Those who enter into a contractual agreement to provide services necessary for a project are:
Correct Answer: B
Section: Volume B
Question 837
Which of the following is an example of schedule compression?
Correct Answer: D
Section: Volume D Explanation: 6.6.2.7 Schedule Compression Schedule compression techniques are used to shorten the schedule duration without reducing the project scope, in order to meet schedule constraints, imposed dates, or other schedule objectives. Schedule compression techniques include, but are not limited to: Crashing. A technique used to shorten the schedule duration for the least incremental cost by adding resources. Examples of crashing include approving overtime, bringing in additional resources, or paying to expedite delivery to activities on the critical path. Crashing works only for activities on the critical path where additional resources will shorten the activity's duration. Crashing does not always produce a viable alternative and may result in increased risk and/or cost. Fast tracking. A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration. An example is constructing the foundation for a building before completing all of the architectural drawings. Fast tracking may result in rework and increased risk. Fast tracking only works if activities can be overlapped to shorten the project duration.
Question 838
Success is measured by benefits realization for a:
Correct Answer: C
Section: Volume B Explanation/Reference: Explanation: 1.4.2 Portfolio Management A portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure firm that has the strategic objective of "maximizing the return on its investments" may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program. Thus, the power program and the water program become integral components of the enterprise portfolio of the infrastructure firm.
Question 839
A purchase order for a specified item to be delivered by a specified date for a specified price is the simplest form of what type of contract?
Correct Answer: C
Explanation/Reference: Explanation: * Units of measure. Each unit used in measurements (such as staff hours, staff days, weeks for time measures; or meters, liters, tons, kilometers, or cubic yards for quantity measures; or lump sum in currency form) is defined for each of the resources. Fixed-price contracts. This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Fixed-price contracts may also incorporate financial incentives for achieving or exceeding selected project objectives, such as schedule delivery dates, cost and technical performance, or anything that can be quantified and subsequently measured. Sellers under fixed-price contracts are legally obligated to complete such contracts, with possible financial damages if they do not. Under the fixed-price arrangement, buyers need to precisely specify the product or services being procured. Changes in scope may be accommodated, but generally with an increase in contract price.
Question 840
The review of a sellers progress toward achieving the goals of scope and quality within cost and schedule compared to the contract is known as:
