Project Management MINDTAP Assignment Questions

A ________ is the approved project plan for scope, schedule, and cost that is not altered unless a formal change request is approved. a. Schedule b. Budget c. Work Breakdown Structure d. Baseline

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During which phase of a project life cycle do recurring costs typically occur? a. Planning b. Selecting and Initiating c. Closing and Realizing d. Executing

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Department or division heads, those ongoing managers of the organization who determine how the work of the project is to be accomplished and often negotiate with the project manager regarding which workers are assigned to the project, are referred to as ___. a. Functional managers b. Scrum masters c. Facilitators d. Project Management Office (PMO)

A

If several projects have close scores as the result of a scoring model, what can be done to break the virtual tie? a. Perform a sensitivity analysis to examine what would happen to the decision if factors changed b. Use a cost-benefit model to select projects c. Use a SWOT analysis to select projects d. Prepare a business case

A

In addition to predecessor-successor relationships, what does critical chain project management (CCPM) factor into its scheduling? a. Calculations on resource availability b. Final project deliverables c. Planning the current phase in detail and later phases at a high level d. Multitasking wherever possible

A

What is used to compare actual project spending with planned expenditures to determine if corrective action is needed? a. Cost Baseline b. Critical Path c. Cost Estimate d. Cost Management Plan

A

Which of these is NOT one of the actions that should be completed during the Two-Pass Method of determining the critical path? a. List all of the paths through the network b. Complete the backward pass through the network c. Complete the forward pass through the network d. Calculate float and the critical path

A

With whom may the project manager and team need to negotiate when creating the charter? a. Sponsor b. Leadership Team c. Core Team d. Functional Manager

A

A _________ is an analytical technique to ascertain the fundamental reason or reasons that affect one or more variances, defects or risks. a. SWOT Analysis b. Root Cause Analysis c. Delphi Technique d. Brainstorming Technique

B

According to PMI, after planning schedule management, the next process in project time management is to ___________. a. Sequence activities b. Define activities c. Estimate activity durations d. Develop schedule

B

All but one of these is a type of resource that might be included in the Resources Needed section of the charter. Which type of resource would typically NOT be included? a. Money b. Office Supplies c. People d. Space

B

If a painted room must dry for four hours before work can continue, the result is a delay in the successor activity. The wait for paint to dry is an example of a __________. a. Lead b. Lag c. Mandatory dependency d. Discretionary dependency

B

In addition to technical skills, a project manager must have _________ skills in order to successfully resource a project. a. Microsoft Project b. Behavioral c. Estimating d. Cultural

B

Near the end of the project, timing issues regarding team members must be addressed. Which of the answers below is NOT one of the three "r" end-of-project activities related to project team members? a. Recognizing team members b. Retrospective meetings with team members c. Releasing team members d. Rewarding team members

B

Project management is best described as including administrative tasks for planning, documenting and controlling work, as well as __________. a. Operational tasks to ensure that the operations of the organization continue to function effectively. b. Leadership tasks for visioning, motivating, and promoting work associates. c. Political tasks for managing customers and business partners. d. Strategy development tasks that will be used in project selection.

B

The first part of setting strategic direction for an organization is to analyze the external and internal environments by preparing a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. Once the SWOT is complete, the next step is to create a clear and compelling statement describing the inspirational long-term desired change resulting from an organization's work, called a __________. a. Mission Statement b. Vision Statement c. Triple Bottom Line Statement d. Business Case

B

The most widely accepted financial model for selecting projects is _________: a. Internal Rate of Return (IRR) b. Net Present Value (NPV) c. Payback Period (PP) d. Benefit-Cost Ratio (BCR)

B

The rough draft of the project charter is typically written by _______. a. The team. b. The project manager. c. The project sponsor. d. The key stakeholders.

