BUS 394 CH 1 + 2 Quiz

_____ refers to the process in which organizations group and manage projects and programs as a portfolio of investments that contribute to the entire enterprise's success.

Project portfolio management

The question, "What is the project's schedule?" is an example of a(n) _____ constraint.

time

True/False - A difference between operations and projects is that operations end when their objectives have been reached, whereas projects do not.

False

True/False - A project manager's primary role is to provide the funding for a project.

False

True/False - Earned value management is a tool primarily used in resource management.

False

True/False - Good project managers assume that their definition of success is the same as the sponsors.

False

True/False - Managing the triple constraint primarily involves making trade-offs between resources and quality

False

_____ tools, a step up from low-end tools, are designed to handle larger projects, multiple users, and multiple projects.

Midrange

The term "_____" refers to work done in organizations to sustain the business.

Operations

The _____ is an international professional society for project managers founded in 1969.

Project Management Institute

_____ is "the application of knowledge, skills, tools, and techniques to project activities to meet project requirements."

Project management

Identify several of the qualities of a good project manager.

Project managers often take on the role of both leader and manager. Good project managers know that people make or break projects, so they must set a good example to lead their team to success. They are aware of the greater needs of their stakeholders and organizations, so they are visionary in guiding their current projects and in suggesting future ones. Companies that excel in project, program, and portfolio management grow project leaders, emphasizing development of business and leadership skills. Therefore, the best project, program, and portfolio managers have leadership and management characteristics; they are visionary yet focused on the bottom line. Above all else, good project managers focus on achieving positive results.

_____ include people, hardware, software, or other assets.

Resources

True/False - A project's stakeholders include its customers, users, and suppliers.

True

True/False - Every project should have a well-defined objective.

True

True/False - Maturity models, statistical methods, and test plans are examples of tools used in quality management.

True

True/False - One of the main reasons why project management is challenging is because of the factor of uncertainty.

True

A Gantt chart is a standard format for displaying project schedule information by listing project activities and their corresponding start and finish dates in a ____ format. a. calendar b. line graph c. bar graph d. pie chart

a.

A _____ is an organizational group responsible for coordinating the project management function throughout an organization. a. Project Management Office b. Project Management Professional c. Project Management Center d. Portfolio Group

a.

Fast tracking is an example of a tool used in _____ management. a. schedule b. quality c. communication d. risk

a.

Galaxy, a construction company, buys a particular brand of tiles manufactured by Tiles and Floors, an eco-friendly tile manufacturing company. However, Tiles and Floors has declared bankruptcy and closed down. At present, Galaxy is facing a crisis because there are no other manufacturers in the market that supplies eco-friendly tiles. Which constraint is Galaxy currently facing? a. Resources b. Time c. Scope d. Cost

a.

The role of a _____ is to provide direction and funding for a project. a. project sponsor b. project manager c. support staff member d. project team

a.

Which of the following refers to a set of principles that guides decision making based on personal values of what is considered right and wrong? a. Ethics b. Civics c. Laws d. Politics

a.

Which tool can best help in efficient communication management? a. Kick-off meetings b. Impact matrices c. Requests for quotes d. Fast tracking

a.

Which type of tool is usually recommended for small projects and single users? a. Low-end b. Midrange c. High-end d. Upper range

a.

A _____ is a tool used in quality management. a. probability matrix b. checklist c. request for proposal d. critical path analysis

b.

Martha works as a project manager at a bank. Due to certain changes in external factors, Martha needs to make a few alterations in the tactical goals of her project. In such a scenario, which of the following will best help Martha cope with the change? a. Negotiation b. Project environment knowledge c. Motivation d. Soft skills

b.

Project procurement management mainly involves: a. making effective use of the people involved with the project. b. buying goods and services for a project from outside the performing organization. c. generating, collecting, disseminating, and storing project information. d. identifying and analyzing stakeholderneeds while managing and controlling their engagement.

b.

In which of the following areas of management is payback analysis most likely to be used? a. Resource b. Communication c. Cost d. Quality

c.

