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Fundamentals of Project Management
Fundamentals of Project Management
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Answers
1
RCA stands for
Raci Chart Application
Root Cause Analysis
Radio Control Association
Root Cause Application
2
Most IT projects are suscessful
False
True
3
Which is NOT one of the four fundamental reasons for project failure?
Project was not required in the first place
no support from senior management
insufficient budget
poor up-front planning
4
An itemized estimate of income and expenses.
Pricing Matrix
Expense Report
Budget
Proposal
5
The detailed set of deliverables for a project is the
work breakdown structure
gantt chart
scope
resource
6
Which of the following is NOT a project?
Running a call center
Organizing a wedding
Installing an IT system
Building a house
7
What is the PMP?
Project Management Plan
Project Management Portfolio
Project Management Professional
Portfolio Management Project
8
A project must have a
reward
lead
end point
start point
9
Which is a risk response strategy?
Cancel
Transfer
Execute
Transport
10
How much money, time, or resources are needed to make something happen is/are the
budget
deliverables
criteria
scope
11
How many phases of the project management life cycle are there?
10
23
7
5
12
An advantage of the matrix organizational structure is the high level of information transfer.
True
False
13
Between 60 and 80% of Projects fail to meet time and cost
False
True
14
A project evaluation appraises the progress and performance relative to the first project plan
False
True
15
A short term endeavor with specific requirements, budget restrictions and time restrictions
Work Breakdown Structure (WBS)
Project
Schedule
Monitoring & Controllong
16
Why is project risk management important?
It gives overview of all risks
It is mandatory on all projects
In increases the probability of meeting objectives
It is a creative group process
17
What should the Project Manager do to ensure all work is included in the project?
Create a work breakdown structure
Create a risk management plan
Create a contingency plan
Create a scope statement
18
One phase of the project management life cycle is
Initiate
Schedule
Estimate
Evaluate
19
A narrative description of products and services to be delivered by the project.
Statement of Product
Statement of Account
Statement of Service
Statement of Work
20
The tasks that are completed during a project are called...
objects
domains
deliverables
project executables
21
Contingencies are:
Removed by management
Paid back to the client
Cost added to the budget because of the risk
Tranferred to the client
22
Organizing and archiving documents occurs during which phase of the project?
Crashing
Closing
Initiation
Planning
23
What should be created to ensure that all work tasks in the project are included?
A Work Breakdown Structure (WBS)
A Risk Management Plan
A Contingency Plan
A Scope Statement
24
Which phase of project management is most critical?
Execution
Planning
Monitoring & Controlling
Initiation
25
Which of the following defines scope?
The standard for the project
Creating a timeline for the project
Defining the boundaries for the project
The amount of money that will be spent
26
A risk is a threat of damage, liability, or loss.
True
False
27
Projects should have their benefits analyzed
False
True
28
WBS, Gantt Chart and Network Diagram are outputs of the ________ process?
Evaluation
Scope
Planning
Conception
29
Which of the following is a legal document?
Statement of Work (SOW)
Risk Register
Schedule
Project Charter
30
Which of the following phrases would be an example of active listening?
"So, if I understand, you want..."
"We can figure that out later"
"I think I know what you mean"
"Does it matter?"
31
Which approach to develop a WBS is considered to be optimal?
SWAG
Bottom up
Lottery
Top down
32
Time and cost estimates are important
False
True
33
Involves determining which risks are likely to affect a project
Risk identification
Risk mitigation
Risk management planning
Riks analysis
34
A firm must create a website, an app, and an animation. This is an example of?
Budget for the project
List of project deliverables
Distribution of resp;onsibilities
List of necessary equipment
35
What is management?
the process of Planning,Organizing,Controlling and Measuring
an organization of leadership
the process of controlling something
an organized effort to achieve a commonality
36
Which of these aspects is NOT important to consider when making
crash
estimates?