B

The signing of the project charter marks the transition between which two phases of the project life cycle? a. Selecting and Initiating b. Initiating and Planning c. Planning and Executing d. Executing and Closing

B

What is another name for the Activity-on-Node (AON) network diagramming technique? a. Activity on Arrow (AOA) b. Precedence Diagramming Method (PDM) c. Program Evaluation and Review Technique (PERT) d. Critical Path Method (CPM)

B

What two project dimensions are components of project performance? a. Goals and objectives b. Scope and quality c. Time and cost d. Resources and risk

B

Which of these is NOT one of the typical project success measures? a. Meeting Agreements b. Quality Improvements c. Performing Organization's Success d. Project Team's Success

B

A lead is a change in the logical relationship that results in the _____ of the successor activity. a. Delay b. Overlap c. Acceleration d. Elimination

C

All of these would typically be included in a mission statement EXCEPT: a. Organization's core values b. Organization's beliefs c. Organization's financial goals d. Organization's customers

C

Scope definition is a critical part of project planning. Which of these PMBOK Knowledge Areas does NOT use the defined scope as the foundation for their planning processes? a. Plan Cost Management. b. Plan Schedule Management. c. Identify Stakeholders. d. Plan Risk Management.

C

The risk factor of each risk, determined during Perform Qualitative Risk Analysis, is derived by ______ the probability and the consequence (impact). a. Adding b. Subtracting c. Multiplying d. Dividing

C

This element of the project charter can be considered to define the project boundaries - it states what is included and what is not included, at a fairly high level. a. Business case b. Background c. Scope Overview d. Milestone Schedule with Acceptance Criteria

C

Tracy is working with the project sponsor to create the project charter for a small to medium sized project. In the Milestone Schedule with Acceptance Criteria section of the project charter, how many intermediate milestones should she and the team include? a. One or two b. Three or four c. Three to Eight d. Ten to Twenty

C

What are the four columns in a milestone schedule? a. Milestone, Money, People, Space b. Milestone, Stakeholder, Priority, Interest in Project c. Milestone, Completion Date, Stakeholder Judge, Acceptance Criteria d. Milestone, Risk Event, Risk Owner, Risk Response Plan

C

What type of costs do NOT depend on the size of the project? a. Variable costs b. Direct costs c. Fixed costs d. Indirect costs

C

What type of risk analysis is NOT required on all projects? a. Risk Identification b. Qualitative Risk Analysis c. Quantitative Risk Analysis d. Risk Response Planning

C

When crashing a project schedule, the two questions to be asked when deciding which activities to speed up are ________ and _________. a. Which activities have float, and which activity costs the least on a per-day basis to speed up? b. Are my most skilled resources available, and which activities are on the critical path? c. Which activities are on the critical path, and which critical path activity costs the least on a per-day basis to speed up? d. Which activities can I overlap by using time leads, and which work packages can I remove to reduce project scope?

C

Which of the characteristics below does NOT describe a project? a. Time-bound b. Progressively elaborated c. Permanent d. Creates a unique product or service

C

Which of these four most common types of logical dependencies would be represented by the situation "the carton must be sealed and labelled before the package can be shipped?" a. Start-to-start (SS) b. Start-to-finish (SF) c. Finish-to-start (FS) d. Finish-to-finish (FF)

C

Which of these is NOT a typical section in a change request form? a. Impact on project scope. b. Impact on budget. c. Impact on other projects. d. Impact on deadline dates.

C

Which of these is NOT one of the roles of key project stakeholders represented in a RACI Chart? a. R = Responsible b. A = Accountable c. C = Control d. I = Inform

C

Which of these methods of estimating can produce the most accurate estimate? a. Parametric b. Analogous c. Bottom-up d. Rolling wave

C

Why is it important to involve workers in the planning phase of a project when possible? a. The project manager needs to know what vacation days they plan to take. b. Project plans are only accurate when the team does all of the planning. c. People are more likely to be enthusiastic about performing work they helped to plan. d. During the planning phase the project manager needs to determine if the team members will work well together.

C

______ is defined as "the amount of time a schedule activity can be delayed without delaying the early start of immediately following schedule activities." a. Total float b. Lag time c. Free float d. Lead time

C

A professor who always grades on a curve cannot finish scoring the midterm exams until all of the students have completed taking the test. What kind of relationship is this? a. Start-to-start (SS) b. Start-to-finish (SF) c. Finish-to-start (FS) d. Finish-to-finish (FF)

D

Jim, a project manager for a manufacturing company, is responsible for getting bids for two sophisticated pieces of equipment that will be installed on the factory floor. He has distributed the detailed specifications to a number of vendors, and is waiting for the bid responses. When analyzing the vendor's bids, Jim can do all of the following to determine if the vendor's bid prices appear to be reasonable EXCEPT: a. Compare the bids and assume that the lowest responsible offer is fair. b. Review industry publications to determine if the prices are in line with industry standards. c. Select one of the lower-priced vendors with a good reputation and negotiate with them for the best price. d. Implement activity-based costing.

