Question & Answer: Q1. An effective project manager must:     a. Tell his team members what to do…..

Q1. An effective project manager must:
a. Tell his team members what to do
b. Be the most capable person on the team technically
c. Be focused on achieving results
d. Not trust his team members to achieve results without his personal attention to detail

Q2. Which of the following is a scope planning tool?
a. Benefit/cost analysis
b. WBS
c. Earned Value analysis
d. Fast tracking

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Q3. A tool that graphically shows cost variance is:
a. A chart of accounts
b. A code of accounts
c. A histogram (also called a resource loading chart)
d. A cumulative cost curve (also called S-curve)

Q4. Internal Rate of Return (IRR) is the discount rate that sets the present value of cash outflow equal to the present value of cash inflow.
a. true
b. false

Q5. Which of the following is an elapsed time task?
a. Paint is drying
b. A painter paints the wall
c. Software is being written
d. A sandwich is being made

Q6. A project can be terminated prematurely because the original objectives may no longer be valid.
a. true
b. false

Q7. Bottom-up estimates:
a. Are based on historical trends
b. Can be derived from the WBS
c. Must employ Monte Carlo simulation
d. a and c

Q8. If review of a project’s status indicates that EV = $400, AC = $400, and PV = $500, the project is:
a. On budget, behind schedule
b. On budget, ahead of schedule
c. Over budget, behind schedule
d. Over budget, ahead of schedule

Q9. The astute project manager typically uses only one management style in order not to confuse his/her teammates.
a. true
b. false

Q10. There is a definite link between the level of risk an enterprise encounters and project time frame.
a. true
b. false

Q11. In project management, the level of uncertainty plays a major role in determining the adequacy of a project plan.
a. true
b. false

Q12. Using working time or elapsed time to calculate the time it will take to complete a task produces the same results.
a. true
b. false

Q13. Under rapid prototyping (also called application prototyping), the customer actually sees and works with the deliverable as it evolves.
a. true
b. false

Q14. A four step risk assessment process reflecting standard risk management good practice consists of:
a. Risk identification, Risk deflection, Risk impact analysis, Risk monitoring and control
b. Risk acceptance, Risk impact analysis, Risk response planning, Risk monitoring and control
c. Risk deflection, Contingency planning, Risk impact analysis, Risk monitoring and control
d. Risk identification, Risk impact analysis, Risk response planning, Risk monitoring and control

Q15. A challenge of the matrix project organization is that:
a. Team members are full of ego
b. Team members are selected from the same functional area
c. Team members have divided loyalties
d. It enables functional managers to provide career guidance to their workers

Expert Answer

Answer

1. a. Because effective communication is th emost important part of project management leadership. It is said that a project manager should spend 90% of time on communication. CLear communication  about goals, responsibility, performance, expectations and feedback is very important.

2. b. WBS Work break down structure and Statement of scope are the two tools of scope management. It is the breakdown of a project into smaller components and tasks. It helps organize team work.

3. d. A cumulative cost curve (also called S curve). It helps to form a historical record of what has happened till date. It helps quickly identify project growth, slippage, and potential problems that could adversely impact the project if no remedial action is taken.

4. a. True. It is the discount rate at which the NPV for the project is zero. It is always noted in percentage terms.

5.b. A painter paints the wall. Because he will be doing it in a certain time range. And this will give us the elapsed time. Supposedly he does it from 9am to 6pm. That will be our elapsed time.

6. True. If the objective is no more valid, it is important to scrap the project to save time and resources and allocate them to the other projects.

7. B. Can be derived from the WBS. The team members work with the project manager to develop estimates at the task level in WBS.

8. a. On budget, behid schedule. The PV > EV and the AC=EV. this suggests that we still have to earn the value that we have planned and we are on budget because AC=EV but we are behind the schedule as we should have earned $500 till date to be on schedule.

9. False. An astute project managers will have regular meetings to update and alter planning to fit the ever-changing landscape. Having an inflexible plan will not result in success; flexibility means you can adapt to changing circumstances to ensure the best outcome.

10. true. Yes, there is a link in that because the risk can only be taken within a certain time frame otherwise it may bcause major losses.

11. True. Because a good project plan will only be able to handle the uncetaintiies that may suddenly arise in a project. Also a project plan that is adequate takes into consideration the uncertainities as well.

12. False. Working time only includes the exact number of hours or days worked. Elapsed time includes the hours adn holidays during which no work is done. So they dont produce the same results.

13. True. They go hand in hand with the deliverables using 3D printers adn CAD. They keep evolving in rapid prototyping.

14.d. Firstly we need to identify the risk and estimate its impact on the project. Then we have to plan a response for the risk to mitigate it. At the last we will monitor and control the risk by using various techniques in order to minimize it.

15. C. Team members have divided loyalties. In a matrix project organization.The matrix organization structure involve projects that pull employees from variousfunctional units.

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