ISOM 300 Final Exam

Fast

_____ tracking involves doing activities in parallel that you would normally do in sequence.

stakeholders

______ are the people involved in or affected by project activities and include the project sponsor, project team, support staff, customers, users, suppliers, and even opponents to the project.

Risk Sharing

______ involves allocating ownership of the risk to another party.

cost variance

______ is the earned value minus the actual cost.

quality risk analysis

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

Planning contracting

__________ involves describing requirements for the products or services desired from the procurement and identifying potential sources or sellers

risk-neutral

A _____ person achieves a balance between risk and payoff.

decision tree

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

probability/impact matrix

A project manager can chart the probability and impact of risks on a ________.

Responsibility Assignment Matrix (RAM)

A tool used to ensure that each component of the scope is assigned to a responsible person is ____.

development

Activity ___ involves identifying and documenting the relationships between project activities.

definition

Activity ____ involves identifying the specific activities that the project team members and stakeholders must perform to produce the project deliverables.

organizational process assets

All processes that can influence the project such as plans, policies, procedures, and guidelines are _____.

A Gantt chart shows scheduled project activities and dependencies and a WBS is an outline of the project deliverables.

Amy, a project manager for her company, is explaining the difference between a Gantt chart and the WBS. Which of the following best describes a Gantt chart?

increase, increase

As the number of people involved in a project ____, the complexity of communication ______.

210

Communication is the key to success of a project. As the project manager, you have 15 stakeholders with whom you need to communicate. As such, you have 105 channels of communication. Six new stakeholders have been added that you also need to communicate with. How many communication channels do you have now?

EV-PV

Durin project execution, the forecasted remaining hours being to exceed the planned remaining hours. Consequently, the project takes on a negative variance. Which analysis method is the project manager likely to use as a measurement tool to validate this information.

$12,000

If AC = $10,000 and the project CPI is 1.2, what is the value of EV?

-50

If EV= 350, AC=400, PV=325, what is the CV?

$1,000

If PV is $69,000, AC is $72,000, and EV is $70,000, what is schedule variance (SV)?

$1,000

If PV= $29,000, AC is $32,000, and EV is $30,000, what is the schedule variance?

1910s

In ______ Henry Gantt developed the famous Gantt chart as a tool for scheduling work in factories.

WBS

Information regarding the content of essential project communications comes from the _____.

All the above -lead by example -independent thinking -being a visionary

Managing a project involves ________.

Leadership

Of the following management skills, which will a project manager use most?

Project manager authority

Of the following, which does the scope statement not provide?

it is the process of identifying the business needs of a potential project.

Of the following, which one is the best example of progressive elaboration

application

Project Management is the _____ of knowledge, skills, tools, and techniques to project activities in order to meet project requirements

involves the actions necessary to ensure that activities in the project plan are completed and takes the most time

Project execution is ____.

five

Project management consists of ____ knowledge areas.

direct

Project managers should focus on ___ costs, since they can control them.

the process of measuring progress toward project objectives, monitoring deviations from the plan, and taking corrective action to match progress with the plan

Project monitoring and controlling is ____.

transfer

Purchasing insurance is BEST considered an example of risk

planning

Quality ______ includes identifying which quality standards are relevant to the project and how to satisfy those standards.

the degree to which the project meets requirements

Quality is:

transfer

Risk ___ is shifting the consequence of a risk and a responsibility from its management to a third party.

Behavioral

Rooted in behaviorism, ____ theory is based upon the belief that people can learn to become leaders through teaching and observation.

control

Schedule _____ involves managing changes to the project schedule.

3.4

Six Sigma's target for perfection is the achievement of no more than ______ defects, errors, or mistakes per million opportunities.

float

Slack or ____ is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date.

Mandatory

Team Friday knows that ____ dependencies are inherent in the nature of the work being done on a project.

subdivided the project scope and project deliverables into smaller, more manageable components

The Magnificent Team are decomposing all the activities on the project and they have determined that decomposition _____.

stakeholder analysis

The ____ serves as a good starting point for information distribution.

weighted

The equation for the PERT _____ average is: (optimistic time + 4(most likely time) + pessimistic time)/6

Constraints

The limitations of scope, time, and cost goals are sometimes referred to as the triple ______.

response

The main outputs of risk _____ include corrective actions in response to risks and updates to the risk response plan.

start-to-start

The project manager, has requested that a team member establish a dependent relationship for tasks in which the "from" activity cannot start until the "to" activity is started.

Project scope statement, WBS, WBS dictionary

The scope baseline includes:

risk-seeking

Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

project manager

Who is ultimately responsible for quality management on a project?

Assumption

You are assisting the project manager for an information technology project. The project product is the complete installation of the new Windows 20xx operating system on 4,500 personal computers. You have, in your project cost and time estimate, told the customer that the estimates provided are accurate if the computers meet the hardware requirements of the new operating system. This is an example of which of the following?

Progressive Elaboration

You are the project manager for an airline manufacturer. Your project goal is the development of lighter, stronger material for commercial jets. As the project moves toward completion, the material is defined in more detail after each phase of materials testing. This is an example of which of the following?

Cost/Budget Constraint

You are the project manager for the JKL Project. This project has more than 45 key stakeholders and will span the globe in its implementation. Management has deemed the project's completion should not cost more than $34 million. Because of the international concerns, the final budget must be in the U.S. dollars. This is an example of which of the following?

Constraint

You are the project manager for the NBG Project. This project must be completed within six months. This is an example of which of the following?

.89

You are the project manager of the Hank's Happenin' House of Happiness, a new night club. Your BAC is $600,000. You have spent $270,000 of your budget. You are now 40% finished with the project, though your plan called for you to be 45% done with the work by this time. What is your CPI?

$65,000

Your project has a budget of $130,000 and is expected to last ten months, with the work and budget spread evenly across all months. The project is now in month three, the work is on schedule, but you have spent $65,000 of the project budget. What is your cost variance?

risk management planning

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

sunk

____ costs should be forgotten.

Risk enhancement

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

Planning purchases and acquisitions

____ involves determining what to procure, when, and how.

Six Sigma

____ is a comprehensive and flexible system for achieving, sustaining, and maximizing business success.

Fallback plans

_____ are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective.

Risk avoidance

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

Risk mitigation

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

risk response planning

_____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives.