Quizzes 2A-C; Exam 2

When identifying the necessary equipment and supplies, it is important that these resources

meet the requirements of the project

Cutting costs is one way for a business to manage a project's __________ resources

Financial

Balancing the business's objective to make a profit with the interests of all the business's stakeholders is a primary consideration related to the business's

Financial ethics

A financial planner advises a client to make a high-risk investment. This is an unethical action if the

Financial planner's primary motive is to earn a large commission

What question should the purpose statement of a project's statement of work (SOW) answer?

Why are we doing this project?

Which of the following is the first step in developing a work breakdown structure (WBS) for a project:

Divide the workload into independent work packages

Ethical accounting behavior involves using

Due care

Which of the following is an internal human resource that a business can use to perform the work to complete a project

Employees

ABC Builders are two months behind schedule on the mall they are building. Management has decided to "crash" the project. Which of the following is an example of "crashing" a project:

Hire ten additional construction workers

Which of the following is a true statement about a project charter:

It serves as authorization to start the project

One of the roles of ethics in finance is to encourage business employees to

Make the right decisions

Before selecting the right people to work on a project, it is important to identify the

Needed skills

Kevin is planning to paint a house. He draws a simple graph that shows the sequence of tasks that will be done from beginning to end of the project. For example: 1) Buy supplies, 2) Prepare house for painting, 3) Paint house, and so on. This is an example of a

Network diagram

An important aspect of upholding ethical accounting standards involves the ability to be

Objective

The primary purpose of developing a work breakdown structure (WBS) for complex projects is to

Organize the work in a logical sequence

What should accountants demonstrate when collecting accounting information and preparing financial documents?

Professional integrity

When Deidra was developing the statement of work (SOW) for a complex construction project, she included a statement that describes the things that the project will and won't include. This statement is defining the project

Scope

In which section of the statement of work (SOW) document would you find the following information:"AJB International will be responsible for collecting the research for the project, but will not interpret the results."

Scope statement

A primary purpose of preparing a work breakdown structure for a project is to

Streamline the workload

Why is it important to build in a safety net, or padding, when identifying resources?

To plan for the unexpected

Isabelle is developing a document that divides a long-term project into meaningful subprojects and tasks, which she will use to guide the workflow. Isabelle is developing the

Work breakdown structure

Trevor needs to determine the procedures that he needs to follow for a specific project work activity. Trevor can locate that information in the

Work breakdown structure dictionary