MISY 4350 Exam 2

The degree of uncertainty an entity is willing to take on in anticipation of a reward is

The degree of uncertainty an entity is willing to take on in anticipation of a reward is

When an organization needs a new direction, the ________ leadership style is appropriate.

visionary

_____ involves allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.

Determining the budget

A backward pass through the network diagram determines the early start and early finish dates for each activity.

False

A disadvantage of using Gantt charts is that they do not provide a standard format for displaying planned project schedule information.

False

Critical chain scheduling assumes that resources multitask and maximizes multitasking.

False

In a Gantt chart, thick black bars represent milestones achieved in a project.

False

In a critical path analysis, the shortest path is what drives the completion date for the project.

False

In project time management, one should control the schedule before estimating the duration for each activity.

False

One of PERT's main disadvantages is that it does not address the risk associated with duration estimates.

False

The final process in project time management is developing the schedule.

False

Critical chain scheduling protects tasks on the critical chain from being delayed by using _____, which consist of additional time added before tasks on the critical chain that are preceded by non-critical-path tasks.

feeding buffers

The first step in the framework for defining and assigning work is _____.

finalizing the project requirements

The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as a _____.

free slack

The highest level of needs in Maslow's structure is referred to as a _____ need.

growth

The budget is one of the three values of earned value management and is also known as _____.

planned value

Identifying risks is a subprocess of the _____ process of project risk management.

planning

According to McClelland's acquired-needs theory, people who need personal _____ want to direct others and can be seen as bossy.

power

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

probability/impact matrix

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

procurement

According to Thamhain and Wilemon, _____ is the ability to improve a worker's position.

promotion

Risk utility rises at a decreasing rate for a _____ person.

risk-averse

A _____ person achieves a balance between risk and payoff.

risk-neutral

A _____ is a technique used to show the effects of changing one or more variables on an outcome.

sensitivity analysis

In the Tuckman model, _____ occurs as team members have different opinions as to how the team should operate.

storming

Schedule variance is:

the earned value minus the planned value

The first step in project cost management is:

to plan how costs will be managed

Analogous estimates are also known as _____ estimates.

top-down

_____ a highly respected psychologist, rejected the dehumanizing negativism of psychology and proposed the hierarchy of needs theory.

Abraham Maslow

_____ involves assigning the needed personnel to work on the project.

Acquiring the project team

Psychologist David Merril describes _____ as reactive and task-oriented.

Analyticals

What is the first step in a Monte Carlo analysis?

Assess the range for the variables being considered

Which of the following is a similarity between scope control and schedule control?

Both are portions of the integrated change control process under project integration management

_____ involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project.

Controlling risk

Which of the following is an output of the process of controlling costs?

Cost forecasts

_____ involves allocating ownership of the risk to another party.

Risk sharing

_____ involves building individual and group skills to enhance project performance.

Developing the project team: involves building individual and group skills to enhance project performance

_____ is best known for developing Theory X and Theory Y.

Douglas McGregor

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

Electricity used to run its factories

Which of the following involves developing an approximation of the costs of resources needed to complete a project?

Estimating costs

Which of the following techniques involve doing activities in parallel that one would normally do in sequence?

Fast tracking

_____ involves determining which risks are likely to affect a project and documenting the characteristics of each.

Identifying risks

_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions.

Interviewing

Which of the following is true of earned value?

It is an estimate of the value of the physical work actually completed

Which of the following is true of a rough order of magnitude estimate?

It provides an estimate of what a project will cost

Which of the following is an output of schedule control?

Lessons-learned reports

Which of the following reserves allows for future situations that are unpredictable?

Management reserves

_____ refers to matching certain behaviors of the other person.

Mirroring

_____ analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.

Monte Carlo

Managers who follow _____ assume that the average worker wants to be directed and prefers to avoid responsibility.

Theory X

Which of the following is true of contingency reserves?

They allow for future situations that can be partially planned for

Which of the following is true of tangible costs?

They can be easily measured

_____ are/is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

Top Ten Risk Item Tracking

_____ is the amount of time an activity can be delayed from its early start without delaying the planned project finish date.

Total slack

A Tracking Gantt chart is based on the percentage of work completed for project tasks or the actual start and finish dates.

True

Knowing the amount of float allows project managers to know whether a project schedule is flexible.

True

The critical path on a project can change as the project progresses.

True

The technique of fast tracking can result in lengthening the project schedule.

True

_____ are unplanned responses to risk events used when project teams do not have contingency plans in place.

Workarounds

People with a high need for _____ seek to excel and tend to avoid both low-risk and high-risk situations to improve their chances for achieving something worthwhile.

achievement

A cost estimation tool which involves estimating individual work items or activities and summing them to get a project total is known as a(n) _____ estimate.

bottom-up

According to Blake and Mouton, project managers who use the _____ method use a give-and take-approach to resolving conflicts.

compromise

The main goal of the _____ process is to produce a cost baseline for measuring project performance and project funding requirements.

cost budgeting

The technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost is known as _____.

crashing

A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

decision tree

The bottom four needs in Maslow's structure are referred to as _____ needs.

deficiency needs

A _____ estimate is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs.

definitive

If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a(n) _____ estimate and as accurate as possible.

definitive

In project time management, the ultimate goal of _____ is to provide a basis for monitoring project progress for the time dimension of the project.

developing a schedule

The main outputs of the _____ process are team performance assessments and enterprise environmental factors updates.

developing the project team

Newtech Inc. hires John for the position of a software programmer to work on their new project. Salary paid to John by Newtech Inc. would be an example of _____ costs.

direct

Variances are calculated by subtracting the actual cost from _____.

earned value

Recognizing an employee as the "Star Performer of the Month" would be satisfying the _____ need of the Maslow's hierarchy of needs.

esteem

After working with key stakeholders to define activities and calculate their resources, the next process in project time management is to:

estimate the duration of activities

A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other.

influence diagram

The _____ for an activity is the latest possible time an activity might begin without delaying the project finish date.

late start date

The critical path is the _____ path through a network diagram, and it represents the _____ amount of slack or float.

longest; shortest

The process of controlling costs primarily involves:

managing changes to the project budget

Profits may be defined as:

revenues minus expenditures

A difference between the Program Evaluation and Review Technique (PERT) and critical path method (CPM) is that:

PERT uses different duration estimates whereas CPM uses one specific duration estimate

_____ uses project characteristics in a mathematical model to estimate project costs.

Parametric estimating

_____ states that work expands to fill the time allowed.

Parkinson's Law

Which of the following is most likely to be a reason for inaccuracies in information technology cost estimates?

People lack estimating experience

_____ involves prioritizing risks based on their probability and impact of occurrence.

Performing qualitative risk analysis

_____ involves deciding how to approach and plan the risk management activities for the project.

Planning risk management

_____ includes the processes required to ensure that a project team completes a project within an approved budget.

Project cost management

According to Herzberg, which of the following is a motivational factor?

Recognition

_____ is based on an individual's personal charisma.

Referent power

A(n) _____ is a column chart that shows the number of resources assigned to a project over time.

Resource histogram

_____ refers to the amount of individual resources an existing schedule requires during specific time periods.

Resource logs

_____ involves using incentives to induce people to do things.

Reward power

_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.

Risk acceptance

_____ involves eliminating a specific threat, usually by eliminating its causes.

Risk avoidance

_____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.

Risk enhancement

_____ involves doing whatever you can to make sure the positive risk happens.

Risk exploitation

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence.

Risk mitigation

_____ risks refer to those that are direct results of implementing risk responses.

Secondary

_____ is at the top of Maslow's hierarchy of needs.

Self-actualization

Cost variance is:

The earned value minus the actual cost

The acquiring of the project team is a subprocess associated with the _____ process of project human resource management.

executing