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This document contains 46 multiple choice questions related to project management. The questions cover topics such as the project management process, project scheduling techniques, risk management, cost management, and quality management. The options for each question range from 2-4 possible answers on project-related terms, methods, or concepts.
This document contains 46 multiple choice questions related to project management. The questions cover topics such as the project management process, project scheduling techniques, risk management, cost management, and quality management. The options for each question range from 2-4 possible answers on project-related terms, methods, or concepts.
This document contains 46 multiple choice questions related to project management. The questions cover topics such as the project management process, project scheduling techniques, risk management, cost management, and quality management. The options for each question range from 2-4 possible answers on project-related terms, methods, or concepts.
1 That which formalizes acceptance and bnngs project to an orderly end is a control process planning process executing process 2 ..is the master key of todays bus iness project risk time 3 A Gantt chart is useful in determining __________ The level of effort for a task When a task starts and stops How tasks are related to each other 4 Which of the following is involved in economic feasibility? Benefit-cost analysis Breakeven analysis Tangible and intangible aspects 5 Which of the following is not a characteristic of a project? Projects are responsible for the newest and most improved products, services, and Organizational processes Projects are ad- hoc endeavors with a clear life cycle Projects provide a philosophy and strategy for the management of change 6 Which of the following is also referred to as net present value method? Discounted Cash Flow Pay Back Period Discounted Cash Flow 7 All of the following factors affect the estimation decision EXCEPT Size of Project Size of Team Past Experience 8 The critical path of a network is the Path with the most activities Longest time path through the network Path with the fewest activities Project Management Sec A(without case study) Course Code : ABF 304 9 Which of the following statements regarding project selection is best? Decision models must contain either objective or subjective factors Organizational reality can be perfectly captured by most decision- making models Before selecting any project, the team should identify all the relevant issues that play a role in project selection 10 Which of the following items involves the quantitative aspects of planning? Budget development Project administration Leadership styles 11 Which of the following presents the risks and returns associated with the project so the Prospective members can evaluate them Project Plan Scope statement Feasibility Study 12 Which of the following is a plan that shows how money will be spent over a certain period of time Cost Allocation Budget Financing 13 All of the following are the examples of a project EXCEPT The development and introduction of a new services The development of a management information system The introduction of an improvement to an existing process 14 Which of the following best defines the Planning function of Management? The process of setting objectives in any project & then determining what should be done to accomplish them The process of assigning tasks, allocating resources, & arranging coordinated activities to implement plans The process of arousing enthusiasm and directing HR efforts toward project/organiz ational goals 15 In which of the following phases, the company calls upon the experience and creativity of its technicians, manager and directors to generate an adequate group of alternatives to fulfill the expressed need? Preliminary Formulation of the Alternatives Definition of the Requirement of Opportunity Initial Selection of Alternatives 16 Risks will be identified during which risk management process(es)? Quantitative risk analysis and risk identification Risk identification and risk monitoring and control Qualitative risk analysis and risk monitoring and control 17 Who is ultimately responsible for quality management on the project? Project engineer Project manager Quality manager 18 The project manager is making sure that the product of the project has been completed according to the project management plan. What part of the project management process is he in? Planning Executing Monitoring and controlling 19 All of the following are characteristics of a project EXCEPT Temporary Definite beginning and end Interrelated activities 20 The equivalent of cost reimbursable contracts is frequently termed Back charge contracts Fixed price contracts Progress payment contracts 21 Purchasing insurance is considered an example of risk Mitigation Transfer Acceptance 22 A cost performance index (CPI) of 0.89 means At this time, we expect the total project to cost 89 percent more than planned When the project is completed we will have spent 89 percent more than planned The project is only progressing at 89 percent of that planned 23 The project management process groups are: Initiating, planning, expediting, and control Plan, organize, develop, and control Plan, do, observe, commit 24 Quality is Meeting and exceeding the customer's expectations Adding extras to make the customer happy The degree to which the project meets requirements 25 To control the schedule, a project manager is reanalyzing the project to predict project duration. She does this by analyzing the sequence of activities with the least amount of scheduling flexibility. What technique is she using Critical path method Flowchart Precedence diagramming 26 A project manager has assembled the project team, identified 56 risks on the project, determined what would trigger the risks, rated them on a risk rating matrix, tested their assumptions and assessed the quality of the data used. The team is continuing to move through the risk management process. What has the project manager forgotten to do? Simulation Risk mitigation Overall risk ranking for the project 27 If project A has a net present value (NPV) of U.S. $30,000 and project B has an NPV of U.S. $50,000, what is the opportunity cost if project B is selected? $23,000 $30,000 $20,000 28 A project manager is quantifying risk for her project. Several of her experts are offsite, but wish to be included. How can this be done? Use Monte Carlo analysis using the Internet as a tool Apply the critical path method Determine options for recommended corrective action 29 A project manager is using weighted average duration estimates to perform schedule network analysis. Which type of mathematical analysis is being used? Critical path method PERT Monte Carlo 30 An activity has an early start (ES) of day 3, a late start (LS) of day 13, an early finish (EF) of day g, and a late finish (LF) of day if. The activity is on the critical path has a lag is progressing well 31 In the Monte Carlo technique, what is the criticality index? The number of days the project will be late divided by the project duration The percent of time a given activity will be on the critical path The percent of time an activity will be late 32 Which phase of the project is likely to have the greatest amount of its funding spent? Initiating Executing Planning 33 A control chart shows seven data points in a row on one side of the mean. What should be done? Perform a design of experiments Adjust the chart to reflect the new mean Find an assignable cause 34 Which of the following represents the estimated value of the work actually Accomplished ? Earned value (EV) Planned value (PV) Actual cost (AC' 35 A project team has completed, and the customer has accepted, the completed project scope. However, the lessons learned required by the project management office have not been completed. What is the status of the project? The project is incomplete because the project needs to be re-planned The project is incomplete until all project and product deliverables are complete and accepted The project is complete because the customer has accepted the deliverables 36 You are managing a project in a just in time environment. This will require more attention, because the amount of inventory in such an environment is generally 45 percent lo percent 12 percent 37 Social cost benefit analysis has been introduced to develop systematic ways of analyzing ______and ________of factors which do not have market prices Profit and losses Cost and benefits Positive and negative 38 . A task was scheduled to use two persons, full time, and take two weeks to complete. Instead, the project manager was only able to assign one person to this task. At the end of two weeks, the person assigned to the task was 75% complete. What is the cost performance index? 0.75 1.5 0.25 39 Which of the following is considered to be a simulation technique? PERT analysis GERT analysis Monte Carlo analysis 40 Extensive use of ____________ communication is most likely to aid in solving complex problems verbal written formal 41 Project A has an internal rate of return (IRR) of 21 percent. Project B has an IRR of 7 percent. Project C has an IRR of 31 percent. Project D has an IRR of ig percent. Which of these would be the BEST project? Project A Project B Project C 42 When checking the calendar of a team member to schedule a meeting, you see she has scheduled a meeting with a key stakeholder that you were not informed of. The best approach would be to Avoid mentioning it to the team member but continue to watch her activities Notify your boss about the problem Address the concern with the team member's boss 43 The program evaluation and review technique (PERT) method of scheduling differs from the critical path method (CPM) because the PERT method Uses weighted averages of activity durations to calculate project duration Uses ..dummy.. activities to represent logic ties Uses ..free float.. instead of ..total float.. in the schedule calculations 44 A project manager would like to manage his project in such a way that he will be able to identify specific tasks that should be watched and managed more closely than others. The project manager should use which method? The PERT method The critical path method The GERT method 45 . The act of doing anything that will help to bring future project performance into line with the project plan is called Budget update Revised cost estimate Corrective action 46 A project manager is using a cause and effect diagram with the team to determine how various factors might be linked to potential problems. In what part of the quality management process is the project manager involved? Quality analysis Perform quality assurance Perform quality control 47 In, ____________we see whetherreturnor benefits on this investment are more than its cost from point of view of society in which we are living Social cost benefit analysis Cost benefit analysis Profit analysis 48 Resource leveling will generally Reduce the time needed to do the project Increase the total time necessary to do all the tasks Reduce the overutilization of resources 49 If all planned work has been completed or earned,What is the schedule variance? 