EASC 2232 Final Exam
T/F A risk management plan should define who has responsibility for causing each risk and hold the responsible party directly accountable for developing an appropriate solution.
F
T/F Estimate Activity Resources focuses exclusively upon the identification of the number of human resources required to perform each scheduled activity.
F
T/F Generally, parametric estimating requires less information and time than analogous estimating.
F
T/F Perform Quantitative Risk Analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
F
T/F Plan Risk Responses is the process of developing options and actions to enhance opportunities and reduce threats to project objectives.
F
T/F The cost per risk for risks discovered early in the project is often more than the cost per risk for risks discovered late because there is more opportunity for the risk to impact several dimensions of the project.
F
T/F The first process in developing a project schedule is to identify all the resources available to work on the project. Selected Answer
F
T/F The process of defining how to conduct risk management activities for a project is known as Project Risk Absorption Methodology (PRAM).
F
T/F The project scope does not come into play when considering fixed and variable cost choices.
F
T/F There is often terrific pressure to complete a project as quickly as possible. To confront this pressure, a project manager should quickly promise to meet the deadlines requested by the sponsor and then assemble a team to create the corresponding schedule.
F
T/F When the impact of an event is negative, it is considered a risk; when the impact is positive, the event is considered an opportunity.
F
T/F While a "RACI" chart may be very useful for assigning activities to core team members and project managers, it should not include the subject matter experts assigned to the project.
F
T/F A Gantt chart is a horizontal bar chart that shows each work activity on a separate line with the bar placed from the early start date to the early finish date for each activity on a timescale.
T
T/F A mandatory dependency is a logical relationship between activities that must happen - usually due to a physical or legal demand.
T
T/F A project risk is anything that may impact the project team's ability to achieve the general project success measures and the specific project stakeholders' priorities.
T
T/F As the project manager identifies potential resources to work on the project, it is helpful to consider their professional disciplines, skill levels and their physical location.
T
T/F Cost estimating is linked very closely with scope, schedule and resource planning.
T
T/F Estimate Activity Resources is the process of assessing all types of resources - people, materials, tools, and equipment (along with quantities) - required for each activity to complete it as specified in project scope.
T
T/F Even when a project team does not identify individual activities, it will still need to determine how many resources and what knowledge and skill each needs to complete the project.
T
T/F In order for activities to be useful as schedule building blocks, they should have tangible output that can be verified.
T
T/F In some cases, project teams will elect to reduce a threat to a level that a sponsor and other stakeholders deem acceptable, rather than eliminate it completely.
T
T/F Once risks have been identified and analyzed, the project team decides how they will handle each risk.
T
T/F One approach to identifying which activities contribute to work overload for a particular resource is to compare the resource histogram to the Gantt chart schedule, using the same timescale.
T
T/F PERT refers to Program Evaluation and Review Technique, which was developed in the 1950s to better understand how variability in the individual activity durations impacts the entire project schedule.
T
T/F Project managers find many advantages in having diverse teams, as considering diverse perspectives in making decisions can help avoid major risks that a single perspective would not uncover.
T
T/F RACI (Responsible, Accountable, Consult, Inform) charts go beyond a communication plan in that they identify every project activity and specify the exact involvement of each stakeholder.
T
T/F The length of time to perform an activity is often dependent upon who will do that work.
T
T/F The risk register is a living document and new risks can be added as they are discovered.
T
T/F To use the enumeration method of determining the critical path, we list or enumerate all of the paths through the network.
T
T/F Value engineering is aimed at increasing the value or productivity of a work element while minimizing the cost.
T
T/F When complete, the risk register presents the results of both qualitative and quantitative risk analysis as well as risk response planning.
T
T/F When constructing a responsibility matrix or "RACI" chart, it is important to ensure that only one person has primary accountability for any activity.
T
T/F When resource overloads are extreme, project managers may need to consider the acquisition of additional resources, reductions in scope or extensions to the project schedule.
T
T/F plan Cost Management is the process to determine how to plan, estimate, and control project costs.
