Project Mgmt Exam 1 for final
How many processes can be there in the closing process group for a project closure as defined by PMI.
1
An activity has a duration of 10 days. Its early start is 4 and its late start is 6. This activity has _____ days of total slack.
2 days
There are ______ process groups in a Project Management Process Map designed by PMI.
5
A Project Manager who works in IT wants to estimate the duration of a project activity which is about developing a new software code in a subsidiary webpage of the existing one. She thinks the software coding, would take most likely 6 hours to complete. However, the team members Harry and Lisa based on their experiences suggest to have 3 hours and 12 hours respectively. Using Beta estimation which do you think is the estimation for developing the code.
6.5 hours
A key distinction between a risk response and a contingency plan is
A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired
A key aspect to communication plans are that they allow the project manager and the project team to
Actively control the flow of information.
Which of the following is provided by both the project network and the work breakdown structure?
Activity duration
All of the following are usually included in a work package EXCEPT
All of these are included in a work package. - A single person who is responsible for its completion. - All the costs for the work package. - The time needed to complete the work. - Work to be done.
After your team has successfully identified potential risks that could affect the project, what is the next step?
Assess identified risks
Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?
Avoiding
The ________ calculates the critical path and determines how long an activity can be delayed without delaying the project.
Backward pass
A project selection process that is strongly linked to strategy results in
Better utilization of the organization's resources.
If, for some reason, the project must be expedited to meet an earlier date, which of the following actions would the project manager take first?
Check to see which activities are on the critical path.
A project screening matrix typically contains all of the following EXCEPT
Costs to complete each project
Which of the following processes produces a work breakdown structure as an output?
Create WBS
If a project has more than one activity that can begin when the project is to start, a common start node should be used to indicate a clear project beginning on the network. Without a common start node, each path is a
Dangler path
There are 5 steps involved when defining a project; which of the following is the first?
Define the project scope
Based on the following table, which event should you be most concerned about? Question 54 Table Risk Event Likelihood Impact Bad weather 2 3 Design flaw 3 5 Accident 1 5 Shipment delay 2 2 Power outage 1 5
Design flaw
Which of the following will correctly calculate the total slack in an activity?
Either LS - ES or LF - EF
The process of forecasting or approximating the time and cost of completing project deliverables is called
Estimating
In the _____________ stage of Project Processes, a major portion of the actual project work is performed.
Executing
This response is used to remove any uncertainly associated with an identified Opportunity.
Exploit
As long as everyone in a project adds a little padding to reduce risk, the project duration and cost estimates will be more accurate.
False
Project selection criteria are typically classified as
Financial and nonfinancial
If testing cannot be completed any earlier than four days after the prototype has been built, what type of lag exists?
Finish to Finish
The requirement for a freshly poured foundation to cure before beginning construction is an example of which of the following type of lag?
Finish to Start
Henry is working on a project involving the upgrading of a management information system. The project is being managed by the information systems department with the coordination of other departments occurring through normal channels. He is working in a _________ organization.
Functional
You were appointed as a project manager to a neglected project whose budget was a constrain. You are reading the project documentation and found the project charter was signed by five managers team only. What should be your primary concern at this time?
Getting a sponsor
The initial step in the risk management process is to
Identify the risks
Which of the following is the correct order for the strategic management process?
Mission, strategies, objectives, projects
The __________ financial model measures the current value of all cash inflows using management's minimum desired rate of return.
NPV
Which of the following is NOT typical of a project manager?
Overseeing existing operations
Kevin is assigned to a software development project that will start in the near future and is currently tailoring the PMBOK processes to satisfy the project's specific needs. Kevin wants to introduce a new process, "Identify Key Deliverables", to the existing six project scope management processes. Although he understands that project deliverables identification is already in the PMBOK scope management processes, he believes that having a dedicated process will stress the importance of determining and agreeing to key project deliverables. The best position for the new "Identify Key Deliverables" process should be between which of the following two processes?
Plan Scope Management and Collect Requirements
In the _____________ stage of What is a Project? the project's schedule and budget will be determined.
Planning
The WBS is best suited for projects that have a tangible outcome. Which of the following is used when the final outcome of the project is less tangible or is a product of a series of steps or phases?
Process breakdown structure
Which of the following activities is NOT considered a project?
Production of automobile tires
Two new software projects are proposed to a young, start-up company. The Alpha project will cost $150,000 to develop and is expected to have annual net cash flow of $40,000. The Beta project will cost $200,000 to develop and is expected to have annual net cash flow of $50,000. The company is very concerned about their cash flow. Using the payback period, which project is better from a cash flow standpoint?
Project Alpha: A lower payback is better. It has the lower payback and so has the better payback.
Arrows on an activity-on-node (AON) project network represent
Project flow and dependency
The _________ is used to assist in making project trade-offs among schedule, budget, and performance objectives
Project priority matrix
Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.
Risk breakdown structures
The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as
Risk management
Which of the following is NOT one of the steps in the risk management process?
Risk tracking
Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating?
Sacred cow
The tendency for the project deliverables to expand over time-usually by changing requirements, specifications, and priorities-is called
Scope creep
The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk
Severity matrix
Risks that can result in a system or process that will not work are known as
Technical risks
Which of the following is true about hammock activities?
They are used to identify the use of fixed resources or costs over a segment of a project.
In practice, estimating processes are frequently classified as
Top down/bottom up
Tom is responsible for ordering hardware for a custom home his company is building. The contractor installing the hardware is scheduled to start in 5 working days, but the hardware is on backorder and will not arrive for another 9 working days. Fortunately, Tom has 10 days of slack; however, he shares this slack with the hardware installer. He will have to let the contactor know that the hardware will be ready 4 days later than expected and that the slack for the installer has been reduced by 4 days. Tom and the installer share 10 days of
Total Slack.
________ slack must be coordinated with all participants in the activities that follow in the chain.
Total Slack.
A fixed price contract is an example of
Transferring risk
A matrix project management structure is a hybrid organizational form in which a horizontal project management structure is "overlaid" on the normal functional hierarchy.
True
Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project.
True
When creating a project network, your primary input will be the
Work Packages
Information to develop a project network is collected from the
Work breakdown structure
The strategic activity that focuses on what needs to be accomplished is
analyze and formulate strategies.
In a project network, ________ indicate activity dependency and project flow.
arrows
The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.
consensus
The longest path through a project network is called the _________.
critical path
The likelihood of a risk event occurring ________ as a project goes through its life cycle.
decreases
Intermittent scanning of the external environment is required when managing organization strategy.
false
The information gap refers to the lack of understanding and consensus of organization strategy among top and middle-level managers.
false
The ________ calculates the earliest times that activities can start or finish.
forward pass
One piece of information that the arrows within the Activity-on-Node network can convey is
how activities are related.
A(n) ________ is the minimum amount of time a dependent activity must be delayed to begin or end.
lag
Significant events in a project that occur at a specific point in time, are natural control points, and are easily recognized by project participants are known as ___________.
milestones
Activities that can occur while an activity is taking place are called ________ activities.
parallel or concurrent
Activities that must occur immediately before a given activity are called ________ activities.
predecessor
A technique that clearly establishes priorities with customers and top management so as to create shared expectations and avoid misunderstandings is developing a(n) ___________.
priority matrix
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a
risk
A project network provides the basis for ________________________________.
scheduling labor and equipment
One benefit of project portfolio management is that it can justify killing a project that doesn't support organization strategy.
true
One guideline to follow when estimating time, cost and resources is to use several people to make the estimate for a task.
true
Organizational culture refers to a system of shared norms, beliefs, values, and assumptions which bind people together.
true
Organizational objectives set targets for all levels of the organization, not just for top management.
true
The matrix form of project management structure is a good choice when resource usage needs to be optimized by having individuals work on multiple projects while still performing functional duties.
true
Which of the following would be classified as an organizational opportunity?
Increasing product demand
Which of the following is NOT true when managing a portfolio system?
It does not require a constant effort.
Which of the following is NOT true for strategic management?
It should be done once every few years just before developing the operating plan.
Which of the following would best represent direct project costs?
Labor, materials and equipment
