CompTIA PK0-005 Practice Test - Questions Answers, Page 16

A capital expense is the cost of acquiring or making improvements to fixed assets that have a useful life of more than one year1. A building purchase is an example of a capital expense, as it is a long-term investment that increases the value of the company's assets2. Building lease, maintenance, and insurance are not capital expenses, as they are recurring or short-term costs that do not increase the value of the company's assets3.

Mitigate is a risk strategy that involves taking actions to reduce the probability or impact of a risk. By applying new updates to a program in a sandbox environment, the software engineer is testing the changes before implementing them in the actual system, thus minimizing the chance of errors or failures that could affect the project1.

A warranty period is the time during which a manufacturer or seller agrees to repair or replace a product that is defective or does not meet the specified standards. A warranty period can be expressed in terms of duration (e.g., one year) or usage (e.g., 10,000 miles). A warranty period is a form of consumer protection that obliges the manufacturer or seller to bear the costs of repairing or changing any part of the product that is not functioning properly1.

Releasing the project resources is the process of formally ending the involvement of the project team members and other resources in the project. It also involves updating the resource availability and performance records, and providing feedback and recognition to the resources. Releasing the project resources is an important part of the project closure phase, and it helps to avoid unnecessary costs and conflicts. If the project manager neglects to release the project resources, the team members may still charge time to the project and be unable to work on new projects12.

The project sign-off is the formal acceptance of the project deliverables by the client, stakeholder, or customer. It also marks the closure of the project and the release of the final payment. If the project sign-off is not completed, the project may still incur costs and liabilities, which can explain the losses in the financial report. Therefore, the project manager should complete the project sign-off as soon as possible to avoid further losses12.

A project schedule is an artifact that shows the sequence, duration, and dependencies of the project activities, as well as the resources assigned to each activity. A project schedule helps the project team understand what needs to be done, who needs to complete the tasks, and when the tasks need to be completed. A project schedule can also help monitor and control the project progress and performance1.

The total amount that should be budgeted for the task is calculated by adding the expected value of the risk to the original estimate. The expected value of the risk is the product of the probability and the impact of the risk. In this case, the expected value of the risk is 0.2 x (5 days and $1,000) = 1 day and $200. Therefore, the total amount that should be budgeted for the task is 9 days and $3,000 + 1 day and $200 = 10 days and $3,2001.

Identifying and assessing stakeholders is an action item that will benefit from the analysis of the objectives, the high-level requirements, the success criteria, and the budget resources in the initiation phase. By reviewing these elements, the PM can determine who are the key individuals or groups that have an interest or influence in the project, what are their expectations and needs, and how to engage them effectively throughout the project life cycle12.

A multitiered architecture project is a type of project that involves designing and implementing a system that consists of multiple layers or tiers, such as presentation, application, and data. A multitiered architecture project can provide a high level of redundancy, scalability, and performance, as each tier can have multiple servers or components that can handle requests and failures independently. A Tier 5 redundancy level is the highest level of redundancy that requires a fully redundant, mirrored system plus one additional backup unit for every component12.