MAN 703

What are some appropriate tools for managing projects? a. Crystal Ball, Microsoft Project, and Excel b. WordPerfect, Office email, and Excel c. Calculators, Mac Computers, and telephones d. Pens, pencils, and slide rules

a. Crystal Ball, Microsoft Project, and Excel

. What is the impact of increasing the time for completion of a project? a. Increasing cost b. Decreasing cost c. Increasing errors d. Increasing customer satisfaction.

a. Increasing cost

. ______ is a visual, whole-brain approach that closely mirrors how the human brain records and stores information. a. Mind mapping b. Hierarchical planning WBS c. WBS creation d. MRP

a. Mind Mapping

Which of the following describes the amount of resources a schedule requires during specific time periods? a. Resource loading b. Resource leveling c. Usage of scarce resources d. Time management

a. Resource loading

What is the Sacred Cow model? a. Upper management's favorite model b. Secret of the company c. Most focused on organization goals d. Expected to be "profitably milked" for a long time

a. Upper managements favorite model

. Firms usually have two or more projects, and this collection of projects is referred to as _____. a. a portfolio b. initiation c. a program d. a stochastic model

a. a portfolio

A task or set of tasks that are required by the project are called____________. a. activities b. events c. paths d. networks

a. activities

The act of __________ is the allocation of scarce resources to the various endeavors of an organization. a. budgeting b. resourcing c. costing d. spending

a. budgeting

It is vital to good project management to be meticulously __________ in estimating the time required to complete each of the various tasks included in the project. a. honest b. quick c. technical d. managerial

a. honest

The following five clues can indicate when __________ scheduling is needed: late or vague progress reports, overdue deliverables, static progress indicators, longer work hours for team members, and a noticeable increase in minor "issues" affecting the project. a. iterative b. productive c. estimated d. life-cycle

a. iterative

At any given time, a firm may have a fixed level of various resources for its projects, including: a. labor hours, equipment, and parts. b. clean air. c. time. d. tasks.

a. labor hours, equipment, and parts.

Each time output on work doubles, the worker hours per unit decrease to a fixed percentage of their previous value. This is referred to as the ______________. a. learning rate b. acceptance rate c. logical increase rate d. iteration rate

a. learning rate

The Project Budget is: a. not a sufficient measure of a project's progress or value to the organization. b. a sufficient measure of a project's progress and value. c. the primary means of obtaining upper management approval of a project. d. generally so inaccurate that it is of little value in decision-making.

a. not a sufficient measure of a project's progress or value to the organization

There are two basic types of project selection models, ____________________. a. numeric and nonnumeric b. numeric and random c. binary and continuous d. quantitative and criteria-based

a. numeric and nonnumeric

The project launch meeting occurs when? a. Prior to beginning the project to show management commitment b. When the project is fully designed and ready to begin implementation c. When the Project is completed and ready to send to the client d. When the client has accepted the Project and is ready to finalize payment

a. prior to beginning the project to show management commitment

A project plan must be designed so that the ______________ meet the criteria used to justify its selection. a. project outcomes b. project tasks c. timetables d. warranties

a. project outcomes

The _________ is the key input for establishing the monitoring and control systems for the project. a. schedule b. budget c. organization chart d. PERT chart

a. schedule

The _________ of a population is a measure of the population's dispersion and is equal to the square of the population's standard deviation. a. variance b. error c. deviation d. Gantt

a. variance

In PERT networks, assuming a normal distribution about estimates of duration, the "pessimistic" time would be where there is a _________________________. a. 50 percent chance the actual work time is greater b. 1 percent chance the actual work time is greater c. 1 percent chance the actual work time is less d. 0 percent chance the actual work time is less

b. 1 percent chance the actual work time is greater

What is more common in business project management today? a. Activity on Arc (AOA) b. Activity on Node (AON) c. Activity on Path (AOP) d. Activity on Arrow (AOA)

b. Activity on Node (AON)

_________ is seen as more risky due to ambitious subordinates who may overstate resource requirements in an attempt to ensure success and build empires. a. Work element b. Bottom-up c. Top-down d. Iterative

b. Bottom-up

The Weighted Factor Scoring Model has the advantage of: a. Simplicity. b. Increased attention to relative importance of each selection criterion. c. Greater worldwide acceptance d. Ease of calculation.

b. Increased attention to relative importance of each selection criterion

___________ is involved in any forecast, though some forecasts have more than others. a. Loss b. Uncertainty c. Hope d. Insurance

b. Uncertainty

Project planning typically is: a. done at the beginning of a project. b. an iterative process involving multiple stakeholders. c. done by the sales force. d. the responsibility of the company president.