Some tasks cannot be crashed
Resources required to crash are available
The level of risk changes with the crash
Crashing cost are charged per day
37
Regardless which RCA process is used, there are almost always more than _____
One root cause
Operator mistake
Human Error
Risk anaylsis
38
Changes to a project can result from:
all of the above
the project team
Unexpected occurences
the customer
39
Occurs when two or more nodes precede a single node.
Merge
Buffer
Critical Path
Burst
40
A daily fine imposed by the project owner for a delay in project completion.
Late Fees
Budget
Incremental Spending
Liquidated damages
41
Which of the following best describes the aim of project management?
To achieve the success factors in the business case.
To eliminate risk
To ensure the original budget is met
To stick to the original plan
42
Which one is a risk?
New functionality means a cost increase of 10%
The scope of work is clearly defined and well understood
The project is delayed by 3 months because of suppliers
There may be a lack of skilled resources next month
43
Which is NOT a risk response strategy?
Accept
Maximize
Exploit
Mitigate
44
What project management tool would be used for scheduling of tasks?
Work Breakdown Structure
Statement of Work
Risk Register
Gantt Chart
45
The person responsible for the planning, coordination, and controlling of a project
Stakeholder
Controller
Project Manager
Contractor
46
There is no need to consider positive risk
False
True
47
Planned set of tasks to complete an objective with a defined start and end date is a
timeline
phase
customer
project
48
Which statement is true?
Risks appear because of bad management
All risks can be eliminated early in the project
The risk is greatest in the early phases
The client owns most risks
49
What are project phases?
Initiation, Execution, Validation, Approvals, Consultation.
Initiation, Closing, Planning, Execution, Change management.
Initiation, Planning, Execution , Monitor & Control, Closing
Initiation, Planning, Extermination, Collision, Closing.
50
Which is a step in the risk management process
Change
Scheduling
Execution
Identification
51
PMs should consider the different needs of all stakeholders?
True
False
52
Which are the activities performed to finalize the project?
Planning
Executing
Closing
Initiating
53
What is a project?
A group of tasks that support an effort to achieve something
A series of tubes
Torture
A series of events put together to accomplish something
54
Which Communication skill is the most essential to reach a condition of success ?
Writing
Reading
Speaking
Listening
55
Planning is always the first step in the 5 process stages.
False
True
56
An important event that has no duration
Merge
Buffer
Milestone
Contingency
57
Risk is
Probability * impact
Condequences * dependencies
Probability * cost
Probability * good luck
58
The initial goal and specifications of a project are developed during the planning phase?
True
False
59
Conflicts that occur during projects are never beneficial.
True
False
60
What is another name for this fishbone diagram?
Five Whys Technique
Ishikawa Diagram
Pareto Chart
Kaoru Diagram
61
Additional time to complete a task
Availability of scarce resources
Time buffers
Theory of Constraints
Multitasking
62
A good or service produces for a customer is a
budget
management
deliverable
stakeholder
63
The Responsability Assignment Matrix (
RACI
) clarifies the responsabilities of the team members
False
True
64
Which is NOT a way for the PM to deal with uncertainty?
Make a predetermined budget and schedule
change the scope of the project
Balance trad-offs between goals
Be flexible
65
What does SOW stand for?
andwiches Or Wraps
Strong Or Weak
Statement Of Work
Statement Of Weak
66
Which phase determines if the porject is meeting its goals?
Closeout
Planning
Monitoring & Control
Execution
67
Tom’s client requires the project to be completed before the end of the month. This involves?
Due Dates
List of necessary equipment
Client's criteria for the project
Distribution of responsibilities
68
What is the most common type of project meetings?
kickoff
all of the above
problem-solving
status review
69
Sally's job will take five hours to complete at $15.00 per hour. This is an example of
Fully loaded rate
Budget
Distribution
project cost
70
The critical path is the
the shortest path through the network
the longest path through the network
the one that needs special attention
the path with high-risk activities on it
71
Project risk is an uncertain event that
have positive or negative consequnces
have occured
may occur
will ocur
72
Materials, money, staff, or other assets needed to make a project happen are the
schedule
resources
accountability
budget
73
Quality involves creating a timeline for the completion of the project.
