Project Management - Final Exam Practice

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  • 1/224 Questions

    According to the authors, the prime objectives of PM are _____

    • Quality, Scope, Schedule
    • Scope, Cost, Time
    • Customer satisfaciton, Budget, Schedule
    • Cost, Quality, Customer Satisfaction
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About This Quiz

This is a collection of the quiz questions from all the quizzes so far, randomly selected. The time limit is 1 hour (60 minutes) and there are 70 total questions. This will (likely) be similar to the conditions of the actual final, but it is by no means an official practice test. This is simply the way that helps me study, so I thought it could help some of you as well.

Project Management - Final Exam Practice - Quiz

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  • 2. 

    The largest amount of effort applied to a project is during its _____

    • Conception

    • Evaluation and Termination

    • Planning, Scheduling, Monitoring, and Control

    • Conception and Selection

    Correct Answer
    A. Planning, Scheduling, Monitoring, and Control
    Explanation
    The correct answer is Planning, Scheduling, Monitoring, and Control. This phase of a project involves the most effort because it includes all the activities necessary to plan and organize the project, create a schedule, monitor progress, and control any deviations from the plan. During this phase, the project team determines the scope, objectives, and deliverables of the project, allocates resources, creates a timeline, and establishes a system for monitoring and controlling the project's progress. This phase is crucial for ensuring that the project is executed efficiently and effectively.

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  • 3. 

    PM's have to make appropriate _____ in order to balance the competing demands of stakholders and scope, cost and time.

    • Trade-offs

    • Weights

    • Guidelines

    • Tasks

    Correct Answer
    A. Trade-offs
    Explanation
    PM's have to make appropriate trade-offs in order to balance the competing demands of stakeholders and scope, cost, and time. This means that project managers need to make decisions and compromises between different aspects of the project in order to achieve a balance and meet the overall objectives. Trade-offs involve making choices and prioritizing certain aspects over others, considering the impact on stakeholders and the project's constraints. This allows project managers to manage resources effectively and achieve the desired outcomes within the given constraints.

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  • 4. 

    Which of the following is not one of the four dimensions of project success?

    • Business impact on the company

    • Number of people working on the project

    • Impact on the customer

    • New opportunities for the future

    Correct Answer
    A. Number of people working on the project
    Explanation
    The number of people working on the project is not one of the four dimensions of project success. The four dimensions of project success typically include business impact on the company, impact on the customer, and new opportunities for the future. The number of people working on the project is not a direct measure of project success, as success is determined by the outcomes and results achieved, rather than the size of the project team.

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  • 5. 

    Project selection models should include which of the following?

    • Alighment with organization goals, ease of implementation, reasonable cost of implementation

    • HR department approval

    • Upper management support

    • Finance department approval

    Correct Answer
    A. Alighment with organization goals, ease of implementation, reasonable cost of implementation
    Explanation
    Project selection models should include alignment with organization goals, ease of implementation, and reasonable cost of implementation because these factors are crucial in determining the success and feasibility of a project. Ensuring that a project aligns with the organization's goals ensures that it contributes to the overall strategy and objectives. Ease of implementation considers the resources, skills, and time required to execute the project. Reasonable cost of implementation ensures that the project can be carried out within the allocated budget. HR department approval, upper management support, and finance department approval are important stakeholders' considerations but are not necessarily part of the project selection model.

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  • 6. 

    Common problems in managing projects include which of the following?

    • Following specifications

    • Satisfying customers

    • Making profits

    • Staying within budget, time constraints, and scope.

    Correct Answer
    A. Staying within budget, time constraints, and scope.
    Explanation
    Common problems in managing projects include staying within budget, time constraints, and scope. This means that projects often face challenges in managing their financial resources, meeting deadlines, and ensuring that the project stays within its defined scope. These problems can arise due to various factors such as poor planning, inadequate resources, changes in requirements, or unforeseen obstacles. Successfully managing these aspects is crucial for the overall success of a project.

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  • 7. 

