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ANSWER: C
Time and material contracts are a hybrid type of contractual arrangements that contain aspects of both cost-reimbursable and fixed-price contracts. Options A: This type of contracts involves fixed-price arrangement that allows for deviation from performance, with financial incentives tied to achieving agreed metrics. Option B: In this type of contracts, the seller is reimbursed for all legitimate costs, but the majority of the fee is only earned based on the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract. Option D: In this type of contracts, the seller is reimbursed for all allowable costs for performing the contract work, and receives a fixed fee payment calculated as a percentage of the initial estimated project costs. Reference: PMBOK(r) GuideFourth Edition, Page Number:324

Keyword(s):
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ANSWER: C
Expert judgment. Although (b) is somewhat true, expert judgment is a more correct answer; it is the knowledge of the product and how to decompose it that helps us identify the work more completely. PMBOK Guide Guide Fourth, Chapter 5

Keyword(s):
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ANSWER: D
Project Management, A Systems Approach to Planning, Scheduling and Controlling by H. Kerzner, 8th edition, page 235, 3rd bullet in the list of communication styles
Keyword(s):
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ANSWER: D
 Histogram that is useful in determining how much time is expected from the various team members and or functions.
Keyword(s):
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ANSWER: C
Statistically independent
Keyword(s):
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ANSWER: A
Reference: PMBOK Guide 4th Edition, page 121.
Keyword(s):
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ANSWER: A
Entire process of random selection and inspecting a work product is known as Statistical Sampling.
Keyword(s):
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ANSWER: B
All are part of Project Risk Management except Solicitation.
Keyword(s):
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ANSWER: A
A Schedule Management Plan is developed as part of "Develop Project Management Plan".
Keyword(s):
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ANSWER: B
PMBOK Guide 4th Edition, page 453.
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