Intro Flashcards
A schedule has deliverable milestones defined for only the first three months of the project. The project manager intends to provide a more detailed schedule as the work progresses, following a more thorough understanding of the project. This approach to project planning is called:
a. Planning
b. Life cycling
c. Progressive elaboration
d. Requirements evaluation
C. Progressive elaboration is the iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.
navigate. When considering sunk costs, which of the following best defines the situation?
a. It is a cost that hasn’t been incurred by selecting one project over another.
b. It is a cost that has been incurred by selecting one project over another.
c. It is a cost that has already been incurred but can still be recovered.
d. It is a cost that has already been incurred and cannot be recovered.
D. A sunk cost is money that an organization has already spent and, because it cannot be recovered, should not be factored into future expenditures
Which financial measurement identifies how soon you will recapture your investment and start making a profit?
a. Benefit-cost ratio
b. Payback period
c. Net Present Value
d. Sunk costs
B. The payback period calculates the initial investment and the estimated income over time to determine when you should recapture your investment
Determining if a project aligns with a company’s Key Performance Indicators as part of the project selection process refers to which project selection variable?
a. Expected financial benefit
b. Available funding
c. Strategic alignment
d. Riskiness of the project
C. Strategic alignment is a key variable factored in the project selection process and examines if a project aligns with a company’s strategic plan and Key Performance Indicators.
Which tool and technique group has techniques used to organize, assess and evaluate data and information?
a. Data analysis technique
b. Data representation techniques
c. Data gathering techniques
d. Decision-making techniques
A.
You work for a nationally owned construction company and you’ve been asked to work on a project in Florida during August and September. Which EEF should you be concerned about?
a. Company culture
b. Weather
c. Resource availability
d. Infrastructure
b. August and September are not only very hot in Florida, they are right in the middle of hurricane season, and therefore weather would be a concern.
If an organization finds that it lacks the necessary skilled resources to create all the deliverables that are required for a project, it may need to implement the Project \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Management processes. Stakeholder Scope Schedule Procurement
D. By definition, Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team or performing organization.
If the organization does not have all the skills or capacity to perform all the activities or create all the deliverables that are necessary, you may need to implement Project ________ Management processes.
a. Stakeholder
b. Time
c. Procurement
d. Scope
Project Procurement Management includes the processes necessary to purchase or acquire the products, services, or results needed from outside the project team.
What is the value of the best alternative choice that was not taken when, given limited resources, a choice needs to be made between two or more mutually exclusive alternatives?
a. Sunk cost
b. Incurred cost
c. Opportunity cost
d. Recoverable cost
C. Opportunity cost is incurred by selecting one project instead of another.
Sequence Activities is part of the ______ process group and correlates to the Project ________ Management knowledge area
a. Planning; Schedule
b. Initiating; Scope
c. Executing; Stakeholder
d. Initiating; Risk
a. Sequence Activities is a process categorized under the Planning process group. This process correlates to the knowledge area of Project Schedule Management.
Which of the following describes an individual in a management role within a functional area of the organization that has their own permanent staff responsible for the ongoing work?
a. Project manager
b. Program manager
c. Functional manager
d. Portfolio manager
The best answer choice is C. The functional manager has a permanent staff responsible for carrying out the ongoing work of the organization.
Which of the following is NOT one of the competing constraints as defined by PMI?
a. Quality
b. Scope
c. Schedule
d. Customer Request
D. The competing constraints include scope, schedule, quality, cost, resources, and risk.
After documenting the project life cycle, determining how performance will be measured, identifying EEFs, and prioritizing project constraints, it may be possible to complete the:
a. Project management plan
b. Project charter
c. Scope management plan
d. Project scope statement
A. These activities would be included in the Planning process group, resulting in a project management plan as the output
Managing a work effort that is made up of a group of related projects is an example of what?
a. Program
b. Project
c. Portfolio
d. Strategic initiative
A. The definition of a program is a group of related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually
You are planning a project where you intend to complete one phase and obtain customer sign-off before initiating the next phase. This is an example of which project life cycle?
