Deck 2: Project Management: Cost, Framework, Responsibility, Scope, and Time

Question 1

The lower the better for Schedule Performance Index (SPI) and Cost Performance Index (CPI).

Answer 1

False

Question 2

The CPI of project is .90, and the EV is $90,000. How much money has actually been spent on the project?

A)$100,000
B)$81,000
C)$810,000
D)$99,000
E)$98,100

Answer 2

$100,000

Question 3

You are the CEO receiving a report for a crucial, high visibility project, The Omega Project. Your PM reports that Omega's schedule performance index (SPI) is sitting at 1.28 and cost performance index (CPI) at 0.88. What would you say describes Omega's status?

A)Omega is ahead of schedule and within its budget
B)Omega is behind schedule and within its budget
C)Omega is well ahead of schedule, but over-budget
D)Omega is right on schedule, but it is running over-budget.
E)Omega is behind schedule and over-budget

Answer 3

Omega is well ahead of schedule, but over-budget

Question 4

Which of the following is NOT true about the Project Statement of Work?

A)Describes the projects needs
B)The statement of work outlines the scope of the project
C)It is created by the project sponsor
D)It needs to be completed before the project charter
E)Clarifies stakeholders and their roles

Question 5

Terry is managing a project at a top construction firm. Her project team includes Tammy and Sal. She's also in constant contact with Burt (her client), Ben (her Direct Manager) and Peter (PMO Officer). Who are the stakeholders in this project?

A)Terry, Burt
B)Terry, Burt, Tammy, Sal
C)Burt, Peter
D)Terry, Tammy, Sal, Burt, Ben, Peter
E)Terry, Tammy

Question 6

What are Key Performance Indicators used for at the strategic-plan level?

A)KPIs assess the current state of the organization and recommend appropriate actions.
B)KPIs monitor business activity in real time
C)KPIs measure otherwise-difficult activities, such as customer satisfaction and employee skill development.
D)All of the above

Question 7

Finn's boss asked him to put together a list of SMART key performance indicators for their organization, Iron Man, Inc. Which of the following lists correctly identifies SMART indicators?

A)Specific, Measurable, Achievable, Realistic, Timely
B)Solitary, Monetary, Accessible, Realistic, Timely
C)Strategic, Measurable, Authorized, Related, Targeted
D)Strong, Monetary, Achievable, Reactionary, Targeted

Question 8

Lance Uppercut has been on the job for one week as a Project Manager. He's been advised to safeguard confidential information at all cost. One day, he's approached by a coworker who claims to need confidential information that Lance is privy to. What is Lance's best option as to what to do?

A)Take the coworker's word for it, and give him the confidential information
B)Ask around as to the character of the person requesting the information
C)Refuse to give him the information
D)Stall until Lance can figure out what to do
E)Request authorization from his boss and his co-worker's boss.

Question 9

Which situation below would most negatively impact Rick's personal integrity as a Project Manager?

A)Rick has inadvertently made a mistake on a status update.
B)Rick accepted a lunch invitation from a contractor he does business with.
C)Rick got frustrated with some team members, lost his temper and shared with them a few "choice" words.
D)Rick allowed a new deliverable to be added to the project, because it would have piggy-backed easily off of another deliverable.
E)These are all fine.

Question 10

This is based on a real scenario at a Japanese investment bank. You have discovered a major complex case of international fraud at the company in the course of executing a project. You have reported it to your manager and were not satisfied by his lack of response. What should your NEXT action be?

A)Call your lawyer, even though he's kind of a jerk.
B)Tell your boss' boss. If he doesn't listen, tell your boss' boss' boss.
C)By telling your boss, you did your duty.
D)Resign from your position.
E)Report it to the authorities.

Question 11

What is true of corrective action?

A)Action against a corrupt employee
B)Requires approval of all stakeholders
C)Action to bring project performance in line with what has been planned

Question 12

What describes the Executing Process Group?

A)Complete work and meet requirements defined in Initiating Process Group
B)Measure project performance relative to the project management plan
C)Formally close out the project
D)Creating of the project plan

Question 13

What is a murder board? Select all that apply:

A)A committee of people who critically assess the necessity of projects.
B)Leadership committee
C)An early stage planning process
D)A way of soliciting personal feedback
E)A method of ending projects

Question 14

a Work Breakdown Structure (WBS) typically contains a detailed description of all of the work packages.

Question 15

Select all that apply - a WBS dictionary can contain which of the following:

A)Interdependencies
B)Approval criteria
C)Detailed description
D)Numeric identifier
E)Gold plating

Question 16

When is the project manager using analogous estimating?

A)The PM doesn't have all of the information needed to give time estimates
B)The PM needs to pad their estimates
C)The PM is using a mathematical model
D)The PM uses similar projects or activities to assist with time estimates
E)The PM is using a Monte Carlo technique

Question 17

When is the project manager using parametric estimation?

A)If the Project Manager is using his instinct to determine the estimated project length
B)If the Project Manager needs to pad their estimates
C)If the Project Manager is using Monte Carlo analysis
D)Using a statistical relationship that exists through historical data or other mathematical relationship
E)None of the above

Question 18

Which of the following is common problem in project management that is a typical result of unrealistic time estimates by the project manager?

A)Fast tracking
B)Critical chain
C)Schedule compression
D)Employee changes
E)Crashing

Question 19

What does the 50/50 rule of progress tracking imply?

A)An activity is considered 50% complete when it is 50% complete.
B)An activity is considered 50% complete when it begins and 100% complete when the activity is completed
C)An activity is consider 50% complete when its successor begins
D)An activity is credited for 50% complete when it half done, and the other 50% when it is complete

Question 20

What does the 20/80 rule of progress tracking imply?

A)An activity is considered 20% complete when it is 80% complete.
B)80% of an activity is done after the most difficult 20% of an activity is completed
C)An activity is credited for 20% complete when it half done, and the other 80% when it is complete
D)An activity is considered 20% complete when it begins and 100% complete when the activity is completed

Question 21

Kennedy is utilizing the Precedence Diagramming Method to spec out the first phase of his project at the Tiny Titans Tech Company. This phase of the project involves starting the design for a new website, but he must wait four weeks before he can upload any content. Which method best describes the relationship between these activities?

A)Finish-to-start
B)Start-to-start
C)Finish-to-finish
D)Start-to-finish

Question 22

Michael is looking at a network diagram he's just created for his project. He sits with Tito, a team member and relays important facts about the project utilizing the diagram. Which of the following does not represent the benefits of using a network diagram?

A)It includes dependences
B)It illustrates the critical path
C)t may utilize a calendar scale
D)It's a quick sketch