PMP Question Practice: Lecture Notes

Introduction

• Practice session focusing on 5 PMP exam questions.
• Aimed at starting the morning with effective preparation.

Question 1: Reporting Cost Variance

• Scenario: Found a cost variance of $40,866 in the project.
• Question: What type of report is needed?
  • Options:
    • Progress report
    • Exception report (Chosen)
    • Forecasting report
    • Trends report
• Explanation:
  • Exception Report: Used for reporting variances in project cost/schedule/quality.
  • Progress Report: Describes current progress.
  • Forecasting Report: Predicts future performance.
  • Trends Report: Projects trends over a period of time.

Question 2: Tools and Techniques

• Scenario: Delphi technique, sensitivity analysis, and Monte Carlo analysis.
• Question: Used as part of which project task?
  • Options:
    • Expert judgment
    • Reserve analysis
    • Schedule compression
    • Quantitative risk assessment (Chosen)
• Explanation:
  • Techniques related to quantitative risk analysis and financial risk analysis.
  • Methods for determining quantitative probability include interviewing, historical records, sensitivity analysis, decision trees, etc.

Question 3: Risk Management Documentation

• Scenario: Identifying risks for a project.
• Question: What document maintains and records information about risks?
  • Options:
    • Risk register (Chosen)
    • Project management plan
    • Tornado diagram
    • Prompt lists
• Explanation:
  • Risk Register: Document for maintaining and recording identified risks and responses.

Question 4: Risk Analysis Process

• Scenario: Ranking risks by assessing probability and impact.
• Question: What is this process called?
  • Options:
    • Deep dive analysis
    • Subjective risk analysis
    • Quantitative risk analysis
    • Qualitative risk analysis (Chosen)
• Explanation:
  • Qualitative Risk Analysis: Prioritizing risks into categories by assessing probability and impact using a scale (e.g., 1-5).

Question 5: Information Gathering Techniques

• Scenario: Brainstorming to prepare a list of risks.
• Question: Which is not a type of information gathering technique?
  • Options:
    • Brainstorming
    • Delphi
    • Interviewing
    • Sensitivity analysis (Chosen)
• Explanation:
  • Sensitivity Analysis: Not an information gathering technique, related to risk impact assessment.
  • Delphi Technique: Involves rounds of voting for narrowing down options.

Conclusion

• Encouragement to continue practicing every day.
• Belief in the ability to pass the PMP exam with consistent effort.