True
False
74
A person who purchases or receives goods or services is a(n)
analyst
customer
resource
project
75
During project production, which is the most important element to a successful project?
Budget
Communication
Scope
Software
76
Contingency is:
a provision put aside for risk reduction
plans developed in response to a risk if it occurs
provision to help if the project gets into difficulties
provision to reduce the likelihood of a risk from occurring
77
The output of qualitative risk analyses are:
Monte Carlo simulations
The probability * impact matrix
The risk process
The risk register
78
Which of the following is not a characteristic of a project?
Progressively Elaborated
Straegic
Specific
Temporary
79
Project management takes more time than it is worth.
False
True
80
The world's leading not-for-profit management association for the project profession is...
PM
PMI
PMIEF
PMP
81
The written roles and responsibilities of a project are found on a...
job description
responsibility matrix
project charter
Gantt chart
82
The project scope
only states resources required
covers the basics of a project
defines many aspects of the project
is written only by the project manager
83
What is true?
People perceive risk in more or less the same way
People perceive risk differently
Risks are lessons learned from past projects
People seldom understands risk
84
A person with an interest or concern in the project
stakeholder
customer
manager
analyst
85
A key component of planning a project is
Work Breakdown structure (WBS)
Stakeholder management
Venn diagram
Gantt chart
86
Gantt charts are useful in presenting:
the relative priority of activities
activity start and finish dates and expected durations
the level of effort required for the project
availability of resources for the project activities
87
Uses historical data from similar projects as a basis for the cost estimate
Bottom-up estimates
Constructive Cost Model
Parametric modeling
top-down estimates
88
Schedule contingenices are reflected as:
Tasks
Risks
Float
Activities
89
Project meetings should have an agenda and start on time.
False
True
90
A project is always limited by
Money
Constraints
Time
Schedule
91
A critical part of a program manager's job is
Technical expertise
Stakeholder management
Communicating
Education
92
What is NOT true about bottom-up budgeting
It requires extra time and trouble
It is more accurate than top-down
WBS identifies tasks, resource requirements + responsability
It is the most common used approach
93
A baseline plan is developed during which phase of the project?
Planning
Initiation
Execution
Closing
94
Which is apart of the 5 stages of the project life cycle?
Schedule
Quality
Scope
Closing
95
Tom is producing a TV commercial. What would be most helpful to streamline production?
Create a timeline
Make an equipment list
Create a project plan
Set a budget
96
A risk is a
Threat
A really bad thing
Threat and/or an opportunity
Threat or an opportunity
97
Schedule of events and the order in which they occur in relation to each other is a
criteria
budget
stakeholder
timeline
98
An estimate that includes an optimistic, most likely, and pessimistic estimate
Critical Path Analysis
Three-point estimate
Critical Chain Scheduling
Program Evaluation and Review
99
Project managers make an average of
$40,000
$85,000
$60,000
$70,000
100
Corrective action should be taken for a project:
near the end
at the beginning
it doesn't really matter
as soon as possible
101
Which of the following is NOTa responisibility of a project manager?
Managing stakeholder expectations
Managing project constraints
Gathering product requirements
Sponsoring the project
102
If an aspect of the project scope need to be altered there must be a
change order
project management team
new scope
risk analysis
103
The most common reason for the termination of a project is the low probability of achieving ROI
True
False
104
Project initiation is the
3rd Phase
4th Phase
2nd Phase
1st Phase
105
Involves choosing from among potential suppliers
Source selection
Solicitation
Contract close-out
Contract administration
106
Involves characterizing & analyzing risks and prioritizing the effects on project objectives
Qualitative risk analysis
Risk analysis
Risk mitigation
Quantitative risk analysis