    Effective Project Portfolio Management (PPM) …

    • Increased the company ROI

    • Minimizes employee turnover

    • Should include prjects for various sizes, timeframes, and levels of risk

    • Should include 6-12 different projects

    Correct Answer
    A. Should include prjects for various sizes, timeframes, and levels of risk
    Explanation
    Effective Project Portfolio Management (PPM) should include projects for various sizes, timeframes, and levels of risk. This is because having a diverse portfolio allows the company to balance its investments and mitigate potential risks. Including projects of different sizes ensures that the company is not solely relying on large or small projects, but rather has a mix of both. Similarly, including projects with different timeframes allows for a balance between short-term and long-term projects. Additionally, including projects with varying levels of risk helps spread the company's exposure and reduces the overall risk of the portfolio.

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  • 8. 

    Numeric project selection models generally focus on:

    • Management salary stability

    • Profits and profitability

    • Maintaining stock price and ROI

    • Keeping the workforce numbers stable

    Correct Answer
    A. Profits and profitability
    Explanation
    Numeric project selection models generally focus on profits and profitability because these models are designed to evaluate and prioritize projects based on their potential financial returns. By focusing on profits and profitability, organizations can make informed decisions about which projects to invest in, ensuring that resources are allocated to initiatives that have the highest likelihood of generating financial gains. This approach helps organizations maximize their return on investment and make strategic choices that align with their financial goals.

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  • 9. 

    What should a PM do to ensure adequate resources are available for project success?

    • Be good friends with upper management.

    • Make deals with other PM's for exchanging resources.

    • Request an extension of the project due date.

    • Be ready to negotiate resources tradeoffs such as subcontracting, if necessary.

    Correct Answer
    A. Be ready to negotiate resources tradeoffs such as subcontracting, if necessary.
    Explanation
    To ensure adequate resources for project success, a project manager should be ready to negotiate resource tradeoffs such as subcontracting if necessary. This means that the PM should be willing to make compromises and adjustments in terms of resource allocation to meet project requirements. By being open to subcontracting, the PM can tap into external resources and expertise to supplement the project team and ensure that all necessary resources are available. This approach demonstrates flexibility and adaptability, which are crucial for successful project management.

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  • 10. 

    How can effective, lasting business relationships be built across different cultures?

    • Threatening to cancel contracts if multinationals will not agree to terms.

    • Selecting business parters only if they have proof of existing strong national ties.

    • When disagreements occur, meeting together in a atmosphere of trust and negotiation to resolve problems.

    • Filing lawsuits when people do not perform as expected.

    Correct Answer
    A. When disagreements occur, meeting together in a atmosphere of trust and negotiation to resolve problems.
    Explanation
    Building effective, lasting business relationships across different cultures requires a collaborative approach when conflicts arise. By meeting in an atmosphere of trust and negotiation, parties can openly discuss their differences and work towards finding mutually beneficial solutions. This approach fosters understanding, promotes compromise, and helps build stronger relationships based on respect and cooperation. Threatening to cancel contracts or filing lawsuits may strain relationships and hinder long-term success. Selecting partners based on national ties alone may not guarantee effective communication or understanding between cultures.

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  • 11. 

    Attributes of successful project managers generally include which of the following?

    • Strong management background, friends in upper management, little technical skills, good negotiator

    • Flexible, friendly, good with schedules, friends in upper management

    • Good technical skills, tough manager, good terms with senior management, broad background including mostly success, good under pressure, positive attitude and consensus builder.

    • Prior successes, no failures, honesty, pride in their work, connections in upper management

    Correct Answer
    A. Good technical skills, tough manager, good terms with senior management, broad background including mostly success, good under pressure, positive attitude and consensus builder.
    Explanation
    The attributes of successful project managers include having good technical skills, being a tough manager, maintaining good terms with senior management, having a broad background with mostly successful experiences, being good under pressure, having a positive attitude, and being a consensus builder. These qualities enable project managers to effectively handle the technical aspects of the project, manage the team and resources, maintain good relationships with stakeholders, handle challenging situations, and promote collaboration and teamwork.

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  • 12. 

    Successful PM's must have which of the following skills?

    • Following specifications

    • Satisfying customers

    • Staying within budget, time constraints, and scope

    • Good negotiation skills

    Correct Answer
    A. Staying within budget, time constraints, and scope
    Explanation
    Successful project managers must have the skill of staying within budget, time constraints, and scope. This is because managing a project involves ensuring that the project is completed within the allocated budget, meeting the specified deadlines, and achieving the defined objectives. By staying within these constraints, project managers can effectively manage resources, mitigate risks, and deliver successful outcomes. Additionally, this skill demonstrates the ability to prioritize tasks, make informed decisions, and effectively communicate with stakeholders to ensure project success.