1% 0% 10% 50 A project whose acceptance doesnotprevent or require the acceptance of one or more alternative projects is referred to as __________ a mutually exclusive project an independent project a dependent project 51 When operating under a single-period capital- rationing constraint, you may first want to try electing projects by descending order of their __________ in order to give yourself the best chance to select the mix of projects that adds most to firm value profitability index (PI) net present value (NPV Internal rate of return (IRR) 52 Which of the following statements is correct regarding the internal rate of return (IRR) method? Each project has a unique internal rate of return As long as you are not dealing with mutually exclusive projects, capital rationing, or unusual projects having multiple sign changes in the cash-flow stream, the internal rate of return method can be used with reasonable confidence The internal rate of return does not consider the time value of money 53 Which of the following isnota potential for a ranking problem between two mutually exclusive projects? The projects have unequal lives that differ by several years The costs of the two projects differ by nearly 30%. The two projects have cash flow patterns that differ dramatically 54 The three phases involved in the management of large projects are Scheduling, operating, evaluating Planning, scheduling, evaluating Scheduling, designing, operating 55 With respect to PERT and CPM, slack Is a task or subproject that must be completed Marks the start or completion of a task Is the amount of time a task may be delayed without changing the overall project completion time 56 A dummy activity is required when The network contains two or more activities that have identical starting and ending events Two or more activities have different ending events Two or more activities have the same ending events 57 Which of the following is a basic assumption of PERT? There is only one complete route from the start of a project to the end of a project No activity in the network must be repeated Activity completion times are known with certainty 58 PERT analysis computes the variance of the total project completion time as The sum of the variances of all activities on the critical path The sum of the variances of all activities in the proje The variance of the final activity of the project 59 Which of the following managers develop operational plans for the project? Top Managers Middle Manager Line Managers 60 Which of the following is a direct responsibility of the project manager? Calculating completion probabilities for all tasks in the project Drawing the network diagram Making sure that the people assigned to the project receive the motivation, direction, and information needed to do their jobs 61 Which of the following is the benefit of the network analysis approach? Derive error free forecasts Eliminate need for management judgement Allows progress to be monitored against plan 62 A project can be considered to have failed if it Overran significantly on estimated delivery date Does not meet the business requirements Does not meet the users' requirements 63 Which of the following isnota reason to reduce project completion time? Reduce new product development time to market Release resources for other projects Avoid penalties for late completion 64 Which of the following is especially useful for monitoring project progress against plan? Capacity loading graphs Gantt charts Flow diagrams 65 An individual with a diverse set of skills-- management, leadership, technical, conflict management, and customer relationship-- who is responsible for initiating, planning, executing, and closing down a project best defines Chief information officer Consultant Project scheduler 66 Identifying, assessing, and managing the risks and day- to-day changes that occur during a project Best defines which of the following project manager activities? Conflict management Risk and change management Team management 67 Optimistic time refers to the maximum period of time for an activity to be completed the minimum period of time for an activity to be completed the planners best guess of the amount of time the activity actually will require for completion 68 Which of the following is not a true statement regarding Network diagrams? The critical path of a Network diagram is represented by the sequence of connected activities that produce the longest overall time period All activities with a slack time equal to zero are on the critical path Nodes not on the critical path can be delayed (for some amount of time) without delaying the final completion of the project 69 An example of a project management system is Word Perfect Microsoft Office Microsoft Project for Windows 70 Which of the following slack times indicates that an activity is on the critical path? 1 10 0 71 In a CPM/PERT network a dummy activity is necessary when a) two activities have the same starting node b) two activities have the same ending node c) a node does not actually connect to another node 72 If an activity has zero activity slack it a) means that the project is expected to be delayed. b) must be a dummy activity. c) is on the critical path. 73 Which of the following is not a main project objective? time cost structure 74 Capital rationing is: When the financial markets are told by government not to lend beyond imposed limits When funds are not available to undertake all the projects put forward by divisional management teams When funds are not available to finance all wealth- enhancing projects 75 A divisible project is: One where the initial investment funds have to be divided into very small amounts One where it is impossible to undertake a fraction of the project One which may be identified with a particular division 76 The profitability index is: Net present value/Initial outlay Initial outlay/Gross present value Gross present value/Net present value 77 Which of the following is a correct method of adjusting for inflation when calculating net present value? Estimate the future cash flows by multiplying by the specific inflation of each cash inflow and outflow item and then discount using the real rate of return Estimate the cash flows in real terms and use a money discount rate Estimate the cash flows in money terms and use a real discount rate 78 If the money rate of return is 8% and the anticipated rate of inflation is 3%, the real rate of return is: 5% 4.85% 11.24% 79 Which of the following statements isincorrect regarding a normal project? If the NPV of a project is greater than 0, then its PI will exceed 1. If the IRR of a project is 8%, its NPV, using a discount rate, k, greater than 8%, will be less than 0. If the PI of a project equals 0, then the project's initial cash outflow equals the PV of its cash flows 80 A project whose acceptance does not prevent or require the acceptance of one or more alternative projects is referred to as __________. a mutually exclusive project an independent project a dependent project Sec B(Case Study) HPs Account PMO Framework Builds Worldwide Consistency and Success HP Enterprise Services offers clients a variety of strategic IT services, including consulting, systems integration and application development, as well as outsourcing support for everything from business processes to infrastructure. As one of the largest divisions of HP, Enterprise Services works with more than 1,000 organizations in 90 countries, including 426 of the Fortune 500 companies. Its the applied power of HP, says Tomas Appelgren, Global PMO Account Lead for HP. Our brand, our technical and industry expertise, and our ability to handle the most complex environments. As part of its offerings, Enterprise Services has always provided project management office (PMO) support to its clients. But starting in the early 2000s, the rules of the game changed and a new global model was introduced. A NEW TYPE OF PMO In 2003, HP signed a deal with a large international company that was one of their largest outsourcing commitments. As part of that deal, HP created a PMO for the large Transition and Transformation Program, which consists of all the project activity that goes into HP assuming operational responsibility for the services and commitments the customer desires. This PMO was referred to as an operational / supply PMO, providing project management best practices, tools and procedures. It quickly became apparent, however, that simply assuring a smooth transition wasnt enough another PMO would be needed to manage the ongoing projects and programs within the account. This steady state / strategic / demand PMO would make sure the account portfolio was delivering results within time, scope and budget restraints, and meeting the clients organizational and strategic goals. HP recognized the value of both types of PMOs on all new deals, especially since it would allow them to standardize project management best practices, tools, templates and processes across the entire Enterprise Services division. So, they created a new global model to provide consistent, defined methods for: The pursuit phase, during which HP provides accurate design and cost estimates for potential new clients when working on new outsourcing deals. The transition phase, during which HP implements the PMO at the start of a new deal with a customer. The steady-state phase, during which HP runs the PMO ongoing between the start and the end of a deal. HP launched this new Account PMO Framework in the EMEA region (Europe, Middle East and Africa) in 2004 and later expanded it worldwide in 2010. CASE STUDY2 HPs Account PMO Framework Builds Worldwide Consistency and Success THE ACCOUNT PMO FRAMEWORK Within Enterprise Services, our main business objective is to take on outsourcing for companies. We set up a new account that interacts with the customer, and for every new account we set up a PMO, says Appelgren. Its a challenge to make sure all are set up in the same way globally, and meet the particular objectives for their respective companies. To do this, the Account PMO is started at the beginning of the account life cycle and set up to offer four main services to clients: Portfolio Management manages the portfolio of the accounts projects and programs, making sure they come in on time, on budget and within scope. Account Governance provides a way for both the client and the account team to mutually manage expectations, relationships and services. Account Risk Management deals with risks across the entire account, enabling HP and the client to prevent and/or react to events that threaten the project portfolio. Program PMO services provides client programs with project management best practices, tools and processes during the Transition and Transformation stages. The Account PMO does not function as a separate entity but is organized within the account team for the client it supports. The exact size and structure varies depending on the complexity and demands of the client account itself. But no matter how big or small the Account PMO may be, it still maintains regular contact with the customer. In particular, the Account PMO manager and individual project managers routinely interact with their client counterparts to discuss statuses and progress, risks and open issues, and sign-offs and approvals. This comprehensive portfolio of services offers a variety of benefits to clients, including: Improved predictability and quality of project execution. A sharper focus on risk management for both individual projects and the account as a whole. Increased visibility for all projects for internal stakeholders. Project deliverables tracking and control. Hands-on management for project issues, decisions and actions. Resource management to ensure that planned projects have what they need. But perhaps the biggest benefit is the business value it provides: The improved quality and predictability of project and program delivery improves customer satisfaction with the finished product. The clients portfolio is managed and executed on time, on budget and within scope making it easier for these organizations to achieve their strategic goals. 81 PMO stands for project management officer project management office project management operation 82 Quality is defined by_____________. customer proposal manager higher management 83 The emphasis is changed from product to process at ______________ stage. Inspection Quality control Quality management 84 Fitness to cost can be obtained by: Determining the customers needs Building of customer needed products Obtaining high quality and low cost products 85 ___________ is the lowest level of quality development. Quality Assurance Quality Management Inspection 86 The main purpose of a _______________ is to function as a blueprint for the groups business operations. Business Plan Feasibility Study Work Breakdown 87 Which of the following items involves the quantitative aspects of planning? Budget development Project administration Leadership styles 88 Which of the following is the discount rate that equates the present values of the two sets of flows? Discounted Cash Flow Pay Back Period Discounted Cash Flow 89 Which of the following is the responsibility of proposed project manager? Project Plan & strategy Description of Project Organization Development of organizational Chart 90 The three general preconditions for achieving lasting success as a project manager are: Technical Skills, Ability, Human Skills and Design Skill Ability, Motivation to manage and Opportunity Motivation to manage, Opportunity and Conceptual Skill Option (d) closing process information Who is assigned to do a task All of the given options Traditional process management functions of planning, organizing, and controlling do not apply to project management Internal Rate of Return Length of Schedule Shortest time path through the network Every decision model has both objective and subjective factors Conflict management Work Breakdown Structure Cost centers A retailer re-stocks the shelves after a day of brisk sales The process of measuring performance and taking action to ensure desired results in any project Project Termination Phase Risk identification Team member Closing Repeats itself every month Cost plus contracts Avoidance The project is only getting 89 cents out of every dollar invested Initiating, planning, executing, controlling, and closeout Conformance to management's objectives Work breakdown structure Involvement of other stakeholders $50,000 Apply the Delphi Technique Resource leveling is not on the critical path The sum of the duration of the critical path activities divided by the project expected value for duration Closeout Nothing. This is the rule of seven and can be ignored Cost variance (CV) The project is complete because the project has reached the due date 0 percent Good and bad 1.15 Critical path method nonverbal Project D Address the concern with the team member Uses bar charts instead of logic diagrams to portray the schedule The PCDM method Contingency planning Quality planning Risk analysis Reduce resources to the lowest skill that is possible 50% a contingent project payback period (PBP) The internal rate of return is rarely used by firms today because of the ease at which net present value is calculated One of the mutually exclusive projects involves replacement while the other involves expansion Planning, scheduling, controlling Is the latest time an activity can be started without delaying the entire project Two or more activities have the same starting events Only critical path activities in the network must be performed The sum of the variances of all activities not on the critical path Supervisors Performing all of the activities in the