PROJECT MANAGEMENT EXAM 1

The five categories of classic risk response strategies are: accepting the risk, ________ the risk, , _________ transferring the risks, and _________ the risk.

1) Avoiding 2) Contingency plans 3) Mitigating

All projects have two essential characteristics: 1) every project has a _________ and an _________ 2) every project produces a unique __________.

1) Beginning 2) End 3) Product

Please order the five planning steps in their correct order.

1) Build a work breakdown structure 2) Identify task relationships 3) Estimate work packages 4) Calculate initial schedules 5) Assign and level resources

Project managers require skills in three different areas: project management, ______________, and ________________

1) Business management 2) Technical

In step two of the risk management framework (analyze and prioritize the risks), a risk must first be defined. When defining the risk, ________ is a brief statement describing the situation that is causing concern or uncertainty; while __________ is a brief statement describing the possible negative outcomes that may be caused by the condition.

1) Condition 2) Consequence

_________ account for identified risks, known un-knowns. ___________ account for the unknown unknowns.

1) Contingency reserves 2) Management reserves

In order to determine the cost and duration of an entire project, it is necessary to build a _______ and ________ estimate for each work package.

1) Cost 2) Schedule

Calculating project schedule to determine the four dates (early start, early finish, late start, late finish) is a three-step process. Please place them in their correct order.

1) Forward pass 2) Backward pass 3) Calculate float

There are two ways of recording sequence constraints: a ______ table and a _______ diagram.

1) Predecessor 2) Network

The WBS clarifies and provides necessary details for a number of project management activities. Match each activity with its description.

1) Provide a detailed illustration of project scope: though statement of work defines scope at a conceptual level, a comprehensive look at a project's scope can be accomplished only with a WBS 2) Monitor progress: the tasks on the WBS become the basis for the monitoring progress, because each is a measurable unit of work 3) Create accurate cost and schedule estimates: the WBS will detail costs for equipment, labor, and materials on each task 4) Build project teams: Each team member wants clear work assignments and how they fit in the overall effort. A good WBS does both.

The customer role in a project can be broken into two primary contributors: those who supply __________ and those who provide ___________

1) Requirements 2) Funding

The initial schedule represents the combination of _______ task and task ________ , but it's called an initial schedule because it hasn't taken into account people and equipment limitations.

1) Sequence 2) Duration

There are two kinds of tasks on a WBS: _________ and ________.

1) Summary tasks 2) Work packages

In a WBS, each summary task and work package must be named as an activity that produces a product. This means giving each task a descriptive name that includes a strong _____ the activity -- and a strong _______ the product.

1) Verb 2) Noun

The first paragraph on page 140 (of the Verzuh textbook) under the title "Business Risk Versus Project Risk" described an example of ______________ for the builders of the office tower? (If you use an eBook that has different page number, just look for the first paragraph under the title "Business Risk Versus Project Risk".

Business risk

Tasks that can be performed at the same time are known as ___________ tasks.

Concurrent tasks

__________ is defined as all of the tasks with zero or negative float.

Critical path

Schedule calculation provides a set of four detailed schedule data for every work package. Please match each date with its description.

Early start: The earliest data a task can begin, given the tasks preceding it Early finish: The earliest a task can finish, given the tasks preceding it Late start: The latest a task can begin without the delaying the project Late finish: The latest a task can finish without delaying the project

Match the terms expert authority and legitimate authority with their description

Expert authority: it stems from people's performance on the job, the better they perform their job and the more knowledge and ability they display, the greatest authority they will be granted by other people Legitimate authority: it is the authority conferred by the organization

T/F Milestones have a duration of one day.

False

T/F Selecting the right project is project risk. Managing uncertainty to meet the stakeholders' objectives is business risk.

False

T/F The project charter establishes legitimate authority for the project manager by referencing the expert authority of the sponsor.

False

T/F Adding people to tasks always reduces the duration for the tasks.

False, Adding people to simple tasks always reduces the duration. However, in the case of tasks involving knowledge workers, adding more workers does not always result in greater productivity and shorter duration for a task.

T/F Project management is industry-specific. Project managers are industry-independent.

False, Project management is industry-independent -- the theory works in all kinds of industries. But project managers are not industry-independent -- they must have good technical skills in their field.

This chapter introduces three types of task relationships. The most common one is __________, which means that one task must finish before another task can start.

Finish-to-start

Among the four sources of cost estimates, which one can replace the other three cost sources?

Fixed-price bids

Among the three organization styles, function-driven organization, matrix organization and project-oriented organization, which one provides project managers the lowest level of authority?

Function-driven organization

__________ are markers of significant events in the life of a project.

Milestones

A ____________ announces that a new project has begun. The purpose of this document is to demonstrate management support for the project and the project manager.

Project charter

There are three project management functions. Please match each one with its description. Project definition Project planning Project control

Project definition: lays out the foundation for a project Project planning: puts together the details of how to meet the project's goals, given the constraints Project control: includes all the activities that keep the project moving towards the goal

________ is the person with formal authority who is ultimately responsible for the project.

Project sponsor

This chapter describes four stakeholder roles, which are project manager, _________, ____________, ______________

Project team, management, customer

The most common codes in a responsibility matrix includes R, A, C and I. Please match each one with their description.

R(responsible for execution) - this person or group will get the work done A(approval authority)- this person has the final word on decisions or acceptance of the work performed (final accountability) C(must be consulted)- this group must be consulted as the activity is performed. This group's opinion counts, but doesn't rule. I(must be informed)-this group just wants to know what decisions are being made

A ________ lays out the major activities in the project and the key stakeholder groups.

Responsibility matrix

Which of the following is not a type of content that must be included in a statement of work?

Responsibility matrix

_________ is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.

Risk management

Anytime a series of tasks is performed, there will be ______ -- that is, certain tasks must be performed before others.

Sequence constraints

The Project Manager is in the process of meeting with various people who are impacted by his new project. He is attempting to find out what their needs are for the project as well as any constraints and assumptions that they might be aware of. At the same time, the Project Manager is beginning to set expectations for the project. The best description of this is what?

Stakeholder management

______________ are the people and organizations involved in project performance or affected by the project.

Stakeholders

A _____________ lists the goals, constraints, and success criteria for the project.

Statement of work

All of the following are true about a work breakdown structure (WBS) EXCEPT which one?

The activity sequencing of the WBS can be done only in parallel.

T/F A summary task is not actually executed; rather, it summarizes the subordinate work packages.

True

T/F Float refers to schedule flexibility of a task.

True

T/F It is possible to have two different breakdowns of the same project tasks.

True

T/F Ongoing operations produce similar products and have no defined end.

True

T/F Project management has been called both an art and a science. Learning the basic science of project management is requisite to practicing this art.

True

T/F Project management is a must-have capability for every organization and a personal job skill that will only become more valuable in the years ahead.

True

T/F Task relationships should reflect only sequence constraints between work packages, not resource constraints.

True

T/F The five steps involved in the risk management framework are identify the risks, analyze & prioritize the risks, develop response plans, establish contingency & reserves (or establish reserves) and continuous risk management.

True

T/F The project charter is a one-time announcement.

True

WBS stands for ___________, which is the tool for breaking down a project into its component parts.

Work breakdown structure