SimpliLearn answers: d, c, c, c, b

sorry for the lengthy post.

Q1: SimpliLearn:  Answer (d) All of the above. WBS provides deliverable oriented decomposition of work to be executed by project team to accomplish project objectives. And hence Work breakdown structure (WBS) is the primary input to all of the above process. It helps to identify specific actions to be performed to produce project deliverables (Define Activity), estimate cost for each activity within work package (Estimate Cost) and aggregate the cost estimates within work package to obtain Cost Budget (Determine Budget). For more details please refer to PMBOK 4th edition Project Time and Cost Management chapters PN 133 169,175.

My answer A - With out an activity list you cannot determine costs or budget. I dont get their answer.

Q2: SimpliLearn:  Answer (c) Use this approved schedule as baseline and start tracking the project. The project manager is in the process develop schedule and since he has already derived an approved project schedule, it implies option (a) ,(b) and (d) are already completed as part of the processes Estimate Activity Resources, Develop Schedule and Sequence Activities. The next step would be to treat this estimate as schedule baseline and start tracking the project as part of process Control Schedule

My answer B - I am stumped and also this is a poorly worded question. A PM cannot create an approved project schedule, he/she would rather create a project schedule and then obtain approval.

Q3: SimpliLink: Answer (c) Monte Carlo Simulation. Monte Carlo Simulations are typically associated with Quantitative Risk Analysis Process. It generates the output as a range instead of a fixed value and shows how likely the output value is to occur in the range. For this purpose Monte Carlo Simulations allows several inputs to be used at the same time to create the probability distribution of one or more outputs. Some of the popular probability distribution used are Normal/Gaussian Distribution, Lognormal Distribution, Triangular Distribution and Uniform Distribution.

My answer: B - actually could by ( b or c or d)

Probability and Impact Matrix - Tool for Qualitative Risk Analysis
SWOT - Tool for Identify Risks
Monte Carlo Simulation - Tool for Quantitative Risk Analysis
Root Cause Analysis - Tool for Identify Risks (Risk information Gathering)

Q4: SimpliLearn: Answer (c) Both are equally economical . Please check the calculations for deriving the answer .Cost of digger is $1,400, daily cost of operation = $50, Daily rental of the digger= $250. If D is the number of days in which the cost of buying a digger equals cost of renting it . $ 250 D = $ 1400+$ 50D ; $ 200D = $ 1400 ; D = 1400/200 = 7 days. Since in 7 days the rental cost will be same as purchase cost and the project manager also requires it for exactly 7 its immaterial for him to rent or buy as far as cost is concerned.

My answer A; my thinking is that the cost of operations will exist in both the scenarios. An analogy would be; you have to spend money on gas whether you own a car or rent a car, which will lead us to the following calculations:

Buy: $1400 + $350 = $1750
vs
Rent: (7 x $250) + $350 = $2100

Q5: SimpliLearn: Answer (b) Pure Risk. This is an example of Pure risk or Insurable risk in the project which only offers an opportunity for loss unlike a business risk which provides an opportunity for gain as well as loss. Some other examples of pure risk in a project are fire, theft, hurricane etc

My answer: C - I did not know what was a "pure risk" at that time.

I would like to know if my thought process wrt to these questions is correct or not.