Quiz: End of All Lessons Flashcards
Projects have a(n) {blank} start and end date.
- Definite
- Flexible
- Indefinite
Definite
All projects have a definite start and end date.
Identify which of the following are business scenarios. (Choose all that apply.)
- The price of oil is at a five-year high.
- The price of oil is at a five-year high and expected to continue to rise.
- New battery technology has been developed.
- New technology can provide smaller batteries that can be recharged by movement of the mobile device, extending battery life.
- Oil prices are at a five-year high. Battery technology is improving.
- The price of oil is at a five-year high and expected to continue to rise.
- New technology can provide smaller batteries that can be recharged by movement of the mobile device, extending battery life.
The price of oil is at a five-year high and expected to continue to rise. (Feedback: Both of these statements contain information about past, present, and future outcomes.) New technology can provide smaller batteries that can be recharged by movement of the mobile device, extending battery life. (Feedback: Both of these statements contain information about past, present, and future outcomes.)
Projects selected by an organization must be directly related to the organization’s {blank}.
- Strategy
- Operating Procedures
- Level of Maturity
Strategy
Projects must relate to the organization’s strategy.
What are the objectives of project management?
- Meeting scope, budget, and schedule
- Making sure the guilty are blamed for a problem
- Maximizing bonuses for successful project completion
- Completing the project regardless if it aligns with company strategy
Meeting scope, budget, and schedule
These are the triple constraints of project management.
True or False.
Project managers must not only manage people of all levels, but they must also manage costs, expectations, procurement, outside suppliers, and partners.
True
False
True
A PM is all things to all people, and managing time and money and function are the key aspects of the expectations.
It is important that project status meetings are:
- regular and timely
- weekly
- monthly
- at stakeholders’ request
regular and timely
The frequency of project status meetings is based on stakeholders’ interests and communication needs, but they must be regular and timely.
Which communication type is the best option when working in a widely dispersed virtual team?
- Point-to-point instant messaging
- Phone calls
- Shared threaded discussion
Shared threaded discussion
Shared threaded discussions allow the contents to be available for all the team members to access and contribute to, regardless of time zone.
Which organization includes standards for Organizational Project Management Maturity (OPM3)?
- PMI
- APM
- IPMA
- AXELOS Ltd.
PMI
The Project Management Institute publishes both foundational and practice standards, including standards and frameworks for OPM3.
Which organizational structure is used by government entities?
- Projectized
- Functional
- Matrix
Functional
A functional organization is straightforward, has clear lines of authority, and is well-defined. This makes it perfectly suited to government entities.
Which applies to the PMO? (Choose all that apply.)
- Tracks “lessons learned” to be carried to new projects.
- Forms a department to assign people of no value who cannot be dismissed from the organization.
- Helps provide resources to projects as needed.
- Creates a repository for all project knowledge in the organization.
Tracks “lessons learned” to be carried to new projects.
Helps provide resources to projects as needed.
Creates a repository for all project knowledge in the organization.
PMOs can help align project investment to:
- Historical records
- Monitoring and control
- Corporate strategy
- Project policies
Corporate strategy
PMOs can help an organization to align project investment to corporate strategy.
In addition to the triple constraints, what other considerations may determine if the project is successful?
- The project is a project of high interest to the CEO.
- There are no government regulations that affect the product of the project.
- The requirements in the scope adequately define the project’s objectives.
The requirements in the scope adequately define the project’s objectives.
The scope requirements should adequately define project objectives.
Which statement about projects, programs, and portfolios is correct?
- A group of programs or projects that support the same business goal makes up a portfolio.
- Any two projects make up a program.
- Calling an endeavor a program justifies assigning more resources.
- Only programs can be a part of a portfolio.
A group of programs or projects that support the same business goal makes up a portfolio.
You work at an automotive manufacturer. This company has the goal of being able to supply a full family of passenger cars from small compact to large luxury.
There is a huge endeavor being undertaken to design and develop an entirely new small passenger car. There are several groups of people working on different aspects of this endeavor: one group on the engine, one on the transmission, one on navigation system, and so on. Each group has its scheduled start and end dates and a definition of the unique product it will create.
Each of these groups is working on a {blank}.
