Project MGT Exam 1 (Quiz 1 and Quiz 2 Questions)

Select all PMI's Project Processes from this list: - Closing Process - Deployment Process - Monitoring and Controlling Process - Implementation Process - Tendering Process - Planning Process - Executing Process - Preliminary Engineering Process - Initiating Process - Envisioning Process - Detail Design Process - Testing Process

- Closing Process - Monitoring and Controlling Process - Planning Process - Executing Process - Initiating Process

Pick all that apply: Robert Butrick suggests that organizations need to follow basic principles of project management, like: - Set a goal and go home. - Engage your stakeholders. - Only meet your sponsor one time. - Finish the project as soon as you can. - Make sure your projects are driven by your strategy.

- Make sure your projects are driven by your strategy. - Engage your stakeholders.

These planning process actions occur in the Knowledge Area of Project Scope Management: - Plan Scope Management - Collect Requirements - Develop Project Management Plan - Define Scope - Create WBS

- Plan Scope Management - Collect Requirements - Define Scope - Create WBS

According Microsoft Solutions Framework (MSF), please identify the typical MSF project processes: - Executing Process - Planning Process - Deployment Process - Sprint Process - Initiating Process - Monitoring and Controlling Process - Closing Process - Stabilizing Process - Envisioning Process - Implementation Process - Developing Process

- Planning Process - Deployment Process - Stabilizing Process - Envisioning Process - Developing Process

Select all that apply: What does SWOT Analysis stands for? -Strengths -Timetable -Opportunities -Workflow -Weaknesses -Sales -Threats -Orders

-Strengths -Opportunities -Weaknesses -Threats

Weighted Score Models are created by you to identify the significance of certain criteria you deem important for the project. You use this model to systematically quantify your assessment of quality on each criteria for each project. At the end you can review what you and others scored for each project, helping to identify the one project that is considered more significant, according to your criteria. Similarly, I created a weighted model to evaluate your performance in this course. In this course grades weighted model how much weight is given to all quizzes scores? (Hint: Look at your grades in CANVAS or Syllabus)

15%

Alpha PM's spend ____% on the Planning phase, compared to only ____% for Average PM's.

21 ; 11

Return on Investment (ROI) If you invest $10,000 today and next year your investment is worth $12,500. Please calculate your ROI.

25% (12500-10000)/10000 = 0.25 x 100 = 25%

Based on a 2014 study, approximately what percent of U.S. companies have project management offices?

80%

A __________________ is a starting point, a measurement, or an observation that is documented so it can be used for future comparison.

Baseline

A ___________________ is a document that provides justification for investing in a project.

Business Case Document

Some projects have a senior manager called a ______________ who acts as a key proponent for a project.

Champion

An Agile Sprint is normally a period of two to four months where the Sprint's Backlog is addresses by programmers to produce a potentially shippable product increment.

False

In the Pyramid of Project Planning process, where at the top is the Strategic Plan, and at the bottom is the Resource Allocation. Senior executives propose projects and allocate resources.

False

Most organizations have a written strategic plan. This plan usually includes the organization's mission, vision and goals for one year.

False

Opportunity Cost of Capital is the first year return available by investing the capital in the company.

False

Project management is a silver bullet that guarantees success on all projects.

False

The targets for the triangle forces of scope, schedule and cost are evaluated during the middle or end of the project.

False

Your organization's internal stakeholders are always the highest interest and highest power when charted on the power/interest grid.

False

When is the best time where stakeholders can meet each, review the goals of the project, and discuss future plans?

Kick-Off Meeting

According to PMI, what document formally recognizes the existence of a project and provides direction on the project's objective and management?

Project Charter Document

During lecture, I stated this document could serve as a source to create a stoplight chart (red, yellow, green) status update for stakeholders.

Requirements Traceability Matrix

Which project document should not be made available to all key project stakeholders due to its sensitive nature?

Stakeholder Analysis Document

According to PMI and the book, what is the main purpose of project plans?

The main purpose of project plans are to guide the project execution. This means the project plans must be realistic and useful.

A Requirements Management Plan describes how project requirements will be analyzed, documented, and managed.

True

A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.

True

An organization's overall business strategy should guide the project selection process and management of those projects.

True

Payback Period is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in the project.

True

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

True

Software Development Agile Project Management - relates to, or denoting a method of project management, used especially for software development, that is characterized by the division of tasks into short phases of work and frequent reassessment and adaptation of plans.

True

The goal of project portfolio management is to help maximize business value to ensure enterprise success.

True

The main criteria for Program selection are the coordination and benefits available by grouping projects.

True

Calculate Net Present Value (NPV) and Return on Investment (ROI). Assume your discount percentage is 7%. All calculations should use discounted values. Project Athena involves the creation of medical software specific for the emergency department. The initial investment is $500,000 and you believe the software will be done in two years. The first year's investment is $250,000 and the second year's investment is estimated at $300,000. Once the software is installed, you expect to yield savings of $350,000 per year for the following 5 years. The operational costs of the software are $7,000 per year. Which includes backups and a software programmer part time assigned to fix implementation problems. a) What is the expected span of the project? (project useful life) b) What is the Net Present Value for this project? (Use this format: $999,999,999.99) c) Calculating the numbers at the end of the year, what is the Payback Year for this project: d) What is the Return on Investment for the project? (Use this format: 99.99%) e) What is the Return on Investment at the end of the 3rd year? (Use this format: 99.99%) f) What is the discount factor for the last year of the project? (Use this format: 9.99) g) If the company has a minimum "required rate of return" in projects of 30%, in your opinion, would you ask your company to invest in this project? (Yes/No)

a) 7 years b) 232699.56 c) 6th year d) 22.80% OR 23.00% e)-71.47% f) 0.62 g) No

A ________________ is a product or service produced or provided as part of a project.

deliverable

The project _______ usually provides the early guidance, direction and funding for the project.

sponsor

Individual projects often address _______ goals, whereas project portfolio management addresses strategic goals.

tactical

A project is a _______ endeavor undertaken to create a unique product, service, or result.

temporary

A ______________________ is a deliverable at the lowest level of the WBS.

work package