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  • 13. 

    The ideal project manager should be _____.

    • A direct, technical supervisor knowledgable in the technology of the process being used

    • Both a generalist/facilitator and have a high level of technical competence in the science of the project

    • A facilitator and specialist with technical skills

    • A technical specialist competent in principles of robust design

    Correct Answer
    A. Both a generalist/facilitator and have a high level of technical competence in the science of the project
    Explanation
    The ideal project manager should possess a combination of generalist/facilitator skills and a high level of technical competence in the science of the project. This means that the project manager should have the ability to oversee and coordinate various aspects of the project, while also having a deep understanding of the technical aspects involved. This combination allows the project manager to effectively communicate and collaborate with team members, as well as make informed decisions based on their technical expertise.

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  • 14. 

    A major requirement for conflict resolution is what?

    • The conflict should be settled without irreparable hard to the project's objectives.

    • Customers should be satisfied with the outcome

    • Upper management should agree on the terms of agreement

    • There must be no bad publicity

    Correct Answer
    A. The conflict should be settled without irreparable hard to the project's objectives.
    Explanation
    Conflict resolution is a process aimed at finding a solution to a conflict that arises in a project. The major requirement for conflict resolution is that the conflict should be settled without causing irreparable harm to the project's objectives. This means that the resolution should not negatively impact the overall goals and objectives of the project. It is important to find a solution that addresses the conflict while still allowing the project to progress and achieve its intended outcomes.

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  • 15. 

    What is a common goal for partnering among organizations?

    • Making international friendships

    • Avoiding legal issues with interstate trade

    • Diversification of technical risk, avoidance of capital investment, reducing political risk, and pooling of complementary knowledge

    • Collaborations among family members in upper management

    Correct Answer
    A. Diversification of technical risk, avoidance of capital investment, reducing political risk, and pooling of complementary knowledge
    Explanation
    Partnering among organizations is often driven by the goal of achieving various benefits. These benefits include diversifying technical risk, which means spreading the risk associated with new technologies or innovations across multiple organizations. Partnering also allows organizations to avoid capital investment by sharing resources and costs. Additionally, it helps in reducing political risk by leveraging the networks and relationships of partner organizations. Lastly, partnering facilitates the pooling of complementary knowledge, where organizations can combine their expertise and capabilities to achieve common goals.

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  • 16. 

    Conflicts are satisfied when:

    • The level of frustration is lowered to the point where no action is contemplated, by either party, against the other party

    • The says it's over

    • Someone gives up

    • Someone wins the argument

    Correct Answer
    A. The level of frustration is lowered to the point where no action is contemplated, by either party, against the other party
    Explanation
    In order for conflicts to be satisfied, it is necessary for the level of frustration to decrease to a point where neither party intends to take any action against the other. This means that both parties have reached a state of resolution and no longer feel the need to retaliate or continue the conflict. It does not necessarily mean that someone has given up or that someone has won the argument, but rather that both parties have found a way to lower their frustration and move towards a peaceful resolution.

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  • 17. 

    A recommended, effective method of conflict resolution is:

    • Doing what the PM says to do

    • Avoidance, or ignoring problems

    • Negotiation involving all concerned parties, and collaborating

    • Insistence on 100% consensus to move forward.

    Correct Answer
    A. Negotiation involving all concerned parties, and collaborating
    Explanation
    The recommended and effective method of conflict resolution is negotiation involving all concerned parties and collaborating. This approach allows for open communication and the opportunity for all parties to express their concerns and find a mutually agreeable solution. By involving everyone affected by the conflict, it promotes a sense of ownership and commitment to the resolution. Collaboration encourages creativity and the exploration of different perspectives, leading to a more comprehensive and satisfactory outcome.

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  • 18. 

    The process of dealing with uncertainties in projects has come to be known as _____.

    • Scope management

    • Risk management

    • Quality management

    • Procurement management

    Correct Answer
    A. Risk management
    Explanation
    The process of dealing with uncertainties in projects is known as risk management. This involves identifying potential risks, assessing their impact and likelihood, and developing strategies to mitigate or respond to them. Risk management helps project managers anticipate and address potential issues before they occur, ensuring that projects stay on track and objectives are achieved. Scope management, quality management, and procurement management are all important aspects of project management, but they do not specifically address the management of uncertainties and risks.

