Project Management Midterm

The ___________ must be the basis for a project cost estimate if you plan to use a baseline and use earned value management as part of monitoring and controlling costs. A. Project schedule B. Cost model C. Gantt chart D. WBS

Answer: D WBS

The best or "alpha" project managers spend more time on every process group than other project managers except for which one? A. Initiating B. Planning C. Executing D. Monitoring & Controlling E. Closing

Answer: C Executing

Which of the following is not part of the triple constraint of project management? A. Meeting scope goals. B. Meeting schedule goals. C. Meeting communication goals. D. Meeting cost goals.

Answer: C Meeting communication goals.

A _____________ is a temporary endeavor undertaken to create a unique product, service or result. A. Program B. Process C. Project D. Portfolio

Answer: C Project

_____ includes of all the activities related to satisfying the relevant quality standards for a project. A. Quality Control B. Customer satisfaction C. Quality Assurance D. ISO Certification

Answer: C Quality Assurance

A _________ is a deliverable-oriented grouping of the work involved in a project that defines the total scope of the project. A. Contract B. Gantt chart C. WBS D. Network diagram

Answer: C WBS

___________ are unplanned responses to risk events. A. Contingencies B. Reserves C. Workarounds D. Over-allocations

Answer: C Workarounds

You can purchase an item you need for a project for $10,000 and it has daily operating costs of $500, or you can lease the item for $700 per day. On which day will the purchase cost be the same as the least cost? A. Day 5 B. Day 10 C. Day 50 D. Day 100

Answer: C Day 50 10,000 + 500d = 700d -500d -500d 10,000 = 200d d= 10,000/200 = 50

A _____ is a document that contains results of various risk management process, often displayed in a table or spreadsheet format. A. Risk event B. Trigger C. Risk register D. Risk management plan

Answer: C Risk Register

A WBS is often depicted in a _______ format, similar to an organizational chart. A. Tabular B. Mind-map C. Block D. Graphical

Answer: D Graphical

__________ can assist in ensuring and improving quality by improving work flow. A. Pareto B. Mind map C. Fishbone or Ishikawa D. Kanban

Answer: D Kanban

Which knowledge area include processes related to closing? A. Project scope, schedule, cost and quality management B. Project integration, scope, schedule, cost and quality management C. Project integration and procurement management D. Project integration management

Answer: D Project integration management

_________ issues cause the most conflict over the life of a project. A. Change control B. Scope creep C. Cost D. Schedule

Answer: D Schedule

What is a crucial part of the project charter - a section in which key project stakeholders acknowledge their agreement on the need for the project? A. Project Objectives B. Approach C. Roles and Responsibilities D. Sign-off

Answer: D Sign-off

A _______ is a deliverable at the lowest level of the WBS, where it can be appropriately assigned to and manned by a single accountable person. A. WBS dictionary B. Budget item C. Control account D. Work Package

Answer: D Work Package

Using a(n) ________ approach to developing cost estimates requires a good deal of expert judgement and is generally less costly than others are, but it can also be less accurate. A. Bottom-up B. Parametric C. Expert judgement D. Analogous

Answer: D Analogous

Which project document is used to record and track assumptions and constraints throughout the project life cycle? A. Project Charter B. Constraints Log C. Stakeholder Analysis D. Assumption Log

Answer: D Assumption Log

Which of the following statements is false? A. Even though many projects are canceled before completion, it is still important to formally close any project B. Closing includes verifying that all of the deliverables are complete C. Closing often includes a final presentation and report D. Closing does not include developing a transition plan

Answer: D Closing does not include developing a transition plan

Which of the following is not an attribute of a project? A. Projects are unique. B. Projects are developed using progressive elaboration. C. Projects have a primary customer or sponsor. D. Projects involve no uncertainty.

Answer: D Projects involve no uncertainty.

The ________ rule is that all work required for a deliverable is included in it's sub-deliverables when defining activities. A. Golden B. Hierarchy C. Roll-up D. WBS 100%

Answer: D WBS 100%

Management by Wandering Around

Some project managers like to assess team performance by using a technique known as MBWA, which stands for __

Quality

The degree to which a set of inherent characteristics fulfill requirements

Planned Value (PV)

The portion of the approved total cost estimate planned to be spent on an activity during a given period

Actual Cost (AC)

The total of direct and indirect costs incurred in accomplishing work on an activity during a given period

Starvation

This approach to project termination occurs when a project is ended by decreasing its budget suddenly or suddenly ending funding.

What is the Triple Constraint?

Time, Scope, Cost

When a process is out of control variations in the results of the process are caused by _______ events

nonrandom

Earned Value Management (EVM)

project performance measurement technique that integrates scope, time, and cost data.

If a project team goes from 3 to 6 people, how many more communications channels are there?