a. Overlapping
b. Iterative
c. Sequential
d. Fast tracking
C. A sequential life cycle phasing approach requires that you complete one phase of a project before initiating the next
You’re setting up your project and need to manage it so that you complete one phase and get customer sign-off before beginning the next phase. What type of project life cycle should you use?
a. Overlapping
b. Sequential
c. Fast tracking
d. Iterative
B. A sequential project life cycle requires you to complete one phase before initiating the next phase
During a company retreat, a team of employees brainstormed about ways to improve the efficiency and accuracy of the system for paying part-time employees and independent contractors. The company approved the changes, which will be phased in over the next year. This would be an example of which reason for initiating a project according to the PMBOK® Guide?
a. Business need
b. Market demand
c. Customer request
d. Material issues
A. This is an example of a project that creates, improves, or fixes a product, process, or service for the business.
What would be the output after completing the following activities: documenting the project life cycle, determining how performance will be measured, identifying EEFs, and prioritizing project constraints?
a. Project management plan
b. Project charter
c. Scope Management plan
d. Project scope statement
a. These activities would be included in the Planning process group resulting in a project management plan as the output.
Which of the following is NOT an organizational process asset?
a. Defect database
b. Information from past projects
c. Change control procedures
d. Organizational Culture
D. Organizational culture is an enterprise environmental factor (EEF).
There are several financial calculations used to evaluate potential projects. Which of the following evaluation techniques takes the present value and deducts the initial costs and ongoing expenditures?
a. Net present value
b. Future value
c. Payback value
d. Cost/Benefit
A. Net present value (NPV) takes the present value and subtracts the cost of the initial and ongoing investment
During a year-end company performance review meeting, several associates provide feedback that an automated timekeeping system would greatly improve the speed of client billing. Senior management immediately approves the formation of an ad-hoc committee to provide guidance and offer suggestions for implementation. According to the PMBOK® Guide, this would be an example of which project initiator?
a. Legal requirement
b. Customer request
c. Organizational need
d. Social need
C. Examples of organizational need projects include process improvement, relocations, reorganizations, or any project undertaken to improve the efficiency and overall effectiveness of the performing organization
A newly procured contract requires an aluminum welder, a specialized resource not currently staffed at your company. This EEF is an example of which of the following?
a. Company culture
b. Procurement
c. Availability of resources
d. Weather
C. A specialized resource not readily available within the performing organization is an example of an EEF
The custom homebuilder you work for has a contract to build a home. The customer wants marble from Florence, Italy. To work with the tile, you need extremely skilled craftspeople with special tools. This EEF is an example of
a. Company culture
b. Infrastructure
c. Weather
d. Availability of resources
D. The material and the labor to work with it are constraints associated with the availability of resources
Which is the best description of a controlling PMO operating within an organization?
a. Only manages large, complex projects
b. Requires mandated compliance with the project management methodology
c. Serves as a project repository for all project management resources
d. Maintains a high degree of control
B. A controlling PMO develops policies, procedures, templates, forms, and reports for project management and requires compliance with the project management methodology prescribed by the performing organization
Defining activities, sequencing activities, and estimating activity durations are all part of Project \_\_\_\_\_\_\_\_\_\_\_\_\_\_ Management processes. Scope Schedule Cost Quality
B. Project scheduling provides a detailed plan that represents how and when the project will deliver the products, services, and results defined in the project scope
What is the definition of the term “project”?
a. A temporary endeavor undertaken to create a unique product, service, or result
b. A function or a series of steps and actions that support the business or a stakeholder
c. An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item
d. An output from performing project management processes and activities
A. A project is a temporary endeavor undertaken to create a unique product, service, or result
The Project Management process groups include which of the following?
a. Integration, Scope, Risk, Quality, Time
b. Initiating, Planning, Executing, Monitoring and Controlling, Closing
c. WBS, WBS Dictionary, Network Scheduling Diagram, Critical Path
d. Plan Scope, Create Requirements, Define Scope, Create WBS
The best answer choice is B because it contains the five process groups.