T
All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT: a) purchase insurance b) assign more or better resources c) give the project more visibility d) identify trigger condition
a
All of the following describe an appropriate application of Plan Risk Responses in project management EXCEPT: a) Responses should be created for every identified project risk, regardless of the risk score. b) Risk response planning should address both opportunities and threats. c) Often multiple strategies are identified for a single risk. d) The expectations of the sponsor and key stakeholders should influence the risk responses that are developed.
a
Consider the programmers resource histogram presented in Figure 8-3. If only six programmers are available to support this project, which of the following conclusions is valid? a) The demand for programmers during weeks five and six exceeds the number available. b) The demand for programmers during weeks six through ten exceeds the number available. c) There is an excess capacity of programmers throughout the duration of this project. d) The current schedule is feasible.
a
The amount of time a schedule activity can be delayed without delaying the early start date of immediately following schedule activities is: a) free float b) contingency c) reserve d) lead
a
The cost management plan provides guidelines to the project manager and other stakeholders and serves all of the following purposes EXCEPT: a) It documents how the project statement of work and business case should be created. b) It provides feedback, thereby showing how the project's success is linked to the business objectives for which it was undertaken. c) It shows how to develop and share relevant, accurate and timely information on cost that the project manager, sponsor and other stakeholders can use to make intelligent and ethical decisions. d) It helps all project stakeholders focus appropriately on schedule and cost performance.
a
Which of the following describes how the team uses a cause-and-effect diagram to support project risk analysis? a) The team lists the risk as the "effect" in a box at the head of a fish, then names the big bones. b) Team members are encouraged to keep asking "when?" to break down risks into more detailed causes. c) The team organizes assumptions and constraints in a fishbone pattern. d) The project team begins by identifying strengths, weaknesses, opportunities and threats.
a
All of the following methods have proven to be useful techniques to help project teams identify the risks that might impact the project EXCEPT: a) reviewing project documents b) documenting lessons learned c) interviewing stakeholders d) brainstorming among team members and subject matter experts
b
Consider the network scheduling data provided in Figure 7-6. What is the expected duration of this project? a) 112 days b) 107 days c) 97 days d) 102 days
b
Consider the programmers resource histogram presented in Figure 8-3. Which activity is an ideal candidate to delay in order to achieve a feasible schedule? a) Activity A - Define Requirements b) Activity C - Draft User Manual c) Activity B - Design Application d) Activity F - Correct Defects
b
Consider the software programmer loading chart presented in Figure 8-2. What percent of available time is the software programmer assigned to work activities on Thursday? a) 150 percent b) 200 percent c) 80 percent d) 100 percent
b
Costs that repeat as project work continues such as the cost of writing code or laying bricks are appropriately classified as: a) fixed costs. b) recurring costs c) nonrecurring costs. d) indirect costs.
b
The _________is the approved budget, usually in a time distribution format, that is used to estimate, monitor, and control the overall cost performance of the project. a) cost benchmark b) cost baseline. c) management baseline. d) control account
b
The process of developing an approximation of monetary resources needed to complete project activities is known as: a) determine budget. b) estimate cost. c) estimate activities. d) estimate resources.
