PMP Practice Exam 2

This the second of our free PMP practice exams. It includes 50 challenging practice questions along with detailed explanations. All of the topics are covered in the same proportion as they appear on the actual Project Management Professional certification exam. Continue your exam prep right now with our second free PMP practice test.

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Question 1
As a project manager you are using an Ishikawa Diagram to figure out what could have caused the potential risks in the project. Which process best describes the process which you are involved in?

A
Control Quality
B
Plan Risk Responses
C
Plan Quality
D
Identify Risks
Question 1 Explanation: 
Cause and effect diagrams (also known as Ishikawa or fishbone diagrams) are used both on quality management and risk management. However, the situation explained in this question refers only to the information gathering techniques of the Identify Risks process.
Question 2
You are a construction project manager. In a formal project management training you are told that you need to collect information on contract schedule, scope, quality, and cost performance along with all contract change documentation, payment records, and inspection results. You are also told by your instructor that this information can be used for lessons learned and as a basis for evaluating contractors for future contracts. Which task your instructor is talking about?

A
Claims Administration
B
Procurement Documentation
C
Inspections and Audits updates
D
Close Project or Phase
Question 2 Explanation: 
According to PMBOK v.5, to close the contract, all procurement documentation is collected, indexed, and filed. Information on contract schedule, scope, quality, and cost performance along with all contract change documentation, payment records, and inspection results are cataloged. This information can be used for lessons learned and as a basis for evaluating contractors for future contracts.
Question 3
You are managing an IT project and currently you are involved in the process of activity cost estimation. The software testing activity will cost you $150 with the probability of 30%, $170 with the probability of 50%, and $220 with the probability of 20%. What is the Expected Monetary Value of the activity cost?

A
$220
B
$174
C
$180
D
$181
Question 3 Explanation: 
The Expected Monetary Value of the activity cost is:
(150 x 0.3) + (170 x 0.5) + (220 x 0.2) = 174
Question 4
Your project has a budget of $1,000,000 and is expected to last for one year. The work and budget is spread evenly across all months. Right now the CPI is 0.8. What is Variance at Completion in this case?

A
−$200,000
B
−$250,000
C
$250,000
D
$200,000
Question 4 Explanation: 
Variance at Completion = BAC − EAC

Estimate at Completion (EAC) = BAC / CPI
= $1,000,000 / 0.8
= $1,250,000

Variance at Completion = $1,000,000 − $1,250,000
= −$250,000
Question 5
According to the latest update of the project schedule, you realize that the project will be completed one month after the desired completion date. You have extra resources on hand and the activity dependencies are preferential. The project is not of high risk and the SPI up to now is 0.89. As a project manager, what would be your best course of action under these circumstances?

A
Make more activities concurrent
B
Shift some of the resources from the preferential dependencies to the external ones
C
Eliminate some of the activities which are of lower importance
D
Leveling the resources
Question 5 Explanation: 
Leveling the resources would generally increase the project duration. Removing the activities under some conditions and using the project change process (discretionary dependency) might be possible but considering that dependencies are preferential and you have extra resources the first thing could be to make more activities concurrent.
Question 6
Conflicts are common and unavoidable in projects. Which of following are the three most common sources of conflicts in projects?

A
Project priorities, Resources, Cost
B
Cost, Resources, Personalities
C
Schedules, Project priorities, Resources
D
Schedules, Cost, Resources
Question 6 Explanation: 
Conflict can come from seven main sources, of which the first three account for 50%:

  1. Schedules
  2. Project priorities
  3. Manpower/human resource availability
  4. Technical opinions
  5. Procedural or project administration
  6. Costs
  7. Personalities
Question 7
As the manager of a highly critical project, you walk into your office and receive a phone call from your client notifying you that they need an urgent review meeting about the delay that occurred in the delivery of one of the major pieces of equipment for the project. You open your e-mail and you get bombarded with the emails coming from two of your team about a conflict that started between them this morning. After a few minutes you get a phone call from one of them while the other one shows up at your office. Which conflict resolution technique would you use immediately?

