Project Management
What should be created to ensure that all work tasks in the project are included?
A WBS
An itemized estimate of income and expenses
Budget
How much money time or resources are needed to make something happen?
Budget
Sally's job will take five hours to complete at 15 dollars per hour. This is an example of
Budget
The project scope...
Defines many aspects of the project
Define scope
Defining the boundaries for a project
The tasks completed during a project
Deliverable
Toms client requires a project to be completed by the end of the month. This involves?
Due dates
An advantage of the matrix organizational structure is the high level of information transfer. True or False?
False
Conflicts that occur during projects are never beneficial. True or False?
False
Most projects are successful. True or False?
False
Planning is always the first step in the 5 process stage? True or False?
False
Project management takes more time than it is worth. True or False?
False
Quality involves creating a timeline for the completion of the project. True or False?
False
The initial goal and specifications of a project are developed during the planning phase?
False
The most common reason for the termination of a project is the low probability of achieving ROI. True or False
False
There is no need to consider positive risk. True or False?
False
Schedule contingencies are reflected as?
Float
What project management tool would be used for scheduling of tasks?
Gantt Chart
Which is a step in the risk management process
Identification
One phase of the project management life cycle is
Initiate
What are the project phases?
Initiation,planning, execution, monitor and control, closing
Which is not one of the four fundamental reasons for project failure?
Insufficient budget
What is another name for this fishbone diagram?
Ishikawa diagram
Why is project risk management important?
It increasing the probability of meeting all expectations
What is not true about bottom-up budgeting
It is the most commonly used approach
Regardless which RCA process is used, there are almost always more than...
One root cause
The world's leading not-for-profit management association for project profession is
PMI
Which is true?
People perceive risk differently
A baseline plan is developed during which phase of the project
Planning
Which phase of the project is most crucial?
Planning
WBS, Gantt Chart and Network diagram are outputs of the
Planning process
Risk is
Probability multiplied by impact
Which is the most common type of project meetings?
Problem solving, kickoff...all of the above
A short term endeavor with specific budget restrictions and time restrictions is a...
Project
The person responsible for the planning, coordination, and controlling of a project
Project Manager
Involves characterizing and analyzing and prioritizing the effects on project objectives
Qualitative Risk Analysis
Materials money staff or other assets needed to make a project happen are the...
Resources
The written roles and responsibilities of a project are found on the
Responsibility Matrix
Involves determining which risks are likely to affect a project
Risk Identification
RCA stands for
Root Cause Analysis
The output of qualitative risk analysis are?
The probability time impact matrix
What is management?
The process of planning organizing and controlling
A key component of planning a project is...
Work Breakdown Structure
During project production. Which is the most important element to a successful project?
communication
Tom is producing a TV commercial. What would be most helpful to streamline production?
create a project plan
Why use gantt charts?
schedule
A project must have a...
start and an end point
The responsibility assignment matrix clarifies the responsibilities of the team members. True or False?
True
Time and cost estimates are important. True or False?
True
Which of the following phrases would be an example of active listening
"So, If I understand, you want..."
Project initiation is the...
1st Phase
How many phases of a project
5
Project managers make an average of...
85,000
Corrective action should be taken for a project..
As soon as possible
If an aspect of the project scope need to be altered there must be a...
Change order
Organizing and archiving documents occur during which phase of the project
Closing
Which are the activities performed to finalize a project?
Closing
A critical part of a program managers job is
Communicating
A project is always limited by...
Constraints
Contingencies are
Cost added to the budget because of the risk
Which of these aspects is not important to consider when making crash estimates?
Crashing cost are changed per day
A daily fine imposed by the project owner for the delay of the project
Liquidated Damages
A firm must create a website, an app, and an animation. This is an example of a
List of project deliverables
Which communication skills are most essential to reach a condition of success?
Listening
Which is not a way for PM to deal with uncertainty?
Make a predetermined budget and schedule
Which is not a risk response strategy?
Maximize
Occurs when two or more nodes precede a single node...
Merge
An important event that has no duration
Milestone
Which phase determines if the project is meeting its goals?
Monitoring and Controlling
Involves choosing from among potential supplies
Source Selection
Which of the following is NOT a responsibility of a project manager
Sponsoring the Project
A person with an interest or concern with the project
Stakeholder
A narrative description of products and services to be delivered by the project
Statement of Work
Which of the following is a legal document?
Statement of Work
Which is not a characteristic of a project.
Strategic
Which statement is true?
The risk if the greatest in the early phases
Which one is a risk?
There may be a lack of skilled resources next month
A risk is a
Threat and/or an opportunity
An estimate that includes an optimistic, most likely, and pessimistic estimate?
Three Point Estimate
Additional time to complete a task
Time Buffers
Which part to develop a wbs Is considered to be optimal?
Top Down
Uses historical data from similar projects as a basis for the cost estimate
Top-down estimates
Which is a risk response strategy?
Transfer
A project evaluation appraises the progress and performance relative to the first project plan. True or False?
True
A risk is a threat of damage, liability, or loss. True or False?
True
Between 60 and 80% of projects fails to meet time and cost. True or False
True
PMS should consider different needs of all stakeholders. True or False
True
Project meetings should have an agenda and start on time. True or False
True
Projects should have their benefits and analyzed. True or False?
True
What is a project?
a group of tasks that support an effort
Project risk is an uncertain event that
may occur