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