A
Forcing
B
Confronting
C
Compromising
D
Smoothing
Question 7 Explanation: 
Confronting or problem solving is the best way to resolve conflict but not in this situation. Since you should choose a technique to deal with the conflict immediately and it’s explained that there is an urgent meeting on an important issue in your critical project that you that you need to take care of, the best method in this situation would be to delay the conflict resolution, i.e. smoothing.
Question 8
You have recently been assigned as the manager of a highly critical national project which should be finished in a very short period of time compared to the similar projects. After developing the first draft of the project network diagram you see that the project cannot be finished on time. If the network diagram cannot be changed anymore and you have extra human resources, what would be the best approach?

A
Risk analysis
B
Crashing
C
Fast tracking
D
Leveling the resources
Question 8 Explanation: 
In this situation, leveling the resources will generally increase the duration. Since the network diagram cannot be changed, the fast tracking option is also not feasible. So crashing remains as the best option in this situation to decrease the duration.
Question 9
You have just been hired as the project manager in a large company and given the approved project charter. You know that your company always undertakes very challenging projects and your project is not an exception. What should be your first course of action?

A
Confirm that all of the stakeholders have contributed to the scope
B
Identify project risks
C
Start developing project management plan
D
Plan risk management
Question 9 Explanation: 
Read the question carefully. You as the project manager have not been involved in the project charter development, therefore it is your responsibility to make sure that the charter is complete and all of the stakeholders have their inputs in it before proceeding with the next step in project planning.
Question 10
As the manager of a large project, including a huge part of procurement activities, you are about to start project closure activities. All final deliverable of the project are validated. What should be your first step in project closure?

A
Start Close Procurement
B
Ensure completion of scope as per Project Management Plan
C
Start Administrative Closure
D
Start Claims Administration
Question 10 Explanation: 
According to PMBOK v.5, when closing the project the project manager must review all the prior information from the previous phase closure to ensure that all project work is completed and that the project has met its objectives. Since project scope is measured against the scope management plan, the project manager reviews the scope baseline (part of the project management plan) to ensure completion before considering the project closed.
Question 11
You are managing a project which is facing some minor delays in the submission of a few project deliverables. You have been asked to a meeting with the team members in charge of the delayed deliverables. Which one of the following tools do you think is the best to be used during the meeting to show the project schedule status to the responsible team members?

A
Project Network Diagram
B
Gantt Chart
C
Milestone Chart
D
Responsibility Assignment Matrix
Question 11 Explanation: 
In a meeting with team members you need a tool which shows the schedule details such as delays, completion, and timeline.
Question 12
Which one of the following items determines the acceptable range of variation of a process on a control chart?

A
Specification Limit
B
Mean
C
Upper and Lower Control Limits
D
Standard Deviation
Question 12 Explanation: 
The control limits are set based on the company's quality standard and indicate the acceptable range. Upper and lower control limits are usually set at +/− 3sigma.
Question 13
As the project manager you are in the planning process group of your project. You know that planning is an ongoing task throughout the project life. Currently you have started the Estimate Costs process. Which one of the following is not needed in order to come up with cost estimates?

A
Project charter
B
Project WBS
C
Risk register
D
An activity network diagram
Question 13 Explanation: 
Project charter is an input to the Determine Budget process but not to the Estimate Costs process.
Question 14
You have recently been assigned as the manager of a project after the previous manager quit the company. From the first meetings with the project team you discover that the morale of the team is very low. You speak to some of the team members in private and you feel that they were not given opportunities to participate in team development activities and that they did not have opportunities to grow. Which of the following is a primary factor for this situation?

