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ISOM 654 EXAM 1 WITH COMPLETE SOLUTIONS 100% VERIFIED
As of 2017, PMI has approximately ____________ members. 30, 450, 725, 1,000,000 - ANSWER 450,
The ___________________ is a project management organization headquartered in the United Kingdom, which started in the early 1970s and serves all of Europe. PMI APM IPMA PRINCE2 - ANSWER APM
The stretched-S pattern observed during the project life cycle, for the most part, is a result of the _________. changing levels of resources used during successive stages of the project life cycle changing attitudes of the people who work in the project. difficulty in performing the individual activities of a project. principle that work expands to fill the allotted time - ANSWER changing levels of resources used during successive stages of the project life cycle
_____ are broken down into _______, which can be further broken down into _______. Projects, programs, tasks Projects, tasks, programs Programs, projects, tasks
Programs, tasks, projects - ANSWER Programs, projects, tasks
Project management today is: a new technique invented to address complex problems. a complex set of methods involving multiple stakeholders. only useful for large organizations. a flexible method for managing large or small endeavors. - ANSWER a flexible method for managing large or small endeavors
The chance that project processes or outcomes will not turn out as planned is called __________. risk projecting effort negative outcome - ANSWER Risk
__________ decreases as the project moves toward completion. Salary expense Budget Uncertainty Uniqueness - ANSWER Uncertainty
The attributes that characterize a project are __________. purpose, repetition, interdependencies, consistency, uncertainty, conflict, and one-time occurrence
life cycle, schedule, cost, uncertainty, independence, uniqueness, and purpose
Earned value is based on the concept that the percentage of project completion is closely correlated with __________. the number of levels in the project relevance of the project cost or the use of resources final assembly of the output - ANSWER cost or the use of resources
The conventional project life cycle can be described as a pattern characterized by ____________. parabolic progress logarithmic progress slow-rapid-slow progress extremely slow progress - ANSWER slow-rapid-slow progress
One well-known effort to improve project management is the creation of a formal ______ in many organizations, which is responsible for the evaluation and improvement of an organizations project management maturity, or skill and experience in managing projects. project management office program management office project management consortium Chief Project Manager position - ANSWER project management office
The Project Management Institute offers two certifications called the ______________ and the __________________. PMP and CAPM PMP and IBM APM and PMP CAPM and APM - ANSWER PMP and CAPM
When done properly, project management begins with __________. stakeholder interviews scope definition the initial concept for the project budget estimation - ANSWER the initial concept for the project
What is a quasi-project? A project with variable outcomes matrix A situation in which all of the three primary project objectives are ill-defined Quick, uncomplicated, active service initiatives Recently added activity-reporting matrix - ANSWER A situation in which all of the three primary project
Projects are bound by the three objectives of scope, time, and cost. These are collectively referred to as the _______________________. Triple Constraint Triple Factors Three Constraints Triple Play - ANSWER Triple Constraint
Individuals or groups with a special interest in a project are called __________. stakeholders project managers leaders directors - ANSWER stakeholders
Project management is __________.
changing levels of resources used during successive stages of the project life cycle changing attitudes of the people who work in the project. difficulty in performing the individual activities of a project. principle that work expands to fill the allotted time - ANSWER changing levels of resources used during successive stages of the project life cycle
According to the PMBOK Guidebook, a __________ is a temporary endeavor undertaken to create a unique product or service. project task sub-process program - ANSWER project
The project to construct a highway is unique because __________. the characteristics of terrain will be different for different segments. consistency of the concrete will vary for different segments. different types of laborers will be used to build various segments of the highway. different people manage different sections of the highway. - ANSWER the characteristics of terrain will be different for different segments.
A universal characteristic of all projects is that projects are: over budget. short on time. unique. difficult. - ANSWER unique
What is a quasi-project? A project with variable outcomes matrix
A situation in which all of the three primary project objectives are ill-defined Quick, uncomplicated, active service initiatives Recently added activity-reporting matrix - ANSWER A situation in which all of the three primary project objectives are ill-defined
As of 2017, PMI has approximately ____________ members. 30, 450, 725, 1,000,000 - ANSWER 450,
Conflicting expectations among stakeholders related to performance, cost, and time will require the project manager to make appropriate ____________ in order to balance competing demands related to these objectives. trade-offs guidelines weights tasks - ANSWER trade-offs
Project management is __________. easy when things go well difficult even when everything goes well easy because of the processes that can be implemented sometimes difficult due to help we can get from project managers - ANSWER difficult even when everything goes well
One of the major factors in determining the success of a project is having a clear set of _____. goals
project non-project quasi-projects triple projects - ANSWER non-project
The authors identify three forces that combine to mandate the use of teams to solve problems. Identify the force that the authors did not name. Explosion in the growth of certified project managers Worldwide acceptance of the Project Management Institute Interaction of supply and demand Evolution of worldwide competitive markets for the production and consumption of goods and services - ANSWER Worldwide acceptance of the Project Management Institute
Projects often interact with other projects being carried out simultaneously within the organization and these interactions take the form of competition for scarce resources between projects. This is an example of project __________. bottleneck breakdown interdependencies malfunctioning - ANSWER interdependencies
The _______________ pattern of slow-rapid-slow progress toward the project goal is common. increasingly demanding up-down-up curved stretched-S - ANSWER stretched-S
_____ are broken down into _______, which can be further broken down into _______. Projects, programs, tasks Projects, tasks, programs Programs, projects, tasks Programs, tasks, projects - ANSWER Programs, projects, tasks
A technique useful for developing numeric values that are equivalent to subjective, verbal measures of relative value is the __________. Delphi system expert system portfolio simulation - ANSWER Delphi system
What is the Sacred Cow model? Upper managements favorite model Secret of the company Most focused on organization goals Expected to be profitably milked for a long time - ANSWER Upper managements favorite model
Common problems in managing projects include which of the following? Making profits Following specifications Satisfying customers Staying within budget, within time constraints, and within scope - ANSWER Staying within budget, within time constraints, and within scope
Real options seek to reduce which of the following risks in projects?
