Deck 8: Evaluating and Terminating the Project

Question 1

Measuring the project's performance against a planned budget and schedule is generally straightforward.

Answer 1

True

Question 2

The project audit is typically broader than the traditional management audit.

Answer 2

True

Question 3

Project evaluation should not be limited to an after-the-fact analysis.

Answer 3

True

Question 4

The original criteria for selecting and funding the project are largely irrelevant for project evaluation.

Question 5

The timing of an audit depends on the purpose of the audit.

Question 6

Project evaluation appraises the performance of a project relative to the project's initial or revised plan.

Question 7

Project audits are typically very useful in the initiation project state.

Question 8

The formal audit is a special type of project evaluation.

Question 9

Project audits are typically very useful at the master schedule project state.

Question 10

Later project audits are typically of less value to the project team and of more interest to general management.

Question 11

The general audit is usually performed by a person or team with special technical skills.

Question 12

The project audit focuses its attention on the organization's management systems and operations.

Question 13

The primary purpose of project evaluation is to given feedback to senior management for decision and control purposes.

Question 14

The request for proposal may contain valuable information for a project audit.

Question 15

Project evaluation should only appraise the progress and performance of a project relative to the project's initial plan and not relative to a revised plan.

Question 16

Early project audits usually focus on the project's budget and schedule.

Question 17

Measuring a project's success on budget, schedule, and performance is typically more complicated than measuring revenues or qualitative, subjective factors.

Question 18

Project evaluation should be limited to an after-the fact analysis.

Question 19

The use of forms to collect data during a project audit is generally considered not to be good management practice since they can limit the audit team's flexibility.

Question 20

According to research, future potential is an important dimension of project success.

Question 21

Project termination should be treated as a mechanistic process.

Question 22

It is generally advisable to have the project manager serve as the termination manager.

Question 23

A general audit is usually constrained by time and cost and limited to a brief investigation of project essentials.

Question 24

A discussion of the potential for project failure and monetary loss should be included in the audit report.

Question 25

Which of the following was not a major section listed in the text for the audit report?

A) current status
B) future project status
C) critical management issues
D) financial analysis
E) risk analysis and risk management

Question 26

Organizational structure should be addressed in the project final report.

Question 27

The term evaluate means to set the value or appraise.

Question 28

The way project termination is managed can impact the project's success.

Question 29

Which of the following is not a typical step in a project audit?

A) familiarize the audit team with the requirements of the project
B) collect benchmark data from other similar projects
C) audit the project on-site
D) write-up the audit report in the required format
E) distribute the report

Question 30

Poor up-front planning is a fundamental reason for project failure.

Question 31

The project final report is a history of the project.

Question 32

Termination-by-integration occurs when an "in-house" project is successfully completed and institutionalized as a new, formal part of the organization.

Question 33

According to research, which of the following is not an important dimension of project success?

A) project efficiency
B) project team cohesiveness
C) customer impact/satisfaction
D) business/direct success
E) future potential

Question 34

It is best for the project manager and project team to make the termination decision.

Question 35

Which of the following audits is typically performed by a person or team with special technical skills?

A) the general audit
B) the detailed audit
C) the aggregate audit
D) the quality audit
E) the technical audit

Question 36

Which of the following is concerned with appraising a project relative to its initial or revised plan?

A) project evaluation
B) project termination
C) project monitoring
D) project control
E) project planning

Question 37

Project evaluation is an appraisal for use by top management.

Question 38

According to the text, which of the following is not an item to consider for project evaluation report recommendations?

A) communication with the client and senior management
B) locating opportunities for technological advances
C) locating opportunities to crash the project
D) improving the project-management process
E) improving the organization's used of projects

Question 39

Naming the wrong project manager is a fundamental reason for project failure.

Question 40

A special type of project termination characterized by its unexpected suddenness and initiated by events such as forced retirement of the projects champion or the merger of the firm conducting the project with another firm is referred to as termination by "murder'".

Question 41

Rathalos Inc., a logistics firm, initiates a project to optimize its transportation infrastructure. After conducting research, the project team concludes that using a fleet of company-owned trucks for any transportation within 100 miles and relying on external firms for any distance beyond that will drastically improve the company's performance. Rathalos Inc. decides to incorporate these findings into its day-to-day operations after the project is closed. In the context of project closures, this scenario exemplifies _____.

A) closure-by-murder
B) closure-by-addition
C) closure-by-integration
D) closure-by-starvation
E) closure-by-elimination

Question 42

Susan, an auditor, is performing an audit. She is constrained by costs and time to complete the audit on time. Which of the following steps should Susan take in order to complete the audit?

A) Familiarize the audit team with the details of the project's goals and basis for selection
B) Assign a team member with technical skills to look into the project in detail
C) Write the project audit report in a letter to senior management for approval
D) Perform the audit off-site
E) Ensure that procedures and forms for data collection are made after the audit begins

Question 43

Which of the following is not a main duty of the termination manager?

