Deck 12: Project Auditing

Question 1

Identification of the direct goals of a project requires __________.

A)a reading of the project structure
B)a reading of the project proposal
C)a reading of the budget
D)a reading of the WBS

Answer 1

B

Question 2

This section of an audit report contains the auditor's conclusions regarding progress together with recommendations for any changes in technical approach, schedule, or budget that should be made in the remaining tasks.

A)introduction
B)current status
C)future project status
D)critical management issues

Answer 2

C

Question 3

The __________ dimension of project success is measured primarily in terms of the level of commercial success and market share. For internal projects, however, the factors might include such measures as yields, cycle times, processing steps, quality, and so on.

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

Answer 3

A

Question 4

An evaluation of the likely outcomes of a policy and their probability of occurrence, usually conducted to compare two or more scenarios or policies is known as __________.

A)technical evaluation
B)project evaluation
C)risk analysis
D)profit estimation

Question 5

Which of the following is not one of the top three project success factors, from a project manager's perspective?

A)customer impact/satisfaction
B)business/direct success
C)future potential
D)efficiency

Question 6

Identification of the ancillary goals of a project requires __________ because; for the most part the goals were not overtly identified.

A)circular reasoning
B)deductive reasoning
C)inductive reasoning
D)abductive reasoning

Question 7

__________ is one of the four dimensions of project success, and is focused on meeting both the budget and schedule established in the project plan.

A)Project efficiency
B)Customer impact/satisfaction
C)Business/direct success
D)Future potential

Question 8

The __________ dimension of project success includes factors relating to opening a new market, developing a new line of products or services. Alternatively, if an internal project, success factors include developing new technologies, skills, or competencies.

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

Question 9

Which of the following is NOT a project audit life cycle event?

A)project audit initiation
B)project baseline definition
C)establishing an audit database
D)post-completion analysis of the project

Question 10

Two of the most common limits on the depth of an investigation and level of detail presented in an audit report are __________.

A)the personality of the auditor and cooperation received
B)scope and objectives
C)word processing support and existing documentation
D)money and time

Question 11

For audits made late in the project's life, __________ are major matters of interest.

A)technical issues
B)management issues
C)financial issues
D)personnel issues

Question 12

The accumulation, storage, and maintenance of auditable data are important cost elements. Such storage may be critically important in meeting the legal test of __________.

A)completeness
B)accuracy
C)due diligence
D)capacity

Question 13

__________ is defined as a standard for performance, commonly established early on for later comparisons.

A)Audit
B)Baseline
C)Evaluation
D)Summary

Question 14

The project audit covers __________.

A)only financial matters
B)everything except operating matters
C)only ethical and financial matters
D)any matter of importance to management

Question 15

In the audit report, negative comments about individuals or groups associated with the project should be __________.

A)avoided
B)included
C)highlighted
D)disguised

Question 16

Audits done early in the project lifecycle are often focused on __________.

A)technical issues
B)management issues
C)financial issues
D)personnel issues

Question 17

In order for an audit/evaluation team to be conducted with skills and precision, all of the following conditions must be met, EXCEPT __________.

A)proper selection of the team
B)setting a schedule convenient for the auditors
C)accessibility of all records and files
D)preservation of free contact with the project members

Question 18

The __________ dimension of project success includes the obvious factors of meeting the project's technical and operational specifications. It also includes factors relating to loyalty and repurchase.

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

Question 19

During the initiation project stage, project audits/evaluations can provide significant value if the audit takes place early, prior to __________ completion of the initial planning stage.

A)10 percent
B)25 percent
C)50 percent
D)75 percent

Question 20

__________ appraises the progress and performance of a project compared to that project's planned progress and performance, or compared to the progress and performance of other, similar projects.

A)Project control
B)Project evaluation
C)Project monitoring
D)Risk management

Question 21

The __________ section of an audit report contains a description of the project to provide a framework of understanding for the reader. Project objectives are clearly delineated.

Question 22

If the audit report is to serve as a communication device, there must be a __________ for such documents.

Question 23

The value of project audits/evaluations conducted during the post-project stage will depend on the __________ to future projects.

Question 24

Research by Walker et al argues that __________ is essential for management's ability to assemble information that is both timely and accurate.

Question 25

The __________ section of the audit should be reported as of the time of the audit. It should contain the following measures of performance: cost, schedule, progress, and quality.

Question 26

Project morale may suffer if the project audit report is not written with a __________.

Question 27

In the current status section of an audit report, the subheading labeled __________ will compare the work completed with the resources expended.

Question 28

A major vehicle for evaluation is the __________, which is a more or less formal inquiry into any aspect of the project.

Question 29

The __________ section of the audit report contains the auditor's conclusions regarding progress together with recommendations for any changes in technical approach, schedule, or budget that should be made in the remaining tasks.

Question 30

__________ tries to capture the essence of project successes and failures so that future projects can benefit from past experiences.

Question 31

If a detailed audit cannot be completed because the auditor does not possess the technical knowledge needed, a __________ audit is required.

Question 32

All issues that the auditor feels require close monitoring by senior management should be included in this section of an audit report.

A)introduction
B)current status
C)future project status
D)critical management issues

Question 33

The __________ goals are usually not overtly identified..

Question 34

In the Future Project Status section of the audit report, no assumptions should be made about __________ that are still under investigation at the time of the audit.

Question 35

__________ is a measure of the degree to which the output of a system conforms to pre-specified characteristics.

Question 36

The __________ is a thorough examination of the management of a project, its methodology and procedures, its records, its properties, its budgets and expenditures, and its degree of completion. It may deal with the project as a whole, or only with a part of the project.

Question 37

Managerial audits look at __________ and their use.

Question 38

The stated project objectives, including customer satisfaction, are part of the project's __________ goals

Question 39

The most straightforward dimension of project success is the project's __________ in meeting both budget and schedule.

Question 40

A typical detailed audit is conducted when __________ is required.

Question 41

Project evaluation often makes recommendations that relate to the ancillary objectives of the parent organization. List some of these potential ancillary benefits of project evaluation.

Question 42

The __________ section of the audit report should contain a review of major risks associated with the project and their projected impact on project time/cost/performance.

Question 43

During the audit, the auditor/evaluator must maintain __________ and treat all materials gathered as confidential until the audit is formally released.

Question 44

The key rule of engagement for the project auditor is to gain __________ to enter the system.

Question 45

List and describe the events that comprise the project audit life cycle.

Question 46

The __________ section of the audit report should contain all issues that the auditor feels require close monitoring by senior management, along with a brief explanation of the relationships between these issues and the objectives of the project.

Question 47

Discuss the differences between a project audit and a financial audit.

Question 48

Discuss some of the problems associated with finding the ancillary goals of a project.

Question 49

List the minimum points that should be contained in the formal report of a project audit.

Question 50

A primary purpose of evaluation is to help translate the achievement of the project's goals into a contribution to the parent organization's direct goals. List some potential benefits that could be applied to ongoing and future projects from recommendations obtained from such an evaluation.

Question 51

A formal inquiry into some issue or aspect of a system is known as a(n)__________.

Question 52

Contact between the a/e team and the __________ are not made without clearance from senior management.