Quiz
The key effective cost control is to
Aggressively address positive cost variances and cost inefficiencies as soon as they are identified
All the project to continue and improve
Extend the project schedule to complete the project in time
Aggressively address negative cost variances and cost inefficiencies as soon as they are identified
The following are best practices of archiving project documents except
Create a data with common elements
Search the archive for information when bidding, planning, or performing future projects
Analyze archived documents for trends and correlations
Archive confidential information for other project managers to gather information about project team members
Resource leveling, or smoothing, levels the resources so that
They are applied as uniformly as possible without extending the project schedule beyond the required completion time
The costs for the resources are even as possible across the project
Equal number of resources is assigned to each task
An equal number of tasks are completed each day by the resources on the project
_____ is a method for developing the shortest schedule when the number or amount of available resources is fixed
Resource leveling
Resource limited scheduling
Resource monitoring
Resource evaluation scheduling
The project manager has primary responsibility for providing leadership in
Planning, organizing, and controlling the work effort to accomplish he project objective
Determining the roles of the team members lead by the work package team leaders
Hiring new staff for the contractor organization
Controlling the decisions of the project team
The contractor might try to negotiate payment terms that require the customer to do one or more of the following except
Make a single payment at the end of the project
Provide frequent payments, such as weekly or monthly payments rather than quarterly payments
Provide a down payment at the start of the project
Make equal monthly payments based on the expected duration of project
Risks may change as the project progresses and should be reflected in
The risk response plan
The Risk Assessment Matrix
The risk management strategy
The action trigger point
The purpose of identifying and documenting lessons learned is to capitalize on the knowledge and experience gained on the project in order to
Establish a procedure of identification and documentation
Create a large database of information
Improve performance on future projects
Keep project team members busy
A second method for determining the forecasted cost at completion assumes that, regardless of the efficiency rate the project or work package has experienced in the past, the work to be performed on the remaining portion of the project or work package will be done according to budget. If the cumulative actual cost is greater than the cumulative earned value, then
The FCAC cannot be calculated with the values given
The FCAC is greater than the TBC
Additional information is needed to predict the FCAC
The FCAC is less than the TBC
Organizing the project involves securing
A contract with the customer
The appropriate resources to perform the work
A project management information system
Adequate funds for the project
An important aspect of the project manager's job is to manage and control
The customer's financial situation
How the project team completes tasks
Changes
How stakeholders feel about the project
Technical constraints for a project are represented in a network diagram by
A drawing the activities in a ladder arrangement
Drawing the activities in a loop format
Drawing the activities in a serial relationship
Drawing all the activities with a common start date
The process of closing the project involves various actions, including
Collecting and making final payments
Identifying which resources to use for the project
Adding in extra work if the project hasn't spent all the funds
Replenishing office supplies that may not have been used on the project
Which of the following statements about risks is true?
Risks are higher in long term projects
The consequence of a risk can be positive for the project
Only risks that impact the critical path of the project are important to mitigate
Risks only occur in projects that are long term projects
____ can be avoid to risk, mitigate the risk, or accept the risk
A risk assessment
A risk management strategy
A risk impact statement
A risk response plan
To be able to communicate risks to the contractor, sometimes a sponsor identifies major risks for the project in
The contract for service
The project evaluation meeting
The project charter when the project is authorized
The lessons learned after the project
Resource constraints are represented in the network diagram by
Drawing the activities with different resources in a serial relationship
Drawing the activities with common resources in a loop format
Drawing the activities with a common finish date
Drawing the activities to reflect the availability of a limited quantity of resources
Getting along with the members of your team requires good _____ skills
Authoritative
Interpersonal
Delegation
Problem solving
Calculate the forecasted cost at completion if the total budgeted is $15,000, the cumulative actual cost is $10,000, and the cumulative earned value is $12,000
FCAC = $7,000
FCAC = $13,000
FCAC = $37,000
FCAC = $17,000
Resources in a project are
Unlimited in quantity
Always assigned in a resource-limited manner
Human resources only
Work, material, or cost resources
During the _____, the project team or contractor should ensure that copies of appropriate project document are properly organized, filed, and archived so that they can be readily retrieved for future use
Evaluating the project phase
Closing the project phase
Performing the project phase
Controlling the project phase
It is the responsibility of the ____ to make sure that the customer is satisfied that the work scope is completed in a quality manner, within budget, and on time.
