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PECB ISO-21502-Lead-Project-Manager Exam Syllabus Topics:

PECB ISO 21502 Lead Project Manager Sample Questions:

1. Which of the options below regarding project reporting is NOT correct?

A) During the project, reporting should be monitored and adjusted to maintain alignment with the needs and requirements of the recipients of the reports
B) The reporting approach and methods should be planned and documented at the end of the project
C) Reporting should be aligned with the current project documentation and determined from an analysis of project management information

2. Who should be consulted as part of project management progress evaluations?

A) Work package leaders only
B) Project board and project assurance
C) Project sponsors and project managers and their teams

3. According to PMBOK, what is the definition of Earned Value Analysis (EVA)?

A) An earned value management measure that indicates how efficiently the work is being performed with regard to the budgeted cost of the work
B) The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost
C) A method that utilizes a set of measures associated with scope, schedule, and cost to determine the cost and schedule performance of a project

4. How does ISO 21502 define project management?

A) Planned and systematic actions necessary to provide confidence to the sponsoring organization and project sponsor that a project is likely to achieve its objectives
B) Coordinated activities to direct and control the accomplishment of agreed objectives
C) Principles, policies, and procedures by which a project is authorized and directed to accomplish agreed objectives

5. 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:
According to scenario 5, Lily defined the project budget by creating a list of project activities, dividing them into smaller items, and assigning a budget for each item. Which method did Lily use to define the project budget?

A) Budget by activity
B) Budget by line item
C) Budget by baseline

Solutions: