TF2.0 – Flashcards
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1. Risks can have both negative and positive effects on meeting project objectives.
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2. A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
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3. The last step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.
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4. Unknown risks can be managed proactively.
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5. Contingency plans are predefined actions that the project team will take if an identified risk event occurs.
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6. Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
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7. The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.
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8. The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
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9. Risk events refer to specific, certain events that may occur to the detriment or enhancement of the project.
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10. A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.
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11. Top Ten Risk Item Tracking is a quantitative risk analysis tool.
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12. The Microsoft Solution Framework (MSF) includes a risk management model that includes developing and monitoring a top-ten master list of risks.
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13. Quantitative risk analysis need not be done for projects that are large and complex.
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14. The lower the earned monetary value calculation for a project, the chances of project success is higher.
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15. The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.
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16. Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.
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17. The risk register can be created with a simple Microsoft Word or Excel file.
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1. Overrun is the additional percentage amount by which estimates exceed actual costs.
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2. The primary output of the planning cost management process is a change request.
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3. IT project managers must be able to present and discuss project information both in financial and technical terms.
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4. Project managers must conduct cash flow analysis to determine net present value.
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5. Intangible costs can be easily measured in monetary terms.
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6. When deciding what projects to invest in or continue, one should include sunk costs.
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7. It is important for project managers to focus on indirect costs because they can be easily controlled.
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8. If an important supplier goes out of business, management reserves can be set aside to cover the resulting costs.
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9. Contingency reserves are also known as unknown unknowns.
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10. A cost management plan can include organizational procedures links, control thresholds, and process descriptions.
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11. A budgetary estimate is the most accurate of the three types of estimates.
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12. Budgetary estimates are made even before a project is officially started.
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13. Definitive estimates are made one year or less prior to project completion.
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14. Estimates should become more accurate as time progresses.
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15. Supporting details for an estimate include the ground rules and assumptions used in creating the estimate.
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16. Analogous estimates are called activity-based costing.
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17. Analogous estimates are the most accurate technique to estimate costs.
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18. In a bottom-up estimate, the size of the individual work items is one of the factors that drives the accuracy of the estimates.
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19. Parametric models are reliable when the models are flexible in terms of the project's size.
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20. One of the reasons why project cost estimates are inaccurate is because human beings are biased toward underestimation.
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21. It is important for project managers to understand that every cost estimate is unique.
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22. Determining the budget involves allocating the project cost estimate to individual work items over time.
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23. The project management plan and project funding requirements are inputs of the process of controlling costs.
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24. The formulas for variances and indexes start with EV, the earned value.
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25. If cost variance is a positive number, it means that performing the work costs more than planned.
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26. A negative schedule variance means that it took lesser than planned to perform the work.
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27. If the cost performance index (CPI) is less than 100 percent, the project is under budget.
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28. A schedule performance index of one means that the project is on schedule.
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29. In an earned value chart, when the actual cost line is right on or above the earned value line, it indicates that costs are less than planned.
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30. Spreadsheets are a common tool for cost estimating, cost budgeting, and cost control.
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1. Scope refers to all the work involved in creating the products of the project and the processes used to create them.
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2. Deliverables are only product-related, such as a piece of hardware or software.
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3. Project scope management includes the processes involved in defining and controlling what is or is not included in a project.
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4. The scope management plan can be informal and broad or formal and detailed, based on the needs of the project.
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5. The project's size, complexity, importance, and other factors do not affect how much effort is spent on collecting requirements for scope planning.
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6. Information from the project charter provides a basis for further defining the project scope.
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7. Project scope statements must include the project boundaries, constraints, and assumptions.
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8. The scope of a project is clear and specific from the start.
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9. Many information technology projects also require detailed functional and design specifications for developing software, which also should be referenced in the detailed scope statement.
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10. The project scope statement should reference supporting documents, such as product specifications that will affect what products are produced or purchased, or corporate policies, which might affect how products or services are produced.
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11. The project scope statement, stakeholder requirements documentation, and organizational process assets are the primary inputs for creating a WBS.
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12. The scope baseline in a WBS consists of the requirements documentation and enterprise environmental factors.
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13. The WBS is organized solely around project phases.
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14. A work package represents one component of the product that the project aims to deliver.
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15. A work package must always represent less than 80 hours of work.
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16. The tasks in a WBS must be developed as a sequential list of steps.
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17. The executing tasks of the WBS remain constant from project to project.
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18. Many organizations provide different guidelines and templates for developing WBSs.
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19. Mind mapping allows people to write and even draw pictures of ideas in a nonlinear format.
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20. The format of the WBS dictionary is essentially the same for all projects.
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21. A unit of work should appear at only one place in the WBS.
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2. In project time management, the primary output of defining activities is a schedule management plan.
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3. In project time management, the next step after sequencing activities is to define these activities.
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4. Project schedules grow out of basic documents such as the project charter.
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5. A schedule management plan includes information which describes the format and frequency of schedule reports required for the project.
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6. To define activities, the project team should start with reviewing the schedule management plan, scope baseline, enterprise environmental factors, and organizational processes.
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7. It is important for the activity list and activity attributes to be in agreement with the work breakdown structure.
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8. Milestones are easy to achieve and are always achieved through one main activity.
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9. After defining project activities, the next step in project time management is developing the schedule.
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10. A dependency pertains to the sequencing of project activities or tasks.
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11. Network diagrams are the preferred technique for showing activity sequencing.
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12. The arrows in a network diagram represent missed milestones in a project.
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13. In a network diagram, it is mandatory for every item on the WBS to be shown instead of only those activities with dependencies.
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14. A merge occurs when one node precedes mutiple nodes.
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15. Start-to-finish relationships are the most frequently used dependencies between activities.
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16. A drawback of the precedence diagramming method is that it cannot be used unless dummy activities are employed.
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17. In project time management, one should control the scheule before estimating the duration for each activity.
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18. In a Gantt chart, thick black bars represent milestones achieved in a project.
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19. A Tracking Gantt chart is based on the percentage of work completed for project tasks or the actual start and finish dates.
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20. A disadvantage of using Gantt charts is that they do not provide a standard format for displaying planned project schedule information.
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21. In a critical path analysis, the shortest path is what drives the completion date for the project.
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22. The critical path on a project can change as the project progresses.
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23. A backward pass through the network diagram determines the early start and early finish dates for each activity.
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24. Knowing the amount of float allows project managers to know whether a project schedule is flexible.
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25. The main disadvantage of crashing is that it lengthens the time needed to finish a project.
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26. The technique of fast tracking can result in lengthening the project schedule.
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27. Critical chain scheduling assumes that resources multitask and maximizes multitasking.
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28. One of PERT's main disadvantages is that it does not address the risk associated with duration estimates.
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29. The final process in project time management is developing the schedule.
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30. A drawback of the project management software is that it does not have the capacity to calculate the critical path(s) for a project.
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