Important Concepts About Project Management Quiz

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  • 1/51 Questions

    The project management process groups are:

    • Initiating, planning, expediting, and control.
    • Plan, organize, develop, and control.
    • Plan, do, observe, commit.
    • Initiating, planning, executing, monitoring &controlling, and closing.
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About This Quiz

Do you know some of the important concepts of project management? If you are getting ready to sit for a project management exam, you are in luck as the question below is designed to help you with project management from the planning to the presentation stage. Give it a try and get to refresh your understanding!

Important Concepts About Project Management Quiz - Quiz

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  • 2. 

    A temporary endeavor undertaken to create a new product or service is called a:

    • New product development.

    • Project

    • Product

    • Enterprise

    Correct Answer
    A. Project
    Explanation
    A project is a temporary endeavor undertaken to create a new product or service. It involves a specific goal, a defined timeline, and allocated resources. Unlike a product, which refers to the end result or output of a project, a project is the entire process of planning, executing, and delivering the desired outcome. Similarly, new product development is a part of the project, as it involves the creation of a new product or service. An enterprise, on the other hand, refers to a business or organization as a whole, and may involve multiple projects and products.

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  • 3. 

    Who is ultimately responsible for quality management on the project?

    • Project engineer

    • Project manager

    • Quality manager

    • Team member

    Correct Answer
    A. Project manager
    Explanation
    The project manager is ultimately responsible for quality management on the project. They are responsible for ensuring that the project meets the required quality standards and that all deliverables are of high quality. The project manager oversees the entire project and is accountable for its success, including the quality of the final product or service. They work closely with the quality manager and the team members to establish and enforce quality control processes and procedures throughout the project lifecycle. The project manager also ensures that any quality issues or concerns are addressed and resolved in a timely manner.

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  • 4. 

    A person who is involved in or may be affected by the activities or anyone who has something to gain or lose by the activity of the project is called a:

    • Team member.

    • Customer

    • Stakeholder

    • Supporter

    Correct Answer
    A. Stakeholder
    Explanation
    A stakeholder is a person who is involved in or may be affected by the activities of a project. They have a vested interest in the project and can either gain or lose something as a result of its outcomes. Stakeholders can include team members, customers, supporters, and any other individuals or groups that have a stake in the project's success.

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  • 5. 

    Quality is:

    • Meeting and exceeding the customer's expectations.

    • Adding extras to make the customer happy.

    • The degree to which the inherent characteristics fulfill requirements.

    • Conformance to management's objectives.

    Correct Answer
    A. The degree to which the inherent characteristics fulfill requirements.
    Explanation
    Quality is defined as the degree to which the inherent characteristics of a product or service fulfill the requirements or expectations of the customer. It focuses on meeting the specific needs and standards set by the customer, rather than simply adding extras or conforming to management's objectives. By fulfilling requirements, quality ensures that the product or service is fit for its intended purpose and satisfies the customer's expectations, resulting in customer satisfaction and loyalty.

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  • 6. 

    A group of related projects that are managed in a coordinated way that usually include an element of ongoing activity is called a:

    • Major Project

    • Project Office

    • Program

    • Group of Project

    Correct Answer
    A. Program
    Explanation
    A program is a group of related projects that are managed in a coordinated way and usually include an element of ongoing activity. Unlike individual projects, a program focuses on achieving strategic objectives and benefits that cannot be achieved by managing projects separately. It involves managing interdependencies between projects, allocating resources, and ensuring alignment with organizational goals. A program provides a framework for effective governance and decision-making, allowing for better coordination and integration of project activities.

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  • 7. 

    The highest point of Maslow's hierarchy of needs is:

    • Physiological satisfaction

    • Attainment of survival

    • Self-actualization

    • Esteem

    Correct Answer
    A. Self-actualization
    Explanation
    Maslow's hierarchy of needs is a theory that explains human motivation and the different levels of needs that individuals strive to fulfill. The hierarchy consists of five levels, with self-actualization being the highest point. Self-actualization refers to the fulfillment of an individual's potential, personal growth, and the desire to become the best version of oneself. It involves self-awareness, authenticity, and the pursuit of personal goals and aspirations. This level of need is only reached once all the lower-level needs, such as physiological needs, safety, love, and esteem, have been satisfied.

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  • 8. 

    A schedule performance index (SPI) of 0.76 means:

    • You are over budget.

    • you are ahead of schedule.

    • You are only progressing at 76 percent of the rate originally planned.

    • You are only progressing at 24 percent of the rate originally planned.

    Correct Answer
    A. You are only progressing at 76 percent of the rate originally planned.
    Explanation
    A schedule performance index (SPI) of 0.76 indicates that the project is only progressing at 76 percent of the rate originally planned. This means that the project is falling behind schedule, as it is not progressing as quickly as initially anticipated. It does not indicate being over budget or being ahead of schedule.

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  • 9. 

    That which formalizes acceptance and brings project to an orderly end is a 

    • Control

    • Planning

    • Execution

    • Closing

    Correct Answer
    A. Closing
    Explanation
    Closing is the correct answer because it refers to the process of formally ending a project. During the closing phase, all project activities are completed, final documentation is prepared, and the project is formally accepted by the stakeholders. This phase also includes conducting a final project review, evaluating project performance, and ensuring that all project deliverables have been met. By formalizing acceptance and bringing the project to an orderly end, the closing phase ensures that all project objectives have been achieved and allows for a smooth transition to the next project or phase.

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  • 10. 

    In a matrix organization, which of the following is true??

    • The project manager is responsible for employee skills improvement.

    • The functional manager is responsible for employee skills improvement

    • The project manager is responsible for the employee.s annual appraisa

    • The employee is responsible for his or her own skills improvement.

    Correct Answer
    A. The functional manager is responsible for employee skills improvement
    Explanation
    In a matrix organization, the functional manager is responsible for employee skills improvement. In a matrix organization, employees report to both a project manager and a functional manager. The project manager is responsible for overseeing the project and ensuring its successful completion, while the functional manager is responsible for managing the employees' day-to-day tasks and their professional development. Therefore, it is the functional manager's responsibility to identify and address any skills gaps in the team and provide opportunities for skills improvement.

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  • 11. 

    Configuration management plan is:

    • Used to ensure that the description of the project product is correct and complete.

    • The creation of the work breakdown structure.

    • The set of procedures developed to control changes.

    • A mechanism to track budget and schedule variances.

    Correct Answer
    A. The set of procedures developed to control changes.
    Explanation
    The correct answer is "The set of procedures developed to control changes." A configuration management plan refers to a set of procedures and processes that are put in place to manage and control changes throughout the project. It helps ensure that any changes made to the project or product are properly documented, evaluated, and authorized. This includes managing changes to the project scope, requirements, design, and any other aspect that may impact the project's configuration. The configuration management plan helps maintain the integrity and consistency of the project and its deliverables.

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  • 12. 

    Allow information, questions, comments and opinions to travel through the organization is an essential characteristic of a typical ______ network  

    • Communication

    • Information

    • Neural

    • Organization

    Correct Answer
    A. Communication
    Explanation
    Allowing information, questions, comments, and opinions to travel through the organization is an essential characteristic of a typical communication network. Communication networks facilitate the flow of information and ideas among individuals or groups within an organization, enabling effective collaboration, decision-making, and problem-solving. By promoting open and transparent communication, these networks help in sharing knowledge, fostering innovation, and building strong relationships among team members.

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  • 13. 

    A project manager has just been assigned to a project. The document that recognizes the existence of the project is called:

    • The statement of work.

    • The project assignment.

    • The project charter.

    • The project charter.

    Correct Answer
    A. The project charter.
    Explanation
    The project charter is the document that officially recognizes the existence of a project. It outlines the project's objectives, scope, stakeholders, and key deliverables. It serves as a formal authorization for the project manager to begin planning and executing the project. The statement of work is a separate document that defines the specific tasks, timelines, and resources required for the project. The project assignment is a general term that refers to the act of assigning a project manager to a project, but it is not the specific document that recognizes the existence of the project. Therefore, the correct answer is the project charter.

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  • 14. 

    The WBS for the project represents:

    • All the tangible items that must be delivered to the client.

    • All the work that must be completed for the project.

    • The work that must be performed by the project team.

    • All the activities of the project.

    Correct Answer
    A. All the work that must be completed for the project.
    Explanation
    The correct answer is "All the work that must be completed for the project." The Work Breakdown Structure (WBS) is a hierarchical decomposition of the project's deliverables and work activities. It breaks down the project into smaller, manageable components, providing a clear and organized view of all the work that needs to be done. The WBS includes not only tangible items but also intangible work that must be completed, such as analysis, design, development, testing, and documentation. It helps in defining the scope of the project and serves as a basis for estimating, scheduling, and controlling project activities.

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  • 15. 

    The project during the course of its progress may be subjected to _________ because of some external factors.

    • Change

    • Error

    • Pressure

    • Threats

    Correct Answer
    A. Change
    Explanation
    During the course of a project, it is common for external factors to cause changes. These changes can include shifts in requirements, scope, resources, or even the overall direction of the project. External factors such as market trends, technological advancements, or regulatory changes can all contribute to the need for change. Therefore, the project may be subjected to change as it progresses.

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  • 16. 

    What broad term described the following people in relation to your project? Your university, your participants, anyone who may be affected by the results of your research, the ethics committee.

    • Subject

    • Gatekeeper

    • Collaborator

    • Stakeholder

    Correct Answer
    A. Stakeholder
    Explanation
    In the context of a project, the term "stakeholder" refers to individuals or groups who have a vested interest or concern in the project's outcomes. This includes the university, participants, anyone affected by the research results, and the ethics committee. Stakeholders have the potential to be impacted by the project and may have influence or be influenced by its outcomes. They often play a crucial role in decision-making processes and can contribute to the success or failure of the project.

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  • 17. 

    To control the schedule, a project manager is reanalyzing the project to predict project duration. She does this by analyzing the sequence of activities with the least amount of scheduling flexibility. What technique is she using?

    • Critical path method

    • Flowchart

    • Precedence diagramming

    • Work breakdown structure

    Correct Answer
    A. Critical path method
    Explanation
    The project manager is using the Critical Path Method (CPM) technique. CPM is a project management tool used to analyze and predict the duration of a project by identifying the sequence of activities that have the least amount of scheduling flexibility. By determining the critical path, which is the longest sequence of dependent activities, the project manager can identify the activities that need to be closely monitored and managed to ensure the project stays on schedule.

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  • 18. 

     If earned value (EV) = 350, actual cost (AC) = 400, planned value (PV) = 325, what is cost variance (CV)? 

    • 350

    • -75

    • 450

    • -50

    Correct Answer
    A. -50
    Explanation
    The cost variance (CV) is calculated by subtracting the actual cost (AC) from the earned value (EV). In this case, the earned value is 350 and the actual cost is 400. Therefore, the cost variance is -50.

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  • 19. 

    During the course of executing the project, it is seen that the _______ requirement increases from start to an intermediate stage of the project

    • Equipment

    • Resource

    • Design

    • Man Power

    Correct Answer
    A. Resource
    Explanation
    During the course of executing a project, it is common to observe an increase in the resource requirement from the start to an intermediate stage. This is because as the project progresses, more tasks and activities are being carried out, which require additional resources such as manpower, equipment, and materials. The initial stages may involve planning and preparation, where fewer resources are needed. However, as the project moves forward and more work is being done, the demand for resources tends to rise to ensure smooth and efficient project execution.

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  • 20. 

    Which of the following are essential components of a GANTT chart used to plan your project?

    • Your home telephone number

    • Your supervisor’s home telephone number

    • The email address for the chair of the ethics committee

    • None of the above

    Correct Answer
    A. None of the above
    Explanation
    The given options are not essential components of a GANTT chart used to plan a project. A GANTT chart typically includes tasks, start and end dates, dependencies, and progress tracking. It is a visual representation of the project schedule and does not require personal contact information or email addresses. Therefore, the correct answer is "None of the above."

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  • 21. 

    You are taking over a project during the planning process group and discover that six individuals have signed the project charter. Which of the following should most concern you?

    • Who will be a member of the change control board

    • Spending more time on configuration management

    • Getting a single project sponsor

    • Determining the reporting structure

    Correct Answer
    A. Determining the reporting structure
    Explanation
    Determining the reporting structure should most concern you because it is crucial to have a clear and effective reporting structure in place for the project. This helps in establishing lines of communication, defining roles and responsibilities, and ensuring that information flows smoothly within the project team. Without a proper reporting structure, there may be confusion, lack of accountability, and delays in decision-making, which can hinder the success of the project.

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  • 22. 

    The _____ the project can be estimated based upon the normal distribution curve.  

    • Man Power requirement

    • Fund requirement

    • Probability of completion of

    • Design requirement of

    Correct Answer
    A. Probability of completion of
    Explanation
    The probability of completion of the project can be estimated based upon the normal distribution curve. This means that by analyzing the project's progress and comparing it to the normal distribution curve, one can determine the likelihood of completing the project within a certain timeframe. This estimation is important for project planning and resource allocation.

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  • 23. 

    A rough order of magnitude estimate is made during which project management process group?

    • Project planning

    • Project closing

    • Project execution

    • Project initiating

    Correct Answer
    A. Project initiating
    Explanation
    A rough order of magnitude estimate is made during the project initiating process group. This is because the initiating process group is responsible for defining the project's objectives, scope, and stakeholders. During this phase, a rough order of magnitude estimate is made to provide a high-level approximation of the project's cost, duration, and resource requirements. This estimate helps in determining the feasibility of the project and obtaining initial approval and funding.

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  • 24. 

    The work defined at the lowest level of the breakdown structure to estimate as well as manage time and cost is called the:

    • Activity

    • Task

    • Work Package

    • Cost Account

    Correct Answer
    A. Work Package
    Explanation
    A work package is the correct answer because it is the lowest level of the breakdown structure that defines the work to be done. It includes all the activities and tasks required to complete a specific portion of the project. Work packages are used to estimate and manage time and cost because they provide a detailed breakdown of the work involved, allowing for accurate planning and resource allocation.

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  • 25. 

    Change is achieved by making — changes

    • Small

    • Big

    • Incremental

    • Detrimental

    Correct Answer
    A. Incremental
    Explanation
    Change is achieved by making incremental changes. Incremental changes refer to making small, gradual adjustments or improvements over time. This approach allows for a smoother transition and minimizes disruptions or negative impacts that could occur with big or detrimental changes. By making incremental changes, organizations or individuals can effectively adapt and evolve without overwhelming or destabilizing their current systems or processes.

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  • 26. 

    A cost performance index (CPI) of 0.89 means

    • At this time, we expect the total project to cost 89 percent more than planned.

    • When the project is completed we will have spent 89 percent more than planned

    • the project is only progressing at 89 percent of that planned.

    • the project is only getting 89 cents out of every dollar invested.

    Correct Answer
    A. the project is only getting 89 cents out of every dollar invested.
    Explanation
    A cost performance index (CPI) of 0.89 means that the project is only getting 89 cents out of every dollar invested. This indicates that the project is not performing well in terms of cost efficiency. The actual costs are higher than planned, resulting in a lower value for the investment made.

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  • 27. 

    Approved Change Requests are an input to:

    • Control Scope and Validate Scope.

    • Direct and Manage Project Work.

    • Develop project management plan and develop project charter.

    • Develop Project Management Plan and Develop Schedule.

    Correct Answer
    A. Direct and Manage Project Work.
    Explanation
    Approved Change Requests are an input to Direct and Manage Project Work. This process involves executing the project management plan by performing the activities defined in it, coordinating people and resources, and integrating and performing the project activities. Approved change requests are important inputs because they may require adjustments to the project work, such as modifying the scope, schedule, or budget. The project manager needs to ensure that these approved changes are implemented effectively and efficiently during the execution phase of the project.

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  • 28. 

    That which is responsible for changing the input and giving a desired output is a 

    • Project Cost

    • Resources

    • Process

    • Project Scope

    Correct Answer
    A. Process
    Explanation
    The process is responsible for changing the input and giving a desired output. In any project or task, a process refers to a series of steps or actions that are followed in a specific order to achieve a particular goal. It involves the use of resources, such as time, money, and manpower, to transform inputs into outputs. The process ensures that the project is executed efficiently and effectively, and it plays a crucial role in determining the success of the project.

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  • 29. 

    Which of the following are risks to your project that you can take steps to manage?

    • The photocopier breaking down

    • Running out of ink for your printer

    • Your computer crashing

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the given risks (the photocopier breaking down, running out of ink for your printer, and your computer crashing) can be managed by taking steps to prevent or mitigate their impact on the project. For example, regular maintenance and servicing of the photocopier can reduce the likelihood of it breaking down. Similarly, keeping track of ink levels and having spare ink cartridges available can help avoid running out of ink. Additionally, regularly backing up important files and having a contingency plan in place can minimize the impact of computer crashes. Therefore, all of these risks can be managed through proactive measures.

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  • 30. 

    In the context of estimation, a heuristic is best described as a::

    • Control tool

    • Rule of thumb.

    • Scheduling method

    • Planning tool.

    Correct Answer
    A. Rule of thumb.
    Explanation
    A heuristic is a practical approach or method that is based on experience and common sense rather than strict rules or calculations. It is a general guideline or "rule of thumb" that helps in making quick decisions or estimates when there is limited information or time available. Therefore, the correct answer for this question is "rule of thumb."

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  • 31. 

    An example of scope validation is:

    • Reviewing the performance of an installed software module.

    • Managing changes to the project schedule.

    • Decomposing the WBS to a work package level.

    • Performing a benefit-cost analysis to determine if we should proceed.

    Correct Answer
    A. Reviewing the performance of an installed software module.
    Explanation
    Scope validation involves reviewing the performance of an installed software module to ensure that it meets the specified requirements and functions correctly. This process helps to verify that the software module aligns with the project scope and objectives. It ensures that the delivered product or service is in line with the client's expectations and requirements. By reviewing the performance of the software module, any discrepancies or issues can be identified and addressed, ensuring the successful completion of the project.

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  • 32. 

    A project manager has just been assigned to a new project and has been given the preliminary project scope statement and the project charter. The first thing the project manager must do is:

    • Create a project scope statement.

    • Confirm that all the stakeholders have contributed to the scope.

    • Analyze project risk.

    • Begin work on a project management plan.

    Correct Answer
    A. Confirm that all the stakeholders have contributed to the scope.
    Explanation
    The first thing the project manager must do is confirm that all the stakeholders have contributed to the scope. This is important because the project scope statement and project charter are already given, indicating that some initial work has been done. However, it is necessary to ensure that all relevant stakeholders have provided their inputs and requirements for the project. This step is crucial to avoid any misunderstandings or conflicts later on in the project. Once all stakeholders have contributed to the scope, the project manager can proceed with creating a project scope statement, analyzing project risk, and beginning work on a project management plan.

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  • 33. 

    The WBS and WBS dictionary are completed. The project team has begun working on identifying risks. The sponsor contacts the project manager, requesting that the responsibility assignment matrix be issued. The project has a budget of U.S. $loo,ooo and is taking place in three countries using 14 human resources. There is little risk expected for the project and the project manager has managed many projects similar to this one. What is the next thing to do?

    • Understand the experience of the sponsor on similar projects

    • Create an activity list.

    • Make sure the project scope is defined.

    • Complete risk management and issue the responsibility assignment matrix

    Correct Answer
    A. Create an activity list.
    Explanation
    The next thing to do is to create an activity list. This is because the WBS and WBS dictionary have already been completed, and the project team has started identifying risks. Creating an activity list is the next logical step in the project planning process. It involves breaking down the project deliverables into smaller, manageable activities that can be scheduled, assigned to resources, and tracked. This will help in organizing and sequencing the project activities, which is essential for effective project management.

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  • 34. 

    A project manager has assembled the project team, identified 56 risks on the project, determined what would trigger the risks, rated them on a risk rating matrix, tested their assumptions and assessed the quality of the data used. The team is continuing to move through the risk management process. What has the project manager forgotten to do?

    • Simulation

    • Risk Mitigation

    • Overall risk ranking for the project

    • Involving of other stakeholders

    Correct Answer
    A. Involving of other stakeholders
    Explanation
    The project manager has forgotten to involve other stakeholders in the risk management process. Involving other stakeholders is crucial as they may have valuable insights and perspectives on the identified risks. By including them, the project manager can ensure that all potential risks are adequately addressed and that the project is well-prepared to mitigate any potential negative impacts.

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  • 35. 

    ________helps in resetting the goals when they cannot be achieved for various reasons — shortage of resources, time etc

    • Plan

    • Guidelines

    • Review

    • Analysis

    Correct Answer
    A. Review
    Explanation
    Review helps in resetting the goals when they cannot be achieved for various reasons such as shortage of resources or time. By conducting a review, one can assess the progress made towards the goals, identify any obstacles or challenges that have hindered achievement, and make necessary adjustments or revisions to the goals. It allows for a critical evaluation of the current situation and helps in determining the best course of action moving forward.

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  • 36. 

    Which of the following are good general rules to follow in your dealings with project stakeholders?

    • Don’t assume, ask.

    • Divert attention away from any concerns about your project

    • Tell external stakeholders less about your project than internal stakeholders

    • All of the Above

    Correct Answer
    A. Don’t assume, ask.
    Explanation
    The correct answer is "Don't assume, ask." This is a good general rule to follow in dealings with project stakeholders because assuming can lead to misunderstandings and miscommunication. By asking for clarification and feedback, you can ensure that you have a clear understanding of the stakeholders' expectations, concerns, and requirements. This helps in building positive relationships and effectively managing the project. The other options, diverting attention away from concerns and telling external stakeholders less, are not good general rules as they can hinder transparency and trust-building with stakeholders.

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  • 37. 

    The project manager is making sure that the product of the project has been completed according to the project management plan. What part of the project management process is he in?

    • Planning

    • Executing

    • Monitoring and controlling

    • Closing

    Correct Answer
    A. Closing
    Explanation
    The project manager is in the closing phase of the project management process. This phase involves ensuring that the project has been completed according to the project management plan. It includes activities such as verifying deliverables, obtaining final approvals, and closing contracts. The closing phase marks the end of the project and involves wrapping up loose ends, documenting lessons learned, and transitioning the project to the next phase or closure.

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  • 38. 

    A project manager is employed by a construction company and is responsible for the furnishing of the completed building. One of the first things that the project manager for this project should do is to write a:

    • Work breakdown structure.

    • Budget baseline.

    • Project charter.

    • Project plan

    Correct Answer
    A. Project charter.
    Explanation
    The project manager should write a project charter as one of the first things for this project. A project charter is a document that formally authorizes the existence of the project and provides the project manager with the authority to allocate resources and make decisions. It outlines the project's objectives, scope, stakeholders, and high-level deliverables. By creating a project charter, the project manager can establish a clear direction for the project and gain support from stakeholders. This document serves as a foundation for developing a detailed project plan, budget baseline, and work breakdown structure later in the project lifecycle.

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  • 39. 

    The principle of continuous improvement is seen in ______ 

    • PM

    • PMIS

    • ERP

    • TQM

    Correct Answer
    A. TQM
    Explanation
    TQM stands for Total Quality Management, which is a management approach aimed at continuously improving the quality of products, services, and processes within an organization. TQM emphasizes the involvement of all employees in the improvement process and the use of data and feedback to make informed decisions. Therefore, TQM aligns with the principle of continuous improvement, making it the correct answer in this context.

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  • 40. 

    A system of internal ________ gets initiated almost automatically resulting in highly efficient organizaton as a whole.   

    • Auditing

    • Verification

    • Validation

    • Benchmarking

    Correct Answer
    A. Benchmarking
    Explanation
    Benchmarking is the process of comparing and measuring the performance of an organization against the best practices of other similar organizations. By benchmarking, organizations can identify areas for improvement and implement strategies to increase their efficiency and effectiveness. This process is initiated internally within the organization and helps in creating a highly efficient and effective organization as a whole.

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  • 41. 

    ………of the organization should be the navigator for the project.

    • Manager

    • CEO

    • Strategy

    • Policy

    Correct Answer
    A. Strategy
    Explanation
    The correct answer is "Strategy" because the strategy of an organization refers to the overall plan or approach that guides decision-making and actions in order to achieve the organization's goals. In the context of a project, the strategy determines the direction and priorities, and the person responsible for developing and implementing the strategy should be the one guiding the project as the navigator.

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  • 42. 
    Find the CPM  - ProProfs

    Find the CPM 

    • 14

    • 9

    • 16

    • 15

    Correct Answer
    A. 16
  • 43. 

    Risks will be identified during which risk management process (es)?

    • Perform Quantitative Risk Analysis and Identify Risks

    • Identify Risks and Control Risks

    • Perform Qualitative Risk Analysis and Control Risks

    • Identify Risks

    Correct Answer
    A. Identify Risks and Control Risks
    Explanation
    The correct answer is "Identify Risks and Control Risks." This is because the process of identifying risks involves systematically identifying potential risks that could affect the project's objectives, while the process of controlling risks involves implementing risk response plans, tracking identified risks, and monitoring residual risks. By combining these two processes, the project team can effectively manage and mitigate risks throughout the project lifecycle.

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  • 44. 

    Risk management is ______ for projects, and can help reduce your costs and efforts when trouble strikes.

    • Helpful

    • Essential

    • Insurance

    • Beneficial

    Correct Answer
    A. Insurance
    Explanation
    Risk management is essential for projects, as it helps to identify potential risks and develop strategies to mitigate them. By implementing risk management practices, project managers can anticipate and address problems before they occur, reducing the impact on the project's timeline, budget, and resources. Insurance, in this context, refers to the concept of transferring the financial risk associated with certain project risks to an insurance provider. While insurance can be a part of risk management, it is not the only aspect. Therefore, the correct answer is "essential".

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  • 45. 

    Project mindset lays emphasis on flexible

    • People

    • Timing

    • Resource

    • Process

    Correct Answer
    A. Process
    Explanation
    The correct answer is "Process" because project mindset focuses on having a well-defined and efficient process in place. This means having clear steps and procedures to follow, ensuring that tasks are completed in a systematic and organized manner. A strong process helps in minimizing errors, improving productivity, and achieving project goals effectively. By prioritizing process, project managers can ensure that projects are executed smoothly and efficiently, leading to successful outcomes.

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  • 46. 

    Overcoming barriers to communication associated with differing perceptions of the recipients in different divisions location or parts of a unit, is an essential characteristics of a typical _____ network.

    • Neural

    • Information

    • Communication

    • Organization

    Correct Answer
    A. Communication
    Explanation
    The correct answer is "Communication." This is because overcoming barriers to communication associated with differing perceptions of recipients in different divisions, locations, or parts of a unit is a characteristic of effective communication. Communication is the process of transmitting information and ideas between individuals or groups, and it plays a vital role in ensuring that messages are understood and interpreted correctly across various organizational divisions or locations.

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  • 47. 

    The project manager should take the assistance of a___________ and run checks as frequently as possible

    • System Administrator

    • CEO

    • Coordinator

    • Project Team

    Correct Answer
    A. System Administrator
    Explanation
    The project manager should take the assistance of a System Administrator and run checks as frequently as possible. A System Administrator is responsible for managing, maintaining, and troubleshooting the technical systems and infrastructure of an organization. Their expertise in computer networks, servers, and software can be invaluable in ensuring the smooth operation of a project. By working closely with a System Administrator and conducting regular checks, the project manager can identify and address any technical issues or vulnerabilities promptly, minimizing the risk of disruptions or failures.

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  • 48. 

    Various parameters that affect the project in its planning and formulation refers to

    • Project Cost

    • Process

    • Resources

    • Project Scope

    Correct Answer
    A. Project Scope
    Explanation
    The project scope refers to the specific goals, deliverables, tasks, and requirements of a project. It defines the boundaries and extent of the project, including what is included and what is excluded. The project scope is an important parameter that affects the project planning and formulation as it helps in determining the project objectives, setting priorities, allocating resources, and estimating costs. By clearly defining the project scope, project managers can effectively plan and execute the project, ensuring that it stays within budget, meets the desired outcomes, and satisfies the stakeholders' expectations.

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  • 49. 
    Calculate NPV, Payback and ROI - ProProfs

    Calculate NPV, Payback and ROI

    • NPV = 2994, ROI = 24% Payback = 5

    • NPV = 155339, ROI = 24% Payback = 4

    • NPV = 155339, ROI = 24% Payback = 6

    • NPV = 155339, ROI = 24% Payback = 5

    Correct Answer
    A. NPV = 2994, ROI = 24% Payback = 5
    Explanation
    The given answer is correct because it matches the values provided in the question. The NPV is 2994, the ROI is 24%, and the payback period is 5. These values are consistent with the information given in the question.

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Quiz Review Timeline (Updated): Dec 13, 2023 +

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

  • Current Version
  • Dec 13, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 03, 2015
    Quiz Created by
    Indraneelm
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