Organizational process assets

by on October 13, 2011 · 3 Comments
in closing, executing, framework, initiating, integration, monitoring and controlling, planning

You are a project manager for a new client. To help you get acclimated more quickly, she directs you to their organizational process assets in the company archives. You know that when you locate that directory, you will likely find:

A. Industry standards
B. Historical information
C. Financial data
D. Market conditions

Answer: B. Historical information
Organizational process assets typically include processes, policies, templates, and historical information. They are essential inputs and outputs for many processes.

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Formal project authorization

by on October 9, 2011 · 0 Comments
in initiating, integration

What is the name of the document that formally authorizes a project?

A. Project management plan
B. Requirements documentation
C. Project charter
D. Project scope statement

Answer: C. Project charter
According to the PMBOK®, Develop Project Charter is the process of developing a document that formally authorizes a project or a phase and documenting initial requirements that satisfy stakeholder needs and expectations.

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Opportunity cost

by on September 25, 2011 · 0 Comments
in cost, initiating

During the project selection stage, you learn that the value of Project A is $100,000 and the value of Project B is $75,000. Ultimately, Project A was chosen. As a result, the opportunity cost of that decision is:

A. $100,000
B. $75,000
C. $25,000
D. $175,000

Answer: B. $75,000
The opportunity cost is simply the value of the project not chosen. There is no math involved.

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