Project management Midterm

Flashcard maker : Lily Taylor
If it is crucial to meet time and cost goals, the _____Must be flexible
Project ____management involves working with all appropriate stakeholders to define, gain written agreement for, and manage all the work required to complete the project successfully.
Project _____ management, the ninth knowledge area, is an overarching function that affects and is affected by all of the other knowledge areas.
By grouping projects into ____, organizations can better tie theeir projects to meeting strategic goals.
Which of the following is a not a potential advantage of using good project management?
Lower cost of capital
____Coordinates the work of all other project management knowledge areas.
Project integration mnagement
Portfolio managers must have strong ______ skills and understand how projects and programs can contribute to meeting strategic goals.
financial and analytical
Projects should first and foremost address business ____
A positive NPV means the return from a project exceeds the ____cost of capital — the return available by investing the capital elsewhere.
_____ _____ ____is the result of subtracting the project costs from the benefits and then dividing by the costs.
Return on investment
_____Should be formed and continuously updated to help the organization as a whole make better trategic decisions.
Which of the following is not part of a SWOT analysis?
Which of the following is not a major benefit of grouping projects into programs?
increasing revenues
The _____ cost of capital is the return available by investing the captial elsewhere.
A business ___ is a document that provides justification for investing in a project.
Part of creating and following a project management methodology includes the creation and use of _____.
Which of the following information is typically included in a business case?
Business Objective
A crucial part of the project charter is the ____ section, where key project stakeholders sign the document to acknowledge their agreement on the need for the project.
In which of the five project management process groups are activities performed that relate to each knowldge area?
What document provides justification for investing in a project?
Business case
In which process group do you normally produce the main deliverables of a project?
What project management methodology is the defacto standard in the U.K and is used in over 50 countries
Project management ___ facilitate communication among stakeholders and provide a baseline for progress measurement and project control.
The main planning tasks performed a s part of project scope management include scope planning, scope definition, and ———
Creating the WBS
The term “____” is used to describe each level of work in the WBS
The project team begins to develop a ____ by first clearly defining all the activities it needs to perform.
Project management plans should be _____.
dynamic receptive to change flexible
project teams develop a _____ to coordinate all other project plans.
Project management plan
You develop a WBS by analyzing a similar project. You are using the _____ approach
Project teams often create a _____ to ensure that all major activities are accounted for.
Milestone list
Project ____ management ensures that the project will satisfy the stated or implied needs for which it was undertaken
_____ to requirements means that the project’s processes and projects meet wrtiten specifications.
Example of common ____ used by organizations include failure rates of products produced, availability of goods and services, and customer satisfaction ratings.
A project _____ chart is a graphic representation of how authority and responsiblity is distributed within the project.
A _____management plan describes when and how people will be added to and removed from a project.
_____ are indicators or symptoms of actual risk events.
______contracts reduce the risk of incurring higher cost than expected
Fixed price
You would use a _____-or-buy analysis to decide whether to purchase or lease items for a particular project
Three broad categories of contracts are fixed price, or lump sum; ____; and time and material.
Cost reimburasable
A _____ contract has the least amount of risk for the buyer.
firm-fixed price
A request for ____ is a document used to solicit quotes or bids from prospective suppliers.
After thoroughly evaluating a supplier, many organizations summarize evaluations using a supplier ____ matrix—a type of weighted scoring model.
______is defined as the degree to which a set of inherent characteristics fulfill requirements.
_____ ____ ___allow organizations to measure their performance in certain areas— sucn as failure rates, availability, and reliability— and compare them over time or with other organizations
quality control charts
A RACI chart is a type of _____.
responsibility assignment matrix
A ____ _____ ____describes when and how people will be added to and taken off of a project
staffing management plan
A _____is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format.
Risk register
You want to have the least risk possible in setting up a contract to purchase goods and services from an outside firm. As the buyer, what type of contract should you use?
Fixed price
Time-and-_____ contracts are a hybrid of both fixed-price and cost reimbursable contracts
What document graphically shows how many and what type of resources are estimated to be needed on a project over time?
Resource histogram

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