Project Management MINDTAP Assignment Questions AND ANSWERS

Which of the characteristics below does NOT describe a project? a. Time-bound b. Progressively elaborated c. Permanent d. Creates a unique product or service Correct Answer: C Project management is best described as including administrative tasks for planning, documenting and controlling work, as well as __________. a. Operational tasks to ensure that the operations of the organization continue to function effectively. b. Leadership tasks for visioning, motivating, and promoting work associates. c. Political tasks for managing customers and business partners. d. Strategy development tasks that will be used in project selection. Correct Answer: B Projects differ from operations, in that: a. Project managers can use checklists to manage their work. b. Only projects are associated with processes. c. Projects are temporary, and no two are identical. d. Projects are associated with the ongoing work needed to ensure that an organization functions effectively. Correct Answer: C Jeffrey is the project manager for a new project to design a self-driving automobile for a customer in the automotive industry. He and his team have worked with the customer to identify all of the characteristics the automobile should have to satisfy the customer's stated needs. They have identified the deliverables that will need to be created to meet the requirements and have developed a project schedule that the client has approved. Which of the answers below does NOT describe one of the project constraints that Jeffrey and his team have addressed? a. Quality b. Scope c. Time d. Resources Correct Answer: D What does the "Talent Triangle" refer to? a. The project teams' talent in managing the three constraints of scope, time and cost. b. The interaction of the three executive-level roles on the project: Sponsor, Steering Team, and Project Management Office. c. PMI's research findings that project managers need skills and knowledge in three areas: Technical, Behavioral, and Strategic. d. The hierarchy of project management life cycles, knowledge areas and process groups. Correct Answer: C At what stage of the project life cycle are the majority of the "hands-on" tasks completed? a. Selecting and initiating b. Planning c. Executing d. Closing and realizing Correct Answer: C Which of the five project management process groups (Initiating, Planning, Executing, Monitoring & Controlling, and Closing) defines a new project or phase by obtaining authorization? a. Planning b. Initiating c. Executing d. Monitoring & Controlling Correct Answer: B Of the ten project management knowledge areas, which of them includes the "processes to identify the people, groups, or organizations that could impact or be impacted by the project, analyze their expectations and impact, and develop strategies for engaging them in project decisions and execution?" a. Communications Management b. Integration Management c. Stakeholder Management d. Risk Management Correct Answer: C What two project dimensions are components of project performance? a. Goals and objectives b. Scope and quality c. Time and cost d. Resources and risk Correct Answer: B Which of these is NOT an indication that the project has been a success? a. The project was completed on schedule and on budget b. The project created deliverables that included all of the agreed-upon features c. The organization realized business-level benefits d. The project team overcame the lack of user involvement and met most of the success criteria Correct Answer: D Which of the answers below is NOT one of the four ways to classify projects? a. Classifying by timing of project scope clarity b. Classifying by funding source c. Classifying by application d. Classifying by size Correct Answer: B During the selection and initiating stage of a major office construction project, Sarah was named the project manager. She and her team took the rough high-level information from the project charter and used it as a guideline for preparing detailed project plans. They documented all required deliverables, prepared a detailed schedule and budget, and created other detailed plans that encompassed processes for all of the 10 PMBOK® Knowledge Areas. Before starting the work, they obtained final sign-off on their plan documents. What life cycle was being used by Sarah and the team? a. Iterative b. Agile c. Predictive d. Scrum Correct Answer: C All but one of the projects described below would be best approached using an adaptive or change-driven life cycle. For which of these examples would an agile life cycle approach NOT be appropriate? a. Development of a flying car b. Drug trials to discover a cure for the common cold c. Construction of a new parking garage d. Creation of a new fashion line for the Spring season Correct Answer: C Stakeholders are defined as ____________. a. Members of the project team who are responsible for creating project deliverables. b. "Senior managers who serve in a formal role given authority and responsibility for successful completion of a project deemed strategic to an organization's success." c. People and groups who can impact the project or might be impacted by the work of or results of the project. d. Project customers who define the characteristics of the product scope and provide the requirements for the project deliverables. Correct Answer: C Department or division heads, those ongoing managers of the organization who determine how the work of the project is to be accomplished and often negotiate with the project manager regarding which workers are assigned to the project, are referred to as ___. a. Functional managers b. Scrum masters c. Facilitators d. Project Management Office (PMO) Correct Answer: A The first part of setting strategic direction for an organization is to analyze the external and internal environments by preparing a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. Once the SWOT is complete, the next step is to create a clear and compelling statement describing the inspirational long-term desired change resulting from an organization's work, called a __________. a. Mission Statement b. Vision Statement c. Triple Bottom Line Statement d. Business Case Correct Answer: B All of these would typically be included in a mission statement EXCEPT: a. Organization's core values b. Organization's beliefs c. Organization's financial goals d. Organization's customers Correct Answer: C In the Build Green Home example of a SWOT analysis, factors including existing thinking on green building and its niche focus, building schedule, and community (location) rumors are all examples of __________. a. Strengths b. Weaknesses c. Opportunities d. Threats Correct Answer: D The most widely accepted financial model for selecting projects is _________: a. Internal Rate of Return (IRR) b. Net Present Value (NPV) c. Payback Period (PP) d. Benefit-Cost Ratio (BCR) Correct Answer: B Which of these is NOT a disadvantage of using a financial model for project evaluation and selection? a. Payback period (PP) models do not consider the amount of profit that may be generated after the costs are paid. b. BCR (Benefit Cost Ratio) does not account for intangible benefits and costs that cannot be determined in financial terms. c. Internal Rate of Return (IRR) can favor smaller projects that create less total value for the firm but have high percentage returns. d. Use of financial models ensures that selected projects make sense from a cost and return on investment perspective. Correct Answer: D All of these are advantages of using a scoring model for selecting projects EXCEPT: a. Scoring models are useful whenever there are multiple projects and several criteria to be considered. b. Scoring models help ensure alignment with the organization's strategic goals. c. By comparing expected project costs to expected benefits, scoring models can be used to make project investment decisions. d. Scoring models can define mandatory decision criteria for project selection. Correct Answer: C Which of these is NOT an example of types of projects that the organization might include in their portfolio of projects? a. High-and low-risk projects b. Short and long-term projects c. Projects with positive and negative net present value (NPV) d. Projects to create new products and projects to incrementally improve existing products Correct Answer: C Who should be involved in identifying potential projects? a. Executives b. Program Managers c. Functional Managers d. Employees at all Levels Correct Answer: ? Examples of these types of project selection criteria include government regulations and clear safety or security situations. a. Probability of success b. Expected return on investment c. Mandatory criteria d. Project fit with organizational objectives Correct Answer: C In a project scoring model, each decision criterion is given a __________. a. Relative weight b. Relative cost c. Relative benefit d. Statement of work Correct Answer: A The benefit of performing a sensitivity analysis while using a scoring model to choose projects is: a. It examines at all project risk factors / variables at once. b. It identifies the opportunity costs associated with the project. c. It shows the urgency of different project priorities. d. It allows management to examine what would happen to a decision if factors were to change Correct Answer: ? If several projects have close scores as the result of a scoring model, what can be done to break the virtual tie? a. Perform a sensitivity analysis to examine what would happen to the decision if factors changed