D

The benefit of performing a sensitivity analysis while using a scoring model to choose projects is: a. It examines at all project risk factors / variables at once. b. It identifies the opportunity costs associated with the project. c. It shows the urgency of different project priorities. d. It allows management to examine what would happen to a decision if factors were to change

D

What does a SWOT Analysis examine? a. Strengths, Weaknesses, Options, and Threats b. Strengths, Warnings, Opportunities and Threats c. Scenarios, Weaknesses, Opportunities and Threats d. Strengths, Weaknesses, Opportunities and Threats

D

What does the acronym WBS stand for? a. Workplace Backup System b. Work Breakdown Schematic c. Workplace Business Structure d. Work Breakdown Structure

D

When using Reverse Phase Scheduling, the __________ develops the schedule. a. Sponsor b. Customer c. Project Manager d. Team

D

Which of the scenarios below is NOT an example of an assumption that may arise when estimating the cost of direct labor? a. Workers will be paid for 40 hours per week whether or not there is enough work for them to do. b. Workers are already familiar with the technology being used on the project. c. Workers will be paid at the prevailing wage rate of $14 per hour. d. Only in-house workers will be used.

D

A negative impact is known as a (n) ______, while a positive impact is known as a (n) __________. a. Issue, Benefit b. Issue, Opportunity c. Threat, Opportunity d. Threat, Benefit

C

All of these are tasks that comprise the "define scope" process EXCEPT: a. List deliverables and acceptance criteria. b. Establish project boundaries. c. Create a scope description. d. Identify work packages.

D

A key supplier of materials for your project has not been returning your calls or responding to your e-mails. This is an example of a ________, which indicates that a risk is likely to occur. a. Bad business relationship b. Trigger condition c. Risk avoidance d. Risk transfer

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__________ estimates are often used to seek initial project charter approval. a. Budget b. Order of Magnitude c. Definitive d. Parametric

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All of these are ways of categorizing project risks EXCEPT: a. When they occur in the project life cycle. b. Who identified the risk. c. What project objective may be impacted (scope, time, cost, etc.) d. Whether the risk is internal or external to the organization.

B

During risk analysis for a routine project, ____ percent of money should be put into management reserves, while for an unusual project, ____ percent should be reserved. a. 5 percent, 20 percent b. 5 percent, 30 percent c. 10 percent, 20 percent d. 10 percent, 30 percent

B

The planning technique of identifying and defining the work to be accomplished in the near term completely, and planning the future work at a higher level, is called ___________: a. Decomposition b. Rolling Wave Planning c. Baselining d. Joint Application Design (JAD) Session

B

The processes to receive and review change proposals and accept or reject them after evaluating their impact on project scope, cost and schedule is managed through _________: a. Progressive elaboration. b. Change control system. c. Rolling wave planning. d. Meetings with key stakeholders.

B

The right length for a typical project charter is generally _________. a. 1 to 2 pages b. 1 to 4 pages c. 5 to 8 pages d. 8 to 10 pages

B

A Fortune 100 company is about to undertake a $30 million construction project to build a new office building. As a condition of hiring a general contractor to build the property, they require the contractor to secure a performance bond to guarantee their work and performance under this construction contract. This is an example of _______ project risk. a. Avoiding b. Mitigating c. Transferring d. Accepting

C

A fixed cost is described as __________. a. A cost that is necessary to keep the organization running, but is not associated with one specific project. b. A cost that only occurs because of the project and is often classified as either labor or other costs. c. A cost that remains the same regardless of the size or volume of work. d. A cost that varies with volume of use.

