Project Management Questions
Question
s 1 to 20 (Multiple Choice) (3 points value) 1 A project is a temporary _________ undertaken to create a unique product, service, or result. (a) program; (b) response; (c) operation; (d) endeavor. 2 What is the main objective of project cost management? (a) Keep costs as low as possible without sacrificing quality; (b) Provide a clear audit trail for each expenditure; (c) Ensure there is budgetary approval; (d) Complete project within the approved budget. 3 _______ refer(s) to all the work required, and only the work required, in delivering the product, service, or result of the project. (a) Network diagram; (b) Deliverables; (c) Scope; (d) Product analysis. 4 PMI's PMBOK® Guide, is a documented standard and all of the following are true except: (a) subset of generally recognized knowledge & practices; (b) applicable most of the time on most projects; (c) guarantees the project manager success; (d) has single project focus. 5 The type of cost estimating that uses a statistical relationship between historical data and other variables: (a) analogous estimating; (b) parametric estimating; (c) bottom-up estimating; (d) three-point estimating. 6 The critical path is: (a) The path that includes the most expensive task items; (b) The longest path through the project and contains no slack; (c) Contains the most float; (d) Contains the most slack. 7 "One section of fence cost $1000 last time; this project calls for ten sections and will therefore estimated to cost $10,000." This type of estimate is referred to as: (a) analogous; (b) bottom up: (c) parametric; (d) "three-point." 8 The _____ forms the basis for planning and managing project schedules, costs, resources, and changes. (a) Project charter; (b) Work breakdown structure; (c) Project scope statement; (d) Project management plan. 9 A general management technique used to determine whether particular work can best be accomplished by the project team or must be purchased from outside sources is called: (a) Make-or-buy analysis; (b) Expert judgment; (c) Proposal evaluation; (d) Proposal performance review. 10 Schedule activity estimates include: (a) labor, materials, equipment; services and facilities; (b) 'allowances' for inflation, contingencies, reserves; (c) political and/or geographical potential impacts; (d) all of the above 11 What is an S-curve in project management? (a) Graphic display of schedule-related information; (b) Graphic display of cumulative costs, labor hours, percentage of work, or other quantities, plotted against time; (c) Graphical display that aids in summarizing various types of data for 80/20 analyses; (d) Graphical display that illustrates how various factors might be linked to potential problems or effects. 2 12 A work package: (a) Can be scheduled, cost estimated, monitored, and controlled; (b) Is the point at which the cost and activity durations can be reliably estimated; (c) Will vary with the size and complexity of the project; (d) All of the above. 13 If the estimated NPV for project A is $150,000 and for project B $100,000, what is the opportunity cost if Project A is selected? (a) $150,000; (b) $275,000; (c) $125,000; (d) $100,000. 14 If EV = $2000, PV = $1000, and AC = $2500, what is the CV and SV, and status of the project at this time? (a) CV is 500, SV is 1000; under budget, ahead of schedule; (b) CV is -500, SV is 1000; over budget, ahead of schedule; (c ) CV is -500, SV is -1000; over budget, behind schedule; (d) CV is 500, SV is -1000; under budget, behind schedule. [**For this problem, see page 267 in PMBOK 6th edition, and look for CV and SV in left hand column. Give it a try.] 15 If estimates for total discounted benefits for a project are $625,000 and total discounted costs are $325,000, what is the estimated NPV? (a) $950,000; (b) -$300,000; (c) -$950,000; (d) $300,000. Questions 16 to 25 (Fill-in blank) (2-point value) 16 A ____ is a temporary endeavor designed to bring about a product, service, or result. 17 A _____ is a series of actions or steps, usually represented by inputs, tools and/or techniques, and outputs, together which are directed toward a particular outcome. 18 When one hears the word "charter," think of the word "_________." 19 The lowest level of the WBS is referred to as the "________." 20 Two types of schedule compression strategies are "_____-_____" and "________." 21 Three type of estimating ranges of accuracy include "___(1)____", "___(2)____", and "___(3)___". The type with the greatest range of accuracy (-25%, +75%) and characteristic of an estimate at the initiating stage of a project is referred to as an "____(4)_____" estimate. 22 The process of defining and documenting stakeholders’ needs to meet the project objectives is ______ _______. 23 The longest path through a project network, in which the project can be completed in the shortest amount of time is known as the "_______ ______." 24 ______ is a type of project schedule compression technique performed by taking action to decrease the total project schedule duration after analyzing a number of alternatives to determine how to get the maximum schedule duration compression for the least additional cost. 25 _____ _____ is a type of schedule compression technique that changes network logic to overlap tasks normally be done in sequence.
All questions must be supported by information from the
PMBOK Guide (A Guide to the Project Management Body of Knowledge)
Short Answer 2-3 sentences
Project management in an organization has been described as
a "strategic value driver" (SVD),
that is, a capability that significantly impacts the
organization's ability to create or "realize"
shareholder value. What are some "value
realization" outcomes that may produce from a
successful
project?
A project has been defined as "a temporary endeavor
designed to bring about a unique
product, service, or result." Briefly expand on what
that means; and then explain the relevancy
of that definition for both an introduction to, and
continual execution of, project management as
a
professional discipline?
Identify four estimating types, briefly define each, and
explain their relationship to each other as
regarding in what situation or timing might they be used,
and what reasonable expectation of
estimating
accuracy the project manager can have with them.
The project charter is one of two processes that PMI's
PMBOK Guide standard, places at the
very beginning of a project manager's effort to organize
and manage the project. (1) Provide a
definition for the Project Charter; (2) the Charter's
essential value for the project manager; and
(3) how a PM
might create a "charter" in an organization where there is no formal
use of one.
Briefly outline and explain the process of "Define
Activities" including what precedes it, and
what outcome(s) to expect from the process. Why is this
process critical to the hope for the
successful
management and completion of a project?
Long Answer
(minimum 250 words)
The head of your organization has authorized you to
seriously consider and then actively
address one significant improvement to how projects
in the organization are managed. You
have the authority, and the opportunity, but the head of
your organization has stressed that it
be one significant improvement. Thinking of your
organization now in real terms, what would
that improvement
be, and why did you decide on that one to make?
You have recently learned something about communication
styles including those identified as
action, process, people, or idea in their
characteristics and use. Considering what you
discovered about yourself at this time in your life, think
about another person in your
professional sphere that you interface with regularly where
this new awareness might serve to
enhance and make more effective your communication with
them. How would you explain
(what you suspect) is their communication style, and how
would you adjust your style to
enhance and
improve your communication with them?
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Solution
Project
Management
Section
A
Question 1
The focus of many
businesses is to generate more value add from existing products and customers.
Moreover, the value realization in most cases is determined in achieving and
demonstrating the actual results of the business to be successful. In a
successful project, the value realization outcome is produced by capturing the
customer and business feedback and metrics measurements (Guide, 2001).
The positive outcome and comments from the customer show that the business's
value realization is successful, and the stakeholders need to buy in the value
and transition of the desired results.
Question 2
That means that a
project is not a regular operation but rather a specific
operation that aims to accomplish a certain goal. From the definition, its
relevance is that the application of the project skills helps PM meet the
project requirement. With the statement, project management has been shaped globally
as it brought the value of focus that leads to the worldwide growth of project
management.
Question 3
The four estimate
types include Bottom-up, Analogous, parametric estimating and Top-down
estimating. Bottom-up refers to a discrete requirement to complete the project.
Another one is Analogous, which involves comparing the current or completed
project that you have some measure of time and resources; it is important for
estimating if the information was available (Guide, 2001). Parametric uses a defined
parameter in which the project can be measured based on time or cost so that
the specific project can be deliverable. Finally, top-down estimating is the
most accurate among the four and is most of the time used to build a Work
Breakdown structure that estimates the individual lowest level of working
component. The four are related to each other because they help to make the
project successful. Therefore, the reasonable expectation of estimating
accuracy the PM may have with them is to develop quantified approximation cost,
duration and resources.
Question 4
The word project
charter is referred a short document that describes your project as a whole.
Most of the time is taken as an ingredient in planning the project because it
is used in the project life cycle. In terms of charters significant to the
manager, it provides the manager with the idea to complete the project and
explain the importance of business and its existence. In addition, the PM might
create a charter to understand the project's requirements and needs.
Question 5
The process of
define activity is meant to decompose the work package into scheduled
activities with the basis of estimating and controlling the project work so
that it is easily accomplished and supported. The process includes estimating,
schedule, executing and monitoring. The outcome of the process is to fulfill
the deliverables detailed in the WBS. Consequently, the process is critical
hope for successful management as, at the end of it, the project team can
define a list of activities and milestones of lists.
Section B
Question 1
Most of the time,
projects are complex and multi-faceted, requiring more careful planning and
monitoring. All this is achievable through a structured approach and clearly
defined responsibilities. Therefore, I have a clear understanding of my project
management and structures that help stimulate productivity and provide a clear
vision of my organization's growth. In terms of my organization, the most
significant improvement I would make is improving customer satisfaction (Guide, 2001).
The reason as to why I choose the improvement is that retaining clients in
business is essential than getting new ones. So, focusing on quality and
efficiency would naturally leave the organization's clients feeling satisfied,
thus, making them turn for the service in the future. Because of that improve
the customer will feel satisfied and refer the organization to other potential
customers.
Question 2
In communication, it is good to understand how the receiver
processes the information, as that is the essential thing in communication.
After my recent learning about communication and identify some situations, it
is true that the person in front of you probably does not see things the way
you may see them in most cases (Guide, 2001). In my capacity, I discovered that
being a professional in the cooperate world requires observing how we process
the information as the first thing to streamline our different mental modes to
enhance more effective communication with my colleagues in the workplace.
Additionally, being in working professionally as an individual, I used certain
metrics in my work, and for that case, Robert Youker's theory on communication
was one of the ways I used to process the information.
Based on my observation and experience in the workplace, I
suspected my workmate's communication style was process-oriented. They tended
to want to know enough details upfront without assuming information on pros and
cons carefully put in place. I noticed they were curious about an idea and want
to understand all the important steps in a process. Being one of the staff, I
choose to apply an idea-oriented communication style to understand them and
even know how to connect (Guide, 2001). With the idea-oriented style, I
explained to my colleagues by connecting the topic to a bigger opportunity and
innovative elements that emphasize potential future value. Moreover,
communicating in idea-oriented improved the communication between us as we were
all thinking in the grandest schemes and possibilities of bringing our idea
back to innovation.
References
Guide, A. (2001). The
project management body of knowledge (pmbok® guide). In Project Management Institute.
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