Project Management Test 1 (Bartczak)
Payback occurs in the year when the cumulative benefits minus costs reach ____.
$0
Given discounted benefits of $130,000 and discounted costs of $100,000 your ROI is ____.
30%
If a weighted score for a project is based on just two criteria, fit with strategy, weighted 60% and ROI, weighted 40%, what would be the weighted score for a project with scores of 80 on fit with strategy and 50 on ROI?
68
Which of the following formulas is used by Excel to calculate NPV?
=npv(discount rate, range of cash flows)
Which of the following questions would not be addressed by project portfolio management but by project management?
Are projects on time and on budget
_________ is a totally web-based tool with no download required.
Basecamp
____ are new requirements imposed by government, management, or some external influence.
Directives
According to Dr. Robert Kaplan and Dr. David Norton, a balanced scorecard rejects most traditional financial measures.
False
An organization should consider only projects with a negative NPV if financial value is a key criterion for project selection.
False
Most crucial projects, such as drug development or major transportation projects, will achieve payback in less than a year.
False
Most organizations claim that project management delivers higher profit margins at the expense of worker morale.
False
Portfolio managers are required to have previous experience as project or program managers.
False
Project management process groups are isolated events.
False
Project managers do not require a changing mix of skills and competencies depending on the project being delivered.
False
Projects typically finish according to the discrete scope, time, and cost goals originally set.
False
Six sigma is the leading agile development method.
False
Strategic goals are usually more specific and short-term than tactical goals.
False
The concepts and tools of project, program, and portfolio management are only implemented within the computer industry located in the United States.
False
The majority of project management processes occur as part of the executing process group.
False
The targets for scope, time, and cost are defined in the middle of a project.
False
There are _____ project management process groups.
Five
____ provide robust capabilities to handle very large projects, dispersed work groups, and enterprise functions that summarize and combine individual project information to provide project portfolio management information.
High-end tools
Which of the following is not a potential advantage of using good project management?
Lower Cost of Capital
Many organizations claim that using project management _________.
Lowers Costs
What is the name of the software you can use to create mind maps and use a special free trial from www.matchware.com/intropm?
MindView Business
About ____ of the world's gross domestic product is spent on projects.
One-Quarter
What project management methodology is the defacto standard in the U.K. and is used in over 50 countries?
PRINCE2
What famous film director viewed three movies as part of a program instead of separate projects to save a lot of time and money? (Hint: Lord of the Rings)
Peter Jackson
By grouping projects into ____, organizations can better tie their projects to meeting strategic goals.
Portfolios
____ should be formed and continuously updated to help the organization as a whole make better strategic decisions.
Portfolios
A ________ is a temporary endeavor undertaken to create a unique product, service, or result.
Project
What is the certification program called that the Project Management Institute provides?
Project Management Professional (PMP)
__________ is the tenth project management knowledge area, according to PMI.
Project stakeholder management
Which of the following is not an attribute of a project?
Projects involve no uncertainty
_______ is the leading agile development model for completing projects with a complex, innovative scope of work.
Scrum
The project __________ usually provides the direction and funding for the project.
Sponsor
In a home construction project, the project ____ would be the potential new homeowners.
Sponsors
PMI recently added a tenth knowledge area, project __________ management.
Stakeholder
Project ____ may be defined as a test of whether a project has met scope, time, and cost goals.
Success
Individual projects often address ____ goals, whereas project portfolio management addresses strategic goals.
Tactical
Project managers and their teams must develop knowledge and skills in all ____ project management knowledge areas.
Ten
In the earliest stages of the Just-In-Time Training project, which task is completed first?
The project is approved through a formal project selection process.
A project has a definite beginning and a definite end.
True
A weighted scoring model is a tool that provides a systematic process for selecting projects based on many criteria.
True
All mid-range project management software tools can produce Gantt charts and network diagrams.
True
Core projects are those that are required to run the business.
True
Effective program managers recognize that managing a program is much more than managing a single project.
True
In the past, project management primarily focused on providing schedule and resource data to top management in the military and construction industries.
True
It is good practice to send kick-off meeting minutes to all meeting participants and other appropriate stakeholders within a day or two of a meeting.
True
Just as projects are unique, so are project portfolios.
True
Making ethical decisions is an important part of our personal and professional lives because it generates trust and respect with other people.
True
Payback occurs in the year when the cumulative benefits minus costs reach zero.
True
Project managers must focus on people skills to be effective.
True
Project managers must understand financial concepts because they often deal with business executives.
True
Projects with higher NPVs are preferred to projects with lower NPVs if all other factors are equal.
True
Students can join PMI at a reduced fee and earn the CAPM credential without work experience.
True
The main goal of programs is to obtain benefits and control not available from managing projects separately.
True
The project management framework includes five process groups and ten knowledge areas.
True
The term "operations" refers to work done in an organization to sustain a business.
True
Top management must support the development of project management standards and guidelines and encourage or even enforce their use.
True
You can categorize stakeholders as being unaware, resistant, neutral, supportive, or leading.
True
What pre-initiating document can be written to justify investing in a project?
a business case
What section of a kick-off meeting agenda (or any other meeting agenda) helps you focus on results of the meeting?
action items
After assigning weights for the criteria and scores for each project, you calculate a weighted score for each project by multiplying the weight for each criterion by its score and ____ the resulting values.
adding
All project meetings with major stakeholders should include __________.
an agenda
A _______________ is a methodology that converts an organization's value drivers—such as customer service, innovation, operational efficiency, and financial performance—into a series of defined metrics.
balanced scorecard
__________ is a totally online project management tool that does not require Windows.
basecamp
It is very important to start at the top of the four-stage planning process pyramid to select projects that support the organization's _______________.
business strategy
A project in the ____ category must be accomplished to run the business.
core
Which of the following is not a project management process group?
costing
The goal of project portfolio management is to help maximize business value to ensure _______________.
enterprise success
Conducting work in a(n) ____ manner helps the profession earn the confidence of the public, employers, employees, and project team members.
ethical
In which process group do you normally produce the main deliverables of a project?
executing
An organization can view project portfolio management as having ____ levels, from simplest to most complex.
five
A large company continues to be successful by providing new products and services for its market niche of brides. What is its main competitive strategy?
focus
One method for selecting projects based on broad organizational needs is to first determine whether they meet three important criteria: need, ____, and will.
funding
You can use Excel's ________ function to find the internal rate of return of a project by setting the NPV to zero and varying the discount rate.
goal seek
Assuming the value of a dollar is worth more today than in the future, the net present value of a multi-year project should be _______ the sum of its cash flows.
less than
There should not be any projects in the lower-right quadrant of a bubble chart because they have ______ value and _____ risk.
low, high
How should you manage stakeholders with a high interest in your project and a high amount of power?
manage closely
Which of the following is not part of the triple constraint of project management?
meeting communications goals
The CHAOS studies defined project success based on __________________.
meeting scope, time, and cost goals
You can create a __________ with branches radiating out from a core idea to help perform a SWOT analysis.
mind map
A positive NPV means the return from a project exceeds the ____ cost of capital—the return available by investing the capital elsewhere.
opportunity
In which knowledge area do the best or alpha project managers spend almost twice as much time as typical project managers?
planning
When using scrum, the ________ creates a prioritized wish list or backlog.
product owner
What document formally recognizes the existence of a project and provides direction on the project's objectives and management?
project charter
In portfolio management the "____" step should occur first.
put all projects in one list
The last step in the four-stage planning process for projects is _______________.
resource allocation
What should be the last stage in the planning project for project selection?
resource allocation
Quality, risk, and resource constraints often affect each other as well as the ____, time, and cost goals of a project.
scope
Which project document should not be made available to all key project stakeholders due to its sensitive nature?
stakeholder analysis
The first step in the four-stage planning process for projects is ____.
strategic planning
Project portfolio management addresses _______________ goals of an organization, while project management addresses _______________ goals.
strategic, tactical
A stakeholder analysis is a technique for analyzing information to determine which stakeholders' interests to focus on and how to increase stakeholder _________.
support
You can establish minimum scores or ____ when using a weighted scoring model.
thresholds
According to the ____ value of money, a dollar today is worth more than a dollar tomorrow.
time
A college approved a project to provide discounts for faculty, students, and staff to use the city's new light-rail system. Under what existing program might this project naturally fit?
transportation program
A project in the ____ category could help transform the business.
venture
A(n) ____ scoring model is a tool that provides a systematic process for selecting projects based on many criteria.
weighted