b
The sequencing of activities is often based upon dependencies between the activities. The dependencies that should guide activity sequencing can be either: a) critical or non-critical b) mandatory or discretionary c) opportunities or threats d) interior or exterior
b
Which of the following remedies may reduce the likelihood of omissions when developing activity duration estimates? a) Resource buffers b) Lessons learned c) Staggering project start dates d) Learning curve
b
Which of these is NOT an issue to be considered when selecting team members? a) co-located teams b) stages of team development c) cross functional teams d) virtual teams
b
A ________ presents a hierarchical organization of risks based on categories such as operational, strategic, finance, external, and project management. a) Risk Management Plan b) Risk Register c) Risk Breakdown Structure (RBS) d) Decision Tree
c
All of the following are among the classic risk response strategies EXCEPT: a) avoid a threat b) transfer a threat c) share a threat d) enhance an opportunity
c
All of the following strategies can help a project team to develop realistic time estimates for project activities EXCEPT: a) Keep in mind time constraints such as learning curves, interruptions and competing priorities b) Verify all time estimates with the people doing the work c) Add a significant buffer of time to each activity d) Estimate times of completion of work without initial reference to a calendar
c
Consider the System Integration Project depicted in Figure 7-3. Based on the information provided, which activities can be delayed one day without impacting the expected project completion date? a) Activity E - Install Software and Activity F - Test System b) Activity C - Purchase Software and Activity E - Install Software c) Activity C - Purchase Software and Activity D - Prepare Test Plan d) none of these
c
Consider the excerpt of the Internet Project risk register presented in Figure 10-1. Which of the following risk events should receive the highest priority for the development of risk responses? a) D - The intranet site suffers a security breach b) A - project requires new technology and support structure c) C - IS resources are spread too thin d) B - web infrastructure lacks sufficient transaction capacity
c
During which of the following Project Schedule Management processes does the team estimate the number of work periods that will be required to complete a schedule activity, usually expressed as workdays or workweeks? a) Sequence activities b) Define activities c) Estimate activity durations d) Develop schedule
c
Project teams can often identify risks by conducting any of several types of reviews. Which of the following illustrates a valuable type of risk review? a) review sunk costs to determine project continuance b) review previous projects to verify that each current assumption is correct c) review the communication plan to determine where poor communications could cause a problem d) review the project schedule to determine if certain people are overloaded
c
Which of the following terms best describes extra money in the project budget to be used if necessary - usually if a risk event occurs? a) discretionary fund b) padding c) reserve d) insurance
c
A common tool project teams use is a responsibility assignment matrix (RAM). Typically, this chart will depict. a) the duration of each activity. b) the early start and early finish, and late start and late finish, of each schedule activity. c) the hierarchical organizational reporting structure. d) all the work packages and the resources assigned for various responsibilities regarding each work package.
d
A milestone is a typical measuring point used when establishing cost control. Which of the following does NOT accurately describes the use of cost control milestones? a) Project managers can use their cash flow projections to determine the funding needed to reach each milestone. b) Project managers and sponsors often decide the number of milestones jointly. c) Milestones are often identified in the project charter. d) Milestones are developed during risk planning.
d
Consider the Research Project depicted in Figure 7-2. Based on the information provided, what is the late start date for activity A - "Plan Research"? a) Day 2 b) Day 10 c) Day 4 d) Day 0
d
Consider the System Integration Project depicted in Figure 7-3. Based on the information provided, how many days can you delay the purchase of software (Activity C), without impacting the expected project completion date? a) 4 days b) 0 days c) 2 days d) 1 day
d
Consider the network scheduling data provided in Figure 7-6. Which activities constitute the critical path for this project network? a) A-B-E-H-I b) A-D-F-I c) A-C-E-H-I d) A-B-E-G-I
d
Consider the time-phased budget presented in Figure 9-1. What is the cumulative project budget through the end of April? a)$20,000 b) $38,000 c) $ 8.000 d) $46,000
d
Creating a realistic schedule is often an iterative process because several factors can limit how fast a project can be completed. All of the following factors can limit how fast a project can be scheduled and completed EXCEPT: a) Logical order b) Imposed dates c) Resource availability d) Quality metrics
d
Critical Chain method was developed to address several problems that are common in organizations that use traditional project scheduling. Which of the following describes a common problem addressed by the critical chain method? a) Many team members tend to use all of the time available for an activity rather than completing it early. b) Many team members work best when multi-tasking c) Many team members work solely on a single task until it is complete - impeding work on other related activities. d) Many team members render overly optimistic estimates of the time it will take them to complete project activities.
d
The schedule activity that determines when the logical successor activity can begin or end is called the _______ a) leader activity b) successor activity c)mandatory activity d) predecessor activity
d
There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation? a) Normal cause variation is when something out of the ordinary occurs b) Variation is generally greater on projects that use well-known technology and an experienced project team. c) Special cause variation comes from many small causes that are inherent in a work process. d) Variation occurs in all work processes and the novelty associated with most projects creates many opportunities for variation.
d
Which of the following accurately describes risk in project management? a) Project managers should always be risk averse b) Some projects have no risks. c) Risk assessment should remain objective and uninfluenced by stakeholder priorities. d) A risk may impact the project in a positive or negative way.
d