PK0-005 Exam Dumps - CompTIA Project+ Questions and Answers

To account for potential risks, project managers use Expected Monetary Value (EMV) analysis. EMV is calculated by multiplying the probability of a risk event by its potential impact and adding this to the base estimate.

Base estimate: 9 days, $3,000

Risk impact: 5 additional days, $1,000 extra cost

Probability of risk: 20% (0.2)

Calculations:

Time: 9 days + (0.2 * 5 days) = 9 + 1 = 10 days

Cost: $3,000 + (0.2 * $1,000) = $3,000 + $200 = $3,200

However, to ensure sufficient contingency, it's prudent to budget for the full potential impact:

Time: 9 days + 5 days = 14 days

Cost: $3,000 + $1,000 = $4,000

But since the risk has only a 20% chance of occurring, the EMV approach provides a balanced estimate:

Time: 9 days + 1 day (20% of 5 days) = 10 days

Cost: $3,000 + $200 (20% of $1,000) = $3,200

Therefore, the most accurate budget considering the risk is 10 days and $3,200.

This aligns with the CompTIA Project+ PK0-005 exam objectives under Domain 1.4: Given a scenario, perform risk management activities, which includes understanding and applying EMV analysis.

The project manager should review existing artifacts to get an understanding of the purpose of the project. Existing artifacts are documents or records that provide information about the project background, context, scope, objectives, requirements, stakeholders, and deliverables. They may include documents such as project proposal, project charter, business case, feasibility study, statement of work (SOW), or contract. Reviewing existing artifacts can help to clarify the project vision and expectations and provide a basis for planning and executing the project.

Before releasing an enhancement into production, conducting a risk assessment is crucial to identify potential issues that could affect system availability. This proactive approach helps in planning mitigation strategies to prevent downtime and ensure a smooth deployment.

According to the CompTIA Project+ PK0-005 exam objectives, under Domain 1.4: Given a scenario, perform risk management activities, risk assessment is a key activity to anticipate and address potential problems that could impact project success.

A gate review is a type of meeting that evaluates the completion and quality of a project stage and decides whether the project can proceed to the next stage. A gate review is a formal governance step that involves reviewing the goals, progress, risks, deliverables, and benefits of the project, and discussing if the project is still aligned with the business strategy and stakeholder expectations. A gate review can have different outcomes, such as go, kill, hold, recycle, or conditional go, depending on the assessment of the project status and viability123. References = CompTIA Project+ Study Guide: Exam PK0-005, 3rd Edition, Chapter 9: Project Change Management, p. 323; Everything Project Managers Need To Know About Gate Reviews | monday.com Blog; Gate reviews: What to do and why you need them - Rebel’s Guide to Project Management; Gates and How to Operate Them - GenSight

Part 1:

Change Control Process:

Consult the RACI matrix.

Define new requirements and record changes.

Assess the schedule, risk, and cost.

Perform a demonstration.

Obtain a sign off.

Update and test the deliverable.

Make an announcement on the company portal.

The change control process is a sequence of steps that helps to manage and document any changes or modifications to a project scope, schedule, cost, quality, or resources. The change control process typically involves the following steps:

Consult the RACI matrix. A RACI matrix is a tool that defines and clarifies the roles and responsibilities of each team member for each task or activity in a project. RACI stands for responsible, accountable, consulted, and informed. Consulting the RACI matrix can help to identify who needs to be involved or informed about the change request and how to communicate with them.

Define new requirements and record changes. The new requirements and changes are the details of what needs to be modified or added to the project deliverables or objectives based on the customer feedback or request. Defining and recording the new requirements and changes can help to communicate and justify the need and rationale for the change and its implications on the project scope and quality.

Assess the schedule, risk, and cost. The schedule, risk, and cost are the aspects of the project that may be affected by the change request. Assessing the schedule, risk, and cost can help to determine the impact and feasibility of the change and identify any possible alternatives or corrective actions to minimize or avoid its negative effects.

Perform a demonstration. A demonstration is a presentation or show of how the modified or updated deliverable works or meets the customer expectations or requirements. Performing a demonstration can help to validate and verify that the change request has been implemented correctly and effectively and to obtain feedback or approval from the customer or stakeholders.

Obtain a sign off. A sign off is a formal acceptance and approval of the change request and its deliverables from the customer or stakeholders. Obtaining a sign off can help to confirm that the change request has been completed successfully and satisfactorily and to close the change control process.

Update and test the deliverable. The deliverable is the product or service that is produced or provided by the project. Updating and testing the deliverable can help to ensure that it meets the quality standards and criteria and that it works as expected after implementing the change request.

Make an announcement on the company portal. The company portal is a platform or channel that allows internal communication and collaboration among employees within an organization. Making an announcement on the company portal can help to inform and update other team members or departments about the change request and its outcomes and to share any lessons learned or best practices from the change control process.

Part2:

Risk register: A risk register is a document that identifies, analyzes, and records the potential risks or uncertainties that may affect a project. Updating the risk register can help to capture any new or modified risks that may arise from the change request and to plan and implement appropriate risk responses.

Schedule: A schedule is a document that shows the planned start and end dates, durations, dependencies, and progress of each task or activity in a project. Updating the schedule can help to reflect any changes or adjustments to the project timeline or milestones that may result from the change request and to monitor and control the project performance and delivery.

Statement of work: A statement of work (SOW) is a document that defines the scope, deliverables, schedule, and terms and conditions of a project or contract. Updating the SOW can help to document any changes or additions to the project scope or deliverables that may be requested or agreed upon by the customer or stakeholders and to ensure alignment and agreement on what needs to be done and how it will be done.

Change log: A change log is a document that tracks and records any changes or modifications that are made to the project scope, schedule, cost, quality, or resources during a project. Updating the change log can help to document the change request, approval, implementation, and impact of each change and ensure traceability and transparency.

Company vision and mission statement should be considered in the evaluation of the project portfolio based on the company’s strategic plan. Company vision is a statement that describes the long-term aspirations and desired future state of the organization. Company mission statement is a statement that defines the core purpose and values of the organization and how it serves its customers and stakeholders. These statements provide direction and guidance for the strategic planning and decision making of the organization. They also help to align the project portfolio with the organizational goals and objectives and ensure that the projects and programs in the portfolio deliver value and benefits to the organization12

When a change request is rejected due to a code freeze, the project manager should communicate to the stakeholders to inform them of the situation. Transparent communication ensures that all parties are aware of the project's current status and any limitations affecting progress. This step is crucial for managing expectations and maintaining stakeholder trust.

This approach is supported by the CompTIA Project+ PK0-005 exam objectives, specifically under Domain 1.3: Given a scenario, apply the change control process throughout the project life cycle, which emphasizes the importance of communication in change management.

 The project manager should exploit the risk after an opportunity emerged in the middle of a project life cycle. Exploit is a risk response strategy that aims to increase the probability and/or impact of a positive risk or opportunity. Exploit can involve actions such as allocating more resources, changing the scope or schedule, or adding more features or benefits to the project deliverables. Exploit can help to ensure that the opportunity is realized and that the project gains more value or advantage from it3