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  • 19. 

    The PMO office is often created by organizations to _____.

    • Establish consistent project management standards and methods

    • Deal with technological obsolescence

    • Train process managers

    • Administer application software

    Correct Answer
    A. Establish consistent project management standards and methods
    Explanation
    The PMO office is often created by organizations to establish consistent project management standards and methods. This is important because it ensures that all projects within the organization are managed in a uniform and efficient manner. By setting up a PMO, organizations can streamline project processes, improve communication and collaboration, and enhance overall project performance. The PMO office acts as a central hub for project management expertise, providing guidance, support, and resources to project managers and teams. It helps in standardizing project management practices, implementing best practices, and ensuring that projects are aligned with organizational goals and objectives.

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  • 20. 

    A major purpose of the PMO office should be to serve as _____.

    • The central location for all clerical support

    • The critical disaster recovery support

    • A link between strategic management and project management

    • Maintenance for the project management library

    Correct Answer
    A. A link between strategic management and project management
    Explanation
    The PMO office should serve as a link between strategic management and project management. This means that it should facilitate communication and coordination between the two areas, ensuring that strategic goals are aligned with project objectives and that projects are executed in line with the overall strategic direction of the organization. By serving as this link, the PMO office can help ensure that projects are contributing to the achievement of strategic objectives and that resources are allocated effectively.

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  • 21. 

    Project success is judged by what criteria?

    • On-time and on-budget

    • To scope and impact on the organization

    • On time, within budget, to scope, and project impact on the organization

    • On budget and to scope

    Correct Answer
    A. On time, within budget, to scope, and project impact on the organization
    Explanation
    Project success is judged by multiple criteria, including being completed on time, within budget, and to scope. However, the impact of the project on the organization is also an important factor in determining its success. This includes considering how the project aligns with the organization's goals and objectives, and the extent to which it brings about positive changes or improvements. Therefore, the correct answer is that project success is judged by being on time, within budget, to scope, and having a positive impact on the organization.

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  • 22. 

    The process of managing risk in a project is _____.

    • A dynamic process throughout the project life cycle

    • Done at the beginning of the project planning cycle

    • Selected by the management team

    • Not part of the PMBOK

    Correct Answer
    A. A dynamic process throughout the project life cycle
    Explanation
    The process of managing risk in a project is a dynamic process throughout the project life cycle. This means that risk management is not a one-time activity that is done at the beginning of the project planning cycle, but rather an ongoing process that needs to be continuously monitored and adjusted throughout the entire duration of the project. It involves identifying, assessing, and responding to risks as they arise, in order to minimize their impact on the project's objectives. This approach ensures that risks are effectively managed and mitigated, leading to a higher likelihood of project success.

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  • 23. 

    Risk management's primary focus in on what type of activities?

    • Minimizing workforce injuries

    • Complex coordination of planning, risk identificaiton, risk analysis, response planning, control and monitoring, and recording of incidents

    • Keeping the organization's problems from appearing in the local newspapers

    • Protecting the firm's money and profitability

    Correct Answer
    A. Complex coordination of planning, risk identificaiton, risk analysis, response planning, control and monitoring, and recording of incidents
    Explanation
    The primary focus of risk management is on complex coordination of planning, risk identification, risk analysis, response planning, control and monitoring, and recording of incidents. This involves a comprehensive approach to managing risks within an organization, including identifying potential risks, analyzing their potential impact, developing strategies to mitigate or respond to them, and continuously monitoring and recording incidents to improve future risk management efforts. This answer highlights the multifaceted nature of risk management and the various activities involved in effectively managing risks within an organization.

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  • 24. 

    Personality conflicts during project phase-out are often caused by _____.

    • Pressure to complete the project and anxiety about leaving the project

    • Distribution of expenses charged to the project

    • The influx of newer technology

    • The absence of deadlines

    Correct Answer
    A. Pressure to complete the project and anxiety about leaving the project
    Explanation
    Personality conflicts during project phase-out are often caused by the pressure to complete the project and anxiety about leaving the project. As the project nears its end, there is often a sense of urgency to meet deadlines and wrap up loose ends. This can create a high-stress environment where individuals may become more irritable or defensive, leading to conflicts with their colleagues. Additionally, the prospect of leaving the project can also cause anxiety and tension, as individuals may feel uncertain about their future roles or may be reluctant to let go of their current responsibilities.

