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Flashcards and Answers – Project management Midterm

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If it is crucial to meet time and cost goals, the _____Must be flexible
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Scope
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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.
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Scope
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Project _____ management, the ninth knowledge area, is an overarching function that affects and is affected by all of the other knowledge areas.
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integration
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By grouping projects into ____, organizations can better tie theeir projects to meeting strategic goals.
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portfolios
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Which of the following is a not a potential advantage of using good project management?
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Lower cost of capital
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____Coordinates the work of all other project management knowledge areas.
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Project integration mnagement
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Portfolio managers must have strong ______ skills and understand how projects and programs can contribute to meeting strategic goals.
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financial and analytical
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Projects should first and foremost address business ____
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needs
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A positive NPV means the return from a project exceeds the ____cost of capital — the return available by investing the capital elsewhere.
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Opportunity
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_____ _____ ____is the result of subtracting the project costs from the benefits and then dividing by the costs.
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Return on investment
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_____Should be formed and continuously updated to help the organization as a whole make better trategic decisions.
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Portfolios
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Which of the following is not part of a SWOT analysis?
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tactics
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Which of the following is not a major benefit of grouping projects into programs?
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increasing revenues
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The _____ cost of capital is the return available by investing the captial elsewhere.
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opportunity
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A business ___ is a document that provides justification for investing in a project.
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Case
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Part of creating and following a project management methodology includes the creation and use of _____.
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Templates
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Which of the following information is typically included in a business case?
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Business Objective
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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.
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Sign-off
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In which of the five project management process groups are activities performed that relate to each knowldge area?
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Planing
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What document provides justification for investing in a project?
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Business case
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In which process group do you normally produce the main deliverables of a project?
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Executing
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What project management methodology is the defacto standard in the U.K and is used in over 50 countries
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PRINCE2
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Project management ___ facilitate communication among stakeholders and provide a baseline for progress measurement and project control.
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Plans
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The main planning tasks performed a s part of project scope management include scope planning, scope definition, and ———
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Creating the WBS
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The term “____” is used to describe each level of work in the WBS
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Task
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The project team begins to develop a ____ by first clearly defining all the activities it needs to perform.
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Schedule
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Project management plans should be _____.
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dynamic receptive to change flexible
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project teams develop a _____ to coordinate all other project plans.
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Project management plan
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You develop a WBS by analyzing a similar project. You are using the _____ approach
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Analogy
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Project teams often create a _____ to ensure that all major activities are accounted for.
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Milestone list
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Project ____ management ensures that the project will satisfy the stated or implied needs for which it was undertaken
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quality
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_____ to requirements means that the project’s processes and projects meet wrtiten specifications.
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Conformance
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Example of common ____ used by organizations include failure rates of products produced, availability of goods and services, and customer satisfaction ratings.
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Metrics
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A project _____ chart is a graphic representation of how authority and responsiblity is distributed within the project.
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organizational
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A _____management plan describes when and how people will be added to and removed from a project.
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staffing
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_____ are indicators or symptoms of actual risk events.
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Triggers
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______contracts reduce the risk of incurring higher cost than expected
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Fixed price
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You would use a _____-or-buy analysis to decide whether to purchase or lease items for a particular project
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lease
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Three broad categories of contracts are fixed price, or lump sum; ____; and time and material.
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Cost reimburasable
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A _____ contract has the least amount of risk for the buyer.
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firm-fixed price
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A request for ____ is a document used to solicit quotes or bids from prospective suppliers.
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quote
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After thoroughly evaluating a supplier, many organizations summarize evaluations using a supplier ____ matrix—a type of weighted scoring model.
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evaluation
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______is defined as the degree to which a set of inherent characteristics fulfill requirements.
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Quality
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_____ ____ ___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
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quality control charts
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A RACI chart is a type of _____.
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responsibility assignment matrix
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A ____ _____ ____describes when and how people will be added to and taken off of a project
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staffing management plan
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A _____is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format.
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Risk register
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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?
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Fixed price
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Time-and-_____ contracts are a hybrid of both fixed-price and cost reimbursable contracts
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material
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What document graphically shows how many and what type of resources are estimated to be needed on a project over time?
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Resource histogram