Team building exercises and motivation techniques are tools used in _____ management. a. procurement b. scope c. resource d. cost

c.

Which attribute is true of low-end tools of project management software? a. They are designed for especially large projects with multiple users. b. Their main advantage is that they have unlimited functionality. c. They provide basic project management features. d. They are referred to as enterprise project management software.

c.

Which characteristic highlights a difference between projects and operations? a. Projects are undertaken to sustain an organization's business whereas operations are not. b. Operations are undertaken to create unique products, services, or results whereas projects are not. c. Projects are temporary endeavors whereas an organization's operations are ongoing in nature. d. Operations have well-defined objectives whereas projects do not need to have a unique purpose.

c.

Which of the following is true of program managers? a. They report to project managers who represent the next level in the hierarchy. b. They recognize that managing a program is simpler than managing a project. c. They provide leadership and direction for project managers heading the projects within a program. d. They are responsible solely for the delivery of project results.

c.

Project _____ management consists of preparing and managing the budget for a project.

cost

A _____ is a tool used in risk management. a. work breakdown structure b. project organizational chart c. critical path analysis d. probability matrix

d.

A difference between strategic and tactical goals is: a. strategic goals are more specific than tactical goals. b. tactical goals encompass broader dimensions than strategic goals. c. tactical goals are more important for a project than strategic goals. d. strategic goals are long-term in nature whereas tactical goals are short-term.

d.

An important tool for project scope management is _____. a. fast tracking b. a kickoff meeting c. a Gantt chart d. a work breakdown structure

d.

Enterprise project management software is also known as a _____ tool of project management software. a. baseline b. midrange c. low-end d. high-end

d.

Joe is a project manager in an IT company and has over the years, gained substantial knowledge in his area of work. However, while managing his team, he often loses his temper. In addition, he fails to be an active listener when his team members approach him with work related challenges. In which of the following areas does Joe need to develop his skills in? a. Application area knowledge b. Project environment knowledge c. Standards and regulations d. Human relations skills

d.

Steve, an engineer in a construction company, is at present working on a home construction project. The home is being built for the Robinson family, the owners of the home. Steve is working with his project team and support staff to ensure the project is completed on time. In such a scenario, the project sponsor is _____. a. Steve b. the support staff c. the project team d. the Robinson family

d.

What is a difference between low-end and midrange tools of the project management software? a. Low-end tools are designed to handle primarily multiple users whereas midrange tools are created to handle single users. b. Low-end tools provide robust capabilities to handle dispersed workgroups whereas midrange tools do not. c. Midrange tools provide basic project management features whereas low-end tools offer enterprise and portfolio management functions. d. Midrange tools are designed to handle larger projects than low-end tools.

d.

Which attribute best defines the role of leaders? a. They focus on short-term objectives. b. They work on achieving primarily tactical goals. c. They work solely toward day-to-day details of meeting specific tasks. d. They inspire people to reach goals.

d.

Which project management knowledge area ensures that the project will satisfy the stated or implied needs for which it was undertaken? a. Project cost management b. Project time management c. Project risk management d. Project quality management

d.

Soft skills are also known as _____ skills

human relations

Project management _____ describe the key competencies that project managers must develop.

knowledge areas

High-end tools are generally licensed on a(n) _____ basis.

per-user

High-end tools in project management software have enterprise and _____ functions that summarize and combine individual project information to provide an enterprise view of all projects.

portfolio management

A project's sponsor is also known as a(n) _____.

primary customer

.A(n) _____ is "a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits and control not available from managing them individually."

program

A(n) _____ is a temporary endeavor undertaken to create a unique product, service, or result.

project

Passing the CPA exam is a standard for accountants. Similarly, passing the PMP exam is becoming a standard for _____.

project managers

The _____ of project management includes quality, scope, time, and cost constraints.

quadruple constraint

Project _____ management includes estimating how long it will take to complete the work, developing an acceptable project schedule, and ensuring timely completion of a project.

schedule

Until the 1980s, project management primarily focused on providing _____ and resource data to top management in the military, computer, and construction industries.

schedule

The question, "What unique product, service, or result does the customer or sponsor expect from the project?" is an example of a(n) _____ constraint.

scope

In project management, the three limitations of scope, time, and cost are referred to as the _____.

triple constraint

True/False - Effective program managers recognize that managing a project is much more complex than managing a program.

