Project Management
project planning stages
1. Define project objectives 2. Bound work to be completed (define scope) 3. Develop task schedules 4. Assign work 5. Develop budget 6. Develop risk management, quality management and other plans 7. Develop supporting documentation and metrics
The work packages in the WBS are at WBS level(s): A. 2 only B. 3 only C. 4 only D. 3 and 4
3 and 4
Payback Period Analysis
3-5 year analysis focus is comparing the payback period to corporate objectives Minimize this is objective
A structured process for managing a multitude of projects is most commonly referred to as: A. Project management policies B. Project management guidelines C. Industrywide templates D. A project management methodology
A project management Methodology
One of the outputs of the PMBOK®Scope Planning Process is: A. A project charter B. A scope statement and management plan C. A detailed WBS D. None of the above
A scope statement and management plan
Team 5: Zoom Spectator CP: 257 days 99.7% deviation: 9 days ??
Addition onto zoom assumed new hires
Team 11: Circle-Up (all streaming plat) CP: 55.8 weeks Dev: 1.8 weeks
All stream together subscription service/tiers
Project charter
Authorizes the project, high level description
Overhead estimation
Burden rates are set by senior manager. Can vary in department and overtime vs normal OT less than norm, 300-500 is norm for labor
Internal Rate of Return(IRR)
Calculates the implied interest rate of the project. Interest rate at which the NPV of the cost = benefit
Financial closeout, which is often part of following the Scope Verification Process, is used to: A. Close out all charge numbers B. Close out all charge numbers for the work performed and completed C. Amend the work authorization forms D. None of the above
Close out all charge numbers for the work performed and completed
Project Life Cycles
Conceptual - prelim eval Definition - refinement of elements in concept section Production - mainly testing and final standardization Operational - producing the project Divestment - reassigning resources to other aspects
Stage-gate system
Divides the project into a set of stages with pre-defined deliverables and must be met before moving on
TEAM 1: Noise Blocker CP: 305 days deviation: 12.58
Expensive economically feasible
Project Planning Phase
Feasibility analysis Preliminary planning Detailed planning
Which of the following is generally not a benefit achieved from using project management? A. Flexibility in the project's end date B. Improved risk management C. Improved estimating D. Tracking of projects
Flexibility of the projects end date
Projects that remain almost entirely within one functional area are best managed by the: A. Project manager B. Project sponsor C. Functional manager D. Assigned functional employees
Functional manager
Team 10: DCP oil well CP: 142 days Dev: 4.9 days
Good pert Cavity pumps interchange with plastics
MARR (minimum attractive rate of return)
High MARR value when high risk normally 25-30%
Project management methodologies often work best if they are structured around: A. Rigid policies B. Rigid procedures C. Minimal forms and checklists D. Life-cycle phases
Life-cycle Phases
Project Milestone Schedule
Major tasks or development in the project formal deliverables, relates to outcomes
Which of the following is usually not part of the criteria for project success? A. Customer satisfaction B. Customer acceptance C. Meeting at least 75 percent of specification requirements. D. Meeting the triple-constraint requirements
Meeting atleast 75% of specification requirements
Team 3: Solar Air conditioning CP: 67 days
Nice cost benefit analysis AC= $5000
Team 8: Fire Fighting Robot 3 year project CP:168 weeks dev: 31.85 weeks
Nozzles interchangeable long time and big dev expensive startup
What do project managers need to understand?
Organizational structure and Organizational behavior or Culture
Team 4: Covid Test CATS CP: 180 deviation: 9.1
Outsource Big Task Breakdown Subscription based Finger poke ie. diabetic
Key Economic Feasibility and project selection methods
Payback period discounted Cash flow same as NPV Net Present Value (NPV) INternal Rate of return (IRR)
Team 9: Egg Cooker- Perfecto CP: 50 weeks Dev: 1.94 weeks
Perfect Egg balanced presentation
A grouping of projects is called a: A. Program B. Project template C. Business template D. Business plan
Program
WBS Numbering System
Program->Project->Task->Subtask->Work Package
The document that officially sanctions the project is the: A. Project charter B. Project plan C. Feasibility study D. Cost-benefit analysis
Project Charter
Your company does only projects. If the projects performed by your company are for customers external to your company and a profit criterion exists on the project, then your organization is most likely: A. Project-driven B. Non-project-driven C. A hybrid D. All of the above are possible based upon the size of the profit margin.
Project Driven
Project Plan
Provides additional detail on how the project will be administered contains all planning tools
Which of the following generally cannot be validated using a work breakdown structure? A. Schedule control B. Cost control C. Quality control D. Risk management
Quality Control
Team 2: Biodegradable bags CP: 546 days high deviation
Recyclable vulnerabilities = 2x cost now cool plastic facts corn/sugar cane plastic
Which of the following is not part of the definition of a project? A. Repetitive activities B. Constraints C. Consumption of resources D. A well-defined objective
Repetitive activities
The change control board, of which you are a member, approves a significant scope change. The first document that the project manager should updated would be the: A. Scope baseline B. Schedule C. WBS D. Budget
Scope baseline
Team 7: Modul-Air - At home garden CP: 238 days dev:15.4
Short task Gardening system competition Attach more cheaper
The most common terminology for a reusable project management methodology is: A. Template B. Concurrent scheduling technique C. Concurrent planning technique D. Skeleton framework document
Template
Conflicts between the project and line managers are most often resolved by: A. The assistant project manager for conflicts B. The project sponsor C. The executive steering committee D. The Human Resources Department
The Project Sponsor
Which of the following would not be regarded as a secondary definition of project success? A. The customer is unhappy with the deliverable, but follow-on business is awarded based on effective customer relations. B. The deliverables are met but OSHA and EPA laws are violated. C. The customer is displeased with the performance, but you have developed a new technology that could generate many new products. D. The project's costs were overrun by 40 percent, but the customer funds an enhancement project.
The deliverables are met but OSHA and EPA laws are violated.
The person responsible for assigning the resources to a project is most often: A. The project manager B. The Human Resources Department C. The line manager D. The executive sponsor
The line manager
Having too many life-cycle phases may be detrimental because: A. Executive sponsors will micromanage. B. Executive sponsors will become "invisible." C. The project manager will spend too much time planning for gate review meetings rather than managing the phases. D. The project manager will need to develop many different plans for each phase
The project manager will spend to much time planning for gate review meetings rather than managing phases
The major difference between a project and a program is usually: A. The role of the sponsor B. The role of the line manager C. The timeframe D. The specifications
The timeframe
The triple constraints on a project are: A. Time, cost, and profitability B. Resources required, sponsorship involvement, and funding C. Time, cost, and quality and/or scope D. Calendar dates, facilities available, and funding
Time, Cost, Quality and/or scope
Project planning tools
WBS Statement of work Milestone schedule Project charter Specification lists Project plan
Net Present Value Analysis
a type of cost-benefit analysis of the cash flow streams associated with an investment. obj NPV>0 NPV=0 min acceptable NPV<0 is no go max NPV
Which of the following is (are) the benefit(s) of developing a WBS to low levels? A. Better estimation of costs B. Better control C. Less likely that something will "fall through the cracks" D. All of the above
all of the above
One of your contractors has sent you an email requesting that they be allowed to conduct only eight tests rather than the ten tests required by the specification. What should the project manager do first? A. Change the scope baseline B. Ask the contractor to put forth a change request C. Look at the penalty clauses in the contract D. Ask your sponsor for his or her opinion
ask the contractor to put forth a change request
The most difficult decision for an executive sponsor to make at the end-of-phase review meeting is to: A. Allow the project to proceed to the next phase based upon the original objective B. Allow the project to proceed to the next phase based upon a revised objective C. Postpone making a decision until more information is processed D. Cancel the project
cancel the project
Project specification list
customer requirements form to start initially
One way to validate the successful implementation of project management is by looking at the number and magnitude of the conflicts requiring: A. Executive involvement B. Customer involvement C. Line management involvement D. Project manager involvement
executive involvement
The major behavioral issue in getting an organization to accept and use a project management methodology effectively is: A. Lack of executive sponsorship B. Multiple boss reporting C. Inadequate policies and procedures D. Limited project management applications
multiple boss reporting
One of the most common reasons why projects undergo scope changes is: A. Poor work breakdown structure B. Poorly defined statement of work C. Lack of resources D. Lack of funding
poorly defined statement of work
Team 6: Barometric Device cp:443.3 days used a % to get the ^
small network diagram risk assessment vital assistance for emergencies
A project is terminated early because the technology cannot be developed, and the resources are applied to another project that ends up being successful. Which of the following is true concerning the first project? A. The first project is regarded as a failure. B. The first project is a success if the termination is done early enough before additional resources are squandered C. The first project is a success if the project manager gets promoted. D. The first project is a failure if the project manager gets reassigned to a less important project
the first project is a success if the termination is done early enough before additional resources are squandered
Large projects are managed by: A. The executive sponsor B. The project or program office for that project C. The manager of project managers D. The director of marketing
the project or program office for that project
The PMBOK®Scope Verification Process is used to verify that: A. The budget is correct. B. The scope is correct. C. The schedule is correct. D. A life-cycle phase or the end of the project has been completed successfully
the scope is correct
The most common threshold limits on when to use the project management methodology are: A. The importance of the customer and potential profitability B. The size of the project (i.e., $) and duration C. The reporting requirements and position of the sponsor D. The desires of management and functional boundaries crossed
the size of the project (i.e. $) and duration
Project scope
the work required to produce the deliverables, Usual issues are the scope is too big
What are the maximum number of subsidiary plans a program management plan can contain? A. 10 B. 15 C. 20 D. Unlimited number
unlimited number
Standardization and control are benefits usually attributed to: A. Laissez-faire management B. Project management on R&D efforts C. Use of life cycle-phases D. an organization with weak executive Sponsorship
use of life-cycle phases
The work breakdown structure "control points" for the management of a project are the: A. Milestones B. Work packages C. Activities D. Constraints
work packages