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  • 25. 

    The process of deailing with uncertainties in projects, that may affect the project for better or worse, has come to be known as _____.

    • Procurement management

    • Risk management

    • Scope management

    • Quality management

    Correct Answer
    A. Risk management
    Explanation
    Risk management is the process of identifying, assessing, and prioritizing uncertainties that may impact a project, both positively and negatively. It involves developing strategies to mitigate potential risks and maximize opportunities. This includes activities such as risk identification, analysis, response planning, and monitoring throughout the project lifecycle. By effectively managing risks, project managers can minimize the likelihood and impact of adverse events while capitalizing on potential benefits, ultimately increasing the chances of project success.

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  • 26. 

    The process of managing risk in a project is:

    • Selected by the management team

    • A dynamic process throughout the project life cycle

    • Not part of the PMBOK

    • Done at the beginning of the project planning cycle

    Correct Answer
    A. A dynamic process throughout the project life cycle
    Explanation
    The correct answer is "a dynamic process throughout the project life cycle." This means that managing risk in a project is not a one-time event but an ongoing process that needs to be continuously monitored and adjusted throughout the entire duration of the project. It involves identifying potential risks, assessing their impact and likelihood, and implementing appropriate strategies to mitigate or respond to them. This ensures that risks are effectively managed and minimized, allowing the project to progress smoothly and successfully.

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  • 27. 

    A major purpose of the PMO should be to serve as ______.

    • Maintenance for the project management library

    • A link berween strategic management and project management

    • The critical disaster recovery support

    • The central location for all clerical support

    Correct Answer
    A. A link berween strategic management and project management
    Explanation
    The PMO should serve as a link between strategic management and project management. This means that the PMO is responsible for aligning the organization's strategic goals with the execution of projects. They ensure that projects are in line with the overall strategy, provide guidance and support to project managers, and facilitate communication between different stakeholders. By serving as a link between strategic management and project management, the PMO helps to ensure that projects are executed effectively and contribute to the organization's strategic objectives.

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  • 28. 

    A universal characteristic of all projects is that projects are:

    • Short on time

    • Difficult

    • Unique

    • Over budget

    Correct Answer
    A. Unique
    Explanation
    Projects are unique because they are temporary endeavors that are designed to produce a unique product, service, or result. Unlike routine operations, projects have a specific set of objectives and constraints that need to be met within a defined timeframe. Each project is different from others in terms of its goals, scope, resources, and stakeholders involved. This uniqueness requires project managers to tailor their approach and strategies to effectively manage and deliver the desired outcomes.

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  • 29. 

    What is always certain in projects?

    • Things will not go precisely as planned

    • They provide stepping stones to promotion to upper management

    • They be difficult but fun

    • The PM will be respected by the line managers

    Correct Answer
    A. Things will not go precisely as planned
    Explanation
    In project management, it is almost certain that things will not go precisely as planned. This is because projects are complex and involve various stakeholders, resources, and uncertainties. Unexpected events, changes in requirements, and unforeseen challenges can arise during the course of a project, causing deviations from the initial plan. Project managers need to be prepared for these uncertainties and have contingency plans in place to mitigate risks and adapt to changes. Flexibility and adaptability are crucial in managing projects effectively.

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  • 30. 

    Learning curves are important for:

    • Helping new PM's understand the required math

    • Visualization of curved mechanical parts

    • Estimating performance improvement as workers become experienced

    • Estimating cost improvement as parts become "broken in."

    Correct Answer
    A. Estimating performance improvement as workers become experienced
    Explanation
    Learning curves are important for estimating performance improvement as workers become experienced. This is because learning curves show the relationship between the cumulative production and the time taken to produce each unit. As workers gain experience and become more efficient, the time taken to produce each unit decreases, resulting in improved performance. By studying the learning curve, one can estimate the extent of performance improvement that can be achieved as workers become more experienced.

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  • 31. 