A
A poorly defined resource calendar
B
Too many hierarchical levels in the project organization chart
C
Use of zero-sum rewards in the project
D
Poor communication planning
Question 14 Explanation: 
According to PMBOK v.5, resource calendars identify times when the project team members can participate in team development activities. If the team members are unable to find time for such activities, it is likely that the calendar has been poorly planned out.
Question 15
You are a junior project manager, currently performing schedule controlling activities. You approach one of your experienced colleagues for advice on how to reanalyze the project and predict the project's remaining duration. She tells you to analyze the sequence of activities with the least amount of scheduling flexibility. Which technique is she referring to?

A
Gantt chart
B
Precedence diagramming method
C
Critical path method
D
Resource leveling
Question 15 Explanation: 
The Gantt chart is only a representation of the project schedule, not an analysis method. The precedence diagramming method is a diagramming technique that deals with the relationship between activities, not schedule flexibility. Resource leveling is used to smooth the use of the resources over a period of time. The only option that deals with schedule flexibility is the critical path method which uses activity floats.
Question 16
Tom is managing a project and he has scheduled a number of training programs for his team. However, he knows that apart from planned training, unplanned training also takes place in a number of ways. Which of these is not one of the ways in which unplanned training can happen?

A
Project performance appraisals
B
Conversation
C
Observation
D
Online
Question 16 Explanation: 
According to PMBOK v.5, scheduled training occurs as stated in the Human Resource plan and could include online, classroom, on-the-job, etc. Unplanned training, however, takes place through conversation, observation and project performance appraisals conducted during the controlling process of managing the project team.
Question 17
As the project manager, you are reviewing the control chart related to one of the project deliverables, and you find seven data points in a row on one side of the mean. What should be your next action?

A
According to the rule of seven this is normal and no action is required
B
Modify the mean
C
Perform the quality measurements again to make sure about the data points correctness
D
Find an assignable cause
Question 17 Explanation: 
This is an example of the application of the rule of seven in control charts. If you have seven data points in a row on the same side of the mean, statistically the mean has shifted, calling for action to correct the problem. Therefore, the first action is to find the cause of the errors.
Question 18
As the manager of a large construction project you are currently conducting a meeting with the project management team to decide on a procurement contract. There are opposing views among the team members on the type of contract that best suits your situation. Which one of the following types of contracts have the most cost risk for your organization as a buyer?

A
Time and materials
B
Cost plus percentage of costs
C
Cost plus award fee
D
Fixed price incentive fee
Question 18 Explanation: 
In a cost plus percentage of costs contract, the buyer pays all costs while the costs are not limited. In a fixed price type of contract, the buyer has the least cost risk, as any cost overruns are borne by the seller.
Question 19
As a project manager you are approached by one of the project stakeholders asking for a change in the project work breakdown structure. The stakeholder brings enough reasons to show that the change does not affect the project time or cost. What is the best action for you in this situation?

A
Ignore the change and ask the stakeholder to formally request a change
B
Since there are no time and cost effects, implement the change
C
Raise the change to your management
D
Look for other impacts that the change may have
Question 19 Explanation: 
Even though it may not directly affect the time or cost of the project, you need to look at all the impacts of a change on other project constraints. The change may increase risk, reduce quality, etc. As a project manager the best thing to do is to know all of the impacts of a change before taking any other action.
Question 20
As a project manager, Tom is currently involved in the Close Procurements process. According to the records, one of the vendors has not delivered the items on time. The root-cause analysis shows that the problem was in the proposal evaluation activities that could have been done more accurately. What should Tom do at this point?

A
Update Procurement Documentation
B
Update Organizational Process Assets
C
Update Procurement Contracts
D
Conduct Procurement Audits
Question 20 Explanation: 
Lessons learned are a part of Organizational Process Assets. The Project Manager should update this with the procurement experience so that future projects can benefit. Organizational Process Assets Updates are an output of Close Procurements.
Question 21
All of the followings are examples of the cost of nonconformance except?