C

An example of a nonrecurring cost is _________. a. Cost of writing code b. Cost of laying bricks c. Developing a design that guides the team, once approved d. Cost of running an assembly line in a factory

C

During which risk planning process is each risk assigned a probability and impact score? a. Plan Risk Management b. Identify Risks c. Perform Qualitative Risk Analysis d. Perform Quantitative Risk Analysis

C

Examples of these types of project selection criteria include government regulations and clear safety or security situations. a. Probability of success b. Expected return on investment c. Mandatory criteria d. Project fit with organizational objectives

C

In the risk register, why should one person be designated as the "owner" of the risk? a. So they can be congratulated when the risk is mitigated. b. So they can be blamed if the risk is triggered and causes major project problems. c. So that they can be responsible for determining if it's about to be triggered, and implementing the strategy. d. So that they will be responsible for administering the contingency and management reserves.

C

The lowest level of a WBS is known as a _________: a. Schedule activity. b. Requirement c. Work package. d. Deliverable.

C

All of the following information is typically contained in the risk register EXCEPT: a. Risk response strategy b. Risk owner c. Probability of occurrence d. Date risk identified

D

In the Build Green Home example of a SWOT analysis, factors including existing thinking on green building and its niche focus, building schedule, and community (location) rumors are all examples of __________. a. Strengths b. Weaknesses c. Opportunities d. Threats

D

Jeffrey is the project manager for a new project to design a self-driving automobile for a customer in the automotive industry. He and his team have worked with the customer to identify all of the characteristics the automobile should have to satisfy the customer's stated needs. They have identified the deliverables that will need to be created to meet the requirements and have developed a project schedule that the client has approved. Which of the answers below does NOT describe one of the project constraints that Jeffrey and his team have addressed? a. Quality b. Scope c. Time d. Resources

D

Relative to the project life cycle, when is the cost per risk discovered typically highest? a. Initiating b. Planning c. Executing d. Closing

D

Risks are typically discovered during which stage(s) of a project? a. Initiating b. Initiating & Planning c. Initiating, Planning & Executing d. Initiating, Planning, Executing and Closing

D

This is defined as an incremental increase in the work of a project without corresponding adjustments to resources, budget or schedule. a. Project scope b. Product scope c. Risk trigger d. Scope creep

D

Who should be involved in identifying potential risks for a project? a. Sponsor b. Project Manager c. Team d. Everyone

D

Who should be involved in identifying potential projects? a. Executives b. Program Managers c. Functional Managers d. Employees at all Levels

d

A document that provides more information about each work package by documenting details about the associated deliverable, activity, scheduling information, person responsible, resources required, etc. is called a ________: a. WBS b. WBS Dictionary c. Project Scope Statement d. Requirements Traceability Matrix

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All of these are advantages of using a WBS EXCEPT: a. To encourage a systematic planning process. b. To ensure all dates assigned to schedule activities are within the overall project timeline. c. To reduce the possibility of omission of key elements. d. To simplify the project by dividing it into manageable units.

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The schedule activity that follows a predecessor activity, as determined by their logical relationship, is called a ________. a. Lag b. Predecessor activity c. Lead d. Successor activity

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What can a project manager do to determine if workers are overloaded? a. Ask them if they are too busy. b. Check to see if they have been working overtime. c. Check the network diagram for resource overloads. d. Add the demands for each resource at each time period.

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What is the first step in developing a project scope management plan? a. Identify stakeholders. b. Create a Work Breakdown Structure. c. Create a project Scope Statement. d. Collect requirements.

?

What will happen to a project's schedule if there are resource overloads and the critical path is delayed? a. Nothing will happen to the project's schedule if the critical path is delayed. b. The project's schedule will slip only if the float / slack period for the critical path activities is not enough to resolve the resource overload issue. c. The project's schedule will slip only if the float / slack period for the noncritical activities is not enough to resolve the resource overload issue. d. There is never a delay in the critical path, because it is the longest path through the network.

?

Which of these is NOT a technique for reducing the critical path and compressing a project's schedule? a. Overlap sequential activities using finish-to-finish (FF), start-to-start (SS), or start-to-finish (SF) relationships. b. Perform a forward pass and a backward pass through the network. c. Shorten activities by assigning more resources (crashing). d. Schedule activities that are normally in sequence at the same time (fast tracking).

?

