Exam 1: Project Management Concepts

A person or organization responsible for each work item should be identified to assign responsibility while planning the project.

When establishing the project objectives, the objective must be agreed upon by the project sponsor.

Every project has a starting date and an ending date.

The project budget includes costs for each activity plus other project costs such as administrative costs and overhead costs.

All the work involved with clearing a sidewalk after a heavy snow storm is an example of a project's scope.

The sponsor provides funds to accomplish the project.

A project is an endeavor to accomplish a specific objective through a unique set of nonrelated tasks and the effective utilization of resources.

The amount of estimated durations helps to determine the estimate of resources.

The project budget is based on

A project is carried out through a series of independent tasks.

The estimated duration of the project is dependent upon the sequence of activities.

The sponsor provides funds to accomplish the project.

Describe what it means to "plan the work and then work the plan."

A network diagram is a hierarchical decomposition of the project scope into work elements to be executed to produce the project deliverables.

People are the only resource used in a project.

Determining the market for a product for a gain of 5% market share within 18 months and $20,000 budget.

The project objective requires completing the project work scope on time and within budget.

The project scope is all the work that must be done in order to produce all the project deliverables, satisfy the customer, and accomplish the project objective.

A work breakdown structure shows the necessary sequence and dependent relationships of the detailed activities for a project.

A project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.