Project Management Test 1

Flashcard maker : Lily Taylor
A project is a temporary endeavor undertaken to create a unique product, service, or result.
True
A project is a lasting endeavor undertaken ot maintain a reliable product or service.
False
Most projects are conducted with constraints on the amount of time and funding available to the project manager.
True
Project plans and goals usually become more specific as early work is completed.
True
Operations consist of the ongoing work needed to ensure the organization continues to function effectively.
True
Customers may need to sacrifice expectations related to cost or schedule in order to realize their expectations for scope or quality.
True
An important factor used to determine the phases in a project life cycle are the control needs of the organization(s) involved in the project.
True
Generally, project life cycle stages are designed so that the amount of money spent in each of the stages is nearly equivalent.
False
Project customers can be either internal or external to the organization.
True
Different project life cycle models are used for different types of projects.
True
All projects go through a common project life cycle that includes four stages: concept, development, production and close-out.
False
The name and number of phases in a project life cycle are determined by the organization(s) involved in the project.
True
Integration management represents the processes and activities to identify, define, combine, unify and coordinate the various processes and project management activities.
True
Scope management includes the processes to manage timely completion of the project.
False
Communications management generally entails the processes that organize, manage, and lead the project team.
False
Stakeholder management is comprised of the processes to identify the people, groups, or organizations that could impact or be impacted by the project, analyze their expectations and impact, and developing strategies for engaging them and managing conflicting interests.
True
Cost management processes are involved in planning, estimating, budgeting,m financing, funding, managing and controlling costs so that the project can be completed within the approved budget.
True
The most critical measures of project success are completing the project on schedule and on budget.
False
Some projects are considered successful if they reap business benefits like increased profitability, even if completed late or over budget.
True
In reality, many projects are fully successful in some ways, but less successful in others.
True
In agile projects, the customer representative role is passive, and their involvement is typically limited to the early stages of the project.
False
The project manager is normally directly accountable for the project results, schedule and budget.
True
The project management office (PMO) is typically the person or group that provides the financial resources and support for the project, and is accountable for enabling success.
False
Which of the following examples is NOT a typical or appropriate situation to employ project management?

a.improving an existing work process
b.installing a new computer system
c.conducting a routine, standard customer service operation
d.developing a new product

c
Which of the following examples is NOT a typical or appropriate situation to employ project management?

a.improving a soldering process in an assembly line
b.processing deposits and withdrawals in a bank
c.installing a new accounting application on to a server
d.developing a new medical device for use by clinics

B
All of the following factors have influenced the increased reliance upon project management in recent years EXCEPT:

a.rapid growth and changes in the information technology and telecommunications industries
b.realization that methods for large projects can be modified and used for small projects
c.increased international competition and its influence on consumer demands
d.the decreased demands of ongoing operational work

D
Projects often require tradeoffs among all of the following EXCEPT:

a.scope
b.cost
c.schedule
d.programs

D
Once projects are completed, they will typically yield all of the following results EXCEPT:

a.a unique product, service or result
b.make or buy decisions
c.stakeholders whose interests are affected by the outcome
d.a primary deliverable along with supporting deliverables

B
In an adaptive or change – driven project life cycle:
a.the product or deliverable is well understood.
b.planning precedes all executing.
c.early results lead into planning later work.
d.the waterfall approach is commonly used.
C
Which of the following statements correctly describes project management?

a.Project management applies knowledge, skills, tools and techniques to project activities.
b.Project management should not involve tradeoffs between scope, schedule and cost.
c.Project management only relies upon checklists to plan and execute the work.
d.Project management’s goal is to maintain efficiency of ongoing operations.

A
Which of the following statements regarding project life cycles is most accurate?

a.All research and development organizations rely upon a four-stage project life cycle that includes initiating, planning, executing and closing.
b.The project life cycle is the same regardless of the type of projects managed by an organization.
c.Many different project life cycle models are used, for different types of projects.
d.All project life cycles are the same across every industry

C
In the PMBOK, the five logical groupings of the project management inputs, tools and techniques, and outputs are called the:
a.project management knowledge areas
b.project management process groups
c.life cycle stages
d.phases and gates
B
When applied to project management, the human resource management knowledge area typically involves which of the following activities?

a.
determining the work necessary for project completion
b.
estimating, budgeting and controlling project costs
c.
identifying, analyzing and controlling project risks
d.
organizing, managing and leading the project team

D
Which of the ten knowledge areas defined in the Project Management Body of Knowledge includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully?
a.
Project scope management
b.
Project quality management
c.
Project communications management
d.
Project stakeholder management
A
Which of the ten knowledge areas defined in the Project Management Body of Knowledge includes the activities of purchasing or acquiring products, services or results from outside the project team?

a.
Scope management
b.
Quality management
c.
Communications management
d.
Procurement management

D
Achieving project success is determined by all of the following EXCEPT:

a.creating deliverables that include all required features
b.involving only important key stakeholders
c.completing the project on schedule and on budget
d.providing outputs that please the project’s customers

B
Projects are considered successful for all of the reasons below EXCEPT:..

a.
members of the team learn new skills working on the project.
b.
the organization captures lessons learned for future projects.
c.
the team has demonstrated heroics to meet project objectives
d.
the organization reaps business level benefits.

C
Which of the following actions will likely cause a project to fail?

a.
dedicating valuable team member time to identify risk events
b.
spending project funding to procure needed tools and spare parts
c.
unclear or conflicting stakeholder expectations
d.
conducting a project audit to evaluate performance

C
Project failure can result from all of the following causes EXCEPT:

a.support of senior management
b.changes in scope are not agreed upon by all parties involved.
c.too little time is allowed for project completion.
d.planning is not adequate.

A
A project manager in agile projects who serves and leads in a collaborative, facilitation manner is called a:

a.program manager
b.scrum master
c.sponsor
d.functional manager

B
Typically, a steering team or leadership team is responsible for all of the following project related roles EXCEPT:

a.selecting, prioritizing and resourcing projects
b.providing rigid policies, procedures, standards and guidelines
c.ensuring accurate progress is reported and adjustments made
d.aligning projects with the organization’s strategic plans

B
Which of the following roles is typically associated with the project manager?

a.the person assigned by the performing organization to lead the team that is responsible for achieving the project objectives
b.the person with management authority over a unit within a functional organization
c.the person responsible for project methods, standards and training
d.the person responsible for providing the financial resources and support for the project and is accountable for enabling success.

A
Typically, the senior customer representative is responsible for which of the following project roles?

a.develops the project schedule and budget
b.determines how the project work will be accomplished
c.ensures the needs of the customer’s organization are identified and prioritized
d.helps the project manager with running meetings and providing status reports

C
From an agile project management perspective, which of these constraints are considered to be fixed?
a.Quality and value
b.Resources and schedule
c. scope and time
d.Customer satisfaction
B
Strategic analysis is an important first step in setting strategic direction.
True
Strategic analysis is often called SWOT – Strengths, Weaknesses, Opportunities and Threats (SWOT).
True
Strategic analysis is often called SWOT – Start With Objectives Template (SWOT).
False
The internal part of strategic analysis considers opportunities and threats posed by competitors, suppliers and regulatory agencies among others.
False
The organization’s leadership should establish guiding principles such as the vision and mission for an organization before developing strategic objectives.
True
The organization’s leadership should establish the strategic objectives to set the stage for the strategic analysis.
False
The vision should present a positive, inspiring and vivid description of the organization as it currently exists.
False
Strategic objectives should focus decisions regarding which projects to select and how to prioritize them.
True
Strategic objectives describe both long and short term results that are desired, along with measures to determine their achievement.
True
Projects tend to be the primary method for implementing many objectives
True
A portfolio is a collection of projects, programs, subportfolios, and operations managed as a group to achieve strategic business objectives.
True
A project portfolio is a useful storage medium that enables the project manager to consolidate all project information in a single, convenient location.
False
Portfolio management aligns with organizational strategies by selecting the right projects, prioritizing work, and providing needed resources.
True
If an organization does not have the right capabilities, a project may be too difficult to complete successfully.
True
The degree of formality used in selecting projects varies widely across organizations.
True
While there is a wide variety of projects across organizations, the degree of formality used in selecting them is largely uniform.
False
The prioritization of projects in a portfolio should consider whether the demands of performing each project are clearly understood
True
Payback period models do not consider the amount of profit that may be realized after the costs are paid.
True
None of the financial project selection models ensure alignment of the project with an organization’s strategic goals.
True
Scoring models are most useful when there are multiple projects and several criteria to consider.
True
Traditional financial models are most useful when there are multiple projects and several criteria to consider.
False
There are times that certain projects must be selected regardless of any considerations such as strategic fit, profitability or probability of success.
True
In addition to considering financial factors, project selection should often consider how well each project fits with the organization’s strategic planning.
True
Scoring models are very useful in providing input regarding the starting order of projects.
True
Project selection scoring models are very useful in providing performance data that can be used to terminate a project.
False
When a firm prepares to submit a proposal, it is really conducting a small project with the primary deliverable of the project being a compelling and complete proposal.
True
When a client company decides to engage an external contractor to perform project work, it must be prepared to submit a proposal and prepare a bid.
False
Which of the following statements concerning strategic analysis is true?

a.
Strategic analysis focuses exclusively upon external analysis.
b.
External analysis focuses on the strengths and weaknesses of the organization.
c.
Internal analysis focuses on the threats and opportunities facing the organization.
d.
External analysis focuses on the threats and opportunities facing the organization.

D
All of the following factors influence the opportunities and threats an organization must consider when performing a strategic analysis EXCEPT:

a.
competitors
b.
suppliers
c.
regulatory agencies
d.
employees

D
A clear and compelling vision will have all the following characteristics EXCEPT:

a.
often requires extra effort to achieve.
b.
often requires several years to achieve.
c.
provides detailed roadmap for managing a project
d.
helps stakeholders to understand the direction of the firm.

C
Which of the following responses most accurately depicts the correct sequence of activities in the strategic planning process?

a.
strategic objectives – strategic analysis – guiding principles – flow-down objectives
b.
guiding principles – strategic analysis – strategic objectives – flow-down objectives
c.
strategic analysis – guiding principles – strategic objectives – flow-down objectives
d.
guiding principles – strategic objectives – flow-down objectives – strategic analysis

C
Many writers have stated that effective objectives should be:

a.
broad – to cover many dimensions of the business
b.
measurable – to track progress
c.
unachievable – to inspire maximum performance
d.
resource based – to focus on the inputs

B
All of the following statements concerning project portfolios are true EXCEPT:

a.
The projects in a portfolio are grouped to be managed collectively.
b.
Portfolios cannot include operations and programs.
c.
Portfolios usually include a mix of high-risk and low-risk projects.
d.
All projects in a portfolio contribute to the organization’s goals.

B
Portfolios deal with all of an organization’s projects, while programs deal with:
a.
ongoing operations
b.
a specific group of related projects
c.
resource availability
d.
tradeoffs between schedule, scope and quality
B
Portfolio management helps an organization achieve its strategic goals in all of the following ways EXCEPT:

a.
managing ongoing projects
b.
providing needed resources
c.
selecting the right projects
d.
prioritizing work to be done

A
The document that describes why the project is needed, and may include estimated costs and benefits, is called a:
a.
program management plan
b.
business case
c.
SWOT analysis
d.
guiding principle
B
All of the following factors should be assessed to determine an organization’s ability to perform projects EXCEPT:

a.
Does the organization have free and open communication, creativity, and empowered decision making?
b.
Does the organization have a clearly defined project management process?
c.
Do teams and individuals follow instructions well?
d.
Does the organization monitor and understand it’s external environment?

C
All of the following represent appropriate sources to identify new potential projects EXCEPT:

a.
existing and potential customers
b.
the operations staff within the organization
c.
industry and trade journals
d.
lessons learned from previous projects

D
Which of the following statements best describes the contemporary use of financial models and scoring models for project selection?

a.
These methods are often used together to ensure financial and non-financial factors are both considered.
b.
Financial methods are preferred because they ensure alignment with the organization’s strategic goals.
c.
Scoring models are unreliable because they fail to consider financial factors.
d.
One of these techniques is typically used to the exclusion of the other, due to time demands.

A
Which of the following statements correctly describes a weakness associated with the financial project selection model?

a.
The benefit-to-cost models favor projects which generate the smallest absolute return over a specified period.
b.
Payback period models do not consider the profit to be realized after the costs are paid.
c.
The Net Present Value (NPV) method does not consider the time value of money.
d.
The Internal Rate of Return (IRR) method is difficult to use when a project has conventional cash flows.

B
All of the following criteria serve as a valid basis for identifying potential projects in most organizations EXCEPT:

a.
social need
b.
environmental considerations
c.
technological advances
d.
internal politics

D
Once selected projects have been prioritized, it is time to assign resources to projects based on their order of priority. Resources could include all of the following EXCEPT:
a.
subject matter experts
b.equipment
c. quality metrics
d.
money
C
Which of the following is NOT a typical source selection criterion that an organization would use to evaluate potential contractors?
a.
life cycle cost
b.
references
c.
personalities
d.
technical approach
C
All of the following organizations can effectively use a scoring model to select and prioritize competing projects EXCEPT:

a.
the leadership team
b.
client companies
c.
contractor companies
d.
program management office

D
All of the following may be negotiated between a client company and a contractor EXCEPT:
a.
the amount of money to be paid.
b.
quality standards
c.
selection criteria for scoring models
d.
personnel assignments
C

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