Project Management midterm

Typical kinds of costs found in a project include all of the following EXCEPT

All of these are examples of costs found in a project.

After your team has successfully identified potential risks that could affect the project, what is the next step?

Assess identified risks.

Factors in identifying cultural characteristics include all the following EXCEPT:

Attitude

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Avoiding.

The direct cost for completing an activity in the shortest time it can realistically be completed in is called its __________ cost.

Crash.

One way of reducing project costs is identifying tasks that _________ can do themselves.

Customers.

As a project is crashed and project duration is reduced, indirect costs typically:

Decrease

Which structure would be most appropriate for developing a new, highly innovative product that has strict time constraints?

Dedicated project team.

An activity's crash cost includes ________ costs.

Direct

The salary of the project manager would be an example of what type of cost found in a project?

Direct project overhead.

Which of the following is NOT considered a project indirect cost?

Equipment.

The process of forecasting or approximating the time and cost of completing project deliverables is called:

Estimating

The structure that manages projects within the existing organizational structure is __________ organization.

Functional

Which of the following combinations represents the extremes of project organization?

Functional and projectized.

Accounting would be an example of which of the following costs typically found in a project?

General and administrative overhead.

As a project is crashed and project duration is reduced, direct costs typically:

Increase.

Which of the following is a good condition for top-down estimating?

Internal, small project.

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

It is expensive.

All of the following are functions culture plays in an organization EXCEPT:

It replaces the need for a project selection process.

Learning curves are more likely to be applied in situations where most of the costs are:

Labor.

Risks are evaluated in terms of:

Likelihood (Probability) and impact.

_________ organization is a hybrid form in which a horizontal project management structure is "overlaid" in the normal functional hierarchy.

Matrix

Which of the following is an advantage of a functional project management organization?

Maximum flexibility in the use of staff.

Which of the following is NOT one of the more commonly used options for cutting project costs?

Move the completion date further out.

A good starting point for developing time and cost estimates is:

Past experience.

Which of the following is NOT a primary characteristic of organizational culture?

Profitability.

When a project manager must reduce project duration but resources are constrained, creating a software program that will have fewer features than originally planned or building a house without the bonus room the owner originally specified in the plans would both be examples of:

Reducing project scope.

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a_________.

Risk

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

Risk breakdown structures.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as:

Risk management.

Which of the following is NOT one of the steps in the risk management process?

Risk tracking.

The chances of a risk event occurring as a project proceeds through its life cycle tend to:

Slowly drop.

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to:

Slowly rise.

Which of the following cultural characteristics relates to the degree to which work activities are organized around groups rather than individuals?

Team emphasis.

Reducing project duration:

Tends to increase network sensitivity.

Intense global competition and rapid technological advances create pressure to develop projects rapidly. This is an example of reducing project duration caused by:

Time to market.

In practice, estimating processes are frequently classified as:

Top down/bottom up.

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

Transferring.

Which of the following describes the consensus method?

Uses pooled experience of senior and/or middle managers to estimate the total project duration and cost.

Which of the following is a good condition for bottom-up estimating?

When there is a fixed price contract.