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ISOM 654 EXAM 3 WITH COMPLETE SOLUTIONS 100% VERIFIED
What is the most likely project report to be issued periodically? - ANSWER Progress reports for senior management
__________ can often give the project manager early warning signals of potential problems in a project and help understand the relationships of individual tasks to one another and to the overall project. - ANSWER Detailed and timely reports
The relationship of project reports to the project WBS is the key to the determination of:
- ANSWER report content and frequency.
There are several conventions used to aid in estimating percentage completion. Which of the following is the most conservative? - ANSWER 0-100 percent rule
The âœResource Flow Varianceâ is _________________. - ANSWER equal to PV-AC
Percent completion is important in EVA and its calculation is estimated by: - ANSWER There is no universally accepted calculation for percent completion.
The measurement of project ______ usually poses the most difficult data gathering problem. - ANSWER performance
Variances are generally calculated so that: - ANSWER positive variances are favorable.
In earned value Analysis, BAC refers to the __________. - ANSWER budget at completion
Effective reporting systems focus on: - ANSWER providing the appropriate level of detail in reports to satisfy different levels of managers.
Monitoring, as an activity, should be kept distinct from __________, which is the process of making judgments about the quality and effectiveness of project performance. - ANSWER evaluation
(BAC+EV)/CPI = __________. - ANSWER ETC
In earned value analysis, (EV/AC)(EV/PV) = __________. - ANSWER CSI
A _______________ is created with scope on the vertical axis and time on the horizontal axis. - ANSWER burndown chart
If EV=$500, AC=$475, PV=$450; CV = ________. - ANSWER -$
In earned value analysis, the __________ is computed as the earned value minus the actual cost of work performed. - ANSWER cost variance
In earned value Analysis, the 0 - 100 percent rule allows __________. - ANSWER 0 percent credit when work begins and 100 percent credit at completion of the activity
For project management, there are three distinct types of reports. Which of the following would be used in response to a special problem? - ANSWER Special analysis
If EV=$500, AC=$450, PV=$475; CPI = __________. - ANSWER 1.
Cost variance is calculated as _______________. - ANSWER EV - AC
The earned value rule that divides the actual task time-to-date by the scheduled time for the task to calculate percent complete is called the __________ rule. - ANSWER proportionality
The process review focuses on the process of __________ outcomes rather than the outcomes per se. - ANSWER reaching
A(n) __________ is a monitoring system that forewarns the project manager if trouble arises. - ANSWER early warning system
The stewardship of human resources requires: - ANSWER controlling and maintaining the growth and development of people.
Physical asset control requires control of the __________ of physical assets and is concerned with asset maintenance, whether preventative or corrective. - ANSWER use
The most common type of control systems in Project Management are ______________. - ANSWER go/no-go
To be effective, control systems should be: - ANSWER simple and easy to use.
The culmination of the postcontrol report is a set of recommendations covering what? - ANSWER The ways that future projects can be improved
A form of control that looks at how valid the initial assumptions now appear to be regarding the project, as opposed to determining if the project is achieving the numbers it needs to at this stage of the project is ___________. - ANSWER discovery-driven
Because project milestones may not occur at periodic intervals, go/no-go controls should be linked to the __________; not simply to the calendar. - ANSWER actual plans and to the occurrence of real events
Making comparisons to âœbest of classâ practices across organizations is referred to as: - ANSWER benchmarking.
__________ are seen as much the same as a report card. - ANSWER Postcontrols
In order to control creative projects the project manager must adopt one or some combination of three general approaches to the problem. Which of the following is not one of these approaches? - ANSWER creativity check
________ are similar to a report card. - ANSWER Post-controls
Change control systems, in some industries, are part of a firmâ ™ s __________. - ANSWER configuration management system
A majority of uncertainty has its source in systems that lie outside the project, in its __________. - ANSWER environment
The __________ controls take the form of testing to see if some specific precondition has been met. - ANSWER go/no-go
_________ is a management approach that may be used to make comparisons to âœbest in classâ practices across organizations - ANSWER Benchmarking
In a cybernetic control system using a negative feedback loop, the speed or force with which the control operates is, in general, __________ to the size of the deviation from standard. - ANSWER proportional
The three types of project control processes are: - ANSWER cybernetic, go/no-go, and post-control.
ANSWER cybernetic
Control is focused on three elements of a project, namely _________________. - ANSWER scope, time, and cost
When performing control, project managers need to be attentive to __________. - ANSWER regulation and conservation equally
The __________ section of the audit should be reported as of the time of the audit. It should contain the following measures of performance: cost, schedule, progress, and quality. - ANSWER current status
Which of the following is highly recommended with respect to selection of audit team members? - ANSWER Select the team from a number of critical areas of the organization.
Because the projects an organization initiates support its _______, which in turn supports its overall__________, proactively determining how a project is performing through periodic project audits provides timely insights into the project that can be leveraged to further increase the odds of successful project completion. - ANSWER strategy; competitiveness
The first step in a project audit is: - ANSWER project audit initiation with defined purpose, scope, and methodology.
