Project Management Midterm Quiz Questions

It provides an estimate of what a project will cost.

Which of the following is true of a rough order of magnitude estimate?

They are most reliable when previous projects are similar in fact with current projects.

Which of the following is true of analogous estimates?

They allow for future situations that can be partially planned for.

Which of the following is true of contingency reserves?

They show logical relationships between activities.

Which of the following is true of dummy activities?

It is an estimate of the value of the physical work actually completed.

Which of the following is true of earned value?

Agile means using a method based on iterative and incremental development, in which requirements and solutions evolve through collaboration.

Which of the following is true of the agile approach to software development?

False

A budgetary estimate is the most accurate of the three types of estimates.

False

A disadvantage of using Gantt charts is that they do not provide a standard format for displaying planned project schedule information.

False

A milestone list is an output associated with the Project Scope Management knowledge area.

False

A negative schedule variance means that it took lesser than planned to perform the work.

True

A schedule management plan includes information which describes the format and frequency of schedule reports required for the project.

True

A schedule performance index of one means that the project is on schedule.

True

A sprint review is a meeting in which the team demonstrates to the product owner what it has completed during the sprint.

False

A work package represents one component of the product that the project aims to deliver.

Work Package

A(n) ____ is a task at the lowest level of the WBS.

False

An organization should consider only projects with a negative NPV if financial value is a key criterion for project selection.

False

Corrective actions reduce the probability of negative consequences associated with project risks, while preventive actions should result in improvements in project performance.

WBS

Creating the _____ involves subdividing the major project deliverables into smaller, more manageable components.

True

Definitive estimates are made one year or less prior to project completion.

True

Details of kick-off meetings and the stakeholder details are usually recorded in a Word document.

True

Determining the budget involves allocating the project cost estimate to individual work items over time.

initiating

During _____ processes for a new project, the organization recognizes that a new project exists, and completes a project charter as part of this recognition.

Benchmarking

Generating ideas by comparing specific project practices or product characteristics to those of other projects or products inside or outside the performing organization is known as _____.

Matrix

In a _____ organizational structure, personnel often report to both a functional manager and one or more project managers.

100

In a weighted scoring model, the sum of the weights of all the criteria must total _____ percent.

False

In project time management, one should control the schedule before estimating the duration for each activity.

Developing a Schedule

In project time management, the ultimate goal of _____ is to provide a basis for monitoring project progress for the time dimension of the project.

Project Planning

In the _____ stage of selecting information technology projects, organizations define project scope, benefits, and constraints.

Resource Allocation

In the _____ stage of selecting information technology projects, organizations select information technology projects.

True

Many information technology projects also require detailed functional and design specifications for developing software, which also should be referenced in the detailed scope statement.

True

NPV analysis is a method for making equal comparisons between cash flows for multi-year projects.

False

Overrun is the additional percentage amount by which estimates exceed actual costs.

False

Project initiation involves taking the actions necessary to ensure that activities in the project plan are completed.

False

Projects that address broad organizational needs are likely to fail.

True

Projects that arise as a result of problems and directives must be resolved quickly to avoid hurting an organization's business.

True

Projects that arise as a result of problems and directives must be resolved quickly to avoid hurting an organization's business. Correct!

the earned value minus the planned value.

Schedule variance is:

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

True

Some organizations initiate projects using a contract in place of a project charter.

True

Supporting details for an estimate include the ground rules and assumptions used in creating the estimate.

True

The WBS provides a basis for creating the project schedule and performing earned value management for measuring and forecasting project performance.

Top-down

The _____ approach for constructing a WBS starts with the largest items of the project and breaks them into subordinate items.

people focus

The _____ characteristic of organizational culture describes the degree to which management's decisions take into account the effect of outcomes on people within the organization.

structural frame

The _____ perspective of an organization focuses on different groups' roles and responsibilities in order to meet the goals and policies set by top management.

to tie the information technology strategic plan to the organization's overall strategic plan

The first step in the planning process is _____.

Cost Budgeting

The main goal of the _____ process is to produce a cost baseline for measuring project performance and project funding requirements.

False

The number of interfaces in a single project is limited, and does not depend on the number of people involved in the project.

initiating

The project stakeholder management knowledge area maps to the _____ process group by identifying stakeholders.

False

The scope of a project is clear and specific from the start.

True

To define activities, the project team should start with reviewing the schedule management plan, scope baseline, enterprise environmental factors, and organizational processes.

Integrated change control involves identifying, evaluating, and managing changes in the project life cycle. - To influence factors that creates change to ensure the change is beneficial - Determine that a change has occurred - Manage the change

What is integrated change control? What are the main objectives of integrated change control?

An organization's acquisition of goods and services from an outside source

Which of the following best describes outsourcing?

An activity attribute provides more schedule-related information about each activity than an activity list.

Which of the following is a difference between an activity list and an activity attribute?

Virtual teams reduce the ability of team members to network and transfer information informally.

Which of the following is a disadvantage of virtual teams as compared to traditional teams?

Preventive Actions

Which of the following is a proactive process undertaken to reduce the probability of negative consequences associated with project risks?

People lack estimating experience.

Which of the following is most likely to be a reason for inaccuracies in information technology cost estimates?

A unit of work should appear at only one place in the WBS.

Which of the following is recommended for the creation of a good WBS?

It is important to select team members carefully and to form a team in which all roles are covered. All virtual team members must also understand their roles on the team.

Which of the following is true of virtual teams?

Projects that have more flexible scheduling

Which of the following project parameters would be compatible with the use of the agile approach?

Management reserves

Which of the following reserves allows for future situations that are unpredictable?

Mandatory

Which of the following types of dependencies are inherent in the nature of work being performed on a project?

Net Present Value

_____ analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time.

Open-systems focus

_____ refers to the degree to which the organization monitors and responds to changes in the external environment.