- program
- portfolio
- project
- long-term business strategy
project
Each group is involved in an activity that meets the definition of a project.
You are talking to a friend, Ted, who has renovation project management experience. You cannot decide whether you want to take on the daunting task of being your own project manager. Ted tells you that if you decide to manage the project, your first assignment will be to create the project {blank}.
- Scheduling template
- Workflow diagram
- Platform
- Plan
Plan
The plan needs to begin immediately so that resources can be selected for executing on the plan.
You ask Ted what types of skills he thinks are critical in a project manager role. Ted thinks for a minute, then responds, “I can think of three things right off the top of my head.”
What do you think are critical? (Choose all that apply.)
- Conflict resolver
- Most popular person
- Organization
- Ability to communicate verbally and in writing
- Great technician
Conflict resolver
Organization
Ability to communicate verbally and in writing
What has the evolution of cloud computing done for project management?
- Created a universal database for housing document templates and examples
- Provided levels of security for the housing of documents and reports
- Provided a way to collaborate virtually
- Developed a structure for project manager certification tracking
Provided a way to collaborate virtually
The cloud has opened up new ways of collaborating in all kinds of environments and teams.
An organization’s project management maturity level is determined by what?
- Adherence to standards or guidelines set by recognized professional organizations
- The percentage of projects completed successfully
- Whether project managers have degrees
- The number of certified project managers on staff
Adherence to standards or guidelines set by recognized professional organizations
There are accepted standards and guidelines that specify certain practices that must be adhered to in order to reach levels of project management maturity.
In which type of organizational structure does the project manager and the functional manager “share” authority?
- Functional
- Projectized
- Matrix
Matrix
In this organization the project manager and the functional manager “share” authority.
What are advantages of having a project management office? (Choose all that apply.)
- Keeps a central database of “lessons learned”
- Makes sure all projects implement best practices
- Makes sure proprietary information remains within the company
- Provides a place to assign people between projects
Keeps a central database of “lessons learned”
Makes sure all projects implement best practices
The base types of organizational structure are functional, projectized, and:
- Informal
- Formal
- Matrix
- Ad hoc
Matrix
This is the third type of organizational structure.
What is an example of information that might be found in a project proposal?
- Risks to the project
- Project charter
- Low-level estimate of the costs
Risks to the project
A complete project proposal includes any risks that might derail the project.
What concludes the project defining phase?
- Brainstorming approaches for getting key stakeholders on board
- Creation of a work breakdown structure
- Creation and selection of the project charter
Creation and selection of the project charter
Project selection and the drafting of a project charter conclude the defining phase of a project.
Major project outcomes and deliverables, how the project will be completed, and a high-level estimate of the cost and completion time are included in the:
- project charter
- project proposal
- project concept document
project proposal
Major project outcomes and deliverables, how the project will be completed, and a high-level estimate of the cost and completion time are included in the project proposal.
True or False.
During the executing phase, the project team may need to return to the planning phase in order to make an adjustment to the budget, schedule, or scope.
- True
- False
True
It is during the executing phase that changes to triple constraints are often identified and must be addressed.
Submit
The project deliverables and outcomes are created during the which phase of the project life cycle?
- Closing
- Executing
- Defining
- Planning
Executing
The project team completes the activities to create the project deliverables and outcomes during the executing phase of the project life cycle.
What is a project scope?
- The desired result for a project
- The quality of a project
- Project assumptions
The desired result for a project
Project scope is the desired result for a project, and it defines the product.
What is an example of a milestone date?
- Critical path
- Project float
- Safety inspection
Safety inspection
Milestone dates are key dates and critical events, such as safety inspections, which shape the project schedule.
What does a project baseline help to establish?
- Projected scope, schedule, and cost
- Project schedule
- Project cost
- Project scope
Projected scope, schedule, and cost
A project’s expected scope, schedule, and cost are all established in a project baseline.
In examining the triple constraints for the opening of a coffee shop, which development will affect the project scope?
- Late winter freeze delays early spring start to construction
- Addition to building is cancelled due to unanticipated underground storage tank
- Coffee cups have increased in price since they were selected
- Installation of parking lot takes an extra day due to weather
Addition to building is cancelled due to unanticipated underground storage tank
This development would affect the project scope, since the addition will no longer be made to the building.