(n(n-1))/2 (3(3-1))/2 = 3 (6(6-1))/2 = 15 15 - 3 = 12 Answer: 12

Initiating Tasks

1. Identify & Understand project stakeholders 2. Develop project charter 3. Kick-off meeting

List of 5 Process Groups

1. Initiating 2. Planning 3. Executing 4. Monitor & Controlling 5. Closing

Three elements and actions to Initiating: 1. 2. 3.

1. Project Charter (Only at beginning of phase I) 2. Identifying stakeholders 3. Kick-off meeting

List of 10 Knowledge Areas

1. Time (Schedule) 2. Cost (Budget) 3. Scope 4. Quality 5. Human Resources 6. Risk 7. Communication 8. Stakeholder 9. Procurement 10. Integration

All projects are: 1. 2. 3.

1. Unique 2. Temporary 3. Uncertain

Staffing Management Plan

A ____________ describes when and how people will be added to and taken off a project.

Request for Proposals (RFP)

A document used to solicit proposals from prospective suppliers

Request for Quotes (RFQ)

A document used to solicity quotes or bids from prospective suppliers.

Which knowledge areas include task relating to controlling?

All ten knowledge areas

All project meetings with major stakeholders should include __________.

An agenda

Earned Value (EV)

An estimate of the value of the physical work actually completed

Post Mortem

Another name for a project close-out meeting

Project portfolio management addresses _________________ goals of an organization, while project management addresses _________________ goals. A. strategic, tactical B. tactical, strategic C. internal, external D. external, internal

Answer: A strategic, tactical

Approximately what percentage of global projects fail, according to PicewaterhouseCoopers? A. 50% B. 30% C. 15% D. 75%

Answer: A 50%

Which of the following conflict handling modes do successful project managers do most often? A. Confrontation/problem-solving B. Compromise/reconcile C. Smoothing/accommodating D. Forcing/directing

Answer: A Confrontation/problem-solving

____________ is a technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost. A. Crashing B. Fast-tracking C. De-scoping D. Parametric modeling

Answer: A Crashing

What is the first step in planning a project schedule? A. Creating a schedule management plan B. Developing an activity list C. Assigning resources to the project D. Determining activity sequencing

Answer: A Creating a schedule management plan

___________ predict future project status and progress based on past information trends. A. Forecasts B. Status Reports C. Progress reports D. Histogram

Answer: A Forecast

According to PMI, which of the following would not be good wording for a WBS item? A. Install software B. Software C. Software installation D. Software training

Answer: A Install software

What two dimensions should you use when evaluating project risks? A. Probability and impact B. Cost and schedule C. Negative and Positive D. Source and responsibility

Answer: A Probability and Impact

What document formally recognizes the existence of a project and provides direction on the project's objectives and management? A. Project charter B. Business case C. Net Present Value analysis D. Benefits management plan

Answer: A Project Charter

___________________ is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. A. Project management B. Program management C. Project portfolio management D. Requirements management

Answer: A Project management

What is not part of controlling procurements? A. Selecting sellers B. Monitoring contract performance C. Managing procurement relationships D. Closing out contracts

Answer: A Selecting sellers

Which of the following is not an executing process? A. Validate scope B. Manage product knowledge C. Acquire resources D. Implement risk responses

Answer: A Validate scope

Buyers often develop a _______ of the top 3 to 5 suppliers to reduce the work involved in selecting a source. A. Short List B. Weighted decision matrix C. Qualified sellers list D. BAFO

Answer: A Short list

In which of the five project management process groups is the most time and money usually spent? A. Initiating B. Planning C. Executing D. Monitoring & Controlling E. Closing

Answer: C Executing

Topics such as who will receive project information and who will produce it, suggested methods or guidelines for conveying the information, frequency of communication, and escalation procedures for resolving issues should be described in a _____. A. Communications management plan B. Staffing management plan C. Team contract D. Scope statement

Answer: A Communications Management Plan

A __________ is a time-phased budget that project managers use to measure and monitor cost performance. A. Cost baseline B. Cost estimate C. Life-cycle budget D. Project budget

Answer: A Cost baseline

What is the most common type of dependency? A. Finish-to-start (fs) B. Start-to-finish (sf) C. Start-to-start (ss) D. Finish-to-finish (ff)

Answer: A Finish-to-start (fs)

You want to have the least risk possible in setting up a contract to purchase goods and services from an outside firm. As the buyer, what type of contract should you use? A. Fixed price B. Unit price C. Cost reimbursable D. Time and materials

Answer: A Fixed Price

Answering questions such as, "What will you do differently on the next project based on your experience working on this project?" is a part of a ______________. A. Lessons-learned report B. Customer acceptance/project completion form C. Written notice of contract closure D. Transition plan

Answer: A Lessons-learned report

Which of the following is not an output of planning for project integration and scope management? A. Project website B. Project management plan C. Scope management plan D. A WBS

Answer: A Project website

A requirements ___________ __________ is a table that lists requirements, various attributes of each requirement, and the status of the requirements to ensure that all of them are addressed. A. Traceability Matrix B. Management Plan C. Management Matrix D. Tracking Tool