Which of these is an example of an expedited cost? a. The team completes a major deliverable within the normal 40 hour work week. b. New computers are delivered per the agreed dates in the executed purchasing agreement. c. Production work is halted in the factory due to lack of inventory, and management pays for overnight delivery of additional material. d. Summer months are slow for the company so management establishes summer hours, where everyone gets Friday afternoons off.

?

__________ is defined as a formal, structured process that is aimed at increasing the value or productivity of a work element while minimizing the cost. a. Vendor bid analysis b. Life cycle costing c. Value engineering d. Time value of money

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A project charter is similar to a contract in many ways, but there are some differences between the two documents. How are project charters different from contracts? a. One party cannot arbitrarily change a contract, whereas the project sponsor does have the authority to change the charter. b. Contracts and project charters are entered into freely. c. In both a project charter and a contract there is something of value for both parties. d. Both the charter and contract are living documents that can evolve with changing conditions.

A

In a project scoring model, each decision criterion is given a __________. a. Relative weight b. Relative cost c. Relative benefit d. Statement of work

A

Potential problems can occur with activity duration estimating when omissions are made. All of these are potential remedies for this problem EXCEPT: a. Rolling wave planning b. Checklists, templates, devil's advocate c. Refining scope and WBS d. Lessons learned

A

Uncontrolled change is known as: a. Scope creep. b. Over budget condition. c. Missed schedule milestones. d. Quality issues.

A

What is the definition of a project charter? a. A short document that grants the project team the right to continue into the more detailed planning stages of the project. b. The project purpose or justification statement, that answers the question "why" and helps all parties understand the purpose of the project. c. A high-level description of what needs to be accomplished and how it will be done. d. A document that sets forth the "attributes that need to be present in order to satisfy a contract, client or other stakeholder."

A

Which of these is NOT one of the three ways to organize a WBS? a. The WBS is organized by PMBOK Knowledge Area. b. The WBS is organized by project phase. c. The WBS is organized by design components / deliverables. d. The WBS is organized by work function / subproject.

A

Aisha, an experienced project manager, has successfully managed many new build-outs of office space for her east coast company. Her manager announced today that they will be expanding operations to the Midwest. The company had already signed a lease for 5,000 square feet of office space in Cincinnati, and the offices had to be up and running in 3 months. He asked Aisha for a cost estimate for this construction by the end of the day. How can she come up with a credible estimate so quickly? a. Tell the manager that you can't come up with an estimate in a few hours. b. Ask the manager questions about the new office space to understand the impacted departments that will be located there, the level of finishes desired, etc. then use the budgets of previous similar projects as a guideline. c. Create a work breakdown structure by using another previous project and create a bottom-up estimate for each work package. d. Go through all office buildouts for the past five years. Calculate an average construction cost per square foot and multiply the 5,000 square feet by this cost per square feet to calculate the budget.

B

In order to be useful as schedule building blocks, activities should have certain characteristics. Which of these is NOT one of the characteristics that an activity should have? a. Tangible output that can be verified b. It is the element at the lowest level of the WBS and has a deliverable associated with it c. Resources, other costs, and schedule that can be estimated and controlled d. Clear starting and ending points

B

In regard to resource leveling, why are noncritical path activities generally the first to be delayed? a. Because they are longer in duration. b. Because they have available slack / float. c. Because they require fewer resources. d. Because they are not important.

B

In the Scheduling Options section under the Schedule file tab, changing the "new tasks created" option to _____________ will cause the program to calculate the projects' running schedule based on task start and finish dates. a. Manually scheduled b. Auto Scheduled c. Timeline View d. View Shortcuts

B

RAM stands for: a. Resource Accountability Matrix b. Responsibility Assignment Matrix c. Responsible, Accountable, Consult and Inform d. Resource Assignment Matrix

B

Source selection criteria for selecting a contractor might include: production capacity, business size and type, past performance, and references. These are all examples of typical criteria within which category? a. Financial b. Operational c. Technical d. Management

B

The time value of money is relevant to project management because: a. The project manager must balance the timing of project cash inflows and outflows. b. Discounting the value of future revenue and cost streams enables better project decisions. c. Schedule and cost are interrelated, and use the same estimating tools. d. As time passes on a project, money is spent.

B

Which of the answers below is NOT one of the four ways to classify projects? a. Classifying by timing of project scope clarity b. Classifying by funding source c. Classifying by application d. Classifying by size

B

Which of the five project management process groups (Initiating, Planning, Executing, Monitoring & Controlling, and Closing) defines a new project or phase by obtaining authorization? a. Planning b. Initiating c. Executing d. Monitoring & Controlling

B

Which of these is NOT a typical situation for creating a project schedule milestone? a. Time just before a large amount of money needs to be committed to the project b. Time for weekly project meetings c. Merging point in the schedule where multiple project activities need to be completed d. Completion of a critical activity

B

Whom should the project manager consult if there is a severe resource overload and they are considering alternative actions such as reducing the project scope, assigning activities to other workers, splitting activities, reordering activities or resource leveling? a. The resources who are involved. b. The project sponsor. c. The scrum master. d. The customer.

B

Adding a background section to a project charter would be helpful in what way? a. The background statement is the project purpose or justification, and answers the question "why"? b. The background statement represents the knowledge acquired by the project team throughout the project planning and execution. c. The background statement provides more detail to understand the rationale and purpose behind the Scope Overview and the Business Case statements. d. The background statement establishes what project team operating principles they will use.

C

All but one of the projects described below would be best approached using an adaptive or change-driven life cycle. For which of these examples would an agile life cycle approach NOT be appropriate? a. Development of a flying car b. Drug trials to discover a cure for the common cold c. Construction of a new parking garage d. Creation of a new fashion line for the Spring season

C

All of the statements below accurately describe what an effective project charter should accomplish, EXCEPT: a. Helps the project manager, sponsor, and team members develop a common understanding. b. Authorizes the project manager to proceed. c. Provides the detailed project scope, schedule and budget to be completed by the team. d. Quickly screens out obviously poor projects.

C

All of these are advantages of using a scoring model for selecting projects EXCEPT: a. Scoring models are useful whenever there are multiple projects and several criteria to be considered. b. Scoring models help ensure alignment with the organization's strategic goals. c. By comparing expected project costs to expected benefits, scoring models can be used to make project investment decisions. d. Scoring models can define mandatory decision criteria for project selection.

C

All of these could be common causes of scope creep EXCEPT: a. The project scope is not clearly defined and agreed upon. b. The team adds more work to the project without realizing that more time and resources will be required. c. The team defines project and product scope as well as exclusions, constraints and assumptions in a project scope statement. d. A customer is so excited about project progress that they ask for a new not previously requested project deliverable.

C

At what stage of the project life cycle are the majority of the "hands-on" tasks completed? a. Selecting and initiating b. Planning c. Executing d. Closing and realizing

C

Contractor companies might perform a quick SWOT analysis prior to bidding on a potential project, including all of the considerations below EXCEPT: a. How well the potential project meets contractor objectives b. Risks of pursuing vs. not pursuing the project c. Weighted score for the project d. The contractor's capability to perform the work if awarded

C

During the selection and initiating stage of a major office construction project, Sarah was named the project manager. She and her team took the rough high-level information from the project charter and used it as a guideline for preparing detailed project plans. They documented all required deliverables, prepared a detailed schedule and budget, and created other detailed plans that encompassed processes for all of the 10 PMBOK® Knowledge Areas. Before starting the work, they obtained final sign-off on their plan documents. What life cycle was being used by Sarah and the team? a. Iterative b. Agile c. Predictive d. Scrum

C

For a construction project, the house is the _______ deliverable, and the how-to instructions are the _____ deliverable. a. Project, product b. Product, interim c. Product, project d. Functional, non-functional

C

Hector and his team were preparing a RACI chart for the major project work packages and activities. In each row they only assigned an "A" for Accountable to a single resource. Why did they feel it was necessary for only one person to be assigned the accountability for each activity? a. Because only one person should do the work on each activity or work package. b. Because the project manager is always the person who is accountable for each activity or work package. c. Because if more than one person has accountability, it is too easy for them to blame each other when something goes wrong. d. Because there are rarely enough people on a project team to have more than one person be accountable.

C

If an activity on the critical path falls behind schedule, what effect will this have on the entire project? a. It will not have an effect on the project if the critical path activity has free float b. It will only have an effect on its successor activity, not the entire project c. It will increase the length of the entire project by the amount of schedule slippage for the activity d. It will not have an effect on the project if the critical path activity has total float

C

Of the ten project management knowledge areas, which of them includes the "processes to identify the people, groups, or organizations that could impact or be impacted by the project, analyze their expectations and impact, and develop strategies for engaging them in project decisions and execution?" a. Communications Management b. Integration Management c. Stakeholder Management d. Risk Management

C

Projects differ from operations, in that: a. Project managers can use checklists to manage their work. b. Only projects are associated with processes. c. Projects are temporary, and no two are identical. d. Projects are associated with the ongoing work needed to ensure that an organization functions effectively.

C

Stakeholders are defined as ____________. a. Members of the project team who are responsible for creating project deliverables. b. "Senior managers who serve in a formal role given authority and responsibility for successful completion of a project deemed strategic to an organization's success." c. People and groups who can impact the project or might be impacted by the work of or results of the project. d. Project customers who define the characteristics of the product scope and provide the requirements for the project deliverables.

C

What does the "Talent Triangle" refer to? a. The project teams' talent in managing the three constraints of scope, time and cost. b. The interaction of the three executive-level roles on the project: Sponsor, Steering Team, and Project Management Office. c. PMI's research findings that project managers need skills and knowledge in three areas: Technical, Behavioral, and Strategic. d. The hierarchy of project management life cycles, knowledge areas and process groups.

C

Which of these is NOT an advantage of using Monte Carlo analysis for predicting a project schedule? a. It allows for more realistic estimates. b. It is flexible, and allows for an entire range of possible time estimates to be used for any activity. c. It uses three time estimates - Optimistic, Pessimistic, and Most Likely. d. It can provide extensive information about individual activities and different paths through the project.

C

Which of these is NOT an example of types of projects that the organization might include in their portfolio of projects? a. High-and low-risk projects b. Short and long-term projects c. Projects with positive and negative net present value (NPV) d. Projects to create new products and projects to incrementally improve existing products

C

Which of these is NOT one of the three reasons that project managers and teams should look at risk when creating the project charter? a. A positive risk is an opportunity to complete the project better faster, and/or at a lower cost or to capitalize upon the project in additional ways. b. Sometimes there is more risk to the organization if the project is not undertaken. c. It is important for the project manager and team to identify all risks to the project during the creation of the charter. d. Any negative risk that is a threat that may inhibit successful project completion needs to be identified.

C

A Staffing Management Plan addresses all of the areas below EXCEPT: a. How to identify potential internal and/or external human resources for the project. b. How to determine the availability of the internal and/or external human resources for the project c. How to handle timing issues with regard to building up, developing, rewarding, and releasing the project team. d. How to record resource assignments in a project scheduling tool such as MS Project.

D

A basic Gantt Chart can be helpful in project planning in all of these ways EXCEPT: a. It provides a visual representation of the project schedule b. It is easy to understand when each activity should be performed c. It shows the critical path activities in red or boldface d. It shows predecessor-successor relationships, late start dates, etc.

D

Which of these is NOT a disadvantage of using a financial model for project evaluation and selection? a. Payback period (PP) models do not consider the amount of profit that may be generated after the costs are paid. b. BCR (Benefit Cost Ratio) does not account for intangible benefits and costs that cannot be determined in financial terms. c. Internal Rate of Return (IRR) can favor smaller projects that create less total value for the firm but have high percentage returns. d. Use of financial models ensures that selected projects make sense from a cost and return on investment perspective.

D

Which of these is NOT an example of supporting detail pertaining to cost estimates? a. Description of the project scope b. Method used to create the estimate c. Assumptions and constraints d. Schedule milestones

D

Which of these is NOT an indication that the project has been a success? a. The project was completed on schedule and on budget b. The project created deliverables that included all of the agreed-upon features c. The organization realized business-level benefits d. The project team overcame the lack of user involvement and met most of the success criteria

D

Which of these would NOT be one of the things that may be negotiated between a client company and a contractor company? a. Schedule b. Quality standards c. Personnel to be assigned to the project d. Source selection criteria

D