project Avoid need to use structured approach Was significantly over budget Eliminate project critical path Network diagrams Project manager Customer relations the average period of time for an activity to be completed The latest expected completion time refers to the time in which an activity can be completed without delaying the project Lotus 1-2-3 2 d) when two activities share the same starting and ending node d) all of the above quality When wealth is destroyed because capital repayments on loans have to be made earlier than anticipated One where it is possible to undertake a fraction of the project Gross present volume/Initial outlay Estimate the cash flows in real terms and use a real discount rate 11% If the IRR of a project is greater than the discount rate, k, then its PI will be greater than 1. a contingent project HP Enterprise Services offers clients a variety of strategic IT services, including consulting, systems integration and application development, as well as outsourcing support for everything from business processes to infrastructure. As one of the largest divisions of HP, Enterprise Services works with more than 1,000 organizations in 90 countries, including Its the applied power of HP, says Tomas Appelgren, Global PMO Account Lead for HP. Our brand, our technical and As part of its offerings, Enterprise Services has always provided project management office (PMO) support to its clients. But starting in the early 2000s, the rules of the game changed and a new global model was introduced. In 2003, HP signed a deal with a large international company that was one of their largest outsourcing commitments. As part of that deal, HP created a PMO for the large Transition and Transformation Program, which consists of all the project activity that goes into HP assuming operational responsibility for the services and commitments the customer desires. This PMO was referred to as an operational / supply PMO, providing project management best practices, tools It quickly became apparent, however, that simply assuring a smooth transition wasnt enough another PMO would be needed to manage the ongoing projects and programs within the account. This steady state / strategic / demand PMO would make sure the account portfolio was delivering results within time, scope and budget restraints, and meeting the HP recognized the value of both types of PMOs on all new deals, especially since it would allow them to standardize project management best practices, tools, templates and processes across the entire Enterprise Services division. The pursuit phase, during which HP provides accurate design and cost estimates for potential new clients when The transition phase, during which HP implements the PMO at the start of a new deal with a customer. The steady-state phase, during which HP runs the PMO ongoing between the start and the end of a deal. HP launched this new Account PMO Framework in the EMEA region (Europe, Middle East and Africa) in 2004 and later Within Enterprise Services, our main business objective is to take on outsourcing for companies. We set up a new account that interacts with the customer, and for every new account we set up a PMO, says Appelgren. Its a challenge to make sure all are set up in the same way globally, and meet the particular objectives for their respective companies. To do this, the Account PMO is started at the beginning of the account life cycle and set up to offer four main services to Portfolio Management manages the portfolio of the accounts projects and programs, making sure they come Account Governance provides a way for both the client and the account team to mutually manage Account Risk Management deals with risks across the entire account, enabling HP and the client to prevent Program PMO services provides client programs with project management best practices, tools and processes The Account PMO does not function as a separate entity but is organized within the account team for the client it supports. The exact size and structure varies depending on the complexity and demands of the client account itself. But no matter how big or small the Account PMO may be, it still maintains regular contact with the customer. In particular, the Account PMO manager and individual project managers routinely interact with their client counterparts to discuss This comprehensive portfolio of services offers a variety of benefits to clients, including: A sharper focus on risk management for both individual projects and the account as a whole. The improved quality and predictability of project and program delivery improves customer satisfaction with the The clients portfolio is managed and executed on time, on budget and within scope making it easier for these none of the above Quality manager Quality assurance Developing quality management Total Quality Management Structure Conflict management Internal Rate of Return All of the given options Ability, Capacity and Supervision Answer Key Q.No. Ans 1 D 2 D 3 C 4 D 5 D 6 A 7 C 8 B 9 C 10 A 11 C 12 C 13 A 14 A 15 A 16 B 17 B 18 D 19 D 20 D 21 B 22 D 23 D 24 C 25 A 26 D 27 B 28 D 29 B 30 D 31 B 32 B 33 C 34 A 35 B 36 D 37 B 38 C 39 B 40 C 41 D 42 A 43 B 44 C 45 D 46 D 47 C 48 C 49 B 50 A 51 B 52 D 53 D 54 C 55 A 56 B 57 A 58 C 59 C 60 C 61 B 62 D 63 B 64 D 65 B 66 B 67 D 68 C 69 C 70 C 71 D 72 C 73 C 74 B 75 B 76 D 77 D 78 B 79 C 80 B 81 B 82 A 83 D 84 C 85 D 86 A 87 A 88 D 89 D 90 B