A
Warranty costs
B
Penalties
C
Rework
D
Inspection
Question 21 Explanation: 
Costs of non-conformance are costs incurred when a project fails to meet the required level of quality. Failure costs are also called costs of poor quality. Costs of non-conformance are categorized into 2 groups:

1.) Internal failure costs - Before releasing product to customer. Includes costs to rework, fix defects, wastage due to internal errors, and unnecessary advertising.

2.) External failure costs - After releasing product to customer. Liability and penalties cost, warranty costs, cost of developing and distributing fix, support calls, and damage control costs.
Question 22
As a project manager of a challenging software development project, you are in the middle of project execution when one of your team members approaches you and notifies you about a problem that has just happened and that was not included in the risk register. What would be your first action in this situation?

A
Inform your management
B
Create a workaround
C
Add this problem to the project risk register
D
Redo the Identify Risks process to find out other risks which might have been neglected
Question 22 Explanation: 
Since this is problem that has occurred and not a risk, there’s no need to add it to the risk register. The Identify Risks process will need to be redone, but since this is a problem, the first action is to come up with a solution for it. Creating a workaround is a solution. You might need to inform management as well, but this is reactive, not proactive, and not the first thing you should do.
Question 23
You are assigned as the manager of a construction project and the project sponsor has provided you with a draft project charter and immediately asks you to provide a preliminary analysis of the risks on the project. Which of the following would BEST help this effort?

A
Project scope statement from the project planning process
B
An article from PM Network Magazine
C
A conversation with a team member from a similar project that failed in the past
D
Resource plan from the project planning process
Question 23 Explanation: 
Since the only document that you have is the project charter, you are still in the project initiating phase and none of the planning documents have been generated yet. So the project scope statement and the resource plan are not correct answers. The magazine article could be correct if it was mentioned that the article gives some applicable insights, particularly about the risks involved in your project.
Question 24
You are asked by your management to provide an estimation of the costs of a new residential building project using the costs of an earlier residential building project that your company had carried out as the basis for your estimation. What type of estimation is this called?

A
Analogous Estimating
B
Parametric Estimating
C
Activity-based Estimating
D
Bottom-up Estimating
Question 24 Explanation: 
According to PMBOK v.5, analogous estimating is a technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.
Question 25
A project manager is performing Reserve Analysis as a technique in one of the project management processes that he is currently working on. Which of these is likely to be that process?

A
Determine Budget
B
Plan Costs
C
Estimate Reserves
D
Develop Schedule
Question 25 Explanation: 
Reserve analysis is one of the techniques which is used in more than one process. Three processes of Estimate Activity Costs, Determine Budget, and Control Costs are the Cost management processes that use this tool.
Question 26
The main output of the Develop Project Team process is which one of the following options?

A
Change requests
B
Project staff assignments
C
Team performance assessment
D
Project management plan updates
Question 26 Explanation: 
Project staff assignments and project management plan updates are outputs of the Acquire Project Team process. Change requests are outputs of the Manage Project Team process.
Question 27
As a software development project manager, you are approached by one of the software developers telling you that he has added additional features to the end product which were not required in the scope. He also mentions that adding those features did not take any extra time or cost. What should be your action in this situation?

A
Ask the team member to issue a change request for the extra features
B
Implement change control process
C
Ask the software developer to remove the extra features
D
Carefully review and understand the new features
Question 27 Explanation: 
As the project manager you are responsible to evaluate the situation before making any decision about the change. This is the first step of the integrated change control. After a complete review of the new features you can realize the possible impacts of the change in terms of quality, risk, etc. on the project.
Question 28
Your team is involved in selecting a seller for one of the important systems of the project. Two of your team members have a conflict over selecting the seller. One of them believes that you should choose company X while the other argues that company Y should be awarded the contract. Which one of the following will you refer the team to make the decision?

A
Project management plan
B
Seller proposals
C
Procurement documents
D
Source selection criteria
Question 28 Explanation: 
The source selection criteria are the primary tools for evaluating potential sellers and should be used by the entire team in order to make a selection.
Question 29
You are managing a project which is suffering many changes since the initiation. You had to process a lot of changes and you did not have enough time to do anything else. Which one of the followings best describes what you should do in such a project?

A
Determine if changes are needed. Notify the stakeholders who are affected by the changes and list all of the changes in the scope management plan.
B
Determine whether a change is needed and whether it is beneficial to the project, and notify the stakeholders who are affected by the change.
C
Determine whether the changes are needed and whether they are beneficial to the project. List all of the changes in the scope management plan.
D
List all of the changes in the project charter, notify the project stakeholders who are affected by the changes and ensure that you have their sign off on the changes.
Question 29 Explanation: 
You never list changes in the scope management plan or in the project charter. As the project manager you need to make sure that changes are needed and beneficial and also to make sure that the stakeholders get notified.
Question 30
You are a software development project manager and currently you are in the process of developing the project risk management plan. Which of the following is not part of such a plan?

A
Impact Matrix
B
Risk probability
C
Methodology
D
Risk categories
Question 30 Explanation: 
The contents of the risk management plan according to PMBOK v5 are methodology, roles & responsibilities, budgeting, risk categories, definition of risk probabilities and impacts, probability & impact matrix, revised stakeholders tolerances, reporting formats, and tracking. Basically the risk management plan describes how risk management will be structured and performed on the project. It does not identify individual risks or the probability of their occurrence.
Question 31
All of the followings are the outputs of the Monitor and Control Project Work process except which one?

A
Performance Reports
B
Forecasts
C
Approved change orders
D
Updated issue log
Question 31 Explanation: 
Forecasts, performance reports, and the updated issue log are all included in the project documents update which is definitely an output of the Monitor and Control Project Work process. Change requests are an output of this process as well, but approved change requests are the output of the Perform Integrated Change Control process.
Question 32
A construction project team has budgeted $800,000 for the work performed and has spent $900,000 to date. If they originally budgeted $1,000,000 for the work scheduled, what is the cost variance (CV) in this situation?

A
($200,000)
B
$200,000
C
$100,000
D
($100,000)
Question 32 Explanation: 
In this question Earned Value (EV) = $800,000 and Actual Cost (AC) = $900,000 therefore CV = EV − AC = 800,000 − 900,000 = ($100,000).
Question 33
Tom is a project manager managing a bridge construction project for the first time. He has set up a series of interviews with various stakeholders to gather some experiential and historical information on some of the risks. Which process is Tom most probably involved in?

A
Identify Risks
B
Perform Quantitative Risk Analysis
C
Perform Qualitative Risk Analysis
D
Plan Risk Responses
Question 33 Explanation: 
Such meetings or interviews are usually done as part of Qualitative Risk Analysis. This method draws on experiential learning and historical data to quantify the impact of risks on project objectives. Read the question carefully. It mentioned that the purpose of the interviews is to gather information about some risks, not to discover some risks.
Question 34
Which of the following project management processes covers formal completion and handover of the final product/service?

A
Scope verification
B
Contract administration
C
Close Project or Phase
D
Close Procurements
Question 34 Explanation: 
Close Project or Phase is the process of finalizing all activities across all of the Project Management Process Groups to formally complete the project or phase.
Question 35
The project charter provides the project manager with some benefits and information. Which one of the following is most important for the project manager?

A
Project authority
B
The project sponsors list
C
High level project scope
D
The formal role of 'Project Manager'
Question 35 Explanation: 
The project charter formally authorizes the existence of a project, and provides the project manager with the authority.
Question 36
Which one of the following statements is correct?