    The use of Monte Carlo Simulation:

    • Reduces project risk

    • Removes ambiguity in the project parameters

    • Only provides a description of project uncertainties, but does not remove risk

    • Saves time and money

    Correct Answer
    A. Only provides a description of project uncertainties, but does not remove risk
    Explanation
    Monte Carlo Simulation is a technique used to model the impact of uncertainty and variability in project parameters. It helps in understanding the range of possible outcomes and provides a description of project uncertainties. However, it does not eliminate or remove the inherent risks associated with the project. Instead, it aids in risk management by quantifying and analyzing the potential risks, allowing for better decision-making. Therefore, the correct answer states that Monte Carlo Simulation only provides a description of project uncertainties, but does not remove risk.

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  • 32. 

    Another important factor in the 1997 Mars Project cost savings was:

    • Upper management was very strict on paying bills

    • 70% of major procurements contracts were fixed-price rather than cost-plus

    • The 1997 Mars Landers never left the ground. It only simulated landing.

    • Subcontractors were fired if they sent bills greater than original estimates

    Correct Answer
    A. 70% of major procurements contracts were fixed-price rather than cost-plus
    Explanation
    The correct answer is that 70% of major procurement contracts were fixed-price rather than cost-plus. This means that the contracts had a predetermined price that was agreed upon before the work began, rather than being based on the actual costs incurred. This approach would have provided more certainty and control over the project costs, as any cost overruns would not have been passed on to the project. By having a majority of contracts with fixed prices, the project would have been able to avoid unexpected expenses and better manage its budget.

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  • 33. 

    The second (1997) Mars Pathfinder and Sojourner Rover project achieved a 94% cost reduction over the earlier (1976) Mars-lander mission due to:

    • Better-trained engineers

    • Design-to-cost method replacing the earlier design-to-performance method

    • Deflation of the US dollar

    • Inflation of the US dollar

    Correct Answer
    A. Design-to-cost method replacing the earlier design-to-performance method
    Explanation
    The correct answer is "design-to-cost method replacing the earlier design-to-performance method". This means that the second Mars Pathfinder and Sojourner Rover project focused on designing a mission that met specific cost targets, rather than prioritizing performance. This approach allowed for more efficient use of resources and ultimately resulted in a significant cost reduction compared to the earlier mission.

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  • 34. 

    What is the impact of increasing the time for completion of a project?

    • Increasing cost

    • Increasing errors

    • Decreasing cost

    • Increasing customer satisfaction

    Correct Answer
    A. Increasing cost
    Explanation
    Increasing the time for completion of a project can lead to an increase in cost. This is because additional time means more resources, such as labor, materials, and equipment, are required to complete the project. These additional resources come at an extra cost, which ultimately leads to an increase in the overall project cost. Therefore, increasing the time for project completion has a direct impact on the project's budget, resulting in higher costs.

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  • 35. 

    What is Monte Carlo Simulation used for?

    • Evaluating the imapct of various management decisions

    • It is normally not used in PM

    • Managing the effects of Gamma

    • Calculating alpha

    Correct Answer
    A. Evaluating the imapct of various management decisions
    Explanation
    Monte Carlo Simulation is a technique used to evaluate the impact of various management decisions. It involves running multiple simulations using random inputs to model different scenarios and determine the range of possible outcomes. This helps decision-makers understand the potential risks and uncertainties associated with their choices and make more informed decisions. It is not typically used in project management and has no relevance to managing the effects of Gamma or calculating alpha.

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  • 36. 

    The difference between the late start and early start for an activity is called its _____.

    • Critical path

    • Float

    • Task

    • Progress

    Correct Answer
    A. Float
    Explanation
    The difference between the late start and early start for an activity is called its float. Float represents the amount of time an activity can be delayed without affecting the overall project schedule. It is a measure of flexibility and indicates the amount of time available for scheduling other activities or dealing with unexpected delays. Activities with zero float are considered critical and must be completed on time to avoid delaying the project.

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  • 37. 

    What is more common in business project management today?

    • Activity on Arrow (AOA)

    • Activity on Node (AON)

    • Activity on Path (AOP)

    • Activity on Arc (AOA)

    Correct Answer
    A. Activity on Node (AON)
    Explanation
    Activity on Node (AON) is more common in business project management today. AON is a project management technique that represents activities as nodes and shows the dependencies between them using arrows. It allows for a clear visualization of the project's critical path and helps in determining the sequence of activities and their durations. AON is widely used because it simplifies project planning, scheduling, and resource allocation, making it an effective tool for managing complex projects.

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  • 38. 

