PMHub now offers you the benefit of daily guidance to help you stay on the road to success with the project management exam or to sharpen and exercise the project management skills you already possess. Each edition of the PMHub Tip of the Day will give you a question of the day, daily terminology booster, and links to other helpful tools that will prepare you for exam success.

The CAPM® Exam Success Series: Terms and Definitions Audio CD is a key tool for anyone preparing for the CAPM® exam. This CD has Terms and Definitions for all 44 processes covered on the CAPM® exams. The format allows you to listen to the term, think of the answer, and then hear the correct answer. It’s perfect for quizzing yourself or memorization during that late night study session, or that long commute to the office.

You are in the process of purchasing 125 bed frames, mattresses, dressers and televisions for an upcoming project to remodel a hotel. What type of contract will you likely use?

(a) Purchase Order
(b) Fixed Price
(c) Cost Plus Percentage Cost
(d) Net 30

Cost Reimbursable (CR) Contract

A contract in which the supplier is paid for direct and indirect costs actually incurred on the project

The Project Manager has just completed determining with assistance from the team what will be done as a result of uncertain events happening on the project as well as who will be responsible for monitoring and responding if the events do occur. Which of the following best describes what they have just completed?

(a) Risk Identification
(b) Risk Response Planning (Correct)
(c) Secondary Response Planning
(d) Qualitative Analysis

Explanation: Risk Response Planning documents who should do what if risk events occur. Risk Identification is the process of figuring out what risks and triggers could occur on the project. Qualitative analysis involves assigning probability and impact ratings to the risk. Secondary response planning is noise.

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

You are in the process of purchasing 125 bed frames, mattresses, dressers and televisions for an upcoming project to remodel a hotel. What type of contract will you likely use? (a) Purchase Order (b) Fixed Price (c) Cost Plus Percentage Cost (d) Net 30

Terminology of the Day

Cost Reimbursable (CR) Contract A contract in which the supplier is paid for direct and indirect costs actually incurred on the project

Answer and Explanation to Yesterday's Question

The Project Manager has just completed determining with assistance from the team what will be done as a result of uncertain events happening on the project as well as who will be responsible for monitoring and responding if the events do occur. Which of the following best describes what they have just completed? (a) Risk Identification (b) Risk Response Planning (Correct) (c) Secondary Response Planning (d) Qualitative Analysis Explanation: Risk Response Planning documents who should do what if risk events occur. Risk Identification is the process of figuring out what risks and triggers could occur on the project. Qualitative analysis involves assigning probability and impact ratings to the risk. Secondary response planning is noise. For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at www.c rosswind pm.com