False

True/False - In order to be realistic, a project manager should always set discrete goals instead of a range of objectives.

False

True/False - Individual projects always address strategic goals whereas portfolio management addresses tactical goals.

False

True/False - It is mandatory for project managers working on large information technology projects to be experts in the field of information technology.

False

Discuss the PMI Code of Ethics and Professional Conduct.

PMI approved a Code of Ethics and Professional Conduct that took effect in January 2007. This code applies not only to PMPs, but to all PMI members and individuals who hold a PMI certification, apply for a PMI certification, or serve PMI in a volunteer capacity. It is vital for project management practitioners to conduct their work in an ethical manner. Even if one is not affiliated with PMI, these guidelines can help one conduct their work in an ethical manner, which helps the profession earn the confidence of the public, employers, employees, and all project stakeholders. The PMI Code of Ethics and Professional Conduct includes short chapters addressing vision and applicability, responsibility, respect, fairness, and honestly.

Discuss the PMP certification. What are the advantages of obtaining PMP certification?

The Project Management Institute (PMI) provides certification as a Project Management Professional (PMP)—someone who has documented sufficient project experience and education, agreed to follow the PMI code of professional conduct, and demonstrated knowledge of the field of project management by passing a comprehensive examination. ​ Organizations that support PMP certification see the value of investing in programs to improve their employees' knowledge in project management. Many employers today require specific certifications to ensure their workers have current skills, and job seekers find that they often have an advantage when they earn and maintain marketable certifications. ​ Passing the PMP exam is becoming a standard for project managers. Project management certification is also enabling professionals in the field to share a common base of knowledge. Sharing a common base of knowledge is important because it helps advance the theory and practice of project management. PMI also offers additional certifications, including agile techniques, scheduling, risk, program management, portfolio management, and business analysis.

True/False - Program managers are change agents

True

True/False - Project managers work with the project sponsors to define success for particular projects.

True

True/False - Projects should be developed in increments.

True

Which knowledge area involves defining and managing all the work required to complete the project successfully? a. Project resource management b. Project scope management c. Project time management d. Project cost management

b.

Which objective is true of projects? a. They have an indefinite beginning and end. b. They have a unique purpose. c. They are developed using regressive elaboration. d. They are permanent in nature.

b.

Describe the triple constraint. What are the three components and what is the relationship between them?

Every project is constrained in different ways, often by its scope, time, and cost goals. These limitations are sometimes referred to in project management as the triple constraint. To create a successful project, a project manager must consider scope, time, and cost and balance these three often-competing goals. ​ Scope: This goal involves questions such as, "What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project? How will the scope be verified?" ​ Time: This goal encompasses questions such as, "How long should it take to complete the project? What is the project's schedule? How will the team track actual schedule performance? Who can approve changes to the schedule?" ​ Cost: This goal deals with questions such as, "What should it cost to complete the project? What is the project's budget? How will costs be tracked? Who can authorize changes to the budget?" ​ Managing the triple constraint involves making trade-offs between scope, time, and cost goals for a project. Experienced project managers know that they must decide which aspect of the triple constraint is most important. If time is most important, one must change the initial scope and/or cost goals to meet the schedule. If scope goals are most important, one may need to adjust time and/or cost goals.

True/False - Opponents of a project do not belong to the category of stakeholders.

False

True/False - Project procurement management primarily involves identifying stakeholder needs while managing their engagement throughout the life of the project.

False

True/False - Questions about how a team will track schedule performance is related to a project's scope.

False

True/False - Responsibility assignment matrices and project organizational charts are examples of tools used in procurement management

False

True/False - The enterprise project management software, which aids project and portfolio management, is a low-end tool.

