Project Management 1 + 2 2023 Business & Finance
2023 Project Management 1 1 A project typically has a a defined start
Project Management 1
1. A project typically has ____________.
a. a defined start and end date
b. a defined start date but no defined end date
c. no defined start but a defined end date
d. no defined start or end date
2. The Project Management Body of Knowledge Guide definition of a project indicates that a
project is ____________.
c. designed to consume human resources
d. limited by a budget
3. A business reality that makes effective project management critical is the fact that ___________.
a. products are becoming increasingly simple
b. inflation is rampant
c. product life cycles are compressing
d. product launch windows are widening
4. A product is introduced into a market, gains the acceptance of a fickle public and is finally
supplanted by a new and improved offering. This phenomenon is known as the ____________.
a. product life cycle
b. rule of 80
c. Mendoza line
5. The degree of innovation and creativity is typically at its highest during the _____________
6. The amount of corporate investment is typically at its lowest in the ____________ phase.
7. The dimension of project success that is realized last is _____________.
a. future potential
b. business success
c. impact on the customer
8. The dimension of project success that is measured by both an internal and external criterion is
a. future potential
b. business success
c. impact on the customer
9. A strategic element that contains formally titled initiatives such as the Customer Survey Project,
the Small Business Alliance Project and the Employee Relations Project is most likely a
10. The management department at the university decides to add a new program in restaurant,
hotel and institutional management. As part of the development process, they hold focus
groups consisting of area business leaders, current and former students and restaurant and
hotel owners. These groups can be described as _____________.
a. project leaders
b. project workers
11. Which statement about stakeholders is most appropriate?
a. Stakeholders wield considerable power.
b. Stakeholders can potentially impact project development.
c. Stakeholders are external to a company.
d. By definition, clients are not stakeholders, they are customers.
12. A functional organization structure is a plus for project management because _____________.
a. functional siloing often exists
b. it allows for standard career paths
c. there is high customer focus
d. commitment to project success is high and unwavering
13. A functional organization structure is a weakness for project management because
a. in-depth knowledge and intellectual capital development are enabled
b. no disruption or changes to a firm’s design are necessitated by projects developed
within this structure
c. priorities among functional departments may be different and competing
d. standard career paths are enabled so team members only perform their duties as
14. The tendency of employees in a functionally organized company to become fixated on their
own concerns and work assignments to the exclusion of the needs of other departments is
known as _____________.
15. Centralized units within an organization or department that oversee or improve the
management of projects are called _____________.
a. project management offices
b. PERT units
c. tiger teams
d. central clearinghouses
16. A PMO is not used ______________.
a. as a resource center
b. to replace the project manager as being responsible for the project
c. to act as a central repository for project documentation
d. as the place where project management improvements are identified and then
disseminated to the rest of the organization
17. The PMO is used as a tracking and monitoring device under the _______________ model.
a. control tower
b. weather station
c. resource pool
18. A proactive project portfolio is ______________.
a. as simple as moving from one project opportunity to another project opportunity
b. an integrated family of projects with a common strategic goal
c. a collection of projects under the umbrella of single project manager carrying the title
of portfolio manager
d. developed with respect to short-term operational concerns
19. Which of these is not a factor in successful project portfolio management?
a. flexible structure and freedom of communication
b. low-cost environmental setting
c. emphasis on quality
d. time-paced transition
20. Multiple project environments thrive on _______________.
a. multi-layered bureaucracy
b. rigid development processes
c. narrow communication channels
d. improvisation by project teams
21. The efficient frontier in project management is the set of portfolio options that offer a
______________ return for a _______________ risk.
a. minimum; minimum
b. minimum; maximum
c. maximum; minimum
d. maximum; maximum
22. Which statement about the use of the profile model is most accurate?
a. The profile model requires careful calculation of the percentage risk for each possible
b. The scale used for the profile model can be any two numerical variables that a company
c. The efficient frontier in the profile model is where return is 100% (or greater) and risk is
d. For a given level of risk, a positive move on the return axes would indicate a superior
23. Which statement regarding project selection is best?
a. Decision models must contain either objective or subjective factors.
b. Organizational reality can be perfectly captured by most decision-making models.
c. Before selecting any project, the team should identify all the relevant issues that play a
role in project selection.
d. Every decision model has both objective and subjective factors.
