MG-417 Midterm

Organizations waste $1 million for every _________ spent on projects. $500 million $3 trillion $1 billion $2 billion

$1 billion

The level under the entire project is called level _________ in a WBS. 1 2 0 3

2

In Phase I of the Just-In-Time Project, Kristin estimated that the project would have a ____ percent discounted return on investment and payback in the second year after implementing the new training program. 107 27 7 97

27

If a weighted score for a project is based on just two criteria, fit with strategy, weighted % and ROI, weighted %, what would be the weighted score for a project with scores of on fit with strategy and on ROI? 75 68 71 58

68

Assume a student's grade is calculated bassed on two exams, the first exam is worth % of the grade and the second is worth % of the grade. If the student scored % on the first exam and % on the second exam, what is the weighted score? 86% 84% 85% 83%

84%

Based on a 1 study, approximately what percent of large U.S. organizations have project management offices? 95% 65% 75% 85%

95%

____ to requirements means that the project's processes and products meet written specifications. Management Conformance Voluntary adherence Fidelity

Conformance

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

Crashing

____ includes the actual amount of time spent working on an activity plus elapsed time. Length Extension Period Duration

Duration

______ reserves are funds held for unknown risks. Emergency Management Contingency Fallback

Management

____ risk events might include the performance failure of a product produced as part of a project, delays in completing work as scheduled, increases in estimated costs, supply shortages, litigation against the company, and strikes. Calculated Countervailing Negative Hidden

Negative

________ are conditions or capabilities that must be met by the project or present in the product, service, or result to satisfy an agreement or other formally imposed specification. Requirements Specifications Regulations Contracts

Requirements

____ development uses the results of all the preceding project time management processes to determine the start and end dates of project activities and of the entire project. Task Schedule Work Package Activity

Schedule

All project meetings with major stakeholders should include __________. food all of the above an agenda name tags

an agenda

Using a(n) _________ approach to developing cost estimates requires a good deal of expert judgment and is generally less costly than others are, but it can also be less accurate. analogous expert judgment bottom-up parametric

analogous

Which project document is used to record and track assumptions and constraints throughout the project life cycle? stakeholder analysis assumption log project charter constraints log

assumption log

Performance in meeting project scope goals is based on the scope ____. baseline definition revision statement

baseline

Critical chain scheduling considers limited resources when creating a project schedule and includes _________ to protect the project completion date. outsourcing buffers multitasking reserves

buffers

Some projects have a senior manager called a(n) ____ who acts as a key proponent for a project. advocate sponsor coach champion

champion

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 _______________. scope statement staffing management plan communications management plan team charter

communications management plan

Which of the following is good wording for items on a WBS? construction site clearing clear construction site cement poured pour cement

construction site clearing

A project in the ____ category must be accomplished to run the business. core redundant ancillary growth

core

Which of the following is not a purpose for project management tools and techniques? data visualization data representation data gathering data analysis

data visualization

High level items in a WBS are broken down or _______ into smaller tasks. decomposed allocated segregated separated

decomposed

Scope statements should include, at a minimum, a product scope description, product user acceptance criteria, and detailed information on all project ____ . stakeholders volunteers meetings deliverables

deliverables

The goal of project portfolio management is to help maximize business value to ensure _______________. risk minimization profit maximization competitive advantage enterprise success

enterprise success

Projects involve five project management process groups: initiating, planning, ____, monitoring and controlling, and closing. designing delivering executing maintaining

executing

The main disadvantage of ____ is that it can end up lengthening the project schedule, because starting some tasks too soon often increases project risk and results in rework. reviewing extending fast tracking crashing

fast tracking

What is the most common type of dependency between activities? start-to-start start-to-finish finish-to-start finish-to-finish

finish-to-start

You bought a laptop assuming it had application software loaded so you could use it right away, but it did not. What quality consideration did the laptop not meet? conformance to requirements fitness for use quality metric quality control

fitness for use

An organization can view project portfolio management as having ____ levels, from simplest to most complex. six ten two five

five

There are _____ project management process groups. eight four ten five

five

Key elements of the project management framework include the project stakeholders, process groups, project management ____, project management tools and techniques, project success, and contribution of a portfolio of projects to the success of the entire enterprise. knowledge areas vision scope domain

knowledge areas

The project management framework includes five process groups and ten _____________. tools and techniques focus areas knowledge areas success criteria

knowledge areas

Which of the following is considered to be a "super tool" or tool that has high use and high potential for improving project success? lessons-learned reports quality metrics net present value risk registers

lessons-learned reports

There should not be any projects in the lower-right quadrant of a bubble chart because they have ______ value and _____ risk. low, high high, low high, high low, low

low, high

Many organizations claim that using project management ____. lowers costs lengthens development time diminishes customer relations reduces internal coordination

lowers costs

A ____________ describes how things should be done. methodology standard process phase

methodology

Project teams often create a ____________ to ensure that all major activities are accounted for. project steering committee checklist Gantt chart milestone list

milestone list

A three-point estimate is an estimate that includes a(n) ____, most likely, and pessimistic estimate, such as three weeks, four weeks, and five weeks, respectively. optimistic conditional unusual remote

optimistic

Which cost estimating technique would you be using if you estimate the cost of materials based on the number of square feet? analogous top-down parametric modeling bottom-up

parametric modeling

Project management ____ facilitate communication among stakeholders and provide a baseline for progress measurement and project control. compacts plans contracts charters

plans

An organization should focus on projects with a ____ NPV if financial value is a key criterion for project selection. zero well-defined negative positive

positive

Project ____ management includes acquiring or procuring goods and services for a project from outside the organization. supply acquisition logistics procurement

procurement

A ________ is a temporary endeavor undertaken to create a unique product, service, or result. program portfolio process project

project

Preparing a stakeholder register and performing a stakeholder analysis are part of which knowledge area? project human resource management project communications management project stakeholder management project integration management

project stakeholder management

In portfolio management the "____" step should occur first. put all projects in one list divide projects into investment categories prioritize projects on a list apply modern portfolio theory

put all projects in one list

Many organizations find duplicate or unneeded projects after they perform which step in project portfolio management? putting all projects in one list dividing the projects into several categories based on type of investment applying modern portfolio theory, including risk-return tools that map project risk prioritizing the projects in their list

putting all projects in one list

Project ____ management ensures that the project will satisfy the stated or implied needs for which it was undertaken. integration portfolio quality performance

quality

PMI defines a project ____ as an uncertainty that can have a negative or positive effect on meeting project objectives. challenge risk hazard danger

risk

A _______________is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format. risk management plan trigger risk register risk event

risk register

If a project's stakeholders are not satisfied with the quality of the project management or the resulting products or services, the project team will need to adjust ____, schedule, and cost to satisfy stakeholder needs and expectations. scope vision range breadth

scope

Project ____ management involves working with all appropriate stakeholders to define, gain written agreement for, and manage all the work required to complete the project successfully. communications risk time scope

scope

A crucial part of the project charter is the ____ section, where key project stakeholders sign the document to acknowledge their agreement on the need for the project. sign-off product ownership revision acknowledgement

sign-off

The project ____ usually provides the direction and funding for the project. auditor coordinator sponsor planner

sponsor

The project management plan should not be _________ receptive to change dynamic static flexible

static

For a large training project, there is often a(n) ____ project done first before investing in a larger project. study preparatory simulated advance

study

Which of the following is not a category of factors affecting the organization, according to PMI? sustaining the environment meeting regulatory, legal, or social requirements satisfying stakeholders needs or requests implementing or changing business or technological strategies

sustaining the environment

Project scheduling software uses the ____ format to represent the WBS. binary flexible tabular chart

tabular

Which of the followiing is not part of a scope baseline? work package WBS dictionary WBS scope statement

work package