Project Management Final Quizzes (8-13, no 9)

What are the four basic response strategies for negative risks? Describe each strategy.

Avoid: You can avoid many of the risks that you can predict by taking preemptive action Transfer: Pass the risk on to another party outside of the project Mitigate: You can lessen risks by factoring them into your project ahead of time Accept: Not all risk can be mitigated or avoided, so you must accept this and move on

If an SOW is used as part of a contract to describe only the work required for that particular contract, it is called a(n) _____.

Contract Statement of Work

Which of the following processes of project procurement management involves managing relationships with sellers, monitoring contract performance, and making changes as needed?

Controlling Procurements

From the buyer's perspective, the _____ is the least desirable among all contracts because the supplier has no incentive to decrease costs.

Cost Plus Percentage of Costs (CPPC)

The _____ means taking responsibility for failures or not meeting quality expectations.

Cost of Nonconformance

A(n) _____ type of e-procurement that Identifies new suppliers for a specific category of purchasing requirements using Internet technology.

E-Sourcing

_____ is the product of a risk event probability and the risk event's monetary value.

Expected Monetary Value (EMV)

_____ is a cost that relates to all errors not detected and not corrected before delivery to the customer.

External Failure Cost

While trying to assess commitment of project stakeholders, a(n) _____ meeting or a Web conference might be the most appropriate medium to use.

Face-to-Face

Customer requirements are an important aspect of the quality planning process.

False

Project procurement management consists primarily of two processes: assessing procurements and controlling procurements.

False

The lower the earned monetary value calculation for a project, the chances of project success is higher.

False

In procurement management, evaluation of any change should include a(n) _____ analysis.

Impact

An important technique for _____ is the status review meeting.

Performance Reporting

What is performance reporting? What are some methods used for performance reporting?

Performance reporting is the collection and use of performance data in order to improve future performance. Some methods used for performance reporting include: status reports, progress measurements, and forecasting.

Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management.

Planning

The main goal of controlling communications is to ensure the optimal flow of information throughout the entire _____.

Project Life Cycle

All meetings must have a(n) _____ and intended outcome.

Purpose

List and briefly describe the three project quality management processes.

Quality Planning: Lays the groundwork for the entire quality process. Quality Assurance: Handles all changes and alterations to the quality planning process, and keeps the quality of the project on track. Quality Control: Handles the physical quality of the project, it also handles changes made to project materials and deliverables

Describe the relationship between Six Sigma and Statistics. What statistical concepts are involved in the Six Sigma philosophy?

The relationship between Six Sigma and Statistics is that a "sigma" refers to a standard deviation from statistics. Mean, median, mode, standard deviation, and bell curves are all statistical concepts that are involved in the Six Sigma philosophy.

_____ contracts are a hybrid of fixed-price and cost-reimbursable contracts.

Time and Material (T&M)

Contingency plans are predefined actions that the project team will take if an identified risk event occurs.

True

In a project, communicating badly exponentially increases the possibility of making mistakes.

True

It is extremely important to document any changes in technical specifications that might affect product performance.

True

A(n) _____ is done to test each individual component (often a program) to ensure that it is as defect-free as possible.

Unit Test

The term sigma means median.

False

_____ is the ability of a product or service to perform as expected under normal conditions.

Reliability

_____ involves doing whatever you can to make sure the positive risk happens.

Risk Exploitation

_____ are numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur.

Risk Factors

List and briefly describe the six major processes involved in risk management.

Risk Management Planning: decisions are made regarding the allocation of risk management tasks and resources Risk Identification: Identifies risks ahead of time so that they can be prepared for or avoided Qualitative Risk Analysis: Potential risks are thought about by brainstorming what could go wrong throughout the project Quantitative Risk Analysis: Uses likelihood and severity to rank the risks that have been identified Risk Response Planning: All of the risks are pooled, and documents are created Risk Monitoring and Controlling: Create plans to combat the different risks

The process of choosing suppliers or sellers is known as _____.

Source Selection

Status reports can take various formats depending on the stakeholders' needs.

True