24. Which statement regarding project selection and screening criteria is best?
a. The most complete model in the world is still only a partial reflection of organization
b. It is possible, given enough time and effort, to identify all relevant issues that play a
roll in project selection.
c. Decision models are either objective or subjective.
d. For many projects, more than 80% of the decision criteria are vital.
25. A commercial factor in project selection and screening might be ______________.
a. a need to develop employees
b. the likelihood that users of the project are injured
c. the long-term market dominance
d. the impact on the company’s image
Project Management 2
1. Which of the following is more reflective of managerial task?
a. creating vision and strategies
c. long-term risk-taking
d. communication by word and deed
2. Which of the following is more reflective of a leader’s task?
a. efficiency of operations
b. delegation and maintaining
c. motivation and inspiration
d. marshalling resources
3. A more apt title for a project manager is ______________.
c. project director
d. project leader
4. Friendliness with a purpose describes ______________.
d. social skill
5. Project management is first and foremost a ______________ challenge.
a. people management
b. customer service
c. perception management
d. budget management
6. The ability to cognitively bring the past and future closer together is ______________.
a. creating future vision
b. time warping
c. time compressing
7. A project manager should have the ability to generate estimates of what will occur in the
future, which is termed ______________.
a. time warping
b. creating future vision
d. chunking time
8. The organizational structure for the project team, including policies and procedures, is the
a. work breakdown structure
b. rules statement
c. scope statement
d. management plan
9. Which of these scope statement steps create the all-important bureaucracy for a project?
a. the management plan
b. the work breakdown structure
c. the scope baseline
d. the project goal criteria
10. In the case of projects developed for external clients, work authorization typically addresses
a. budget linkage
b. audit trail establishment
c. resource requirements
d. contractual obligations
11. All projects are promised in terms of the specific functionality or performance criteria they will meet. The key feature of the contractual documentation that specifies this functionality or criteria is the ______________.
a. contractual requirements
b. valid consideration
c. contracted terms
d. contractual performance
12. The exchange that is specified by the contractual documentation is ______________.
a. the terms
b. valid consideration
d. fair and unencumbered
13. The status accounting step of configuration management functions primarily as
a. a hierarchy
b. binding arbitration
c. cost control
14. If viewed from a flow standpoint, the stage of configuration management that has provision
for variable routing to the next step, depending on outcome at this stage, is _______________.
a. configuration control
b. configuration reviews
c. status accounting
d. configuration identification
15. Your first project team meeting got off to a bad start when the functional manager for your
team’s physician refused to allow her to attend the meeting. This ______________.
a. goal-oriented conflict threatened the project’s success.
b. administrative conflict posed a serious threat to the project’s success.
c. interpersonal conflict was devastating to the project’s chance for success.
d. interactionist conflict meant there would be no project completion party in your future.
16. The husband in the marriage project meekly apologized and hid in the garage while the other
project team member rampaged through the house. The husband holds the ______________
view of conflict.
17. Some of the team members took great delight in stirring the pot at team meetings. They knew just how to get each team member agitated and then sat back and enjoyed the show. These
trouble-makers defended their actions by claiming that they took the _______________ view of conflict.
c. the high reliability
d. the interactionist
18. When a project manager imposes a judgment on warring parties, he is involved in
19. Principled negotiation is the art of ______________.
a. getting agreement with the other party while maintaining a win-win attitude
b. refusing to compromise your principles for the sake of a business deal
c. creating conflict to test for an adversary’s weakness and reducing conflict once the
weakness has been exposed
d. dividing your resources in the face of superior numbers
20. An excellent starting point in negotiations is to ______________.
a. deduce their intentions from your fears
b. identify the person that is the source of the problem
c. deduce their fears from your intentions
d. put yourself in their shoes
21. The greatest project risk occurs when the probability of the event is _______________ and the
consequences of the event are ______________.
a. high; high
b. high; low
c. low; high
d. low; low
22. The greatest project opportunity occurs when the project is in the _______________ phase.
23. The amount a company has at stake in a project rises above the dollar value of opportunity in the ______________ phase.
24. The mouse executive board meeting was drawing to a conclusion; the only way they would be able to detect the presence of the cat was to tie a bell around its tail. Under their risk
management identification scheme, this would fall under _______________ risk.
25. A method for conducting risk factor identification that consolidates the judgments of isolated, anonymous respondents is _______________.
a. a brainstorming meeting
b. the Delphi method
c. past history
d. multiple assessments
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