b. an iterative process involving multiple stakeholders

A project begins with a _______ being presented to a funding entity. This document typically includes monetary cost and benefit elements as well as nonmonetary factors such as the strategic justification for the project, expected behavioral impacts, increases in efficiency, service improvements, competitiveness effects, and so on.

b. business case

When a project is expedited, it will often ________________. a. cost less b. create more problems c. save resources d. be more fun for the project managers

b. create more problems

Some of the disadvantages of _____________ include increased number of change orders, subsequent loss of productivity, increased cost, and loss of time. a. crashing b. fast-tracking c. project management d. over simplification

b. fast-tracking

When a project is crashed, it a. is damaged badly. b. is completed in less time. c. costs less. d. has fewer activities

b. is completed in less time

A node or event with duration of 0 days is a(n) ______________. a. error b. milestone c. short term activity (less than 1 day) d. zero sum game

b. milestone

Through the process of creating a WBS, the work is broken down into the lowest level tasks that are referred to as: a. charts. b. packages. c. WBS descriptors. d. milestones.

b. packages

In this type of project selection, a proposed project would be judged on the degree to which it fits the firm's existing product line, fills a gap, strengthens a weak link, or extends the line in a new, desirable direction. a. Comparative benefit model b. Product line extension c. Competitive necessity d. Operating necessity `

b. product line extension

Numeric project selection models generally focus on: a. keeping the workforce numbers stable. b. profits and profitability. c. management salary stability. d. maintaining stock price and ROI.

b. profit and profitability

. Resource leveling aims to minimize variations in resource usage by: a. keeping resources constant. b. shifting tasks within their slack allowances. c. eliminating slack. d. signing fixed-cost contracts.

b. shifting tasks within their slack allowances

The most popular method for displaying a project schedule is the __________ due to ease of use and construction. a. PERT b. CPM c. Gantt chart d. network diagram

c. Gantt chart

It is recommended for an organization to have a ______ that is charged with improving the "maturity" or overall effectiveness of the organization's project management processes. a. Coordinating Project Office b. Central Project Office c. Project Management Office d. Portfolio Office

c. Project Management Office

What is the RACI matrix? a. Resource Allocation & Cost Inventory matrix b. Matrix of Responsible and Certified Individuals c. Responsible, Accountable, Consult & Inform matrix d. Recently Added Control Incident reporting matrix

c. Responsible, Accountable, COnsult & Inform matrix

The use of three probabilistic activity time estimates may reduce the need for: a. probability reports to management. b. additional computations. c. crashing the project. d. managing tradeoffs & addressing risks.

c. crashing the project

Effective Project Portfolio Management attempts to link the organization's projects________________________. a. exclusively to the budget b. to the human resource constraints c. directly to the goals and strategy of the organization d. directly to the corporate culture

c. directly to the goals and strategy of the organization

With the ______ approach model, enough funds are allocated to the project to determine if the initial assumptions concerning costs, benefits, etc. were accurate. When the funds are gone, the assumptions are reevaluated to determine what to do next. a. scoring b. window-of-opportunity c. discovery-driven planning d. criteria-based

c. discovery-driven planning

In well-understood, routine projects, such as highway construction, budgeting is: a. usually very precise and accurate. b. rarely accurate because each highway is different. c. estimating by scaling the various cost elements based on historical data. d. routine and boring.

c. estimating by scaling the various cost elements based on historical data

Learning curves are important for: a. helping new PMs understand the required math. b. visualization of curved mechanical parts. c. estimating performance improvement as workers become experienced. d. estimating cost improvement as parts become "broken in".

c. estimating performance improvement as workers become experienced

The series of connected activities or events between any two events in a network is called the __________. a. event b. network c. path d. stream

c. path

The major responsibility of professional cost estimators is to: a. add 20 percent to all estimates to avoid cost overruns. b. eliminate unnecessary steps in the original engineering designs. c. reduce the level of uncertainty in cost estimates. d. keep upper management happy and stay employed

c. reduce the level of uncertainty in cost estimates

Risk management today is: a. relatively uncommon in project management. b. practiced only by a few very large corporations. c. reported to be practiced by over 71% of organizations. d. involves simple steps to minimize uncertainty.

c. reported to be practiced by over 71% of organizations

The _________ budgeting method consists of managers estimating overall project cost as well as the costs of the major subprojects that comprise it. These cost estimates are then given to lower-level managers, who are expected to continue the breakdown into budget estimates for the specific tasks and work packages that comprise the subprojects. This process continues to the lowest level.