A
Perform quality control is primarily concerned with acceptance of the deliverables.
B
Quality control is generally performed before scope verification, but these two can be performed in parallel.
C
Validate scope is primarily concerned with correctness of deliverables.
D
Validation of scope can only be done at the end of the project.
Question 36 Explanation: 
To validate scope is primarily concerned with acceptance of deliverables while perform quality control is primarily concerned with correctness of the deliverables. Quality control is generally performed before scope verification but these two can be performed in parallel. Verify scope can be done at the end of each project phase in the project life cycle and at other points throughout the project as part of M&C, i.e. verify scope is done multiple times in the project.
Question 37
Which one of the following is not one of the tools and techniques used in the Perform Quality Assurance process?

A
Quality management and control tools
B
Quality audits
C
Process analysis
D
Inspection
Question 37 Explanation: 
Quality management and control tools, quality audits, and process analysis are all the tools used in the Perform Quality Assurance process, while inspection is a tool used in the Perform Quality Control process.
Question 38
What is the critical path with reference to the following network diagram?

PMP Network

A
B-C-D-F
B
A-D-E-F
C
B-C-E-F
D
A-D-F
Question 38 Explanation: 
There are 3 different paths in the diagram and we can calculate their duration as:

  • A-D-F = 4 + 10 + 8 = 22 days
  • B-C-E-F = 5 + 7 + 8 + 8 = 28 days
  • B-C-D-F = 5 + 7 + 10 + 8 = 30 days
Among the above mentioned paths, B-C-D-F has the longest duration. A-D-E-F which is mentioned as an answer choice is not actually a complete path because activity D is not a predecessor of activity E.
Question 39
Which one the followings is not a benefit of quality audits?

A
Identify all nonconformities, gaps, and shortcomings
B
Creating quality metrics
C
Confirm the implementation of approved change requests
D
Identify all good and best practices being implemented
Question 39 Explanation: 
Quality metrics are an output of the Plan Quality process and an input to the Perform Quality Assurance process. The other choices are all benefits of quality audits.
Question 40
Tom is a construction project manager and recently approached an insurance company to insure the project against the possible damages of storms that are predicted to happen in the winter. Which risk response strategy is Tom undertaking?

A
Mitigate
B
Transfer
C
Avoid
D
Accept
Question 40 Explanation: 
Risk Transference is a risk response strategy that shifts the impact of a threat to a third party, together with ownership of the response. Taking out insurance or a warranty transfers the risk from the owner to the other party.
Question 41
Which of the following is not one of the tools and techniques used in the Manage Project Team process?

A
Team Performance Assessments
B
Interpersonal Skills
C
Observation & Conversation
D
Conflict Management
Question 41 Explanation: 
Team performance assessment is an output of the Develop Project Team process and an input to the Manage Project Team process.
Question 42
You are managing a project with a lot of different detailed activities. The project is within budget and the SPI according to the latest earned value report is 1.2. The project risk review meetings are held according to an organized schedule and you are satisfied with the risk management activities of the project. However, you get notified by two different stakeholders that some of the project status reports are not accurate. Which tool will you use to verify whether there is a problem?

A
Inspection
B
Root-cause analysis
C
Quality audits
D
Observations
Question 42 Explanation: 
According to PMBOK v.5, a quality audit is a structured, independent process to determine if project activities comply with organizational and project policies, processes, and procedures. In this specific case you need to do quality audits to make sure that your team is doing the project reporting in accordance with the project policies and standards.
Question 43
Which one of the following is not an input to the initiating process group?

A
Lessons learned database
B
Historical project schedules
C
Company culture
D
Project scope statement
Question 43 Explanation: 
The project scope statement is an output of the planning process group, so it cannot be available as an input to the initiating process group. The other options are among the Enterprise Environmental Factors or Organizational Process Assets which are inputs of the initiating process group.
Question 44
You are manager of a project and after a periodic project schedule update, the scheduler working on your team comes to you with the following list of activities. He also mentions that the project is faced with 2 weeks of delay and as a corrective action he proposes to change the sequence and perform activity H concurrent with activity G, instead of after it. What would be your reaction?

