C722 Project Management - Unit 5 & 6 Questions

All planning documents are ----------.

"living documents"

Which is a specific example of monitoring?

Assessing whether the project plan is being implemented as designed (This is a description of monitoring, in which the project plan is assessed as to whether it is being implemented as it was designed.)

As a project manager, which strategy for responding to risks should be your first consideration, keeping in mind it is usually also the most expensive?

Avoid risk. (Avoiding risk in the first place should be your first choice if you can afford it.)

What is an example of a product specific deliverable?

Business plan (Procurement, Systems and Procedures Menu Front of the House Kitchen Business Plan)

During which phase does scope verification occur?

Closing

What is true about contingency reserves?

Contingency reserves are included in the baseline budget and the total budget presented to the customer but will not be used unless the situation occurs.

What is true about bottom-up estimating?

Creating a bottom-up estimate requires people with expertise to do the work estimate of the labor, supplies, materials, equipment, and any other resources needed to complete each individual work activity.

Focuses on managing the uncertainties of a project and builds buffers into the schedule to prevent key activities from failing.

Critical Chain

What is an example of a risk that comes from an external influence?

Customer expectations

Which technique is used when activity durations are very predictable?

Deterministic

Match the 5 steps to managing a project with the correct process which occurs. Project Management Method / Description Executing = ? Planning= ? Monitoring and controlling = ? Closing = ? Initiating = Identifying major stakeholders

Executing = Training team members Planning= Creating the network diagram Monitoring and controlling = Documenting requested changes to scope Closing = Paying outstanding vendor invoices Initiating = Identifying major stakeholders

In order to get labor cost, you multiply---------- by the number of work hours estimated.

FTE

True or False: As long as we have a complete checklist, we can be assured that all planning for the project is complete.

False (A checklist may not include each and every task required. A checklist only states that the task has been addressed, not if it is successfully completed.)

True or False: A written ethics manual is adequate to assure honest and ethical behaviors of the project team members.

False (A written ethics manual does not assure ethical behavior.)

True or False: An agile approach allows the project team members to multitask by working on several projects at the same time.

False (Agile requires that the team focus on the current project and stay in close communication with the customer.)

True or False: Once the project plan is written, it never changes.

False (Approved changes are possible at any time in the project life cycle and can cause plans to change.)

True or False: Once the project budget has been approved and the baseline budget has been created, there can be no changes to the budget.

False (During execution, situations may occur that require replanning of activities and changes to the budget. If these changes are approved then the budget will be adjusted; however, the baseline budget remains the standard of comparison for the entire life of the project.)

True or False Extreme project management methods can be used as an alternative to agile project management.

False (Extreme project management is not interchangeable with agile project management. If agile project management methods are sufficient for a project, they should be used.)

True or False: Organizations must allocate G&A costs as a fixed amount.

False (Organizations can allocate G&A costs as a percentage or a fixed amount.)

True or False: Plans are created to identify people who are not doing their jobs.

False (Plans are developed to determine how to get the job done.)

True or False: The roles and responsibility matrix exists to assign blame when something goes wrong.

False (The roles and responsibility matrix exists to help ensure that everyone knows who is responsible for each aspect of the project.)

True or False: The project scope statement is all that is needed to complete all project planning.

False (The scope statement is only one of several documents needed to generate planning.)

True or False: Leadership is well understood and its definition agreed on by experts.

False (There is no consensus on any definition of leadership.)

True or False. Traditional management method approaches work well in situations where the project outcome has not yet been clearly defined.

False (Traditional management methods are best suited to situations where the project outcome is clearly defined.)

True or False. A project that will be developed using a newly released technology is ideal for a traditional project management approach.

False (Traditional project management methods are better suited to projects that use known/stable technologies.)

True or False Extreme project management methods are an alternative to projects that can use traditional project management methods.

False (Traditional project management methods are biased heavily toward planning. Since extreme project management methods do not have a comprehensive plan, they are not effective alternatives.)

True or False: A Work Breakdown Structure should only be done for complex projects within large companies that have the resources to do them.

False (You need to use tools like the WBS to organize all projects. It is even more critical to manage resources where there are few of them. The WBS helps the team to fully understand how to deliver everything in the scope. Small businesses must make every project count as do larger businesses. There is an old expression about people who do not plan because they do not have the time to plan: "Never time to do it right, always time to do it over!" Planning helps you do it right the first time.)

