A project manager is performing variance analysis for a work package. The planned cost for the completed portion of work is $20,000, but the actual cost incurred is $25,000. The project manager needs to identify the root cause of this cost variance. Which action is most appropriate?

Escalate the variance to the project sponsor and request additional funding.

Adjust the project baseline to reflect the actual cost of $25,000.

Ignore the variance because it is less than 10% of the planned cost.

Review the work package's cost breakdown and compare it to the actual expenses to identify specific cost drivers.

A project manager is consolidating performance data from multiple work packages. One work package is reporting a schedule variance of -$12,000, but the PM discovers that the package lead has been reporting progress based on the percentage of time elapsed, not on completed deliverables. The PM also finds that the cost data includes a one-time charge that was incorrectly allocated to this package. What is the most appropriate action?

Accept the package lead's progress report and adjust the cost data to match.

Escalate the issues to the project sponsor and request a new package lead.

Use the time-elapsed progress for schedule analysis and the corrected cost data for cost analysis.

Correct the cost allocation and request the package lead to report based on completed deliverables.

How do variances in project performance affect overall project risk exposure?

They automatically eliminate all identified risks

They only affect cost risks, not schedule or scope risks

They have no effect on risk exposure because risks are identified separately

They can increase or decrease the likelihood and impact of existing risks

A risk manager is preparing for a risk review meeting. Which source would be most appropriate to include when reconciling performance data from risk-relevant work packages?

Work performance reports from work packages that have associated risks in the risk register

The project's stakeholder engagement assessment matrix

The project's lessons learned repository from previous projects

The project's procurement contracts and agreements

Which statement best describes the purpose of analyzing completion status against the baseline?

To update the project's stakeholder communication plan

To validate the project's business case and financial justification

To determine whether work packages are on track relative to the approved plan

To identify new risks that have not yet been recorded in the risk register

PMIRisk Management Professional

Domain 5Objective 1

Task 1 Gather and Analyze Performance Data PMI-RMP Practice Questions (Page 3)

Part of the Monitor and Close Risks domain, which accounts for 19% of the PMI-RMP exam. PMI does not publish an official question count, but from its 230-minute exam (~90–155 total, ~17–29 in this domain), expect 4–7 from this objective — we provide 19 practice questions to prepare you well beyond it. (estimate)

19questions here

4free pages

4concepts

19%of the exam

Questions 11–15

11application · medium
A project manager is performing variance analysis for a work package. The planned cost for the completed portion of work is $20,000, but the actual cost incurred is $25,000. The project manager needs to identify the root cause of this cost variance. Which action is most appropriate?
Select an answer first
12expert · hard
A project manager is consolidating performance data from multiple work packages. One work package is reporting a schedule variance of -$12,000, but the PM discovers that the package lead has been reporting progress based on the percentage of time elapsed, not on completed deliverables. The PM also finds that the cost data includes a one-time charge that was incorrectly allocated to this package. What is the most appropriate action?
Select an answer first
13foundation · easy
How do variances in project performance affect overall project risk exposure?
Select an answer first
14foundation · easy
A risk manager is preparing for a risk review meeting. Which source would be most appropriate to include when reconciling performance data from risk-relevant work packages?
Select an answer first
15foundation · easy
Which statement best describes the purpose of analyzing completion status against the baseline?
Select an answer first

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