Work Out 13% of Initiating The Project With 26 Powerful PMP Practice Questions

Let’s dive into the domain of initiating the project with 26 powerful PMP practice questions. Those highly commended PMP exam questions are friendly formatted intended for your refreshing practice experience. You can know what you’re (in)correct, identify which of your less proficient knowledge after checking the answers and your score. Then don’t hesitate to add it to your exam! They can be of real help for your PMP test and job!

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Work Out 13% of Initiating The Project With 26 Powerful PMP Practice Questions

A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.

project-based organization
matrix organization
co-located
functional organization

A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results.

project management
project selection methods
benefit measurement methods
expert judgment

Used to determine which proposed projects are approved to move forward.

project selection
project manager
project management
project selection methods

The nine project management groupings, or Knowledge Areas, that bring together common or related processes. They are Integration, Scope, Time, Cost, Quality, Human Resource, Communications, Risk, and Procurement.

project management
project manager
Project Management Knowledge Areas
Project Management Institute (PMI)

The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.

project
project manager
project management
project selection

The most common project selection methods are benefit measurement methods such as cost - benefit analysis, scoring models, payback period, and economic models (which include discounted cash flows, NPV, and IRR), as well as expert judgment.

project selection methods
project selection
project-based organization
benefit measurement methods

Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.

project selection
expert judgment
project manager
project management

When team members work together at the same physical location.

operations
co-located
cost
project

The project management standard developed by the Project Management Institute.

A Guide to the Project Management Body of Knowledge (PMBOK Guide)
Project Management Institute (PMI)
Project Management Knowledge Areas
project management

benefit analysis - A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate.

cost
program
project
co-located

An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources.

functional organization
matrix organization
project-based organization
project selection

One of the benefit measurement methods used for project selection. It contains a predefined list of criteria against which each project is ranked. Each criterion has a scoring range and a weighting factor. A scoring model can also be used as a tool to select from among competing vendors.

economic model
co-located
decision model
scoring model

Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment; this assumes that cash inflows are reinvested at the cost of capital. It is similar to discounted cash flows.

expert judgment
net present value (NPV)
project management
project selection

The world's leading professional project management association.

Project Management Knowledge Areas
Project Management Institute (PMI)
project manager
project management

Temporary in nature, with a definite start and end date; creates a unique product, service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.

co-located
cost
program
project

A type of benefit measurement method. It is a series of financial calculations that provide data on the overall financials of the project and is generally used as a project selection technique.

decision model
scoring model
co-located
economic model

A formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models.

economic model
decision model
scoring model
operations

Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.

economic model
feasibility study
payback period
decision model

An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project.

matrix organization
functional organization
operations
project-based organization

A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately.

project
operations
program
cost

A technique used in project selection, determining estimates, and determining other related project information that relies on the knowledge of those with expertise on the requested subject matter. Expert judgment can come from stakeholders, other departments, consultants, team members, vendors, or industry groups.

operations
expert judgment
project management
project

The length of time it takes a company to recover the initial cost of producing the product or service of the project.

payback period
project selection
co-located
operations

Compares the value of the future cash flows of the project to today ' s dollars.

decision model
economic model
discounted cash flow (DCF)
net present value (NPV)

Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.

constrained optimization models
matrix organization
functional organization
decision model

The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR value.

functional organization
internal rate of return (IRR)
discounted cash flow (DCF)
net present value (NPV)

Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.

co-located
project
program
operations

Work Out 13% of Initiating The Project With 26 Powerful PMP Practice Questions

Work Out 13% of Initiating The Project With 26 Powerful PMP Practice Questions

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