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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