Answer: A Traceability Matrix

Updating documentation and historical information produced by the project in a useful format is part of ________. A. Updating organizational project assets B. Archival C. Closing procurements D. Lessons learned

Answer: A Updating organizational project assets

The entire project is considered to be level _____ in the WBS. A. 0 B. 1 C. 2 D. 3

Answer: B 1

What document provides justification for investing in a project? A. Project charter B. Business case C. Net Present Value analysis D. Benefits management plan

Answer: B Business case

The main purpose of project planning is to: A. Obtain funding for the project B. Guide project execution C. Clarify roles and responsibilities D. Keep senior managers informed

Answer: B Guide project execution

What is the most common reason for closing or terminating a project? A. Addition B. Integration C. Extinction D. Starvation

Answer: B Integration

Which of the following statements is false? A. The highest need in Maslow's pyramid is self-actualization B. Most people today prefer managers who follow Theory X versus Theory Y C. Herzberg distinguished between motivating and hygiene factors. D. Projects are more likely to succeed when project managers influence team members by using work challenge and expertise

Answer: B Most people today prefer managers who follow Theory X versus Theory Y Theory X: average worker wants to be directed and prefers to avoid responsibility, has little ambition and wants security above all else Theory Y: humans do not inherently dislike work but is as natural as play or rest

Controlling resources involves ________ resources. A. Human B. Physical C. Material D. All

Answer: B Physical

In which of the five project management process groups are activities performed that relate to each knowledge area? A. Initiating B. Planning C. Executing D. Monitoring & Controlling E. Closing

Answer: B Planning

Several individual housing projects done in the same area by the same firm might best be managed as part of a _______________. A. Portfolio B. Program C. Investment D. Collaborative

Answer: B Program

What is the popular certification program that the Project Management Institute provides? A. Microsoft Certified Project Manager (MCPM) B. Project Management Professional (PMP) C. Project Management Expert (PME) D. Project Management Mentor (PMM)

Answer: B Project Management Professional (PMP)

Project teams develop a ______ to coordinate all other project plans. A. Strategic plan B. Project management plan C. Master plan D. Project website

Answer: B Project management plan

______ is the degree to which a set of inherent characteristics fulfills requirements. A. Conformance to requirements B. Quality C. Fitness for use D. Reliability

Answer: B Quality

___________ allow organizations to measure their performance in certain areas - such as failure rates, availability, and reliability - and compare them over time or with other organizations. A. Ratings B. Metrics C. Quality-control charts D. Checklists

Answer: B Metrics

Which of the following skills is not part of PMI's project management talent triangle? A. Technical project management B. Strategic/business C. Application area D. Leadership

Answer: C Application area

Critical chain scheduling considers limited resources when creating a project schedule and include ___________ to protect the project completion date. A. Reserves B. Multitasking C. Buffers D. Outsourcing

Answer: C Buffers

The ______ method is a network diagramming technique used to predict total project duration. A. PERT B. Gantt Chart C. Critical Path D. Crashing

Answer: C Critical Path

A(n) _________ normally does not have any cost or duration. A. Activity B. Milestone C. Critical Task D. Baseline

Answer: C Critical Task

A WBS ____________ is a document that describes the deliverables on the WBS in more detail. A. Glossary B. Statement C. Dictionary D. Appendix

Answer: C Dictionary

Which of the following statements is false? A. Demand for the project managers continues to increase. B. Employers prefer college graduates with the ability to work as part of team. C. Organizations waste $97 million for every $1 billion spend unprotects, according to a 2017 PMI report. D. According to PMI's salary survey, professionals with a PMP credentials earned 22% more than those without it.

Answer: D. According to PMI's salary survey, professionals with a PMP credentials earned 22% more than those without it.

What are stakeholders?

Any person or groups of persons that can impart or be impacted by a project

Most project sponsors would say that the most important output of any project is ________.

It's deliverable

Pareto Chart

Histogram that can help you identify and prioritize problem areas. Variables described by the histogram are ordered by frequency of occurrence in a column chart and a line chart is added to show cumulative percentage on the right of the chart.

Scope Validation

Involves formal acceptance of the completed project deliverables by the project customer or designated stakeholders

Fortune magazine summarized research showing that the main reason CEOs failed was due to

Poor Execution

Preparing a stakeholder register and performing a stakeholder analysis are part of which knowledge area?

Project Stakeholder Management

Project Vs. Program Vs. Portfolio

Projects are tactical by nature. Programs are a group of projects that share the same goal Portfolio are group of projects or programs under same area - strategic by nature

A RACI chart is a type of __________.

Responsibility Assignment Matrix

What does RACI stand for?

Responsible: who does the task Accountable: who has sign-off authority on task Consulted: who has information needed for task Informed: who need to know status and results

Requirement

a condition or capability that must be met or possessed by a system, product, service, result, or component to satisfy a contract, standard, specification, or other formal document

Metric

a standard of measurement