Project management test 3
A _____ contract carries the least risk for suppliers
CPPC
From the buyer's perspective, the _____ is the least desirable among all contracts because the supplier has no incentive the decrease costs
CPPC
What is Risk utility and risk tolerance?
Is the amount of satisfaction or pleasure received form a potential payoff.
What are 5 broad categories of risk?
Market risk financial risk Technology risk people risk structure/process risk
What are the topics addressed in a risk management plan?
Methodology Roles and responsibilities Budget and scheduling Risk Categories Risk Probabilities and impact Risk documentation Contingency plan Fallback plan
A key factor in evaluating bits, particularly for projects involving information technology, is the past performance record of the bidder
True
Change requests and verified deliverables are the outputs of the controlling quality process.
True
Contents of the procurement management plan vary with project needs
True
Customer requirements are an important aspect of the quality planning process.
True
"A shortage of qualified personnel is one of the main reason that companies outsource. A project may require experts in a particular field for several months and planning for this procurement ensures that the needed services will be available for the project." Which of the following benefits does this characteristic of outsourcing provide an organization? a. Reduces focus on its core business b. Provides access to specific skills c. Reduces dependency on suppliers d. Increases control over all aspects of projects that suppliers carry out
b
In project procurement management, which of the following is one of the main outputs of the conducting procurement process? a. A procurement statement of work b. A closed procurement c. A selected seller d. A procurement management plan
c
According to the guidelines provided by Practical Communications, Inc., a(n) _____ is a medium that is "excellent" for encouraging creative thinking.
According to the guidelines provided by Practical Communications, Inc., what is the most appropriate medium for addressing negative behavior?
meeting
Identifying risks is a subprocess of the _____ process of project risk management.
planning
The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.
probability/impact matrix
Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.
procurement
Risk utility rises at a decreasing rate for a _____ person.
risk-adverse
Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.
risk-seeking
A single contract can include all three categories of contracts. T/F
true
All contracts should include specific clauses that take into account issues unique to the project. T/F
true
In unit pricing, the total value of the contract is a function of the quantities needed to complete the work. T/F
true
Classifications for Communication Methods
1. Interactive Communication: two or more people interact to exchange information via meetings, phone calls or video conferencing *most effective way to ensure common understanding 2. Push Communication: information is sent or pushed to recipients without their request via reports, emails, faxes, voicemails and other means *ensures information is distributed, but does not ensure it was received or understood 3. Pull Communication: information is sent to recipients at their request via Websites, bulletin boards, e-learning, knowledge repositories: blogs
Collaborative Tools
1. SharePoint portal: create custom Websites to access documents and applications stored on shared devices 2. Google Docs: create, share and edit documents, spreadsheets and presentations online 3. Wiki: website that enables anyone access to contribute/modify content 4. Kanban Boards: visually shows tasks that need to be done, are in progress, or are completed Collaboration is a key driver of overall performance of companies around the world Three collaboration technologies were more commonly present in high-performing companies than in low-performing ones: web conferencing, audio conferencing and meeting-scheduler technologies *Regional communication differences F/u study showed that the highest returns were in the areas of sales performance, innovations and new product development
A team has 10 communication channels between its various members. Using the formula for calculating the number of communication channels, it can be deduced that the team has _____ members.
5
The definition of rsik
A general definition of project risk is an uncertainty that can have a negative or positive effect on meeting project objectives.
Teamwork
According to Lencioni, which of the following qualities is present in organizations that succeed?
promotion
According to Thamhain and Wilemon, _____ is the ability to improve a worker's position.
Communication Channels
As the number of people involved increases, the complexity of communications increases because there are more communication channels (pathways) through which people can communicate Numer of Channels: n(n-1)/2 n = number of people involved 2 people, 1 channel 3 people, 3 channels 4 people, 6 channels
In which of the following contracts does the buyer pay the supplier for allowable performance costs along with a predetermined percentage based on total costs
CPPC
What is the first step in a Monte Carlo analysis?
Collect the most likely, optimistic, and pessimistic estimates for the variables in the model.
Project stakeholder management has resonances with project cost management and project time management.
F
Projects often do not cause any changes in an organization.
F
The email is the most appropriate medium for all types of communications.
F
The main output of the identifying stakeholders process is the project charter.
F
The project summary report is a summary of all the lessons-learned reports.
F
The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.
F
Unknown risks can be managed proactively.
F
According to Herzberg, hygiene factors such as larger salaries, more supervision, or a more attractive work environment would motivate workers to do more if present.
False
According to Herzberg, hygiene factors such as larger salaries, more supervision, or a more attractive work environment would motivate workers to do more if present.
False
Assignment, budget, promotion, money, and penalty influence bases are automatically available to project managers as part of their position.
False
Extrinsic motivation causes people to participate in an activity for their own enjoyment.
False
Managers who believe in Theory Y assume that workers dislike and avoid work if possible, so managers must use coercion, threats, and various control schemes to get workers to make adequate efforts to meet objectives.
False
Managers who believe in Theory Y assume that workers dislike and avoid work if possible, so managers must use coercion, threats, and various control schemes to get workers to make adequate efforts to meet objectives.
False
Maslow suggests that each level of the hierarchy of needs is not necessarily a prerequisite for the levels above.
False
Maslow suggests that each level of the hierarchy of needs is not necessarily a prerequisite for the levels above.
False
Only in-house auditors can perform quality audits.
False
Reliability is the ability of a product or service to perform as expected under unusual conditions.
False
The design of experiments technique cannot be applied to project management issues such as cost and schedule tradeoffs.
False
The fee in a CPFF contract constantly varies even when the scope of a contract remains the same
False
Managing quality includes all of the quality assurance activities plus product design and process improvements.
True
Maslow's hierarchy of needs states that people's behaviors are guided or motivated by a sequence of needs.
True
Maslow's hierarchy of needs states that people's behaviors are guided or motivated by a sequence of needs.
True
People who need institutional power or social power want to organize others to further the goals of the organization.
True
People who need institutional power or social power want to organize others to further the goals of the organization.
True
project managers are ultimately responsible for quality management on their projects.
True
Acknowledge
Upon receipt of a message, the receiver may signal (acknowledge) receipt of the message, but this does not necessarily mean agreement with or comprehension of the message
visionary
When an organization needs a new direction, the ________ leadership style is appropriate.
Acquiring the project team
_____ involves assigning the needed personnel to work on the project.
Which of the following is true of lump-sum contracts? a. They involve a fixed total price for a well-defined product or service. b. They incur a high degree of risk for the buyer. c. They consist of a fee based on the satisfaction of subjective performance criteria. d. They are also known as cost-reimbursable contracts.
a
In project procurement management, the process of conducting procurements is part of the _____ process. a. planning b. executing c. closing d. monitoring and controlling
b
Which of the following processes of project procurement management involves managing relationships with sellers, monitoring contract performance, and making changes as needed? a. Closing procurements b. Controlling procurements c. Settling contracts d. Deciding on the services to procure
b
Outsourcing suppliers can often provide economies of scale, especially for hardware and software, that may not be available to the client alone. Which of the following benefits does this offer an organization? a. Access to specific skills b. Increased flexibility c. Reduction in fixed and recurrent costs d. Increased accountability
c
T/F: Geographic location and cultural background have no impact on communications
false
T/F: Project members should either have strong technical skills or soft skills
false
The main outputs of which process include a risk register, risk report, and project documents updates?
identifying risks
According to the guidelines provided by Practical Communications, Inc., which is the most appropriate medium for giving complex instructions?
meeting
If an organization has no need to buy any products or services from outside the organization, then it has no need to perform any of the procurement management processes. T/F
true
Suppliers are those organizations or individuals who provide procurement services. T/f
true
T/F: Adding more people to a project that is falling behind schedule often causes more setbacks because of the increased complexity of communications
true
T/F: It is extremely important to document any changes in technical specifications that might affect product performance
true
T/F: People have different personality traits that often affect their communication preferences
true
T/F: Rarely does the receiver interpret a message exactly as the sender intended
true
While outsourcing, organizations should protect strategic information because it can become vulnerable in the hands of suppliers. T/F
true
A(n) _____ is a website that enables anyone who accesses it to contribute or modify its content.
wiki
According to research by Albert Mehrabian, which is NOT a way that information is communicated through face-to-face interaction?
written content
developing the project team
The main outputs of the _____ process are team performance assessments and enterprise environmental factors updates.
Communications Management Plan
Document that guides project communications, even project should include some type - varies with the needs of the project, but some type of written plan should always be prepared Small project: can be part of team contract Large project: separate document Contents: 1. stakeholder communications requirements 2. information to be communicated (format, content and level of detail 3. who will receive/produce the information 4. suggested methods for technologies for conveying the information 5. frequency of communication 6. escalation procedures for resolving issues 7. revision procedures for updating plan 8. glossary of common terminology
Blogs
Easy to use journals on the Web that allows users to write entries, creates links, and upload pictures, while readers can post comments to journal entries
Geographic location and cultural background have no impact on communications.
F
In an FPI contract, all of the risk is borne by the buyer.
F
In project procurement management, a main output of the controlling process is a source selection criteria.
F
Minutes must be a comprehensive report of the meeting that was scheduled.
F
Project procurement management consists primarily of two processes: assessing procurements and controlling procurements.
F
Step of project risk management...
Planning Risk management Identifying risks Performing qualitative risk analysis Performing quantitative risk analysis Planning risk responses Monitoring and controlling risks
What is risk project management
Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests of meeting project objectives.
A key factor in evaluating bids, particularly for projects involving information technology, is the past performance record of the bidder.
T
Groups representing consumer, environmental, or other interests can be identified as project stakeholders.
T
Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.
T
Internal stakeholders include top management, other functional managers, and other project managers.
T
It is extremely important to document any changes in technical specifications that might affect product performance.
T
Make-or-buy analysis involves comparing the internal costs of providing a product with the cost of outsourcing.
T
Project managers must assess the needs of the organization, the project, and individuals in determining which communication medium to use, and when.
T
Project stakeholder management has only recently been identified as an entire knowledge area by the Project Management Institute.
T
Quantitative risk analysis need not be done for projects that are large and complex.
T
The contractual relationship is a legal relationship, which means it is subject to state and federal contract laws.
T
The risk register can be created with a simple Microsoft Word or Excel file.
T
sharpening the saw
Taking time to renew oneself physically, spiritually, mentally and socially is
executing
The acquiring of the project team is a subprocess associated with the _____ process of project human resource management.
