ENGR 3000- Exam 2

The chances of a risk event occurring as a project proceeds through its life cycle tends

Slowly drop

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Slowly rise

When developing a new software package, the software must be designed, the code must be written, and the code must be tested. This is an example of a ______ constraint.

Technical

Design flaws being revealed after the fact, extreme weather conditions, and accidents occurring are examples of:

Things going wrong on a project

Which of the following is not one of the types of project constraints?

Time

In practice, estimating processes are frequently classified as

Top down/bottom up

An activity is on the critical path if its___is the lowest in the network.

Total slack

(True/False) Budget reserves are setup to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project.

True

(True/False) Change management systems involve reporting, controlling, and recording changes to the project baseline.

True

(True/False) General and Administrative costs are usually allocated as a percent of the total of a direct cost such as labor, materials, or equipment.

True

(True/False) In a Risk Severity Matrix a green zone risk is considered inconsequential and ignored unless their status changes

True

(True/False) Organization culture can significantly influence project time and cost estimates

True

(True/False) Phase estimating is used when a project cannot be rigorously defined because of the uncertainty of design or the final product.

True

(True/False) Project networks are built using nodes and arrows

True

(True/False) Since the goal is to find problems before they happen, the project manager should encourage critical thinking when it comes to risk identification.

True

(True/False) The ideal approach to estimating project time and costs is to use both the top-down and the bottom-up approach.

True

(True/False) The probability that a risk event will occur is higher during the initial stages of a project

True

(True/False) The use of past experience is almost always used primarily in the initial phases of a project.

True

Contingency funding is made up of budget reserves and management reserves.

True

Different activities along the same path can have different total slack

True

Risks such as inflation and monetary exchange rates are not usually included in a project's risk assessment

True

A(n) _____is an element in the project that consumes time.

activity

Activities which can take place at the same time are termed

parallel activity

Which of the following represents an activity on an AON project network?

A node

______ estimates are most likely to use low cost, efficient methods.

Bottom-up

Top-down estimates are most likely to occur during the ______ phase.

Concept

Which of the following is not one of the basic rules to follow when developing project networks?

Conditional statements are allowed but looping statements are not allowed

Which of the following is a potential consequence of failing to schedule limited resources?

Costly activity delays, Costly project delays, Difficulty in taking quick corrective actions

Which of the following correctly calculates the early finish for an activity?

ES +DUR

The process of forecasting or approximating the time and cost of completing project deliverable is called

Estimating

(True/False) An activity includes only one work package

False

(True/False) Bottom-up-estimating is another name for overzealous top management estimates

False

(True/False) Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

False

(True/False) During risk identification the smaller risks should be identified first because they will naturally lead to identifying the larger risks.

False

(True/False) Estimating the total cost of a house by multiplying the total square feet by a cost per square foot is an example of the apportion method of estimating costs.

False

(True/False) Project estimates should be broken down into as much detail than and with as much accuracy as possible.

False

(True/False) The Consensus method of estimating costs is a bottom-up technique

False

(True/False) The forward pass through a project network determines the critical path

False

(True/False) The project structure chosen to manage the project will have little impact on the actual project work to be accomplished.

False

(True/False) The risk identification process should be limited to just the core project team.

False

Which of the following is not one of the potential responses to a specific risk event?

Ignoring

In the beginning the focus of risk management should be on risks that

Impact the whole project

Which of the following is a good condition for top-down estimating?

Internal, small project

Which of the following correctly calculates the late start for an activity?

LF- DUR

Learning curves are more likely to apply in situations where most of the costs are

Labor

Which of the following would be considered a direct project cost?

Labor, Materials, Equipment

Arrows on an AON project network represent:

Project flow and Dependency

Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?

Planning horizon

________ activities must be completed immediately before a particular activity.

Predecessor

Merge activity in an activity that has more than one activity immediately preceding it (more than one dependency arrow flowing to it)

Longest path through the network

In a project network, _____ (recycling through a set of activities) is not permitted.

Looping

Which of the following is typically included in risk profiles

Management aspects and technical aspects

A _____is an activity that has more than one predecessor.

Merge activity

An activity that has more than one dependency arrow flowing into it is termed a(n)

Merge activity

The 1999 NASA Mars Climate Orbiter is an example of

Mismanaged risk control

When translated into a project network, a work package will become

One or more activities

A good starting point for developing time and cost estimates is

Past experience

Sam the project engineer has been scheduled to run the product system test at the same time he is to build a marketing prototype. This is an example of a ______ constraint.

Resource

Delaying noncritical activities to lower peak demand on resources is known as resource

Resource smoothing

If resources are not adequate to meet peak demands, the resulting reschedule is termed

Resource-constrained scheduling

An uncertain event or condition that, if it occurs, has a positive or negative effect on a project objectives is termed.

Risk

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Risk Management

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Risk severity matrix

Which of the following is not one of the steps in the risk management process?

Risk tracking

Information to develop a project network is collected from

Work breakdown structure