Question: You are closing a construction project that has made use of many contractors. Senior management asks your opinion on which of them to deal with in future. What is …

Project Management Terminology

Funding Limit Reconciliation. The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.

Monte Carlo Simulation. An analysis technique where a computer model is iterated many times, with the input values chosen at random for each iteration driven by the input data, including probability distributions and probabilistic branches. Outputs are generated to represent the range of possible outcomes for the project.

Common Acronyms

CPM (english) : Critical Path Method

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Question to a Project Management Professional

Question Select the best option
You are closing a construction project that has made use of many contractors. Senior management asks your opinion on which of them to deal with in future. What is the best course of action?
  1. Conduct a procurement audit.
  2. Lat senior management make the decision.
  3. Conduct a brainstorming session.
  4. Use a decision tree analysis.
Answer & Explanation
Right answer
  1. Conduct a procurement audit.
  2. Lat senior management make the decision.
  3. Conduct a brainstorming session.
  4. Use a decision tree analysis.

Explanation : The objective of a procurement audit is to identify the successes and failures of procurement processes. It helps to determine the contractors to be used on next projects.

See also PMBOK® Guide – Sixth Edition: Sec. 12.3.2.5

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