Mandatory requirements are those that must be met in order to comply with regulations or standards, while desirable requirements are those that would be nice to have, but are not essential. Designated requirements may refer to requirements that have been assigned to a specific team or person for implementation, but this is not a commonly used term in requirements engineering.

Question 11

Organizational process assets include each of the following except A)guidelines. B)future implementation strategies. C)prior project documents. D)knowledge of prior projects.

Accepted Answer

Organizational process assets refer to the resources, tools, and knowledge base of an organization that can be used to influence or direct project activities. They include guidelines, policies, procedures, templates, historical information, lessons learned, and knowledge of prior projects. However, future implementation strategies are not considered organizational process assets.

Question 12

The sharing ratio is the negotiated fee in a contract assuming the target cost is met.

Accepted Answer

The sharing ratio in a contract refers to the division of cost savings or overruns between the contracting parties (e.g., between a contractor and a client) when the actual costs differ from the target costs, not to the negotiated fee itself.

Question 13

Any process-related assets that can be used toward a project's success best defines
A)organizational assets.
B)organizational control.
C)environmental asset.
D)project tool.

Accepted Answer

Organizational assets include any process-related assets that can be used toward a project's success, such as standardized processes, templates, historical information, software tools, and organizational knowledge. These assets are valuable resources that can help to streamline project workflows, reduce errors, and increase efficiency.

Question 14

A detailed description of technology that is suitable for the actual design,development,and production processes of a project best defines
A)technical requirement.
B)functional requirement.
C)project charter.
D)project scope document.

Accepted Answer

Technical requirement refers to the specific technology or equipment that is necessary for the successful completion of a project's design, development, and production processes. It outlines the technical specifications and capabilities needed to achieve project objectives. Therefore, A is the best choice, and it fits the given definition accurately. Functional requirement is a broader term that covers the system, process, or product functions necessary to meet stakeholder needs or solve a problem. Project charter is a high-level document that outlines the project's vision, goals, objectives, and stakeholders. Project scope document defines the project's objectives, deliverables, timelines, and constraints. Though both of these documents may contain some technical requirements, they are not solely focused on describing the specific technology needed for a project.

Question 15

Project documents associated with the scope management knowledge area include
A)project charter.
B)project change requests.
C)duration estimates.
D)requirement traceability matrix.

Accepted Answer

The requirement traceability matrix is a project document associated with the scope management knowledge area, as it helps ensure that all project requirements are met and tracked throughout the project lifecycle.

Question 16

At a minimum,a milestone will have a duration of at least one day.

Accepted Answer

Milestones typically represent a moment in time, such as the completion of a key phase or deliverable, and therefore have a duration of zero days.

Question 17

Fixed-price contracts are preferred by both clients and contractors when the scope of the project is clear and well defined.

Accepted Answer

Fixed-price contracts work best when the scope of the project is clear and both parties understand what needs to be done. This allows contractors to bid a reasonable price for their work, knowing that they can complete the project within the agreed-upon scope and budget. Clients also benefit from fixed-price contracts because they know what they are getting for their money and can plan their budget accordingly. However, fixed-price contracts may not be the best option when there is a lot of uncertainty about the scope of the project, as unexpected changes can result in additional expenses or delays.

Question 18

Project documents associated with the integration management knowledge area include
A)project schedule.
B)requirement document.
C)statement of work.
D)activity cost estimates.

Accepted Answer

The Statement of Work (SOW) is directly associated with the integration management knowledge area because it defines the project's products, services, or results, and is a key document that integrates various aspects of project planning and execution.

Question 19

Designation is one of the five stages of the procurement cycle.

Accepted Answer

Designation is not one of the five stages of the procurement cycle. The five stages are: planning, supplier selection, purchase order, receiving and inspection, and payment.

Question 20

With cost-plus percentage fee contracts,all the risks are on the contractor.

Accepted Answer

With cost-plus percentage fee contracts, both the contractor and the client share the risks. The contractor is incentivized to keep the costs low as their fee is a percentage of the total cost, but there is a risk for them to inflate the costs to increase their fee. On the other hand, the client bears the risk of any unexpected cost overruns, as they are responsible for paying the additional costs.

Quiz 5: Project Planning

X12 standards serve as a common business language allowing all EDI trading partners to communicate electronically with one another.

Documents prepared during the project planning stages include

Target profit is the negotiated profit in a contract assuming the target cost is met.

Documents that are formal,approved documents used to guide both project execution and project control best describe

Which of the following contains a brief summary and a rationale that help project stakeholders and outsourced contractors understand why the requirement is needed and track the requirement through the progress of the project?

A document that specifies a project's requirement in a complete,precise,verifiable manner and includes the procedures for determining whether the requirement is satisfied best defines

When using a lifespan-based structure,the highest-level entries in the WBS correspond to the major phases of the lifespan.

In the RACI matrix,the accountable individual (A),is the individual responsible for the activities in a project.

The point of total assumption is the point where the contractor assumes all liability for additional costs once the target price reaches the ceiling price.

Requirements that satisfy the needs of the customers and the end-users best defines

Organizational process assets include each of the following except

The sharing ratio is the negotiated fee in a contract assuming the target cost is met.

Any process-related assets that can be used toward a project's success best defines

A detailed description of technology that is suitable for the actual design,development,and production processes of a project best defines

Project documents associated with the scope management knowledge area include

At a minimum,a milestone will have a duration of at least one day.

Fixed-price contracts are preferred by both clients and contractors when the scope of the project is clear and well defined.

Project documents associated with the integration management knowledge area include

Designation is one of the five stages of the procurement cycle.

With cost-plus percentage fee contracts,all the risks are on the contractor.