PMP Practice Question: Process — Predictive, Hard
You are managing a defense contractor project using a firm-fixed-price contract worth $28M. During planning, you identified 47 risks and developed response plans with allocated contingency reserves totaling $2.1M. At the 60% completion point, you have consumed $1.85M of contingency reserves, primarily due to three risks that materialized with greater impact than anticipated. You identify a new high-probability, high-impact risk related to a critical supplier's financial instability that could halt production of a custom component with no alternative sources. The risk response would require $450K for a mitigation strategy (qualifying a second supplier). Your remaining contingency reserve is $250K, and management reserves are $800K controlled by the sponsor. What should you do?
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More Process Questions
View all →You are managing a construction project with a fixed budget of $2.5 million and a 14-month timeline. During month 6, you conduct an earned value analysis and discover that the Cost Performance Index (CPI) is 0.85 and the Schedule Performance Index (SPI) is 0.92. The project sponsor asks you to forecast the final project cost and determine what actions are needed. Using the current performance trends, what is the most appropriate estimate at completion (EAC) if you believe current variances are atypical and future work will be performed at the planned rate?
You are leading a software development project using a predictive approach. The project sponsor has approved the project charter, and you are now ready to begin detailed planning. Your next step is to gather requirements from stakeholders to understand what the software must accomplish. Which process group are you currently working in?
You are managing a bridge construction project and have just completed developing the Work Breakdown Structure (WBS) with your team. Each work package has been defined and assigned a unique identifier. A team member asks what the lowest level of the WBS represents. How should you respond?