Stakeholders
Project authority
Project manager
Project team members
At the close of the project, verify that all payments have been made
To any subcontractors, consultants, vendors, or suppliers for any purchased materials or services
To the project sponsor
To evaluate the lessons learned for the next project proposal
To determine the project baseline budget
To keep track of _____, it's necessary to set up as system to collect, on a regular and timely basis, data on funds actually expended
Budgeted cost of work scheduled
Budgeted cost of work performed
Planned cost of the project
Actual cost on a project
Determining the earned value involves collecting data on the percent complete for each work package and then converting this percentage to a dollar amount by multiplying the _____ of the work package by the percent complete
Total budgeted cost (TBC)
Cumulative earned value (CEV)
Cumulative actual cost (CAC)
Cumulative budgeted cost (CBC)
Which of the following would be an effective question on the customer's post-project survey?
Was the frequency of communication adequate to assess the project progress?
Did the team participate in the planning of the project?
What was your greatest challenge you overcame while working on this project?
Was the team kept informed of the project status and potential problems in a timely manner?
Project managers must be able to
Blame others when the project is not going as planned
Become unruffled at times due to the stress
Handle the stress that can arise from work situation
Use a sense of humor, even if inappropriate
When assigning responsibility for a risk, it is best to
Assign responsibility to a single person
Assign responsibility to the project team
Not assign responsibility to those risks with low risk of occurrence
Assign responsibility to more than one person
If you put off corrective actions until some point in the distant future, the negative cost variance may deteriorate in the project
True
False
Addressing risks ____ will increase the chances of accomplishing the project objective
Inactively
Hyperactively
Proactively
Reactively
All of the following are acceptable reasons projects are terminated before completion except
The customer is dissatisfied with the project progress
The customer has a change in financial situations
The project team decides a similar project with the customer's competitor is a better opportunity
The project needs have changed
Large projects would have charge codes for the work package numbers to
Have resources be able to determine what tasks they should complete
Allow for cutting of the budget for the activities if need to cut the budget
Have a place for other projects to charge expenses
Determine how the actual costs compare to the planned costs
Project prices and budgets should include ____ to pay for additional costs associated with implementing response plans
A contingency or management reserve
A padded budget
Extra overhead
Expenses for the charges in the office to help
The project manager communicates the objective to the project team in such a manner as to create a vision of
The amount of work each member will have to do
The number of meetings necessary during the project
What will constitute successful accomplishment of the objective
How much the project is going to cost
When planning a project, it is necessary to estimate
Only the non-critical activities and their resources
The dependent relationship between resources and show the relationships in the network diagram
The priorities of the activities to display in the resource requirements plan
The types and quantities of resources required to perform each activity
Which of the following is likely not to be a process in a project management information system?
Create charges for resources
Use the nine-step problem solving method in the system
Level or smooth the resources automically
Test resolutions to any scheduling conflicts
The ____ for the entire project or each work package provides a baseline against which actual cost and work performance can be compared at any time during the project
Total cumulative fees
Contract cumulating amount
Cumulative budgeted cost
Total budgeted cost
_____ is the warning flag for when to implement the action plan for the risk
The action trigger
The priority order
The degree of impact
The mitigation plan
The statement, "Network diagrams illustrate the technical constraints among activities," means the activities are constrained because
The activities use different resources to be completed
Each of the activities are independent from the other activities
One activity cannot be started until predecessors are finished
Some activities use the same resources that may not be available
Whenever a customer requests changes, the project manager should
Stop the project's progress
Have the appropriate project team members estimate the effects on the project cost and schedule
Do a quick estimate and say if the change is ok or not
Ignore the request and deliver the project promised
Documentation of lessons learned should be done on an ongoing basis throughout the planning and performing phases of the project
True
False
Once all payments have been received and made, the project "books," or accounting records, can be close, and a financial analysis of the project can be made in which final actual costs are compared to
The FCAC calculations made
The project baseline budget
Amounts paid to suppliers
The actual value of the project
If the project has a negative cost variance, then
The project should be watched to be sure the project progresses
No action is needed to be taken, the project is performing well
More money need to be expanded on the project
Correction actions should be taken on activities that are near-term and have large estimated costs
At a minimum, network diagrams illustrate the _____ constraints among activities
Technical
Check
Referential
Entity
If the risks seem _____, the contractor may decide to not bid on a proposed project
Too great
Withing reason
Acceptable
Easily mitigated
____ includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events
Identifying the trigger point
Managing risk
Taking chances
Naming the person responsible for the risk response plan
During the final group meeting for the project, the project team should discuss all of the following except
The lessons learned
Individual contributions to the project and how to improve
The communications plan
The technical performance of the project
There _____ to develop the skills necessary to be an effective project manager
Is only one way
Are limited ways
Are no ways
Are various ways
A project is resource leveled without resource-limited constraints and the project did not extend beyond its required completion after leveling. Which of the following must have been false?
Tasks using the same resources that were leveled were not on the critical path
At least one of the activities using the resources that were leveled had positive slack
The critical path of the project had negative slack
The project had adequate positive slack in all the paths to accommodate the leveling
Effective project management requires a ____ leadership style
Laid back
Controlling
Participative
Authoritative
The following are best practices of lessons learned except
Wait until the closing phase of the project to record lessons learned
Organize the information in an easily retrievable data system
Include lessons learned as a topic in project management training
Have lesson learned as an agenda item for each project meeting
Committed costs need to be treated in a special way so that the system
Periodically assigns a portion of their total cost to actual cost
Audits the amounts assigned
Enters the amount of the cost one time at the beginning of the project
Enters the amount of the cost one time at the end of the project
Participants of ____ should include the project manager, key project team members, and key representatives of the customer's organization who were involved with the project
A pre-RFP meeting with the customer
A post-project evaluation meeting with the customer or sponsor
An analysis session with the project team
A project progress meeting with project stakeholders
Often, the sum of the initial estimated costs is greater than the amount of funds budgeted by the sponsor. What should be done to arrive at an acceptable budget amount?
Revise the budget expecting that several iterations may need to be made to reduce the costs
Trade experienced and efficient resources for less experienced and less efficient resources
Extend the scope of the project
Cut the cost of the highest priced activity in half until the budget is reached
The process of closing the project involves various actions, including
Using lessons learned from prior projects
Researching lessons learned in the knowledge base
Documenting lessons learned
Identifying the similarities of this project to other projects for planning
A project manager needs good ____ skills to try to influence the thinking and actions of others
Problem solving
Interpersonal
Delegation
Authoritative
A realistic approach to managing risk is to
Determine all the possible risks that could occur and add in contingencies in to the project
Have a staff member assigned to only work on mitigating risks for projects
Wait until the risk occurs then manage it
Brainstorm possible risks and assess their likelihood of occurrence and level of impact
Good project managers spend more time
Listening than talking
Talking than listening
Criticizing than coaching
Telling people what to do than delegating
When several activities need the same limited resource at the same time, the activities with
Use the most resources have first priority
The near term have first priority
The least slack have first priority
The longest duration have first priority
A defined set of actions to prevent or reduce the likelihood of occurrence or the impact of risk is the
Risk assessment matrix
Risk identification brainstorming session
Risk response plan
The action trigger
Calculate the forecasted cost at completion if the total budgeted cost = $10,000, the CEV is $8,000, and the CAC is $4,000
FCAC = $4,000
FCAC = $6,000
FCAC = $5,000
FCAC = $20,000
Risks can be identified by using all the following except
Progressive elaboration
Historical information
Ignoring potential problems
Previously identified risks
Effective project management requires a ____ leadership style
Participative and consultative
Directive and participative
Autocratic and consultative
Hierarchical and directive
_____ is the value of the work actually performed, and is a key parameter that must be determined throughout the project
Anticipated value
Forecasted value
Earned value
Interest
Organizing the project involves securing
A contract with the customer
A project management information system
Adequate funds for the project
The appropriate resources to perform the work
____ involves securing the appropriate resources to perform the work
Planning
Organizing
Initiating
Fostering
Which of the following would not be a closing action for a project?
Conducting a post-project evaluation
Negotiating the project contract
Organizing and archiving project documents
Collecting and making final payments
The process of closing the project involves various actions, including
Having staff get to know each other
Examining and estimating costs associated with staff
Assigning staff to activities
Recognizing and evaluating staff
The start of noncritical activities are delayed beyond their earliest start times (but not beyond their latest start times) in order to
Level the costs of the project
Schedule with a resource constraint
Schedule with a technical constraint
Maintain a uniform level of required resources
Establishing risk categories may help to identify and evaluate risks. Some categories to help identify risks include all the following except:
Previously identified risks
External factors, sponsor, and customer
Technical and schedule
Cost and human resources
In addition to showing the technical constraints among activities, how does the network logic also take into account resource constraints?
Resources that are unlimited are now shown in a resource assignment
The activities could be shown in a loop relationship
Activities that use different resources may be shown in a serial relationship
If not enough resources are available for a project, to maintain the same project scope and budget, the project team should
Delay some activities until the resources is available
Start the tasks on the day they are scheduled to start and expect un assigned resources from other activities to complete the work
Accelerate the activities that have enough resources to free the needed resources
Hire additional resources
Resource utilization charts based on each activity's latest start time are said to be based on an ____ schedule
As-needed
As-flexible-as-possible
As-late-as-possible
As-soon-as-possible
The possible response plan for vendor delay in delivery of critical equipment is
Check the order status one week before delivery needed
Contact secondary vendor to supply the part
Project task completion delayed until equipment arrives
Financial loss due to the delay
A project requires at least 28 worker-days to complete the project. What is the shortest time estimate for completion if the project is constrained to two workers per day? Assume no task requires more than one worker and the tasks can be completed independent of each other
28 days
56 days
Additional information is needed to determine the project duration
14 days
When assigning responsibility for a risk, it is best to
Assign responsibility to more than one person
Not assign responsibility to those risks with low risk of occurrence
Assign responsibility to a single person
Assign responsibility to the project team
For a project, the TBC = $200,000, the CEV = $100,000, the CAC = $120,000. Which of the following statements is true?
The project is progressing well and should be continued
The project has a negative cost variance and corrective action is needed
The FCAC is less than the budget and the project scope should be adjusted
The CPI is more than 1.0
In ____ the project, the project manager implements a project management information system designed to track actual progress and compare it with planned progress
Scheduling
Organizing
Planning
Controlling
The purpose of identifying and documenting lessons learned is to capitalize on the knowledge and experience gained on the project in order to
Create a large database of information
Improve performance on future projects
Establish a procedure of identification and documentations
Keep project team members busy
_____ assist with the complexity of generating a resource-leveled schedule and resource requirements graphs and tables
Formulas and techniques
Calendaring systems
Project management information systems
Trial and error techniques
Which of the following is the most likely the short-term result of a project being terminated early by a customer?
The contractor experiences a financial loss and may have to lay off employees
Other businesses withdraw their future projects from the contractor
There will be no future business from the customer
The contractor's reputation is tarnished
Risks can be prioritized based on
The likelihood of occurrence and degree of impact
The amount of funds planned to manage the risk
The amount of time the project team has to manage the risk
The project team member that identified the risk
If three activities are using the same resource, the network diagram must be draw
To show the three activities performed at the same time
To show a serial relationship for the activities
To show the activity sequence with technical constraints only
To show the three activities so that none is a predecessor of the others
It is important to use the ____ as the standard against which actual cost is compared
Phased budget
Cumulative budget
Total budget
Budget at completion
The cost performance index (CPI) is a measure of the cost efficiency with which the project is being performed. If the cumulative earned value is greater than the cumulative actual costs, then
The CPI is less than 1.0
The CPI is greater than 1.0
The CPI is negative
CPI cannot be determined with CEV and CAC
{"name":"Quiz", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"The key effective cost control is to, The following are best practices of archiving project documents except, Resource leveling, or smoothing, levels the resources so that","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}
More Surveys
Make your own Survey
- it's free to start.
- it's free to start.