True or False The excitement of extreme project management methods creates a work environment that most people find comfortable. True

False (While exciting for some, extreme project management methods are used in projects that have increased stress and risk. These are factors that some people cannot tolerate in their work environment.)

In estimating project activity for a calendarized budget, what does the acronym FTE represent?

Full-time equivalent

Which type of environment is characteristic of extreme project management methods?

High stress (High-stress environments are well suited to extreme project management methods.)

Which type of risk management is represented by absorbing the impact of the risk and not allowing it to impact effort and cost?

Mitigating risk

In the WBS that has been developed for the restaurant project throughout the module, which segment of the business plan has these three activities: design procedures, create training guide, and write job descriptions?

Operations plan

What is a standard that identifies the best practices in project management?

PMBOK (PMBOK is a standard that identifies the best practices that can be applied across projects and environments.)

---------- is the degree of uncertainty an entity is willing to take on in anticipation of a reward.

Risk Appetite

--------- is the proactive planning for risks that occur during the project management process from the time you define the project through project execution.

Risk Management

---------- refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest.

Risk Threshold

---------- is the term used for initial estimates in estimating project costs.

Rough costs

In determining risk, what should the project manager consider? (Choose all that apply.) Safety requirements Suggestions from experienced team members Special input from experienced stakeholders Staying within the budget

Safety requirements Suggestions from experienced team members Special input from experienced stakeholders Staying within the budget

What are factors that can influence a learning curve?

Skill level required

Which of these factors contribute to uncertainty in project management?

Technologies

Which is a specific example of controlling?

Terminating a project because its outcomes are no longer needed (Controlling is taking action or making adjustments to a project based on problems that monitoring has identified.)

Besides the project team and project manager, who is most important to the agile project management process?

The customer (Agile project management depends on the customer's availability and decisiveness, because they inform each iteration of work. Functional deliverables are made regularly.)

What happens once the initiating processes are completed?

The project charter is issued.

What gets created during the executing process?

The project outcomes

Because the activity durations will be integrated with the activity sequencing to become the approved schedule, who should have primary input into the duration estimates?

The team member doing the work (The team member doing the work will have a better idea of how long an activity should take.)

Which type of estimation technique includes an optimistic estimate?

Three-point (The three-point estimate addresses projects with less certain activity durations by providing three estimates: the optimistic estimate, the most likely estimate, and the pessimistic estimate.)

Why is it best for the project team to determine for themselves what will be the specific tasks to a project?

To create a sense of ownership

What is more likely to be used during the defining phase of a project?

Top-down methods

True or False: Two examples of parametric estimating are the ratio and apportion methods.

True

True or False: Agile project management methods have been particularly successful with the development of software and new products.

True (Agile project management methods were developed for situations in which the end product is not clearly defined in advance, such as software and new development.)

What is a risk?

Uncertainty in the business, organization, or project of an associated action that can impact the outcomes of the project

Which aspect of a project must be assessed during the planning process to ensure that a project is a good match for traditional project management methods?

Volatility

What has to be created first before a bottom-up estimate can be generated?

WBS

Which tool is commonly used for building a resource plan?

WBS number

What is combined to create a calendarized budget?

WBS, budget, and network diagram

Used previously in software development, this method organizes project tasks into linear workflows.

Waterfall

When evaluating the tasks planned in the WBS, what are possible sources of risk to look for?

Weather impacts

When is accepting the risk (the fourth strategy of managing risk) most commonly used?

When risks are low impact. (Accepting risk is most common when the impacts of the potential risks are perceived as lower.)

Which of the following is a tool for doing a WBS?

Whiteboard/sticky notes

What is an example of a method used by project teams to gather information for collecting requirements?

Workshops

Which is a task that occurs during the process of closing?

Write the lessons learned.

Four tools used to assign project team roles include experience, education, skills, and -----------.

abilities

Direct costs refer to resources that ---------- be related to a specific work activity.

can

The project manager has identified a risk that food prices fluctuate with the weather. In order to cover the potential cost overrun, she could include the potential cost increase in the ----------.

contingency reserve (The contingency budget is for costs that may be incurred if certain situations occur.)

The partnership of people involved in developing the project scope statement are the project manager, the project team, and the ----------.

customer

A potential challenge of using agile project management methods is that they depend heavily on the regular availability and ---------- of the customer.

decisiveness

The problem with using the ---------- estimation method is that the people providing the estimate can be too optimistic or too pessimistic, which results in unreliable duration estimates.

deterministic (Deterministic estimation relies on one-point estimating, so it is dependent on the expertise of the person providing the estimate rather than on multiple inputs.)

In order to complete the work activity, electronic components will be needed to build a prototype of a switch. The cost of the components will be included in the budget as a ----------.

direct cost (Labor, materials, and supplies required to complete a specific work activity are included in the budget as direct costs.)

Project management often uses the term ---------- to describe the number of time periods required to complete some portion of the work.

duration

In the project scope statement, any limitations or boundaries to the project are listed as project ----------.

exclusions

A ----------- is an amount added to the overall project budget to cover unknown risks.

management reserve

How much detail a budget requires depends upon two major factors: the complexity of the project and the ----------.

needs of the stakeholders

The project scope, budget, and schedule created and approved through the planning process will become the standard for ----------. .

performance measurement

The definition of a resource histogram is a ---------- of the resources needed at a specific time in the life of the project.

pictorial representation

The traditional project management approach of four linear phases is: define, -----------, execute, close.

plan

Agile project management methods are known for being ---------- to changes in customer needs and the project environment.

responsive

A project's ----------, budget, and schedule are developed during the planning processes.

scope

Project costs are estimated so that the budget can align with the team's commitment to ----------.

scope and schedule

Traditional project management methods are characterized by ----------- steps.

sequential

Two types of deliverables for a project are project management deliverables and project ---------- deliverables.

specific

The advantage of the ----------- is that it shows each item and the total of all the items.

stacked histogram

Project management deliverables might include personnel management tasks, such as ----------.

status reports

What is developed from the project scope and statement of work?

the Work Breakdown Structure

Initial estimates of cost are most often developed using ---------- estimation methods.

top-down

Negotiated middle ground is the balance struck between -----------.

top-down and bottom-up estimation methods

The management methods with a bias toward planning are ----------.

traditional project management method

The ABC Company is beginning a project that is ideal for traditional project management methods because its scope is ------------.

unlikely to change

As a project manager, when you come to a cliff and decide to mitigate the risk, you ________.

use a parachute or a hang glider for a soft landing. (When you mitigate a problem, you want to help the team survive the risk by deferring or reducing the impact.)

In agile project management terminology, the backlog is updated with ----------.

user stories

Examples of objectives that the WBS is used to achieve include organizing a project's resources, showing milestones for communicating progress, and ---------- the project scope.

validating stakeholders' understanding of

True or False: PMBOK is a method for project management.

False (PMBOK is an official standard for project management, not a method. Project management methods include PERT, CPM, Critical Chain, Waterfall, Agile, and PRINCE2.)

Match the term related to agile project management methods with its correct definition. - Rugby term to describe self-organizing project teams - Discussion after completion - Short iteration - Customer functionality requirements

- Scrum - Retrospective - Sprint - Backlog

Developed in the 1950s for the U.S. Navy, this method uses statistical analysis to estimate activity duration times.

PERT

Focuses on the specification of outputs, including very specific processes and terminology.

PRINCE2

True or False Regardless of project size or complexity, the project scope statement must clearly identify the project deliverables and how their acceptance will be determined.

True

True or False: In assigning tasks for project deliverables, it is always the best practice to have each task belong to an individual.

True

True or False During detailed planning, situations may be identified that require that the project scope statement be modified.

True (During detailed planning, situations may be identified which require that the project scope statement be modified. However, at the conclusion of the planning phase, the project scope statement and project plan are approved and will not be changed without the agreement of both the customer and the project manager.)

True or False. Integration control is one of the processes of monitoring and controlling.

True (Integration control is another term for keeping the project activities in sync.)

True or False: Organizations vary significantly in how they apply the terms "product scope" and "project scope."

True (Organizations vary significantly in how they apply the terms "product scope" and "project scope." Many do not use the term "product scope" at all. Instead the term "project scope" is used generically to include both the "what" and the "how.")

True or False: An agile project management approach would be effective in situations where the customer is likely to change the scope.

True (Since agile is an iterative method, the customer has the opportunity to change the scope as each iteration is completed)

True or False: Teamwork does not mean that no one ever disagrees with every member of the team.

True (Team members can, and sometimes should, disagree if it can lead to a better solution.)

True or False: Teamwork does not mean everyone on the team always does what the leader says, without question.

True (Team members can, and sometimes should, disagree with the team lead if they feel a better solution is available.)

True or False An example of a project well-suited to extreme project management methods is a sunken ship expedition.

True (The extraordinary uncertainty and complexity of such an expedition is a good scenario for extreme project management methods.)

True or False: A project charter is signed after all the steps of the processes of initiating are completed.

True (The final step of the processes of initiating is issuing the project charter if the project is approved.)

True or False: The customer is often unable to fully define the desired outcome of a project. True

True (This is one of the uncertainties that must be considered when selecting an appropriate project management method.)

True or False. Companies can incur great expense during the planning processes of a project.

True (Though they can be costly, the planning processes of a project can ensure smooth execution and eliminate even costlier replanning later in the project.)

In estimating activity duration, time considerations include ----------.

vendor lead time

Using traditional project management methods in ---------- environment can result in changes to project scope, budget, and/or costs.

volatile

How are project outcomes delivered on a project using agile management methods?

As a series of functional parts (Agile management methods are responsive to changes in customer requirements, delivering functionality throughout the process.)

You have calculated that the software build-out you are doing will have 15 discrete steps. The team member who will be responsible for the activities estimates that each step will most likely require 17 hours of work, although if all goes well it would probably only take 14 hours. However, based on some concerns about resourcing, there is a real potential for it to take 21 hours. What is the single-point estimate for this deliverable (rounded to the nearest hour)?

255 hours (Using the single-point calculation of 15 steps and 17 hours of work per step is 255 hours.)

You have calculated that the software build-out you are doing will have 15 discrete steps. The team member who will be responsible for the activities estimates that each step will most likely require 17 hours of work, although if all goes well it would probably only take 14 hours. However, based on some concerns about resourcing, there is a real potential for it to take 21 hours. What is the three-point estimate for this deliverable (rounded to the nearest hour)?

258 hours (Use the three-point formula of (O+M(4)+P)/6 (×15 steps) to calculate the correct answer: 257.5 hours, rounded up to 258 hours.)

Ray is preparing a three-point estimate for the activity of writing job descriptions on a new espresso cart opening project. His estimates are as follows: Optimistic Estimate (O) 30 Hours Most Likely Estimate (M) 45 Hours Pessimistic Estimate (P) 75 Hours Using the beta distribution formula, what is the rounded weighted average estimate for time duration for writing the job descriptions?

48 hours (Using the beta distribution formula of O + 4(M) + P divided by 6 results in an activity duration estimate of 47.5 hours, rounded to 48 hours.)

Which situation would present the best possibility of having a learning curve?

A junior team member with little experience is assigned to QA the instructional materials that are being produced at various points in the project.

When creating reliable duration estimates, which level is the best to begin with?

Activities

What is the sum of the beta formula?

Activity duration

Match the activity with the object for a correct process of executing. Activity/ Object Managing = ? Acquiring = ? Documenting = ? Implementing =?

Activity/ Object Managing = Stakeholders Acquiring = Team members Documenting = Change requests Implementing = The project plan

What does cost management measure?

Actual costs versus budget

Which cost estimating method is keyed to the WBS?

Bottom-up (Bottom-up estimating methods are keyed to the WBS, which identifies the specific work needed to get the project done.)

Which estimating method experiences more problems with padding?

Bottom-up (The risk of gross overestimation occurs when padding is over-applied in the bottom-up estimation method.)

Developed for the Dupont Corporation to estimate activity time durations, this method assumes time can be reliably estimated.

CPM

What is the difference between a calendarized budget and a simple budget?

Calendarized budgets show timing of expenditures.

True or False. Typical project execution involves a fixed team of people who stay on throughout its duration.

False (Project execution can be very dynamic, with people joining and exiting the project team throughout the project.)

Which characterizes the mindset of a team using extreme project management methods?

Comfortable with not controlling outcomes (Extreme project management methods do not have a comprehensive plan in place, so teams must embrace uncertainty.)

Match the specific initiating process to the correct activity. Defining Creating Identifying Documenting Evaluating Completing

Defining = The project itself Creating = Project Charter Identifying = Project's Major Stakeholders Documenting = What problem the project will solve Evaluating = Project proposals Completing = Project selection

The WBS is organized around which hierarchical format?

Deliverables (You have to remember that you are trying to get a picture of what activities and tasks you have to do for a particular project. You need to be sure you know what you have contracted to do as deliverables and that you have to understood what activities and tasks are required to do this project.)