c. top-down

Work situations that disrupt a Project Manager's Schedule typically occur ______________. a. rarely b. quarterly c. unexpectedly d. daily

c. unexpectedly

In Project Management, Parkinson's Law states that: a. the early bird gets the worm. b. ET = (a + 4m + b) / 6. c. work expands to fill the time allotted. d. idle hands are created by slack.

c. work expands to fill the time allotted

In a WBS, each hierarchical level should have about how many interrelated tasks? a. About 3 to 5 b. 5 to 10 c. 10 to 20 d. 2 to 20

d. 2 to 20

The GANTT Chart shows which of the following? a. Activity on Arc (AOA) b. Activity on Node (AON) c. Activity on Arrow (AOA) d. Activities on Bars

d. Activities on Bars

____________ on the Critical Path __________________. a. No activities; have zero slack b. The majority of activities; have some slack c. The majority of activities; are full of slackers d. All activities; have zero slack

d. All activities; have zero slack

Risk management's primary focus is on what type of activities? a. Protecting the firm's money/profitability b. Minimizing workforce injuries c. Keeping the organization's problems from appearing in the local newspapers d. Complex coordination of planning, risk identification, risk analysis, response planning, monitoring & control, and recording of incidents

d. Complex coordination of planning, risk identification, risk analysis, response planning, monitoring & control, and recording of incidents

A(n) ____________ is a network device commonly used to display project schedules. It was developed as a scheduling aid and displays activities on a horizontal bar chart. a. Gantt chart b. WBS c. Project schedule d. MRP

d. MRP

Which of the following is strongly recommended for managing projects? a. Microsoft Project b. The normal distribution c. Simulation d. No single tool is always recommended. The PM should investigate several appropriate tools.

d. No single tool is always recommended. The PM should investigate several appropriate tools.

What probability distribution is used to estimate the completion time for the critical path of a project? a. Alpha b. Beta c. Gamma d. Normal

d. Normal

Project success is judged by what criteria? a. On-time and on budget b. On budget and to scope c. To scope and impact on the organization d. On time, within budget, to scope, and project impact on the organization

d. On time, within budget, to scope, and project impact on the organization

___________ are pre-planned points during the project where progress is assessed and the project cannot resume until re-authorization has been approved. a. Agile decision points b. Stop points c. Reflection points d. Phase gates

d. Phase gates

Common problems in managing projects include which of the following? a. Making profits b. Following specifications c. Satisfying customers d. Staying within budget, within time constraints, and within scope

d. Staying within budget, within time constraints, and within scope.

Which of the following project selection models focuses strongly on the long-term success of the firm? a. The US military model b. Product line extension c. Competitive necessity d. Sustainability model

d. Sustainability model

Of the choices below, which tool has the most significant influence on the management of projects? a. GANTT chart b. PERT chart c. Organization chart d. The Schedule

d. The Schedule

The main tool for managing the project scope, as described in PMBOK, is the ______. a. project charter b. activity plan c. milestone report d. WBS

d. WBS

For Projects, time is always _________________________. a. free b. subject to negotiation with upper management c. the responsibility of trained time management experts d. a critical resource

d. a critical resource

The process of managing risk in a project is: a. done at the beginning of the project planning cycle. b. selected by the management team. c. not part of the PMBOK. d. a dynamic process throughout the project life cycle.

d. a dynamic process throughout the project life cycle

Ambiguities in projects ____________________________. a. are overwhelming b. can be reduced by using probabilities c. can and must be eliminated d. can be managed to reduce their impact

d. can be managed to reduce their impact

If the resources for a project are increased, the outputs usually: a. remain constant. b. decrease in predictable ways. c. increase in predictable ways. d. change, but not in predictable patterns.

d. change, but not in predictable patterns

Indeed, effectively executing the PM's primary role of managing trade-offs requires that the PM make trade-offs in a way that best supports the _______. a. organization's overall budget b. change management system c. PM's career interests d. organization's overall strategy

d. orgainzation's overall strategy

What is always certain in projects? a. They will be difficult but fun. b. They provide stepping stones to promotion to upper management. c. The Project Manager (PM) will be respected by the line managers. d. Things will not go precisely as planned.

d. things will not go precisely as planned

Risk is generally believed to focus on profits, but: a. very few projects fail financially. b. about 50 percent of projects fail financially. c. risk in projects is primarily focused on timely completion. d. uncertainty plagues all aspects of the work and is present in all stages of PM.

d. uncertainty plagues all aspects of the work and is present in all stages of PM