PMP Exam Qestion Help

Submitted by chang86 on Wed, 11/28/2012 - 16:16

There were a few questions that confused me on the exam and I was hoping you could answer. I appreciate the input!

1) If there is alot of uncertainty in the scope of the project then what type of contract should you use?

I believe the answer here is either Time and Material or is it Cost Reimb, which one is the better option?

2) What if the question is reworded to say if the scope is very certain which type of contract?

I would think the answer is FFP but is that always the case regardless of if you are the seller or the buyer

3) I may be wrong but I recall there being a question where they gave me the optimistic, pessimistic and most likely days and asked for the estimate duration but did NOT tell me which method to use i.e., PERT, Var, SD. Is this really a valid way to ask the question? If so do I simply use the PERT formula?

4) There was also a question where it stated that the pm was in the execution stage and realized that the charter had not been completed. What should he do next. The 2 choices I narrowed down to was the PM should stop all work until the charter is signed and work authorization is approved. The other option was notify the sponser and assits him in creating the charter. Which option is the better choice?

5) If there was a set amount of money set aside for a specific risk in the form of contingency reserve but then later analysis revealed that the risk's probability is now at 0%, do you draw down the contingency fund for that amount and allocate it back to the budget? Or do you leave it there just in case the risk will occur again in the future?

 

Thanks,

Forums: 
PMP Exam Tips, Tricks and Lessons Learnt.
  • Log in to post comments
  • 585 reads

coolkaps4u

Thu, 11/29/2012 - 00:48

I think choices are very narrow and it depends on what you think is right :) specially for 2-3 questions

Contigency reserve I will not reduce till the project is finished.

 

Expert can answer as I am newbie and preparing,.

admin's picture

admin

Thu, 11/29/2012 - 11:07

1) T&M should be the answer. Cost Reimb will be nearly same as T&M

2) Yes FP or any variation of FP depending upon the context

3) Again depends on question,but you can use PERT . Generally when the question has optimistic, pessimistic and most likely, PERT forumla applies

4) If the Charter is not approved, work should stop. if the charter has ammendments then you can contact the sponsor and get it done

5) Practically thinking you would use that money for something else.  Depends on question context and choices.

chang86

Thu, 11/29/2012 - 13:35

Thank You for the response.

For question 4 I thought through the same practical thinking but the question specifically stated that the risk chance of risk went down to 0%. I thought risk reserves such as contingency reserves were created based on specific risks and if that risk is no longer a valid risk then we should return the money back to the budget to re-allocate. Is that the correct way of thinking or should we just leave it in the contingency reserves because that risk may come back again?

 

Thanks in advance for your input!