C722 Project Management

According to the ____________, a project manager should avoid controlling tasks that take less than eight hours and should not let more than two weeks go by without checking in.

8 and 80 Rule

Which of the following recommends that no task included in the WBS require less than one day or more than two weeks to complete?

8/80 rule

____________ consists of the activities, methods, tactics, etc. that will be employed to meet business goals.

A business strategy

Which of the following is a key project management motivator?

Achievement of business results

____________ is/are important to understanding what others are saying both verbally and nonverbally and for effective project management.

Active listening

____________ activities that occur during the project closing phase include preparation of performance reports, return of assets to the sponsoring organizations, archival of records, and documentation of lessons learned.

Administrative

Which of the following is often used as the project transitions from the defining to the planning phase and it requires that an overall project cost be provided based on the customer's budget or similar projects?

Apportion method

Which of the following estimation methods uses all three duration estimates but places emphasis on the most likely estimate?

Beta distribution estimation method

Which of the following requires that estimates be made at the detailed work activity level of the WBS by functional experts with knowledge of the required/available resources to complete the activity?

Bottom-up estimation methods

From the following list, select the item that is an example of a product that a project creates.

Buildings

A _____________ represents an important business need or issue and provides an opportunity for others to create an appropriate, valuable solution.

Business scenario

The ___________ is used for estimating project activity durations. It assumes that the estimates do not vary and time can be reliably estimated.

CPM

For a project selection model to be considered ____________ it must be able to integrate the relevant factors of the evaluation including: time, risk, cost, and the internal as well as external environments.

Capable

Which of the following is the two-way process where the people involved share and respond to ideas and information via verbal, written, or nonverbal means?

Communication

A(n) ____________ project selection model should be usable across a range of projects such that the outcomes of the model can be used to compare projects.

Comparable

_________________________is/are not required unless during monitoring you detected changes that need to take place.

Controlling Activities

Projects are important to organizations because they provide organizations with the opportunity to:

Create or improve products and services

____________ project selection models should provide results in a reasonable amount of time which is easily understood by the decision makers.

Ease of use

Which of the following is a communication tenet for conflict resolution?

Establish expectations for the team on what they are to do, how they should communicate with each other, and what to do if there are issues.

Which activities include acquiring and coaching project team members, managing stakeholders, and implementing the project plan?

Executing process

Which type of risks include those associated with partners or contractors, customer expectations and availability, and environmental factors?

External

Which project management method addresses issues of extraordinary uncertainty or complexity where the project team must be able to collaboratively problem solve in the field to guide the project toward success?

Extreme

True or false. A projectized organization has less clearly defined lines of reporting than the other types of organizations.

False

True or False. A typical example of uncertainty in a project is the involvement of many different people, many different materials, and many different outcomes.

False As long as the people, resources, and materials involved in the project are known, uncertainty may be limited.

True or False. The CCPM method is used in software/hardware development and the process flows in a logical, linear fashion; but, if any problems are found, returning the work back to the previous step is very expensive.

False CCPM focuses on managing the uncertainties of a project, and it assumes that resources available to complete the project are in limited supply.

True or False. Agile project management methods require that significant planning is completed in advance. If re-planning is required, additional costs will be incurred.

False Correct! Agile project management is an iterative approach to project management where the project team works closely with the customer to deliver projects in usable chunks. Traditional project management methods require that significant planning is completed in advance.

True or False. An increase in the original project costs will make it possible to purchase better quality materials and/or add resources that make it possible to speed up the project schedule.

False: An increase in one constraint may have a negative impact on the other constraints.

True or False. Baselining is the process of measuring how close actual costs are to the budget, and then making changes in project execution as needed.

False: Baselining means freezing the planned budget so that actual costs can be compared to it throughout the remainder of the project.

True or False: The key to creating a budget is careful and complete documentation of the assumptions that come from the project-defining phase.

False: During the project-defining phase, an idea is developed into a detailed project proposal used by company leadership to determine if the project should go forward.

True or False. General and administrative costs can be attributed to specific work activities identified in the WBS such as labor, materials, supplies, and equipment.

False: General and administrative costs are overhead costs from outside of the project team and often include expenses from corporate services such as legal, human resources, and payroll.

True or False. Parametric estimating methods start at the lowest level of the WBS and aggregate cost estimates up to the total project. They require that people with expertise in doing the work estimate the resources needed to complete each work activity.

