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Project Management
Project Management
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Preparation for Project Management Exam
Flashcards
52 cards
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Practice quiz
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Questions
52
Answers
1
The shortest time for completion of a network is equal to the longest path through the network
TRUE
FLASE
2
Between 60 and 80% of Projects fail to meet time and cost
TRUE
FALSE
3
What is NOT true about the project plan?
Includes expected financial benefits + strategic reasons
Should include technical specifications
Should serve the PM as a route from start to finish
Includes a WBS and a RACI Matrx
4
Which of these could qualify as S-shaped Project?
Microsoft develops a new windows
Valencia gets a new football stadium
Bayer creates a new chemical to kill Insect Larva
Silvia's Grandma bakes a cake with a broomstic
5
What should be considered the most important aspect of the project plan?
Resource Requirements
Contract Specifications
Schedule
Statement of Purpose
6
Which of these aspects is NOT important to consider when making
crash
estimates?
The level of risk changes with the crash
Resources required to crash are available
crashing cost are charged per day
Some tasks cannot be crashed
7
You work on two projects in late stage and you ahve to cut the budget on one of those. Which?
A warehouse construction
A Cake
8
A critical ratio indicates to a manager when a task or process is becoming unacceptable
FALSE
TRUE
9
Which is NOT an advantage of the Matrix Project Organization?
It avoids Projectitis
Teammembers fully identfy with the goals of the project
It remains a strong focus on the project itself
Flexible interaction with parent organization
10
Fast-tracking: design + planning phase are not actually completed before the building starts
TRUE
FALSE
11
Top-down budgeting starts with the most important tasks established by the individual workers
FALSE
TRUE
12
The present value of future returns decreases as the discount rate rises-> short project bias
True
False
13
What is the number 1 Disadvantage of Projects organized as a Matrix?
There is no Unity of Command: Two or more bosses
Resources have to be distributed between various projects
Many Conflicts arise between members of different projects
Slower communication processes
14
What is NOT true about a WBS (Work Breakdown Structure)?
A Primary Purpose of WBS is to ensure no task is overlooked
"degree of detail" should never be equal on the same level
Tasks dived into subtasks until every aspect is understood
Starts with the Project Objectives
15
What does the crashing
slope
tell you?
The effect that the crash will have on the project cost
How much of the task can be crashed
How many tasks are allowed to crash
How much it would cost to reduce the task for one extra day
16
Which is not one of the three primary mechanisms used by PM to exert control?
Evaluation reports
Process reviews
ressource allocation
personell assignment
17
When are Costs viewed from Project Managers(PM), Accountats (A), and Controllers (CT)?
PM: commitment made, A: invoice recieved, C: cost processed
PM: item budgeted, A:invoice recieved, C: invoice paid
PM: item budgeted, A:invoice recieved, C: cost processed
PM: commitment is made, A: invoice recieved, C: invoice paid
18
Why do organizations need project management?
To accomplish tasks other than business as usual
To involve eypertise from different departements
To promote creativity
To achieve exceptional results
19
What are the two primary purposes of control?
Stewardship of orgnaziationa assets + adaption of activities
Supervision of project plan + enforcement of budget limits
Coordination of tasks + adaptation of activies
Coordination of tasks + enforcement of budget limits
20
Projects vs. General Managment: Which statement is false?
PM projects have an independetn schedule. GM activities not
PM budgets are new created. GM budgets are mostly the same
In PM you will find authority without responsability
Projects have more detailed planning then GM
21
The Accounting Department of Lisanne Global Inc. is implementing a new Accounting System
That is a Matrix Project Organization
That is a Pure Project Organization
That is Popofles
That is a Functional Project Organization
22
Which of these statement's about
payback period
is false
Tells you the number of years required to return investment
Ignores the time value of money
Payback period= initial fixed investment/annaul net cashflow
The shorter the payback period, the greater the risk
23
The Responsability Assignment Matrix (
RACI
) clarifies the responsabilities of the team members
TRUE
FALSE
24
Which is NOT a way for the PM to deal with uncertainty?
Make a predetermined budget and schedule
Be flexible
Balance trad-offs between goals
change the scope of the project
25
Which is not one of the three goals of PM?
