An element of the project that requires time but may not require resources is referred to as ... Select one: O a. Activity O b. Work Package O c. Milestone O d. DeliverableAs per PMBOK Edition 7.0 which one forms the project cost baseline? Select one: O a. The Sum of Cost Estimates + Contingency Reserve + Management Reserve O b. The Sum of Cost Estimates - Management Reserve O c. The Sum of Cost Estimates + Contingency Reserve O d. The sum of Cost EstimatesYour organization has recently won a project to develop a new product. However, the exact process to build some of the components is not clear to your team. You decide to build a prototype of the specific components first in order to decide the final process. Which of the following Risk Response strategies best describes your decision? Select one: O a. Exploit O b. Transfer O c. Avoid O d. MitigateWhich schedule compression technique adds risks but does not add cost o the project? Select one: O a. Bottom Up estimation O b. Fast Tracking O c. Crashing O d. Both Fast Tracking and Crashing add costs to the projectIn a network Diagram, (Late Start - Early Start) is not equal to (Late Finish - Early Finish). Select one: O True O FalseIn the below Network Diagram, what are the amounts of EF, LS, ES, LF, and Total Float respectively? Select one: 0 a.10,9,7,12,-2 O b.7,9,10,12,0 O c.12,1o,7,9,2 0 d. 10, 9, 7, 12, 3 Meeting You are responsible for conducting a knowledge assessment test for your employees. You may choose either to release the test by the due date or to conduct a pre-release test before the final release. Based on the information below, what is the expected monetary value of your decision? UAT Pass 90% Re-work: $0 Reward: $500 1) Pre-Release $ 1,000 UAT Fail 10% Wi-Fi Training Re-Work: $6,000 Knowledge Assessment UAT Pass 50% Re-work: $0 Reward: $ 10,000 2) No Pre-Release SO UAT Fail 50% Re-Work: $6,000 Select one: O a. $-1,500 O b. $8,000 O c. $2,000 O d. $-1,150Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following? Select one: O a. Avoid O b. Mitigate O c. Accept O d. TransferYou receive a telephone call from your manager, who provides you with a twopage document that includes highlevel information about a new project she wants you to lead. What is that document called? A budget estimate is also included in the document. Using what method has it been estimated? Select one: D a. Project Charter Macro O b. ProjectManagement Plan Top Down 0 c. Project Charter Botton Up D d. Risk Charter Top Down Nick is managing a project for the construction of a community building for an NGO firm. The project is being carried out at a place which is prone to unexpected risks. During risk planning, the team was not able to find an effective way to mitigate or insure the risk, and the uncertainty cannot be outsourced. What would be the BEST solution? Select one: O a. Transfer O b. Accept O c. Collaborate O d. ExploitYou are going to require certain raw material from another supplier for your project. However, based on your recent interactions with the manufacturers of that raw material and market trends, you learn that the prices of the raw material are soon going to go down. You adjust your project schedule in such a way that you will require to procure the raw material only after the prices go down. Which Risk Management Strategy you have used? Select one: 0 a. Exploit O b. Enhance O cAvoid O d.Mitigate