Module 3 Project Management Questions

Suppose that the purchase price for a price of equipment is $20,000, with operations costs of $500 per day. If the same equipment can be leased for $1000 per day (inclusive of operational costs), after how many days will the lease cost equal the purchase cost?

40

Some organizations, including Global Construction, use RACI charts-a type of responsibility assignment matrix that shows Responsibility, _____, Consultation, and informed rolls for project stakeholders.

Accountability

_____ estimates, also called top-down estimates, use the actual cost of a previous, similar project as the basis for estimating the cost of the current project.

Analogous

_____ to requirement means that the project's processes and products meet written specifications.

Conformance

_____ dependencies are inherent in the nature of the work being performed on a project.

Mandatory

____ risk events might include the performance failure of a product produced as part of a project, delay in completing work as scheduled, increases in estimated costs, supply shortages, litigation against the company, and strikes.

Negative

In a RACI chart, each task may have multiple ____ entries.

R, C, or I

_____ development uses the results of all the preceding project time management processes to determine the part and end dates of project activities and of entire project.

Schedule

The main disadvantage of ____ is that it can end up lengthening the project schedule, because starting some tasks too soon often increases project risk and results in rework.

fast tracking

A ____ contract has the least amount of risk for buyer.

firm-fixed price

You can help identify the root cause of problems by creating a cause-and-effect or ____ diagram.

fishbone

You would use a(n) ____-or-buy analysis to decide whether to purchase or lease items for a particular project.

lease

Examples of common ____ used by organizations include failure rates of products produced, availability of goods and services, and customer satisfaction ratings.

metrics

Project teams often create a ____________ to ensure that all major activities are accounted for.

milestones list

In the context of a network diagram, a ____ is simply the staring and ending point of an activity.

node

A three-point estimate is an estimate that includes a(n) _____, most likely, and pessimistic estimate, such as three weeks, four weeks, and five weeks, respectively.

optimistic

Which cost estimate technique would you be using if you estimate the cost of materials based on the number of square feet?

parametric modeling

Which of the following is a key output of project procurement management planing?

procurement statements of work

PMI defines a project ____ as an uncertainty that can have a negative or positive effect on meeting project objectives.

risk

The project team begins to develop a ____ by first clearly defying all of the activities it needs to perform.

schedule

After defining project activities, the next step i project time management is activity ______.

sequencing

A(n) ____ management plan describes when and how people will be added to and removed from a project.

staffing

Who determines what quality level is acceptable on a project?

the customer

____ is a technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost.

Crashing

____ includes the actual amount of time spent working on an activity plus elapsed time.

Duration

Activity ____ provide schedule-related information about each activity, such as predecessors, successors, logical relationships, leads and lags, resource requirements, constraints, imposed dates, and assumptions related to the activity.

attributes

Project ____ management involves generating, collecting, disseminating, and storing project information.

communications

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

cost

A _________ is a time-phased budget that project mangers use to measure and monitor cost performance.

cost baseline

You can purchase an item you need for project for $10,000 and it has daily operating costs of $500, or you can lease the item for $700 per day. On which day will the purchase cost be the same as the lease cost?

day 50

Duration estimates are provided as a ____ number, such as four weeks; as range, such as three to I've weeks; or as a there-point estimate.

discrete

What is the PERT weighted average based on an optimistic estimate of six days, a most likely estimate of eleven days, and a pessimistic time of sixteen days?

eleven

What section of a communications management plan describes how issues should be handled?

escalation procedures

After thoroughly evaluating a supplier, many organizations summarize evaluations using a supplier ____ matrix—a type of weighted scoring model.

evaluation

Risk __________ is a response strategy for a positive risk where you do whatever you can to mnake sure the positive risk happens

exploitation