Time: deliver on time
Scope: satisfy the client
Specification: Complete the specifications
Cost: finish within the budget
26
Discounted cash flow
method: What is
not
true about it?
Considers the Inflation rate and return on investment
(1+k)t adjusts the cashflows to inflation
Annual cashflows are discounted to their Net Present Value
Considers the time value of money
27
Which is
NOT
a key characteristic of Project Manamgemet Project?
specific deliverable
multidisciplinary
unique
specific due date
28
A capable PM has to win win-lose negotiations to make his project succeed
True
False
29
What is
NOT
true about
Earned Value
(EV)?
EV = ∑tasks: budgeted cost * percentage completion
The EV = ∑tasks: actual cost - plannend value
The EV tells the PM if the Project is within the "baseline"
EV of a task is the the budgeted work actually performed
30
Who or what is
Resource Loading
?
backup stock of ressources for potential crahsing
# of specific resources for specific task at specific time
Schedule for resource deliveries
# of specific resources ressources required to crash
31
Which is
not
one of the
three Responsabilities
of a PM?
Acquiring Resources
Facilitating Communication
Fighting Fires and Obstacles
Leadership and Making Trade-Offs
32
A project evaluation appraises the progress and performance relative to the first project plan
FALSE
TRUE
33
What is a goop?
The raw mixture of a cake
A detailed project map
A type lightbulb
A online PM tool
34
AC=100 EV=100 SPI=1,4
Th project is behind schedule
The project is ahead of time
35
Janis assembles a diverse team of his employees to set up a new wood cutting facility in Canada
That is Functional Project Organization
That is Pure Project Organization
That is Matrix Project Organization
36
Monitoring
is the act of reducing differences between plan and actuality
FALSE
TRUE
37
What is
not
a typical feature of the Project Manager compared to the typical manager?
The PM is a facilitator rather than supervisor
The PM must establish a personal connections to the team
The PM adopts the systems appraoch
The PM does not need detailed technical knoweledge
38
Sometimes organizations purse projects even if it looses money: which is
not
a reason for that?
Get the foot in the door
Divert competitors
Acquire knoweledge of new technologies
Get lucrative follow-up contract
39
With the project plan, the PM eliminates
uncertainty
and creates a
deterministic
environment
True
False
40
Selecting a Project: Which of these three types is the least like to be selected?
The Sacred Cow
The Operating/Competitive Necessity
Comparative Benefits
41
Yashwant's lightbulb breaks. He takes it out, checks the type, goes to store and puts it in
Thats an J-shaped project
Thats S-shaped project
42
Slack time or float is calculated: LS-ES = LF-EF
TRUE
FLASE
43
The most vommon reason for the termination of a project is the low probability of achieving ROI
TRUE
FALSE
44
Which of these is not right about budgeting in PM?
forecasting how much they will cost
forecasting what resources are needed
forecasting when these resources will be needed
forecasting who will the ressources will be assigned to
45
AON is generally more difficult to draw than AOA network but better for technical relationships
TRUE
FLASE
46
What does
PERT
stand for?
Program Evaluation Requiremts Technique
Program Evaluation and Review Technique
Path Evaluation Requirements Technique
Path Evaluation and Review Technique
47
Of the financial methods, the dsicounted cashflow is the best and the most useful
False
True
48
What is NOT true about bottom-up budgeting
WBS identifies tasks, resource requirements + responsability
It is more accurate than top-down
It requires extra time and trouble
It is the most common used approach
49
What is the "mythical man-month" effect
workers are only effective on one project per month
workers performance are effected by monthly schedule changes
more workers lead to too high resource requirements
more workers added to a project thats late slow it down
50
What is the main disadvantage of A GANTT chart?
Problem when tasks with the same time begin at the same time
Hard to find the critical path
Does not show the technical relationship between tasks
Problem when only one task is at the beginning
51
If the CPI is higher then 1. then the project is ahead of schedule
TURE
FALSE
52
Which is NOT one of the four fundamental reasons for project failure?
poor up-front planning
insufficient budget
no support from senior management
Project was not required in the first place
