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PECB ISO 21502 Lead Project Manager Sample Questions:

1. What is the purpose of reporting?

A) To meet the information needs of each stakeholder
B) To inform relevant stakeholders on the project success only after the project has been completed
C) To provide the current status, forecast, and analysis of the project

2. When should the needs and opportunities resulting from the organizational strategy or business requirements be evaluated?

A) Throughout the project life cycle
B) After pre-project activities are completed
C) Before formal authorization to initiate a new project

3. What is a work package?

A) A method that uses a set of measures associated with scope, schedule, and cost to determine the cost and schedule performance of a project
B) The sequence of stages determining the minimum time needed for completing the project
C) The smallest unit of a work breakdown structure for which the cost and duration are estimated and managed

4. Scenario:
Tricko is a clothing manufacturer headquartered in Milano, Italy. The company was founded in 2010 by Mario, a famous Italian fashion designer. Over the last few years, the company has seen immense growth and now has a chain of stores across multiple European cities. Following industry trends, the top management of Tricko concluded that the company should establish an online store. As such, they required Lily, an experienced IT engineer, to develop a brief for this potential project. After several meetings and discussions, the top management approved the project brief and assigned Lily as the project manager. For this project, she was instructed to use the guidelines of ISO 21502 on project management.
Lily initiated the project by mobilizing the project team, which included four web developers, two network engineers, and one systems analyst. In order to ensure that every team member is fully aware of their roles and responsibilities, Lily developed team performance domains which would link each project activity with the individuals responsible for undertaking it. She explained to the team members that it is important to clearly understand their roles and responsibilities, considering that the team composition cannot be reassessed or revised once the project plan is authorized to be executed. In addition, Lily defined in a document the project's contribution to the overall objectives of Tricko, which reflected the relevant project requirements and their associated acceptance criteria.
Following that, Lily worked with the project team to discuss project costs. She suggested the team initially establish cost estimates only for the first phase of the project and then for the entire project. In addition, she required cost estimates to be expressed in currency valuations and in labor hours. One of the network engineers suggested that each team member should provide an estimate, and then the team should reach an agreement for a joint estimate. On the other hand, one of the developers suggested establishing an estimate for the costs after the closure of the project, such as advertising and promotion costs. Lily agreed with their suggestions and asked them to provide a total estimate as soon as possible.
Based on the total estimate provided by the project team, Lily developed the project budget and created a list of project activities, divided them into smaller items, and assigned a budget for each item.
Question:
Scenario 5 states that Lily required them to express the costs in labor hours and currency valuations. Is this acceptable?

A) No, cost estimates should only be expressed in labor hours
B) Yes, cost estimates can be expressed in labor hours, number of equipment hours, or currency valuations
C) No, cost estimates should only be expressed in currency valuations

5. Which of the following statements describes a project termination by extinction?

A) The project is closed due to the integration of project outputs to the operations of the parent organization
B) The project is closed with the intention to resume at another time in the future
C) The project is closed due to its failure or successful completion

Solutions: