IS 445 Final

If the budget at completion for a project is $200,000 and the cost performance index is .5, what is the estimate at completion?

$400,000

Organizations waste how much for every $1 billion spent on projects, according to the Project Management Institute's (PMI) 2017 Pulse of the Profession report.

$97 million

There are _______ knowledge areas used in project management?

10

The Just-In-Time Training project team decided to use the project management process groups for the level ____ tasks in its WBS.

2

Blake and Mouton (1964) delineated ____ basic modes for handling conflicts.

5

Pareto analysis is sometimes referred to as the ____ rule, meaning that 80 percent of problems are often due to 20 percent of the causes.

80/20

What is the PERT weighted average based on an optimistic estimate of six days, a most likely estimate of eight days, and a pessimistic time of sixteen days?

9

According to David McClelland, people with a high need for ____ seek to excel and tend to avoid both low-risk and high-risk situations to improve their chances of achieving something worthwhile.

Achievement

It is good practice to document meeting minutes, focusing on key decisions and ____ items

Action

Updates are often made by having both parties—the buyer and the seller—sign a(n) ____ to the contract.

Addendum

_____________ is a method or approach that enables you to move quickly and easily and is characterized by the division of tasks into short phases of work.

Agile

__________ is a methodology that converts an organization's value drivers to align with business strategy and retains traditional financial measures.

Balance Scorecard

___ estimates involve estimating individual activities and summing them to get a project total.

Bottom-Up

In an AOA network diagram, ____ occur when two or more activities follow a single node.

Bursts

Which of the following information is typically included in a business case?

Business Objective

Because many projects fail due to unclear requirements and expectations, starting with a project ____ makes sense.

Charter

Project ____ management involves generating, collecting, disseminating, and storing project information.

Communications

____ change orders are oral or written acts or omissions by someone with actual or apparent authority that can be construed to have the same effect as a written change order.

Constructive

___ management includes the processes required to ensure that a project team completes a project within an approved budget.

Cost

Three broad categories of contracts are fixed price, or lump sum; ____; and time and material.

Cost Reimbursable

___ is a technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost.

Crashing

The ____________ method is a network diagramming technique used to predict total project duration.

Critical Path

High level items in a WBS are broken down or _______ into smaller tasks.

Decompsed

The Software Engineering Institute (SEI) is a federally funded research and development center established in 1984 by the U.S. Department of_____ with a broad mandate to address the transition of software engineering technology.

Defense

Scope statements should include, at a minimum, a product scope description, product user acceptance criteria, and detailed information on all project ____ .

Deliverables

A maturity model describes a(n) ____ path of increasingly organized and systematically more mature processes.

Evolutionary

In general, the majority of a project's time and budget is spent on project ____.

Execution

The main purpose of project planning is to guide project ____.

Execution

H. J. Thamhain and D. L. Wilemon identify the ____ influence base as the project manager's perceived specialized knowledge that others deem important.

Expertise

An example of closing a project by ______ is when a project is successful and achieves its goals, and there is no need for further work.

Extinction

____ plans are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective.

Fallback

Stakeholder management does not include any planning processes.

False

The confrontation/problem-solving mode of conflict resolution is best used when both the task and the relationship are of low importance.

False

The highest project management maturity level is 1.

False

The majority of project management processes occur as part of the executing process group.

False

The project manager ultimately decides what level of quality is acceptable.

False

Work that is not included in the scope statement should be performed as needed.

False

You cannot graph earned value information to track project performance.

False

You should not monitor stakeholders with low interest and low power.

False

Slack or ____is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date.

Float

According to the Project Portfolio Risk Map in the text, not many people would eat __________.

Grapefruit

Abraham Maslow, a highly respected psychologist who rejected the dehumanizing negativism of psychology in the 1950s, is best known for developing a(n) ____.

Hierarchy of Needs

What are the 5 process groups used in project management?

Initiating, Planning, Executing, Monitoring and Controlling, and Closing

Scope validation is often achieved through customer ____.

Inspection

What is the most common reason for closing or terminating a project?

Integration

One method of increasing stakeholder engagement is to include a discussion of _____ as part of progress reports.

Issues

PMI approved a new Code of Ethics and Professional Conduct which became effective when?

January 1, 2007

The dimension of the Myers-Briggs team-building tool that deals with peoples' attitudes toward structure and deadlines is ____.

Judgment/Perception (J/P)

Many organizations are working hard to improve the ___________ process since human capital is one of their key assets.

Knowledge Transfer

_______________ is a leadership style that means "let go" or hands-off approach that lets teams determine their own goals and how to achieve them.

Laissez-faire

Answering questions like "Reflect on whether or not you met the project success criteria" and "Describe one example of what went wrong on this project" are found in a _____________ report.

Lesson-Learned

A common way to summarize work performance data is by using a(n) ____ report.

Milestone

Some people like to perform a SWOT analysis by using ___________. This technique uses branches radiating out from a core idea to structure thoughts and ideas.

Mind Mapping

Key concepts related to dealing with people in a work setting include ____, influence, and effectiveness.

Motivation

__________ is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time.

NPV

The organization has no choice in whether to fund these projects, as it must fund them to stay in business would be a core category called_____________________.

Nondiscretionary Costs

A project ____ chart is a graphic representation of how authority and responsibility is distributed within the project.

Organizational

____ are the tangible or intangible results of applying capabilities.

Outcomes

Best practices are organized into three levels: project, program, and ____.

Portfolio

Which of the following is a category under portfolio best practices?

Portfolio cost budgeting process control

A __________ is another name for a project close-out meeting.

Post Mortem

You can create a ________ grid as part of a stakeholder analysis.

Power/Interest

One method for selecting projects based on broad organizational needs is to first determine whether they meet three important criteria: need, ____, and will

Practicality

Which of the following is a key output of project procurement management planning?

Procurement Statements of Work

When using scrum, the ________ creates a prioritized wish list or backlog.

Product Owner

What are noted as a super tool according to the text?

Progress reports, Lessons-Learned reports, and Kick-Off Meetings

Which knowledge area includes the closing process called close project or phase?

Project Integration Management

Who normally provides the direction and funding for the project?

Project Sponsor

Which of the following is a category under project best practices?

Project scope planning process control

In a RACI chart, each task may have multiple ____ entries.

R, C, or I

________________ is a financial consideration where you subtract the project costs from the benefits and then divide by the costs.

ROI

Those who cannot remember the past are condemned to _____ it.

Repeat

_______________ is the minimum acceptable rate of return on an investment.

Required Rate of Return

________ are conditions or capabilities that must be met by the project or present in the product, service, or result to satisfy an agreement or other formally imposed specification.

Requirements

A(n) ____ histogram is a column chart that shows the number of resources required for or assigned to a project over time.

Resource

The last step in the project planning process to select which projects to do and assign team members is:

Resource allocation

You decide to take out an insurance policy in case a risk event occurs. What risk response strategy are you using?

Risk Transference

The term "scrum" comes from ______.

Rugby

After defining project activities, the next step in project time management is activity ____.

Sequencing

The project manager should work with his or her team and ____ to determine the level of detail needed in the WBS dictionary.

Sponsor

The PMBOK Guide® is a ____ that describes best practices for what should be done to manage a project.

Standard

When developing a ____ plan, the project team should work with managers in affected operating departments, and the contents of the plan should be tailored to fit the support needs of the project.

Transition

According to Robert Butrick, every project should be closed to make sure that all work ceases, that lessons are learned, and that remaining resources are released for other purposes.

True

Assigning a project manager from operations to lead projects that affect operations is considered to be a best practice.

True

Extinction and starvation are ways to close or terminate projects.

True

If you do not have a good baseline or actual scope, time, and cost information, you cannot use earned value management.

True

Kanban boards help visualize and improve workflow.

True

Managing project knowledge includes both explicit and tacit knowledge.

True

OPM3 is a standard developed to provide a way for organizations to measure their organizational project management maturity against a comprehensive set of best practices.

True

People are more likely to perform well if they know what they are supposed to do and when.

True

Project management is not a silver bullet that guarantees success on all projects.

True

There can be more than one critical path on a project.

True

There is usually no cost or duration associated with a milestone.

True

Top management must support the development of project management standards and guidelines and encourage or even enforce their use.

True

Updating processes, policies, procedures, and knowledge bases is part of __________.

Updating Organizational Process Assets

In the context of earned value management, ____ are calculated by subtracting the actual cost or planned value from EV, and indexes are calculated by dividing EV by the actual cost or planned value.

Variences

The main planning tasks performed as part of project scope management include planning scope management, collecting requirements, defining scope, and creating the _____.

WBS

A scope baseline is composed of an approved scope statement, a WBS, and a ____.

WBS Dictionary

A ______________ is a very large project that typically costs over US $1 billion, affects over 1 million people, and lasts several years.

megaproject

What is the triple constraint?

time, cost, scope