In examining the triple constraints for a proposed gift shop, which development will impact the project schedule?
- The construction permits cannot be secured until three weeks later than expected.
- The community covenants restrict the color choice for the building’s exterior.
- The price of the shelving selected increases.
The construction permits cannot be secured until three weeks later than expected.
This development would affect the project schedule, since the permitting process will delay the project start date.
In examining the triple constraints for a proposed health spa, which development will impact the project cost?
- Contractor’s injury delays project start date.
- Equipment ordered is no longer available.
- Needed storage shed on site encroaches on neighboring property and must be removed and replaced.
Needed storage shed on site encroaches on neighboring property and must be removed and replaced.
This development would affect the project cost, since the shed assumed to be useful must be replaced. Project scope would only be impacted if the shed were not replaced.
When does the project defining phase begin?
- When an idea for a project is identified by a company
- When management decides to select a project for implementation
- When all aspects of the triple constraints are met
- When the project charter is drafted
When an idea for a project is identified by a company
The defining phase begins when an idea for a project is identified.
Identifying work activities and tasks is an example of an action executed in which phase of the project life cycle?
Planning
Identifying work activities and tasks is specific and is done in the planning phase.
Determining expected revenues is an example of an action executed in which phase of the project life cycle?
Defining
Determining expected revenues is a general assessment done in the defining phase.
What is an example of project scope creep?
- Having an incomplete project scope
- Continually using change management procedures
- Adding functionality without considering impacts
Adding functionality without considering impacts
It is important to create and deliver what has been contracted, on budget and on time. Adding functionality without considering impacts to the project’s budget, schedule, and resources is an example of scope creep.
What is gathered and documented by the project manager during the project closing phase?
- Project outcomes
- Revised activities
- Lessons learned
Lessons learned
The project manager gathers and documents lessons learned during the project closing phase. These are to benefit future projects.
What is an example of measurable goals?
- Price point
- Sponsor requirements
- Business case
- Project justification
Price point
Examples of measurable goals include price point, maximum production time, total cost, and other factors.
The approval of the scope, budget, and schedule mark the end of the which phase of the project life cycle?
- Closing
- Executing
- Defining
- Planning
Planning
The planning phase creates an approved scope, budget, and schedule so that the project can move to the executing phase of the project life cycle.
When not enough information is available to fully plan the project, which benefits can companies gain by using iterative planning methods?
- The organization can discover more information through each subsequent phase.
- Although the project cannot be cancelled, the team can take actions to get it back on track.
- The costs of project planning are kept in just one phase.
The organization can discover more information through each subsequent phase.
Each phase has one or more deliverables that brings clarity to the scope and overall outcome of the project.
Why are planning and executing considered iterative activities?
- They can be performed in either order.
- They are critical to completing the project.
- They will occur repeatedly as problems are detected.
- They occur in sequence.
They will occur repeatedly as problems are detected.
The project team will replan parts of the project and then return again to executing whenever it is determined that the existing plan is insufficient to meet the requirements of the customer.
As the project manager, you have great dreams for your restaurant—branching out to food trucks and future expansion, to name a couple. You decide to break those dreams into a program and divide specific elements of deliverables into separate projects. The first project will be the initial restaurant only. Which phases will you need to do for each subsequent project?
Executing
Defining, planning, executing, and closing
Planning, executing, and closing
Planning and executing
Defining, planning, executing, and closing
It is critical to do all the phases for each project so that you can be sure that all the parts of the program integrate at the end. You need to know when one project begins and another has ended so you can fit the pieces together. Even lessons learned should help you in the next projects of the program.
During the execution phase, the team discovers that some of the planned activities are not sufficient to complete the project’s objectives. What do you need to do?
- Do the best you can and proceed to the project closing phase.
- Return to the planning phase in order to make adjustments to the triple constraints.
- Revise the project objectives.
- Fire the people who misjudged the planned activities in the first place.
Return to the planning phase in order to make adjustments to the triple constraints.
If this occurs, you may need to return to the planning phase in order to make adjustments to the budget, schedule, and scope.
