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The CAPM Exam Success Series: Placemat Volume 2 is designed to provide easy memorization of the 44 PMBOK processes and their Inputs, Tools/Techniques, and Outputs that the CAPM Exam is based on. It also includes a number of graphical aids for memorization and PMI standards.

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The retail chain is using a vendor to provide engineers for a security camera network design and implementation. The buyer of the equipment is providing the list of models and quantity of each piece of equipment that it wants to purchase as well as the timeframes they intend to purchase the equipment in. What type of document is being provided to the sellers?

(a) Request for Information (RFI)
(b) Invitation for Bid (IFB)
(c) Request for Quote (RFQ)
(d) Request for Proposals (RFP)

Cost Plus Incentive Fee Contract (CPIF)

A contract in which the supplier receives payment for allowable costs, as well as a pre-negotiated fee and an incentive fee (if incentives are met)

The construction project is scheduled to run until the end of the year. There is the possibility that the union collective bargaining agreement will not be renewed immediately upon its expiration in the next month. If this happens, the Project Manager and Senior Management have decided that the project will be cancelled because the union labor play a key part in the success of the project and any delay will cause a business opportunity to be missed. This is an example of what type of risk response?

(a) Mitigate
(b) Transfer
(c) Accept (Correct)
(d) Avoid

Explanation: Risk acceptance involves simply dealing with the risk if it happens. In this case, the project would be put on hold as a means to deal with the union issue. Risk avoidance involves doing what can be done to eliminate the risk. Mitigation is done to attempt to minimize the bad risk or maximize the good risk. Transference is done to assign or transfer the risk to someone else.

For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at www.c rosswind pm.com

Question of the Day

The retail chain is using a vendor to provide engineers for a security camera network design and implementation. The buyer of the equipment is providing the list of models and quantity of each piece of equipment that it wants to purchase as well as the timeframes they intend to purchase the equipment in. What type of document is being provided to the sellers? (a) Request for Information (RFI) (b) Invitation for Bid (IFB) (c) Request for Quote (RFQ) (d) Request for Proposals (RFP)

Terminology of the Day

Cost Plus Incentive Fee Contract (CPIF) A contract in which the supplier receives payment for allowable costs, as well as a pre-negotiated fee and an incentive fee (if incentives are met)

Answer and Explanation to Yesterday's Question

The construction project is scheduled to run until the end of the year. There is the possibility that the union collective bargaining agreement will not be renewed immediately upon its expiration in the next month. If this happens, the Project Manager and Senior Management have decided that the project will be cancelled because the union labor play a key part in the success of the project and any delay will cause a business opportunity to be missed. This is an example of what type of risk response? (a) Mitigate (b) Transfer (c) Accept (Correct) (d) Avoid Explanation: Risk acceptance involves simply dealing with the risk if it happens. In this case, the project would be put on hold as a means to deal with the union issue. Risk avoidance involves doing what can be done to eliminate the risk. Mitigation is done to attempt to minimize the bad risk or maximize the good risk. Transference is done to assign or transfer the risk to someone else. For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at www.c rosswind pm.com