PMP Chart2

A
This will help all of the delay to be recovered, so accept the proposal
B
It might affect activity I, so reject the proposal
C
This does not have any effect on the critical path, so reject the proposal
D
This will help you spend less resources, so accept the proposal
Question 44 Explanation: 
According to the list of activities, activity H has float and is not critical. Therefore, changing its sequence to perform it sooner will not change the project finish date. The best way is to complete the critical activities earlier.
Question 45
You are managing an IT project for an external client. The project is ahead of schedule and your next activities are testing and hand over. Which one of the followings will you be more concerned about in this situation?

A
Performing quality control
B
Validate project scope
C
Generating performance reports
D
Time schedule
Question 45 Explanation: 
You are close to performing the final product handover to the external client. Scope validation deals with acceptance by the customer. Without this acceptance, you will not be able to move into the next project phase.
Question 46
You are managing a project which is new and challenging both for you and your organization. The project stakeholders are very concerned about the success of the project in meeting the quality standards. You need to work closely with the quality assurance department for this purpose. Which one of the following will you need to start this process?

A
Quality improvement
B
Quality concerns
C
Quality metrics
D
Rework
Question 46 Explanation: 
Quality concerns are what triggers the quality assurance process, but they are not necessarily an input to it. Quality improvements are the result of the Quality Assurance process and rework is the result of the Quality Control process. Quality metrics are the input to the Perform Quality Assurance process.
Question 47
A project manager is trying to plan for a contingency reserve as part of the cost estimates for the project. Which of these would be an incorrect way to plan for contingency reserves?

A
Start with a zero value for contingency reserve.
B
Plan for contingency reserve as a fixed number.
C
Use quantitative analysis methods to arrive at the contingency reserve.
D
Plan for contingency reserve as a percentage of the estimated cost.
Question 47 Explanation: 
According to PMBOK v5, the contingency reserve may be a percentage of the estimation, a fixed number, or may be developed by using quantitative analysis methods such as a Monte Carlo simulation. Therefore, it would be incorrect to start with a zero value for contingency reserves.
Question 48
As a project manager you are reviewing a report of the actual cost of the completed work packages. You realize that a few work packages are completed with an actual cost which is substantially lower than their budgeted cost. You will immediately do all of the following actions except?

A
Make sure that proper resources are utilized
B
Make sure that the scope is properly done
C
Make sure about the quality of the work
D
Try to find ways to increase the actual costs
Question 48 Explanation: 
All of the incorrect answer choices refer to possible root causes of a variance in the costs. If any of these proves to be the root cause, then the corrective action might result in increasing the actual costs. However, trying to find ways to increase the actual costs is not the first thing to do.
Question 49
You are a project manager and your company has just completed an unexpected round of layoffs. Morale is low, and human resources are tighter than ever. Your project is now behind schedule because of the loss of resources. Overtime work will be required of everyone for the next several weeks in order to close the gap. One of the critical resources on your project has an upcoming vacation that was approved and scheduled months ago. However, without this resource you will be unable to get back on schedule. What do you do?

A
Find another resource
B
Compress the schedule further
C
Notify the project stakeholders of the situation immediately
D
Cancel all vacations
Question 49 Explanation: 
An unexpected loss of project resources due to company downsizing that results in a schedule slip must be communicated to project stakeholders immediately. It would be unfair to penalize the resource by cancelling his vacation simply because it is the easiest way to get back on schedule. Finding other resources by the project manager also doesn’t seem to be possible in this situation.
Question 50
As the project manager you are negotiating a contract with a seller. You want to go in for a fixed price type of contract. Which other terminology could be used to refer to the fixed price type of contract?

A
Time and material contract
B
Cost-Plus-Fee contract
C
Cost-Plus-Fixed-Fee contract
D
Lump sum contract
Question 50 Explanation: 
A fixed price contract is synonymous with a lump sum contract. This type of contract involves a fixed total price, or a lump sum, for a well-defined product.
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