MGMT 466 Exam 1

Which of the following characterize a project? A recurrent endeavor towards a specific goal A set of activities undertaken to create a unique product or service A routine set of activities Work towards a defined outcome with no time constraint

A set of activities undertaken to create a unique product or service

Your team is hard at work on their assigned project tasks when one team member discovers a risk that was not identified during risk planning. What is the FIRST thing to do? Halt work on the project Find a third-party company to transfer the risk. Look for ways to mitigate the risk. Assess the risk.

Assess the risk.

Which part of the project life-cycle is most often overlooked by project managers? Define Close Plan Execute

Close

Which of the following is a nonnumeric project selection method? Payback period Discounted cash flow method Comparative benefit Scoring method

Comparative benefit

A customer is requiring a minor scope change and expects you to do this without delays and additional costs. You believe that you have adequate authorization to make the decision by yourself, but you are not quite sure. What should be your next steps? Handle the request according to the integrated change control processes described in your management plans. Then make a decision together with the appropriate change control body, whether the increased customer satisfaction will be worth the extra costs, work, risks etc A requested change is always an opportunity to get more money paid by the customer and to secretly solve schedule and quality problems. You should make some reasonable estimates on time, costs, risks etc. and then add a nice margin on top of that to calculate the new price. Customer satisfaction is your top priority. The customer gives you an opportunity to increase their satisfaction, which you should use to the maximum benefit. Most project managers have contingencies to cover risks; these can be used to pay the additional costs. Before making a decision you should have a look at the customer's parking lot. If you find there many expensive, new models, it is likely that you can use the requested change to increase the profit from the contract. Otherwise you should reject the request

Handle the request according to the integrated change control processes described in your management plans. Then make a decision together with the appropriate change control body, whether the increased customer satisfaction will be worth the extra costs, work, risks etc

Which one is the disadvantage of weighted scoring method for project selection? It is easy to introduce a large number of criteria, most of which might have very little impact on the total project score. Doesn't allow the use of financial criteria for evaluation. Prioritize short-run projects. All criteria are of equal importance.

It is easy to introduce a large number of criteria, most of which might have very little impact on the total project score.

You are creating your WBS and find that you keep decomposing tasks into smaller and smaller units. How can you tell when you are done? Keep decomposing work until you reach an amount of work that can be accomplished in 1% time of overall project duration. Keep decomposing tasks until you reach an amount of work that can be accomplished in one hour. Keep decomposing work until you reach a predetermined number of hierarchy levels to keep the WBS balanced. Keep decomposing tasks until you reach an amount of work that is small enough to reliably estimate required resources and duration.

Keep decomposing tasks until you reach an amount of work that is small enough to reliably estimate required resources and duration.

Which of the following is an advantage of a functional project management organization? Shorter project duration Maximum flexibility in the use of staff Strong motivation of project team members Longer project duration

Maximum flexibility in the use of staff

You are identifying key stakeholders for your project. Which of the following groups is least likely to be included? Media representatives Sponsor Project manager and project team Customer and users

Media representatives

Which of the following would NOT be considered a project? Placing a weekly replenishment order Developing a new cancer treatment A political campaign Constructing an office building

Placing a weekly replenishment order

A series of coordinated, related, multiple projects that continue over an extended time period and are intended to achieve a goal is known as a: Campaign Strategy Routine Program

Program

Kumar is a Project Manager helping his company on selection of a new project. Kumar is using Payback period project selection method. Which one of the four projects should his company select? Project B has a Payback period of four years. Project D has a Payback period of twenty four months. Project A has a Payback period of three years. Project C has a Payback period of five years.

Project D has a Payback period of twenty four months.

MegaComputers Inc., has assigned a project manager for each of the five new-product teams. The managers, as well as the project team members, work on the projects on a full-time basis. The structure being used is Functional Weak matrix Projectized Balanced matrix

Projectized

Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating? Strategic ploy Political necessity Sacred cow New pet

Sacred cow

A matrix project that closely resembles the pure project is referred to as Functional matrix Balanced matrix Strong matrix Weak matrix

Strong matrix

The PM's job includes all of the following except? Facilitator Communicator Supervisor Leader

Supervisor

What could be a sign that indicates the need of some actions or communications directed to manage a stakeholder's engagement level? The stakeholder talks less The stakeholder's current engagement level varies from the desired level The stakeholder is remotely located The stakeholder is external

The stakeholder's current engagement level varies from the desired level

A Risk Register contains all of the following EXCEPT When the risk will occur Contingency plan Who is responsible Trigger

When the risk will occur