False

True/False - The importance of stakeholders' needs and expectations is limited to the beginning of a project.

False

True/False - The only responsibility of a project manager is to meet the specific scope, time, and cost goals of a project.

False

True/False - The primary role of project stakeholder management is to ensure that the project will satisfy the stated needs for which it was undertaken.

False

True/False - To be a successful manager, the only skills an IT project manager needs to possess are excellent technical skills.

False

List and describe each of the ten project management knowledge areas

Project management knowledge areas describe the key competencies that project managers must develop. These are as follows: ​ (1) Project scope management involves defining and managing all the work required to complete the project successfully. ​ (2) Project schedule management (formerly called project time management) includes estimating how long it will take to complete the work, developing an acceptable project schedule, and ensuring timely completion of the project. ​ (3) Project cost management consists of preparing and managing the budget for the project. ​ (4) Project quality management ensures that the project will satisfy the stated or implied needs for which it was undertaken. Project management knowledge areas describe the key competencies that project managers must develop. These are as follows: ​ (1) Project scope management involves defining and managing all the work required to complete the project successfully. ​ (2) Project schedule management (formerly called project time management) includes estimating how long it will take to complete the work, developing an acceptable project schedule, and ensuring timely completion of the project. ​ (3) Project cost management consists of preparing and managing the budget for the project. ​ (4) Project quality management ensures that the project will satisfy the stated or implied needs for which it was undertaken. ​ (5) Project resource management is concerned with making effective use of the people and physical resources involved with the project. ​ (6) Project communications management involves generating, collecting, disseminating, and storing project information. ​ (7) Project risk management includes identifying, analyzing, and responding to risks related to the project. ​ (8) Project procurement management involves acquiring or procuring goods and services for a project from outside the performing organization. ​ (9) Project stakeholder management includes identifying and analyzing stakeholder needs while managing and controlling their engagement throughout the life of the project. ​ (10) Project integration management is an overarching function that affects and is affected by all of the other knowledge areas.

True/False - Project resource management is concerned with making effective use of the people involved with a project.

True

True/False - Stakeholder analyses, work requests, and project charters are tools used in integration management.

True

True/False - The introduction of new software makes basic tools, such as Gantt charts and network diagrams, inexpensive and easy to create.

True

True/False - Until the 1980s, project management primarily focused on providing schedule and resource data to top management in the military, computer, and construction industries.

True

Which of the following questions reflects the strategic goals of project portfolio management? a. Are we carrying out projects well? b. Are projects on time and on budget? c. Are we investing in the right areas? d. Do stakeholders know what they should be doing?

c.

Which organization provides certification as a Project Management Professional? a. PMS b. PMC c. PMI d. PMP

c.

Which project management knowledge area is an overarching function that affects and is affected by the different knowledge areas? a. Project cost management b. Project stakeholder management c. Project integration management d. Project communications management

c.

Which statement is true of project management? a. It is a simple discipline with a limited scope. b. It has specific tools which work universally across all kinds of projects. c. It does not guarantee successes for all projects. d. Its framework consists solely of project management knowledge areas.

c.

Which tool is most likely to be used in project schedule management? a. Payback analysis b. Impact matrices c. Gantt charts d. Fishbone diagrams

c.

"What is the project's budget?" This is an example of a project's _____ constraint.

cost

Which goal distinguishes project management and portfolio management? a. Project management involves making wise investment decisions whereas portfolio management does not. b. Portfolio management is an easy task whereas project management is a more difficult task. c. Portfolio management asks questions like, "Are we carrying out projects efficiently?" whereas project management asks questions such as "Are we investing in the right areas?" d. Project management addresses specific, short-term goals whereas portfolio management focuses on long-term goals.

d.

Which project management knowledge area primarily involves generating, collecting, disseminating, and storing project information? a. Project cost management b. Project procurement management c. Project time management d. Project communications management

d.

Ethics is a set of principles that guides decision making based on _____ of what is considered right and wrong.

personal values