Caesar, your chef, came to you with a request for a specialized piece of equipment that was not in the original plans. What is this an example of?
- a milestone
- float
- a change in the critical path
- scope creep
scope creep
The addition of something that was not in the statement of work leads to scope creep.
What is an example of an expense that is included in the project costs?
- Equipment which will be used after project
- Cost of business expenses
- Recruiter fees
- Salaries
Salaries
The salaries and wages of employees involved on the project are included in the project costs.
If there is a 10-day delay in getting the appliances delivered, how will that impact the critical path?
- It will not impact the critical path.
- The critical path now becomes A B E G.
- The float time will increase by 1 day.
- The critical path now becomes A D F G.
The critical path now becomes A B E G.
With the additional 10 days added, the critical path does change to A B E G because B is a predecessor of E.
Models are representations of:
- Reality
- Selection criteria
- Measurement
Reality
Models are used to provide a representation of a future reality.
What is an example of a type of non-numeric model for selection criteria?
- Return on investment
- Operating necessity
- Revenue
Operating necessity
The most common examples for non-numeric selection criteria models are competitive necessity, operating necessity, and sacred cow.
Using a scoring model, criteria are selected for scoring based on the company’s {blank}.
- Operating necessity
- Competitive necessity
- Objectives
Objectives
The scoring model improves upon the checklist model by identifying a set of criteria important to the company’s objectives.
Which financial concept used for project selection evaluates projects in the same way that financial investments are evaluated?
- Payback period
- Internal rate of return
- Return on investment
Internal rate of return
Like a financial investment, the internal rate of return model for project selection focuses on the potential rate of return a project might produce.
What is a possible shortcoming of using a project selection model?
- Models are singular in their vision of reality.
- Models are not beneficial for estimating costs.
- Models require an artist’s conception.
Models are singular in their vision of reality.
Because of their singularity of vision, models can ignore other aspects of a future project.
Why is having an appropriate project selection method important?
- To budget limited resources
- To get loans from banks
- To give stakeholders the impression that care goes into the project selection process
- To motivate employees
To budget limited resources
Organizations have a limit to the funding, personnel, and equipment available to develop new products and services.
You work for the Whoopie Toy Company. You have been assigned to lead a project to design a board game that was approved and started over a year ago. In that time, not only have some of your company’s priorities and goals changed, but the interest in board games has declined, and you are not sure that this project is still relevant. You approach your supervisor to raise the issue, since you do not want to waste resources. Your supervisor responds that he is aware that the project is not really in line with the organization’s current strategy but it must be completed anyway, as it has sponsorship from the VP of marketing.
What is this an example of?
- Competitive necessity
- Operating necessity
- Sacred cow
Sacred cow
This is a sacred cow project since it does not fall under either a competitive or an operating necessity. The main reason it is being undertaken is at the request of a high-ranking stakeholder.
What is an example of a type of non-numeric model for selection criteria?
- Return on investment
- Operating necessity
- Revenue
Operating necessity
The most common examples for non-numeric selection criteria models are competitive necessity, operating necessity, and sacred cow.
What does “opportunity cost” mean?
- The additional expected benefit required to invest in a riskier project
- The tax you pay for the benefit derived
- The fee you have to pay to take advantage of an opportunity
- The benefit that could have been realized if the money were used for another purpose
The benefit that could have been realized if the money were used for another purpose
This is the definition of opportunity cost. If money is used for one purpose, it is not available for another use.
Which model selection criterion emphasizes accurate measures across a range of conditions?
- Flexible
- Easy to use
- Comparable
Flexible
The flexible criterion states that the model should provide accurate measures across a reasonable range of conditions.
Which model selection criterion emphasizes reflecting the way the organization does business?
- Realistic
- Capable
- Easy to use
Realistic
This criterion reflects the way the organization does business and is appropriate for the level of resources, capabilities, and external environment.
Which model selection criterion emphasizes focusing on factors that are relevant to the organization?
- Capable
- Comparable
- Flexible
Capable
This criterion focuses on factors that are relevant to the organization.
The checklist model for project selection is an example of which model?
- Non-numeric
- Numeric
Non-numeric
Checklist models are frequently used for project selection and they are non-numeric in nature.