    Individuals or groups with a special interest in a project are called _____

    • Stakeholders

    • PM's

    • Leaders

    • Directors

    Correct Answer
    A. Stakeholders
    Explanation
    Individuals or groups who have a special interest in a project, such as those who will be affected by its outcome or those who have invested resources in it, are referred to as stakeholders. They have a stake in the project's success and can significantly impact its development and outcome. The term "PM's" refers to project managers, who are responsible for overseeing the project's execution. "Leaders" and "Directors" are generic terms that do not specifically refer to individuals or groups with a special interest in a project.

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  • 39. 

    The typical attributes that define a project are _____

    • Purpose, repetition, interdependencies, consistency, and uncertainty

    • Unique, one-time occurance, finite time frame, important, limited resources, conflict, and interdependencies

    • Purpose, lifecycle, conflict, certainty, independence, performance, finite duration

    • Lifecycle, schedule, cost, uncertainty, independence, uniqueness, and demand

    Correct Answer
    A. Unique, one-time occurance, finite time frame, important, limited resources, conflict, and interdependencies
    Explanation
    The correct answer is "Unique, one-time occurrence, finite time frame, important, limited resources, conflict, and interdependencies." These attributes are commonly associated with projects. Projects are unique because they are temporary endeavors with specific objectives that are not repetitive. They have a defined start and end date, which gives them a finite time frame. Projects are important because they are undertaken to achieve specific goals or deliverables. Limited resources, such as time, budget, and personnel, are allocated to projects. Projects often involve conflict and interdependencies, as different stakeholders may have competing interests and project activities are often interconnected.

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  • 40. 

    As sub-elements of a task, these _____ need to be accomplished to achieve the objectives of the task.

    • Levels of effort

    • Subprojects

    • Work Packages

    • Programs

    Correct Answer
    A. Work Packages
    Explanation
    Work Packages are sub-elements of a task that need to be accomplished in order to achieve the objectives of the task. They are specific and manageable units of work that are assigned to individuals or teams. By breaking down a task into work packages, it becomes easier to allocate resources, track progress, and ensure that all necessary activities are completed. Thus, Work Packages are the most suitable option among the given choices to describe the sub-elements of a task.

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  • 41. 

    Risk is generally believed to be focused on profits, but:

    • About 50% of projects fail financially

    • Risk is projects is mainly focused on finishing on time

    • Very few projects fail financially

    • Uncertainty is in all aspects of the work and present at all stages of PM

    Correct Answer
    A. Uncertainty is in all aspects of the work and present at all stages of PM
    Explanation
    The correct answer is "Uncertainty is in all aspects of the work and present at all stages of PM." This answer is supported by the statement that "uncertainty is in all aspects of the work," which implies that risk is not solely focused on profits. It also aligns with the statement that "uncertainty is present at all stages of PM," indicating that risk is not only focused on finishing projects on time. Additionally, the answer contrasts with the statement that "very few projects fail financially," suggesting that risk extends beyond financial outcomes.

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  • 42. 

    For your project, the average net cash flow is $5000 per year into the future, and initial project investment is $100000. The payback period is:

    • 10

    • 20

    • 40

    • 5

    Correct Answer
    A. 20
    Explanation
    The payback period is the amount of time it takes for a project to recoup its initial investment. In this case, the initial investment is $100,000 and the average net cash flow per year is $5,000. To calculate the payback period, we divide the initial investment by the average net cash flow per year. In this case, $100,000 divided by $5,000 equals 20. Therefore, the payback period for this project is 20 years.

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  • 43. 

    Project Z has a profitability index of 2.0 and a NPV of $5000. Project X has a profitability index of 1.0 and a NPV of $10000. The initial cash investment of project X is:

    • Twice that of project Z.

    • One half that of project Z

    • Four times that of project Z

    • Equal to that of project Z

    Correct Answer
    A. Four times that of project Z
    Explanation
    Based on the given information, Project Z has a profitability index of 2.0 and a NPV of $5000. Project X has a profitability index of 1.0 and a NPV of $10000. The profitability index is calculated by dividing the NPV by the initial cash investment. Since Project Z has a higher profitability index than Project X, it means that the initial cash investment for Project Z is lower than that of Project X. Therefore, the correct answer is that the initial cash investment of Project X is four times that of Project Z.