success of the firm? The US military model Product line extension Competitive necessity Sustainability model - ANSWER Sustainability model
Indeed, effectively executing the PMs primary role of managing trade-offs requires that the PM make trade-offs in a way that best supports the _______. organizations overall budget change management system PMs career interests organizations overall strategy - ANSWER organizations overall strategy
If a system is being updated due to operating necessity, the project was selected because__________. the system is worth saving at any cost the system is worth saving at the estimated cost of the project the dimension of cost is not relevant to execution of the project the cost overruns can be hidden in someone else's budget - ANSWER the system is worth saving at the estimated cost of the project
Firms usually have two or more projects, and this collection of projects is referred to as _____. a portfolio initiation a program a stochastic model - ANSWER a portfolio
If a company raises their hurdle rate, what happens to the net present value (NPV) of
their projects? Goes up Unchanged Goes down Positive NPVs go up, negative NPVs go down - ANSWER Goes down
Firms usually have two or more projects and this collection of projects is referred to as __________. a portfolio an initiation a program a stochastic model - ANSWER a portfolio
The mastery of the skills required to manage projects competently is referred to in the literature as __________. project management conformance project management maturity project success project portfolio management - ANSWER project management maturity
Which of the following should not be members of the project council? Senior management Accounting department Project owners or sponsors of major projects Head of the project management office - ANSWER Accounting department
Wheelwright identified four separate categories of projects. Which of the following are not one of those categories?
Project Surfs Up has a net present value of $10,000 and a profitability index of 1.05. If only one project could be undertaken, the organization should select __________. Project Typhoon Project Cyclone Project SurfsUp Not enough information is provided - ANSWER Project Cyclone
The discounted cash flow method determines the net present value of all cash flows by discounting them by the __________. hurdle rate acceptable rate internal rate of return net present value - ANSWER hurdle rate
Real options seek to reduce which of the following risks in projects? Political Environmental Technological Inherent - ANSWER Technological
Numeric project selection models generally focus on: keeping the workforce numbers stable. profits and profitability. management salary stability. maintaining stock price and ROI. - ANSWER profits and profitability.
Firms usually have two or more projects, and this collection of projects is referred to as _____.
a portfolio initiation a program a stochastic model - ANSWER a portfolio
For a project selected using nonnumeric models, identify the true statement regarding relative priorities for project selection. Operating necessity projects have priority over competitive necessity projects. Competitive necessity projects have priority over operating necessity projects. Operating necessity and competitive necessity projects have equal priority. Product line extension projects have priority over operating necessity projects. - ANSWER Operating necessity projects have priority over competitive necessity projects.
In a project portfolio, a project that involves a new technology or even a disruptive technology that is known to the industry would serve as an example of a __________ project. breakthrough R&D platform derivative - ANSWER breakthrough
Which of the following should not be members of the project council? Senior management Accounting department Project owners or sponsors of major projects Head of the project management office - ANSWER Accounting department
Indeed, effectively executing the PMs primary role of managing trade-offs requires that
With the ______ approach model, enough funds are allocated to the project to determine if the initial assumptions concerning costs, benefits, etc. were accurate. When the funds are gone, the assumptions are reevaluated to determine what to do next. scoring window-of-opportunity discovery-driven planning criteria-based - ANSWER discovery-driven planning
The two basic types of project selection models identified in the text are ________. biased and unbiased numeric and nonnumeric active and passive numeric and qualitative - ANSWER numeric and nonnumeric
A project selection criteria that focuses on environmental and social issues is sustainability comparative benefit model production line extension operating necessity - ANSWER sustainability
The mastery of the skills required to manage projects competently is referred to in the literature as __________. project management conformance project management maturity project success project portfolio management - ANSWER project management maturity
Common problems in managing projects include which of the following? Making profits Following specifications Satisfying customers Staying within budget, within time constraints, and within scope - ANSWER Staying within budget, within time constraints, and within scope
In a project portfolio, __________ projects have objectives or deliverables that are only incrementally different in both product and process from existing offerings. breakthrough R&D platform derivative - ANSWER derivative
Which of the following is not an advantage that favors the use of weighted scoring models? Multiple objectives can be considered. Decision makers are compelled to stick with the decision once it has been made. The models can be adapted to changes in managerial philosophy. They can help avoid a short-term focus on profitability. - ANSWER Decision makers are compelled to stick with the decision once it has been made.
If a system is being updated due to operating necessity, the project was selected because__________. the system is worth saving at any cost the system is worth saving at the estimated cost of the project the dimension of cost is not relevant to execution of the project the cost overruns can be hidden in someone else's budget - ANSWER the system is worth saving at the estimated cost of the project