A) Oversee the closing of the project's books
B) Complete the project final report
C) Ascertain any product support requirements
D) Ensure completion of work
E) Ensure that documentation is complete

Question 44

Kqirk, a software development firm, decides to perform an audit for an ongoing project. The project aims to create a multimedia animation software for a client. The company hires a team of auditors who have knowledge about the subject of the project and skills that would enable them to evaluate the progress of the project. In this scenario, Kqirk most likely conducts a(n) _____.

A) detailed audit
B) general audit
C) technical audit
D) aggregate audit
E) compound audit

Question 45

What criteria should be included in evaluating a project?

Question 46

List several key items to consider for project evaluation report recommendations.

Question 47

The four important dimensions for measuring project success include the following except…

A) Efficiency in meeting the budget and schedule
B) Customer impact/satisfaction
C) Business/direct success
D) Future potential
E) Planning

Question 48

Portia is the head of an audit team that is conducting a project audit. Most of the people in her audit team are new and inexperienced. In order to ensure that her team builds trust with the project team during the audit, Portia should tell her team members to:

A) accept unconfirmed and unverified sources of information.
B) refrain from informing project personnel about the operations involved in an audit process.
C) offer their personal opinions on the data gathered.
D) avoid misunderstandings with the project team members.
E) avoid guidelines that seem too time consuming.

Question 49

Which of the following is typically not included in the project final report?

A) administrative performance
B) project performance
C) organizational structure
D) project teamwork
E) risk analysis and risk management

Question 50

Which of the following is most closely associated with the output of a project becoming a standard part of the operating systems of the sponsoring firm or client?

A) termination-by-addition
B) termination-by-extinction
C) termination-by-integration
D) termination-by-starvation
E) termination-by-elimination

Question 51

Which of the following information should not be contained in an audit report?

A) Introduction
B) final comments
C) Risk analysis
D) future project status
E) Project RACI matrix

Question 52

Four fundamental reasons for project failure include all of the following except;

A) Project was not required for this task in the first place
B) Insufficient support form senior management
C) Insufficient funds
D) Poor up-front funding
E) Naming the wrong project manager

Question 53

Arquebus, a construction company, undertook a project to build an apartment building two years ago. However, the building's construction had to be halted due to legal issues surrounding the land it was built on. After a lengthy legal battle, Arquebus had to discontinue the project. In the context of project closure, this scenario exemplifies _____.

A) closure-by-murder
B) closure-by-addition
C) closure-by-integration
D) closure-by-starvation
E) closure-by-elimination

Question 54

Redemption Inc., an event management firm, wants to establish a social media marketing department. The management assigns one of the company's best managers to form a team of six employees and undertake a project to increase Redemption's presence on social media. The project is closed after it is successfully completed. Redemption Inc. forms a new social media marketing department with the project team members. In the context of project closure, this scenario exemplifies _____.

A) closure-by-murder
B) closure-by-addition
C) closure-by-integration
D) closure-by-starvation
E) closure-by-elimination

Question 55

Phillip, an auditor, is conducting a project audit for a company. To be effective, he needs to gather information regarding the project. He can accomplish this by:

A) looking at documents that predate the project.
B) asking for personal accounts from project sponsors in the organization.
C) working with information from previous projects of the same project team.
D) looking at the organization's goals and project history.
E) asking the CEO of the organization for details about the project.

Question 56

Albert, a project manager, completed a complex project. He then prepared a project final report for the purview of senior management. In a specific section of the report, he listed the management practices that worked well for the project and helped team members complete the project without any delay. Which of the following items did Albert address in this section?

A) Client performance
B) Financial feasibility
C) Administrative performance
D) Project forecasting
E) Closure of facilities

Question 57

Matthew, an auditor, is going to start a project audit. He has already acquired information about the project from the accounting department. Which of the following steps should he take to expedite gathering data about the project?

A) He should accept unconfirmed and unverified information from discreet sources.
B) He should streamline the project development process.
C) He should develop forms and procedures for data collection.
D) He should ensure the legality of the audit.
E) He should compile the currently available data separately.

Question 58

Briefly describe and contrast general audits, detailed audits, and technical audits.

Question 59

Resocore, an event management company, decides to perform an audit for an ongoing project. The company is constrained by time and cost, and therefore limits the audit to a brief investigation of project essentials. In this scenario, Resocore most likely conducts a(n) _____.

A) detailed audit
B) general audit
C) technical audit
D) energy audit
E) compound audit

Question 60

Which of the following is not a type of project termination mentioned in the text?

A) project extinction
B) termination-by-addition
C) termination-by-integration
D) termination-by-starvation
E) termination-by-elimination

Question 61

What are the steps in a project audit?

Question 62

Describe what type of information would be in the risk analysis and risk management section of the audit report?

Question 63

Explain when projects should be closed.

Question 64

Describe what type of information would be in the future project status section of the audit report?

Question 65

What is the difference between financial audits and project audits?

Question 66

Briefly describe the three types of project closure.

Question 67

What are the main duties of the termination manager?

Question 68

Contrast closure-by-addition with closure-by-integration.

Question 69

What issues should be addressed in the project final report?

Question 70

Describe what type of information would be in the critical management issues section of the audit report?

Question 71

What content should be included in the audit report?