APM PMQ EXAM LATEST
What is cost variance? what does a negative value mean? - ANSWERS-
The earned value minus the actual cost. negative value means the actual
cost is higher (over budget)
what is schedule variance? what does a negative value mean? -
ANSWERS-earned value minus planned costs. a negative one means
project is running behind
CPI formula, meanings of over or under 1 - ANSWERS-EV/AC
-CPI <1 : will be over budget
-CPI>1: will be under budget
SPI formula - ANSWERS-EV/PC
-SPI <1 : will be late
-SPI >1: will be early
Efficiency formula - ANSWERS-CPI * 100%
Final Cost/EAC - ANSWERS-Budget at Completion/CPI
Final Duration - ANSWERS-Planned Duration/SPI
END OF
PAGE 1
, APM PMQ EXAM LATEST
%complete - ANSWERS-(EV/BAC)*100
explain the stages in risk management - ANSWERS--initiate: understand
project objectives/priorities and define risk mgt approach
-identify risks: clearly define risks (cause/uncertainty/effect)
-assess/analyze risks: assign owner, understand probability and impact
on TCQ, use risk register to determine which risks should be mitigated
-plan responses: justify cost of action/inaction, effect on TCQ, residual
and 2ry risk
-implement resources: plan and resource
-monitor and control: is it working? updates from risk owners,
stakeholder updates
what are some risk identification techniques - ANSWERS--lessons
learned from other projects/phases
-assumptions analysis: test their stability (how sure you are they correct)
and sensitivity (how sensitive is project to them being incorrect)
-workshops(brainstorming, SWOT)
-prompt lists such as PESTLE
-checklists: detailed sets of questions
END OF
PAGE 2
, APM PMQ EXAM LATEST
-interviews
-delphi: experts review, summarize, distribute, revise opinion,
summarize distribute)
explain the responses to threats in risk management - ANSWERS--
accept: tolerate risk, monitor situation
-avoid: do something different
-reduce: modify plans to reduce severity
-transfer: insurance, transfer risk contractually e.g, via damages
-fallback: prep contingency plans, identify triggers
explain planning strategies for opportunities - ANSWERS--reject: don't
pursue
-exploit: pursue opp, make it happen
-enhance: increase probability/impact
-share: share contractually
-plan an option: what do if project develops in a certain way
roles of risk owners - ANSWERS--risk actionees
-assign resources
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PAGE 3
, APM PMQ EXAM LATEST
-put mitigation action in plan and update schedule, WBS, cashflow etc
-update the risk register
explain some benefits of risk management - ANSWERS--improved
planning: higher success likely
-better contracts
-lower chance of accepting unsound projects
-increases stakeholder confidence
-more meaningful assessment of contingencies
-more objective comparison of possibilities
-continued build up of stats
-improved team spirit
-responsible approach to customers
-develops staff ability (can become risk champions)
what are issues and issue management - ANSWERS--problem that is
now breaching or about to breach delegated tolerances for the
project/program work
what is the difference between a risk, concern/problem, issue? -
ANSWERS--risk: something that has uncertainty
END OF
PAGE 4
What is cost variance? what does a negative value mean? - ANSWERS-
The earned value minus the actual cost. negative value means the actual
cost is higher (over budget)
what is schedule variance? what does a negative value mean? -
ANSWERS-earned value minus planned costs. a negative one means
project is running behind
CPI formula, meanings of over or under 1 - ANSWERS-EV/AC
-CPI <1 : will be over budget
-CPI>1: will be under budget
SPI formula - ANSWERS-EV/PC
-SPI <1 : will be late
-SPI >1: will be early
Efficiency formula - ANSWERS-CPI * 100%
Final Cost/EAC - ANSWERS-Budget at Completion/CPI
Final Duration - ANSWERS-Planned Duration/SPI
END OF
PAGE 1
, APM PMQ EXAM LATEST
%complete - ANSWERS-(EV/BAC)*100
explain the stages in risk management - ANSWERS--initiate: understand
project objectives/priorities and define risk mgt approach
-identify risks: clearly define risks (cause/uncertainty/effect)
-assess/analyze risks: assign owner, understand probability and impact
on TCQ, use risk register to determine which risks should be mitigated
-plan responses: justify cost of action/inaction, effect on TCQ, residual
and 2ry risk
-implement resources: plan and resource
-monitor and control: is it working? updates from risk owners,
stakeholder updates
what are some risk identification techniques - ANSWERS--lessons
learned from other projects/phases
-assumptions analysis: test their stability (how sure you are they correct)
and sensitivity (how sensitive is project to them being incorrect)
-workshops(brainstorming, SWOT)
-prompt lists such as PESTLE
-checklists: detailed sets of questions
END OF
PAGE 2
, APM PMQ EXAM LATEST
-interviews
-delphi: experts review, summarize, distribute, revise opinion,
summarize distribute)
explain the responses to threats in risk management - ANSWERS--
accept: tolerate risk, monitor situation
-avoid: do something different
-reduce: modify plans to reduce severity
-transfer: insurance, transfer risk contractually e.g, via damages
-fallback: prep contingency plans, identify triggers
explain planning strategies for opportunities - ANSWERS--reject: don't
pursue
-exploit: pursue opp, make it happen
-enhance: increase probability/impact
-share: share contractually
-plan an option: what do if project develops in a certain way
roles of risk owners - ANSWERS--risk actionees
-assign resources
END OF
PAGE 3
, APM PMQ EXAM LATEST
-put mitigation action in plan and update schedule, WBS, cashflow etc
-update the risk register
explain some benefits of risk management - ANSWERS--improved
planning: higher success likely
-better contracts
-lower chance of accepting unsound projects
-increases stakeholder confidence
-more meaningful assessment of contingencies
-more objective comparison of possibilities
-continued build up of stats
-improved team spirit
-responsible approach to customers
-develops staff ability (can become risk champions)
what are issues and issue management - ANSWERS--problem that is
now breaching or about to breach delegated tolerances for the
project/program work
what is the difference between a risk, concern/problem, issue? -
ANSWERS--risk: something that has uncertainty
END OF
PAGE 4