True or False: The histogram is a graphical representation of the history of the project.

False (The histogram, in this use, shows the number and types of resources required over specific time periods.)

Which factor is most likely to increase the cost of using extreme project management methods?

Expertise of team members (Because these team members possess specific expertise, they can be more costly.)

True or False: A project is defined as part of the planning processes.

False (The project is defined earlier, during the initiating processes.)

The task and activity information from the WBS assists in achieving which goal?

Identifying quality points (Once tasks are identified on the WBS, this can be used to identify quality points, make assignments, and set priorities, to name just a few objectives.)

What is correct about communication?

It is a two-way street. Both parties are responsible for ensuring each accurately understands the other.

What is an example of a key noncognitive skill needed in a project manager role?

Key noncognitive skills that a project manager should have include leadership, self-control, and negotiation and conflict management.

What should be covered in a risk management plan?

Management of people and resources

Identify whether the management step is a part of risk assessment or risk control. Mitigate risks Measure risks Prioritize risks Plan for emergencies Identify uncertainties Analyze risks

Mitigate risks = Risk Control Measure risks = Risk Control Prioritize risks = Risk Assessment Plan for emergencies = Risk Control Identify uncertainties = Risk Assessment Analyze risks = Risk Assessment

Which tasks of estimating project costs can be equated to checking budget performance and making corresponding adjustments?

Monitoring and controlling (Monitoring and controlling occur throughout the project so that changes can be made to the budget along the way.)

Which two scores on the risk register are multiplied together as a means of assessing risks according to priority?

Probability/Severity

What are the characteristics of a task? (Choose all that apply.) Allows for micromanagement of team members by the project manager Is further subdivided and assigned to different team members Produces a useful piece of a deliverable Can be completed in a realistic time frame

Produces a useful piece of a deliverable Can be completed in a realistic time frame

The project deliverables come from the stakeholder requirements identified in which document?

Requirements Traceability Matrix

What describes the purpose of resource leveling?

Resource leveling is the process of minimizing the variation in need of a specific resource over several time periods. (Histograms can identify how much of a resource is required for any time period in the project life cycle.)

Which is a characteristic of a project that is well-suited to traditional project management methods?

Risks are low and identifiable. (Projects with risks that are low and identifiable are well-suited to traditional project management methods.)

The ---------- defines the project's outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions.

Statement of work

What is true about WBS?

The WBS is a methodical deconstruction of deliverables into tasks to be performed. It is a comprehensive classification of project activities and tasks based on the deliverables in the scope.

What are the levels of a Work Breakdown Structure?

The WBS is done by program, project, deliverables, activities, tasks, and, frequently, subtasks.

What is resource leveling?

The act of leveling the amount of resources needed to be constant over a period of time

What is correct in regard to negotiation?

The best solution is where both parties feel they have gained.

Project deliverables are broken down into activities and ----------.

tasks

The ---------- requires that an overall project cost be provided based on the customer's budget or similar projects. The overall budget is then allocated to the major work areas required in the project (design, programming, testing, documentation, and user training).

apportion method

Project charters often include the project scope, objectives, and ----------. .

assumptions

Ways of recognizing and managing risks in business include:

avoiding mitigating transferring accepting risks

Project costs will be monitored by comparing actual costs to the ______________.

baseline budget (The baseline budget is the approved budget that will be used as the standard of comparison throughout the life of the project.)

If the project team shares office space to complete their work activities, the cost of the office space will be included in the budget as a ----------.

direct project overhead cost (Costs generated by the project but shared across multiple activities are allocated as direct project overhead costs.)

Extreme project management methods are biased more toward ---------- than planning.

human resources (Extreme project management methods require project teams to problem-solve collaboratively.)

Because it involves delivering a project after repeated short bursts of work, agile project management is considered a(n) --------- approach to project management.

iterative (Using agile project management, deliverables are made in usable chunks, produced in short bursts of approximately two weeks each.)

Creating the project scope statement is a(n) ---------- between the project team and the customer.

iterative process

The term from the scope statement which describes the features and functions of the deliverables is called ----------.

product scope

A ---------- is a characteristic, function, or capability that must be present in the project final outcome.

project requirement

The ---------- describes how the project outcomes will be created.

project scope

The project areas that require the project manager to plan extensively during the planning process are schedules, budget, quality, and ---------- needed to complete the job.

resources