False: Parametric estimating methods are top-down estimating methods that are based on the relationship between the current project and historical data.

In which type of organizational structure does the PM has little or no formal authority, and any influence that the PM does have will come from his/her ability to negotiate with and influence others?

Functional

Which of the following organizes information in the WBS by deliverables and creates a picture of what activities and tasks will need to be completed for a particular project?

Hierarchical format

Once we have taken our deliverables and broken them into activities and tasks, we are in a position to validate our scope and to begin creating what?

Individual assignments

The ____________ is the rate of return which makes the cost of the project equal the future cash flows of the project.

Internal rate of return

____________ can allow the project to move forward in phases when not enough information is known to plan the entire project.

Iterative planning processes

Which of the following concepts can be important for creating accurate activity duration estimates when the project includes tasks that are repeated?

Learning curves

Using an appropriate project selection method is important because organizations have:

Limited resources

All planning documents need to be periodically reviewed to ensure that the contents are still valid. These documents are defined as what?

Living documents

The _____________ project selection model keeps the cost of gathering data and running the model low, relative to the scale of the project.

Low cost

The project baseline is critical, as it reminds us of our initial assumptions and allows us to do what when we move away from where we started?

Make educated decisions

Which of the following project manager roles or responsibilities focuses on leading project meetings and making sure team status updates are delivered clearly?

Managing

In addition to identifying responsibilities, the roles and responsibility matrix is an aid in identifying activities that do what?

May not have adequate personnel assigned

In addition to people resource management, timing, and funding, what is another component that needs to be covered in a risk management plan?

Methods and procedures

Within the project schedule, ________________ indicate critical events and other activities that must be performed by specific dates before the project may proceed.

Milestones

Which of the following are iterative processes that involve activities such as integration control, documenting scope changes, managing the project schedule, and managing the budget?

Monitoring and controlling

Which of the following is an important project management skill as it is the art of two or more parties reaching an agreement on their differences without litigation or physical conflict?

Negotiation

____________ is a financial measure of the total future benefits of a project minus the cost of the project.

Net present value

____________ project selection models use selection criteria that are not limited to traditional numeric performance measures such as ROI, profit, and revenue, etc.

Non-numeric

____________ are the on-going, daily activities of an organization that produces revenue and expense.

Operations

Which of the following is a method of prioritizing risk by determining probability and severity?

P*S score

____________ calculates the amount of time required to earn back the cost of doing the project.

Payback period

Based on the project expertise and effort required to develop bottom-up estimates, they are normally developed during which phase of a project?

Planning

The WBS is the secret weapon that begins to bring clarity for the team and organization for completing which phase of the project?

Planning

The initial scope statement is prepared as part of the defining phase. During which phase is the approved scope statement developed?

Planning

What creates a baseline for measuring progress as well as a road map for determining how to get the job done?

Planning

________________process activities include documenting customer requirements, estimating resource needs, finalizing the project budget, and creating the Work Breakdown Structure.

Planning

What is the portion of the scope statement that defines the features and functions of the project outcome or deliverables called?

Product scope

____________ for project management were developed as a way to capture, codify, and allow for the systematic growth of the knowledge base of the practitioners.

Professional standards

Which of the following creates the perception of your appearance, behaviors, and actions as a project team member and influences how others act toward you?

Professionalism

____________ models measure the financial returns of the project and include: payback period, net present value, and internal rate of return as part of the measurement.

Profit/Profitability-based

A ____________ is a group of related projects.

Program

Which of the following establishes the expected scope, the expected cost, and the expected schedule for a project so you can tell when you deviate from it?

Project baseline

The purpose of which of the following is to authorize the project and serve as a contract document showing agreement by the key stakeholders?

Project charter

Which of the following is a verifiable outcome of work activities or the overall project?

Project deliverable

The Project Management Institute defines ____________ as "the application of knowledge, skills, tools and techniques to project activities."

Project management

Common examples of which of the following include budgets, status reports, status meetings, and personnel management tasks?

Project management deliverables

The ____________ is responsible and accountable for managing the project to maximize the success of the project.

Project manager

Which of the following is an advantage of matrix organizations?

Project managers have access to a large reservoir of technically skilled people.

Which of the following is a characteristic, function, or capability that must be present in the project's final outcome?

Project requirement

Which of the following is a timeline that specifies when the project begins and when it is supposed to end?

Project schedule

Which of the following documents the customer's expectations about when the project will be completed, how much the completed project will cost, and how project results will be measured?

Project scope

When a company has many project proposals from which to choose, ____________ involves both evaluating and prioritizing the project proposals.

Project selection

While developing an understanding of the project overview, project justification, general objectives, risks, and constraints, who must the project team meet with to identify specific project requirements?

Project stakeholders

Which of the following are the concrete things you need to provide to the customer in order for the project to be complete?

Project-specific deliverables

____________ are temporary endeavors with a specified start and end date that exist to develop a unique product, service, or result.

Projects

Which of the following uses experience from prior projects to estimate the overall cost of the current project?

Ratio method

A project selection model is said to be ____________ when it accurately reflects the decision making context of the company including its capabilities and limitations.

Realistic

Which of the following is a disadvantage of the functional organization?

Requests for assistance from other departments are not easily prioritized.

Which of the following is a commonly used pictorial representation of resources required at specific times in the project life?

Resource histogram

Which of the following is not an example of a potential problem associated with extreme project management?

Rewards associated with extreme projects can be greater. Correct! The possibility for rewards is not a potential problem for any type of project

In project management, we define what as any uncertainty in an event or condition that may impact the scope, schedule, cost, or quality associated with the project?

Risk

Which of the following is the default response strategy when the risk is low or the impact is low, and it is cheaper to deal with the risk rather than spending budget dollars circumventing it?

Risk acceptance

Identifying uncertainties as well as analyzing and prioritizing risks are all part of what?

Risk assessment

Which of the following involves identifying potential risks during the planning process and setting a path to circumvent the risk?

Risk avoidance

Which of the following consists of measuring and mitigating risk as well as planning for emergencies?

Risk control

The primary objective of what is to help us make informed management plans in advance so we can minimize negative impacts or maximize opportunities associated with risk?

Risk management

Which of the following focuses on surviving the risk by deferring or reducing the impact?

Risk mitigation

Which of the following is the process of reviewing every aspect of the project to identify what risks may occur?

Risk planning

Which of the following is used to list all external, technical, or organizational risks and assigns scores for probability and severity?

Risk register

Which of the following is the degree, amount, or volume of risk that an organization or individual will withstand?

Risk tolerance

Which response strategy is used when it is assumed that the third party has capabilities or financial resources beyond those found in the project to handle the outcomes should the risk occur?

Risk transfer

A project is successful if it meets the triple constraints of scope, ________, and budget.

Schedule

The ____________ project selection model extends the benefits of the checklist approach and uses quantitative or qualitative criteria that are answered using a scale.

Scoring

Strategy is determined by ____________ in the organization to improve the value of the company.

Senior management

Project objectives should be ________ measurable, attainable, relevant, and timely.

Specific

Project objectives should be ____________, measurable, attainable, relevant, and timely.

Specific

____________ is the process of communicating and interacting with stakeholders in a way that keeps them interested and focused on their involvement in the project.

Stakeholder engagement

____________ reports are often updated in an online collaboration tool and published weekly.

Team status

The Project Management Professional (PMP®) and Certified Associate in Project Management (CAPM®) certifications are offered by which of the following?

The Project Management Institute (PMI)

On the risk register, the P*S score is followed by action plans to manage the risk and what else?

The person responsible for managing the risk

Which of the following is a disadvantage of the matrix organization?

The person with decision making power is not always clearly identified.

Each of the following is a level in the WBS except:

The project charter

The concept of ____________ suggests that money is worth more to an organization now than in the future.

Time value of money

True or false. A project maturity model is a process for determining if the level of documentation and best practices are followed in executing projects.

True

True or false. At Level 1 of the OPM3, there are no formal standards, processes, methods, procedures, or staff to constitute a project management discipline.

True

True or false. In a balanced matrix structure, the PM has low to moderate authority on a project.

True

True or False. Controlling activities are not required unless during monitoring you detected changes that need to take place.

True Correct! Controlling is the action taken to either get the project team back on track or to make plan adjustments in order to achieve the desired outcomes and deliverables.

True or False. Planning process activities include documenting customer requirements, estimating resource needs, finalizing the project budget, and creating the Work Breakdown Structure.

True Correct! Planning process activities include documenting customer requirements, estimating resource needs, finalizing the project budget, and creating the Work Breakdown Structure.

True or False. Management reserves are costs included in the budget to cover unknown project risks.

True: A management reserve is an amount added to the overall project budget to cover unknown project risks.

True or False. Direct overhead costs are costs such as work space, supervision, project administration, equipment, or other resources from the project that are shared across the work activities.

True: Direct overhead costs are also called indirect costs because they cannot be directly attributed to a specific project work activity.

True or False. The project cost is the sum total of all expenses directly charged to the project and may include wages, materials, and facilities costs, as well as other expenses.

True: Equipment rentals, business travel, and technology investments are examples of expenses that can be charged to a project.

True or False. Once a project is completed, any variances from the initial cost, schedule, or deliverables will be compared with the baseline requirements and approved changes.

True: The project baseline is critical in reviewing important changes that occurred during a project.

True or False. Project acceptance criteria, technical requirements, and project constraints are common components of project scope statements.

True: The project scope statement is sometimes called a statement of work (SOW).

True or False. The resource allocation histogram is a good tool to assist in generating a calendarized budget because it shows how much of each resource is required for each time period

True: The resource allocation histogram makes it possible for the costs for each resource to be included in the calendarized budget.

True or False. The resource responsibility matrix includes the project activities to be completed as well as the stakeholders who are charged with completing those activities.

True: The resource responsibility matrix includes the project activities to be completed and stakeholders who are responsible for getting those activities completed.

True or False. A calendarized budget distributes costs across the time periods of the project.

True: calendarized budget distributes costs across the time periods of the project. Knowing when expenses will occur allows the organization to ensure that sufficient money is available to pay the bills when due.

Which of the following is an aspect of a project that must be assessed during the planning process to ensure that a project is a good match for traditional project management methods?

Volatility

When using the ____________, senior management assigns a level of importance to each criterion which then assigns a value based on that level when calculating the total project score.

Weighted factor scoring model

Which of the following is/are used to validate the scope of the project and helps the team to fully understand how to deliver everything in the scope?

Work Breakdown Structure

____________ ensure that everyone understands what has to be delivered and who is responsible to do what when.

Work breakdown schedules

One _______________ of the iterative planning process is the fact that a project can be cancelled after any phase.

advantage

_____________________are iterative processes that involve activities such as integration control, documenting scope changes, managing the project schedule, and managing the budget.

both Monitoring and controlling

Using the _________ approach requires that the team expert provide a reliable estimate of the time necessary to complete the activity

deterministic duration estimation

After the WBS has been developed, the process of estimating the _____________ of project work activities begins

duration

If the person completing a project activity will be repeating the activity later in the project, the effect of learning curves should be considered when estimating _____________________ for future repetitions of the activity

durations

The ____________ is the oldest and most basic form of organization, and it is the type of organization most often represented in corporation shareholder reports and organizational reports.

functional organization

The ____________ documents how the various processes and planning areas will be kept in sync throughout the project life cycle.

integration management plan

At the end of a project, the project manager documents the _________ that provide valuable insights into what went well and what went poorly on similar projects.

lessons learned

Recording the different point of a project where rework was required and where additional resources were added are examples of documenting _______________

lessons learned

A ____________ has less clearly defined lines of reporting than other types of organizations.

matrix organization

As part of the project defining phase, customer requirements are refined into ____________ such as a product release dates, price points, and functionality.

measurable goals

A disadvantage In a matrix organization is ______________________________

not knowing who has the power to make decisions for a project

The ____________ is a decision point in the iterative process that provides the opportunity for company leadership to decide if moving forward is prudent.

phase-gate

________________________ approaches use basic statistics to account for uncertainty in activity duration estimates.

probabilistic duration estimation

When completing ____________ in the project closing phase, excess materials are returned, accounts payable are reconciled, and required financial reports are prepared.

procurement activities

If a project is selected for implementation, then this information is written into a formal document called the ____________.

project charter

During the ____________ phase, the customer may identify items that need to be corrected, which can require the team to re-plan parts of the project and then execute the revised activities.

project closing

During the ____________ phase, the idea for the project is formalized into a project proposal and the decision on whether the project will be selected for implementation is made.

project defining

The library of lessons learned from prior projects should be a primary source for use in the _____________phase(s) of a project.

project defining and project planning

The ____________ was developed in the 1950s and it uses a statistical approach to estimate the time that will be required to complete project work activities.

project evaluation and review technique (PERT)

The ____________ phase involves completing the work required to achieve the project outcomes.

project executing

The ____________ phase is when the PM and the project team roll up their sleeves and complete the work activities identified in the project plan.

project executing

A shortened ____________ may lead to increased labor costs to ensure that a project is completed on time.

project schedule

A reduction in the original ____________ can lead to lower project costs and/or a shortened project schedule.

project scope

A ____________ documents how the quality of the project deliverables will be measured and what steps will be taken to monitor and assure that the quality meets the customer requirement.

quality management plan

As part of monitoring and controlling, the project outcomes are compared against the ____________ to ensure that the customer's expectations will be met.

scope

Early cost approximations are most often developed using ____________ provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered.

top-down estimation methods

The first step in the project closing phase is to:

turn project deliverables over to customer

During __________ meetings, each leader speaks to the status of their work, project risks, and explains the status of any mitigation activities.

weekly internal status

Functional managers who also serve in the project manager role on a project are often called ____________.

working project managers

The effectiveness of results achieved from a scoring model is improved by using:

A diverse group of scorers

Which of the following statements about project manager responsibilities is true?

A project manager must manage people at all organizational levels as well as costs, expectations, procurement, and partners.

____________ use a series of questions to evaluate each potential project and then the answers to the questions would be compared to determine whether a project is accepted or rejected.

Checklist project selection models

Projects evaluated under the ____________ model are approved based on whether implementing the project will ensure the viability of the company in the competitive market.

Competitive necessity

True or False: A cost of business includes travel expenses and technology investments necessary for the project.

False: A cost of business is an expense that is not part of carrying out the project. Costs incurred by contractors preparing a bid, hiring personnel, or purchasing equipment that will be used following completion of the project cannot be charged to the project. Costs incurred for the project should be charged to the project.

True or False. Float time is an expense that is not typically considered part of the project and cannot be charged to the project.

False: The float time will be different for each alternative path and the amount of float time can change during the life of the project.

From the following list, select the item that is not a product that a project creates.

Filing documents

A project selection model is ____________ if it provides accurate measures across a reasonable range of conditions.

Flexible

The concept of ____________ tells us that in order to evaluate a project, we need to know the costs and benefits for the entire working life of the project outcome.

Future net cash flows

Which of the following is a challenge to effective project management?

Lack of clear and direct strategic alignment with the specific project.

A ____________ is a group of related programs which support a long term company goal or objective.

Portfolio

A ____________ is an activity or group of activities to generate a new, unique product, service, or results to support a program.

Project

Every ____________ should be aware of the impact of project management challenges and anticipate how to avoid them in order to ensure the success of their projects.

Project Manager

____________ is the act of running a project and encompasses the use of general management or specific project management knowledge, skills, tools, and techniques to ensure that the project meets its goals.

Project management

Which of the following occurs when there are incremental additions to the project scope that are not subject to the formal scope change process?

Scope creep

True or false. At Level 4 of the OPM3, more refined project management standards, processes, methods, procedures, and staff are in place.

True

True or false. Having a skilled project team that can support several successive projects of the same type is a real advantage within the projectized organization.

True

True or false. In a projectized structure, the PM has complete authority over matters from resource allocation to budget to schedule to scope trade-offs.

True

True or false. The existence of technical continuity within the functional organization helps ensure systems and people remain connected.

True

PMI's ____________ provide frameworks and processes in the areas of project, program and portfolio management and the Organizational Project Management Maturity (OPM3).

foundational standards

As part of the project ____________ process, the PM may need to intercede in order to correct the situation if the project is not being executed as planned.

monitoring and controlling

The ____________ phase is completed when all of the project work activities produce the promised deliverables and the project outcomes are ready to be delivered to the customer.

project executing

The ____________ helps tie the project back to the strategic and operational goals of the company and its mission.

project justification

At the conclusion of the ____________ phase, the customer and the project team will have a schedule, budget, and scope that are sufficiently accurate and complete so that the work of creating the project outcomes can begin.

project planning

The level of detail documented in the ____________ phase can be aligned with project complexity and must be sufficient so stakeholders are satisfied that the project outcomes will be achieved and so the project team understands the work that needs to be completed.

project planning

The ____________ is a written statement summarizing the work that will be completed to provide a project outcome that will meet the customer's requirements.

project scope

Which of the following defines the product of the project and contains information such as the project objectives and project deliverables?

project scope