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Project Management Exam 2
Terms in this set (39)
The project manager has just met with her team to brainstorm some of the problems that could occur on the upcoming project. Today's session was intended to generate possible issues that could arise and get everyone to start thinking in terms of what they should be looking for once the project kicks off. This meeting would be an example of what element in the risk management process?
Todd is working on resource scheduling in preparation for the start of a project. There is a potential problem in the works, however, as the new collective bargaining agreement with the company's union has not been concluded. Todd decides to continue working on the resource schedule in anticipation of a satisfactory settlement. Todd's approach would be an example of which method for dealing with risk?
A small manufacturer has won a major contract with the U.S. Army to develop a new generation of satellite phone for battlefield applications. Because of the significant technological challenges involved in this project and the company's own size limitations and lack of experience in dealing with the Army on these kinds of contracts, the company has decided to partner with another firm to collaborate on developing the technology. This decision would be an example of what kind of response to the risk?
All the following would be considered examples of significant project risks except:
All are examples of significant project risks
Suppose your org. used a qualitative risk assessment matrix with three levels each of probability and consequences (high, medium, and low). In evaluating a project's risks, you determine that commercial risks pose a low probability of occurrence but high consequences. On the other hand, legal risks are evaluated as having a high probability of occurrence and medium consequences. If you are interested in prioritizing your risks, which of these should be considered first?
Sanjay is managing a multi-million-dollar construction project that is scheduled to take nearly three years to complete. During the planning phase, he discovers a serious threat to the project schedule and budget due to the fact that he is planning to build during monsoon season in a flood area. After evaluating his options, he decides to build earlier in the year to complete critical parts of the project before the possibility of damage from monsoon flooding. This is an example of:
You are managing a project when an unanticipated risk event occurs. You meet with your project team and company experts and figure out a workaround to keep the project on schedule. In what process are you engaged?
A probability and impact matrix is useful for
Qualitative risk analysis
A workaround is:
A response to an unplanned risk event
A fixed-price contract offers the seller (contractor):
A higher risk than the buyer (client)
The project administrator is preparing a preliminary budget for a project and adds in the cost of a new computer for the project team to use. What type of cost would this computer purchase represent?
The project manager for a large project being developed in northern Ontario recognizes that it will be necessary for her to maintain a close presence at the construction site during its development, and has negotiated the use of a building for her team near the construction project. The cost of the building must be factored into the project cost and will increase with use; that is, the cost of heating and other utilities is subject to change depending upon weather and team use. What type of cost would this building represent?
A project budget identifies $5,000 budgeted for programming costs. The actual amount for programming costs is $5,450. Which of the following statements is correct?
The $450 represents a positive variance to the budget
The project planning phase is moving forward. The project team has solicited the opinions of some senior project managers with experience in similar types of projects to try and develop a cost estimate for the project. This process is an example of:
John is putting together his budget for the project and as part of this process, he is actively discussing and soliciting estimates from each member of the project team for the overall budget. He presents his budget to senior management and Susan rejects it, stating, "Team members are always going to pad their estimates. I will give you the figure I want you to shoot for." Susan is employing what method for project cost budgeting?
The majority of a project's budget is expended on:
All the following are needed for creating the project budget except:
Cost estimating should occur:
After the work breakdown structure is created and before the budget is developed
Any approved budget increase should be:
Added to the project's cost baseline
Cost management activities consist of all the following except
A building contractor is working on a vacation home and is looking over his schedule. He notices that the schedule calls for the foundation footers to be poured and then the rough floor decking to be installed. In this plan, the decking would be an example of what type of activity?
Your project team is working on a brand-new project with leading-edge technology. As a result, it is very difficult for your team to give reasonable accurate estimates for how long their activities are going to take in order to be completed. Because of this uncertainty, it would be appropriate for you to require team members to use what kind of logic when estimating durations?
Suppose a project plan had three distinct paths through the network. The first path consisted of activities A (3 days), B (4 days), and C (2 days). The second path consisted of activities D (4 days), E (5 days), and F (5 days). The third path consisted of activities G (2 days), H (3 days), and I (10 days). Which is the critical path?
Activity slack (also known as float) can be calculated through which of the following means?
Late start (LS) - early start (ES)
Your project team is working from a network diagram. This type of tool will show the team:
What do we mean by an activity's late finish date?
The latest an activity can finish without delaying the project
Which of the following would result from activity sequencing?
Hammock activities are simply:
A means for disaggregating the project network into logical summaries
The fact that a product must first be prototyped before it can be tested is an example of:
A mandatory dependency
What is the difference between a Gantt chart and a milestone chart?
A milestone chart shows only major events, while a Gantt chart shows more information, including dependencies
The IT implementation project is bogging down and falling behind schedule. The department heads are complaining that the project cannot help them if it is not implemented in a reasonable time frame. Your project manager is considering putting extra resources to work on activities along the critical path to accelerate the schedule. This is an example of what?
Dummy variables are used in what kind of network diagramming method
Suppose you evaluated the best-case, most likely, and worst-case duration estimates for an activity and determined that they were 3 days, 4 days, and 8 days, respectively. Using PERT estimation techniques, what would be the expected duration for the activity?
Suppose you created your activity network and discovered that you had two critical paths in your project. You share this information with another project manager, who strongly argues that a project can have only one critical path; therefore, your calculations are incorrect. What is the correct response to his assertion?
A project can have more than one critical path, although having multiple critical paths is also likely to increase the risk of the project falling behind
Which of the following circumstances would require the creation of a lag relationship in a network diagram?
A delay after painting a room to allow for the paint to dry before beginning to carpet the room's floor
The goal of project crashing is to:
Reduce the schedule without changing the project scope
You have been directed by your boss to find ways to shrink the project schedule. The boss is also insisting on lowering project costs at the same time. What would be an appropriate response to these twin demands?
Show the boss that these are almost always opposing goals by demonstrating a "Cost vs. Days Saved" diagram to explain the implications of crashing project activities on schedule and costs
Schedule constraints would usually include all of the following EXCEPT:
Lead and lag times
Leads and lags are evaluated and, if necessary, modified as part of which process?
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