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  • 44. 

    Senior (upper) managers must be informed of potential problems, and the PM must:

    • Hold daily team meetings.

    • Present a positive report on project progress.

    • Never allow upper management to be surprised.

    • Consult with upper management regarding day to day operations.

    Correct Answer
    A. Never allow upper management to be surprised.
    Explanation
    The correct answer is "Never allow upper management to be surprised." This is because senior managers need to be informed of potential problems in order to make informed decisions and take appropriate actions. By keeping upper management informed, the project manager ensures transparency and accountability. This allows for effective communication and collaboration between the project team and senior management, leading to better project outcomes.

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  • 45. 

    Projects are conducted in four important environments. They are_____

    • Economic, political, legal, and sociotechnical

    • Profit, not for profit, government, and industry

    • Internal, external, transitional, and multicultural

    • Routine, unique, fast-paced, and complex

    Correct Answer
    A. Economic, political, legal, and sociotechnical
    Explanation
    Projects are conducted in four important environments: economic, political, legal, and sociotechnical. These environments play a crucial role in shaping the project's success and outcomes. The economic environment includes factors such as market conditions, financial resources, and economic stability, which can impact the project's budget and feasibility. The political environment involves government policies, regulations, and stakeholders' interests, which can influence project decisions and implementation. The legal environment encompasses laws, contracts, and intellectual property rights, which must be considered to ensure compliance and avoid legal issues. Lastly, the sociotechnical environment considers social and technological factors, such as cultural norms, social trends, and available technology, which can affect project acceptance and adoption.

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  • 46. 

    The ideal project manager shold be _____

    • A direct, technical supervisor knowledgable in the technology of the process being used

    • Both generalist/facilitator and have a high level of technical competence in the science of the project

    • A technical specialist competent in principles of robust design

    • A facilitator and specialist with technical credibility

    Correct Answer
    A. Both generalist/facilitator and have a high level of technical competence in the science of the project
    Explanation
    The ideal project manager should possess a combination of generalist/facilitator skills and a high level of technical competence in the science of the project. This means that the project manager should have a broad understanding of various aspects of project management, such as planning, organizing, and coordinating, while also having a deep understanding of the technical aspects of the project. This combination allows the project manager to effectively lead the team, facilitate communication and collaboration, and make informed decisions based on their technical expertise.

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  • 47. 

    Acquiring and focusing personnel for work on the project team is generally difficult because of:

    • Team members' dual responsibility to the project and their functional departments

    • Lack of top management commitment to the project

    • The high visibility of the project

    • Lazy workers

    Correct Answer
    A. Team members' dual responsibility to the project and their functional departments
    Explanation
    Acquiring and focusing personnel for work on the project team can be challenging due to team members having dual responsibility to both the project and their functional departments. This means that they have to balance their time and efforts between the project and their regular job responsibilities, which can lead to conflicts and difficulties in prioritizing tasks. This can result in delays and inefficiencies in project execution.

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  • 48. 

    The project manager needs _____ credibility.

    • Technical and administrative

    • Technical and personal

    • Administrative and personal

    • Technical and financial

    Correct Answer
    A. Technical and administrative
    Explanation
    The project manager needs technical credibility to demonstrate expertise and knowledge in the technical aspects of the project. This helps in gaining the trust and respect of the team members and stakeholders. Additionally, administrative credibility is necessary to effectively manage the project, including planning, organizing, and coordinating various project activities. By having both technical and administrative credibility, the project manager can effectively lead the team and ensure the successful execution of the project.

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  • 49. 

    Which states of the project life cycle are most likely to experience conflict with Time, Cost and Scope?

    • End of the project

    • All stages

    • Middle stages

    • Beginning of the project

    Correct Answer
    A. All stages
    Explanation
    Conflict with Time, Cost, and Scope is likely to occur in all stages of the project life cycle. This is because these three factors are interdependent and any changes or issues in one area can impact the others. In the beginning stages, conflicts may arise as the project's scope is defined and the time and cost estimates are established. In the middle stages, conflicts may occur as the project progresses and unforeseen challenges or changes arise. Finally, at the end of the project, conflicts may arise as the project is being finalized and the final time, cost, and scope targets are being met.

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Quiz Review Timeline (Updated): Jul 19, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jul 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 21, 2016
    Quiz Created by
    Profraser
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