_____ goals are unplanned but important contributions to the project and its parent. - ANSWER Ancillary
The most immediate dimension of project success is the projectâs __________ in meeting both budget and schedule. - ANSWER effectiveness
The major element in the evaluation of a project is its ____________. - ANSWER success
The _____ section of an audit report includes all issues the auditor feels require close monitoring by senior management. - ANSWER critical management issues
__________ is a measure of the degree to which the output of a system conforms to pre-specified characteristics. - ANSWER Quality
If the audit report is to serve as a communication device, there should be a __________ for such documents. - ANSWER predetermined distribution list
The key rule of engagement for the project auditor is to gain __________ to enter the system. - ANSWER permission
The __________ goals are usually not overtly identified. - ANSWER ancillary
The project audit is: - ANSWER a thorough examination of the management of a project.
The project audit has a life cycle that: - ANSWER is clearly defined, with six events.
This section of an audit report should contain the following measures of performance: cost, schedule, scope, and quality. - ANSWER Current status
Project morale may suffer if the project audit report is not written with a(n) __________. - ANSWER constructive tone
The __________ section of the audit report should contain all issues that the auditor feels require close monitoring by senior management, along with a brief explanation of the relationships between these issues and the objectives of the project. - ANSWER critical management issues
A meeting place for the project team, a display area for the charts that show the projectâs progress, a central repository for project files and reports, and an office for the project management and other project administrators. - ANSWER War room
The __________ section of an audit report contains a description of the project to provide a framework of understanding for the reader. Project objectives are clearly delineated. - ANSWER introduction
Postcontrol cannot change the past, but it tries to capture the essence of project successes and failures so that future projects can benefit from past experiences. The PMBOK refers to this as - ANSWER lessons learned
The __________ section of the audit report contains the auditor's conclusions regarding progress together with recommendations for any changes in technical approach, schedule, or budget that should be made in the remaining tasks. - ANSWER future project status
The value of project audits/evaluations conducted during the post-project stage will depend on the __________ to future projects. - ANSWER applicability of findings
In the current status section of an audit report, the subheading labeled __________ will compare the work completed with the resources expended. - ANSWER scope
The accumulation, storage, and maintenance of auditable data are important cost elements. Such storage may be critically important in meeting the legal test of __________. - ANSWER due diligence
Which of the following is not a project audit life cycle event? - ANSWER post-completion analysis of the project
The __________ dimension of project success includes factors relating to opening a new market, developing a new line of products or services. Alternatively, if an internal project, success factors include developing new technologies, skills, or competencies. - ANSWER future potential
Contact between the a/e team and the __________ are not made without clearance from senior management. - ANSWER customer
Project evaluation appraises the progress and performance of a project compared to that projectâs_________________, or compared to the progress and performance of other, similar projects. - ANSWER planned progress and performance
Termination by addition occurs when: - ANSWER the project is successful and is made a formal part of the organization.
During the implementation of project closure, the closure manager should ensure that __________. - ANSWER formal acceptance of the project is acknowledged by the client
The __________ section of the final project report contains comments regarding how the organizational structure aided or impeded the progress of the project - ANSWER organizational structure
Special __________ managers are sometimes useful in completing the long and involved process of shutting down the project. - ANSWER closure
Bringing the project activities into the organization and distributing them among existing functions is referred to as __________. - ANSWER closure by integration
The last of the phases in benefits realization is: - ANSWER routine use of the outputs.
Termination by extinction is caused by: - ANSWER either the project is deemed unsuccessful or it has successfully achieved its goals.
These closures are a result of conflicts that arise when poor communication or diverse working styles cause employees from different countries to compete for ascendancy or to engage in win/lose negotiations. - ANSWER cross-cultural closures
There are many pitfalls to implementation and adoption of a system by users. Because of this, ______________________. - ANSWER the PO should plan well in advance for implementation
The special case of closure by extinction wherein the project experiences a sudden demise even though it was lacking obvious signals that death was imminent is known as __________. - ANSWER termination by murder
The fundamental purpose of the final report is to________________. - ANSWER improve future projects
For the first few years after a project has been made a permanent part of the organization, it typically has: - ANSWER a protected status, carrying less than its full share of overhead costs.
It is important to select a project manager who has strong __________. - ANSWER managerial skills
According to the text, a __________ cost is generally not relevant to current investment decisions. Rather, decision-makers should focus on the time and cost required to complete the project. - ANSWER sunk
When an in-house project is a major success and it is terminated by institutionalizing it as a formal part of the parent organization; this is closure by __________. - ANSWER addition
Closures that are typically the result of conflict between senior managers, one of whom may be terminated along with the project, are known as __________. - ANSWER political closures
A common mistake in project management is to appoint as project manager an individual with excellent _______ skills but weak __________skills. - ANSWER technical;
managerial
The primary criterion for project __________ is whether or not the organization is willing to invest the estimated time and cost required to complete the project, given the projectâ ™ s current status and current expected outcome. - ANSWER continuance or closure
Closure by __________ is the most common way of dealing with successful projects, and the most complex. - ANSWER integration
The four types of project closures are __________. - ANSWER extinction, addition, integration, and starvation
According to Zouâ ™ s survey of industry practitioners, which of the following are the top two critical success factors for projects? - ANSWER Commitment and support of top management and clearly defined objectives
If a project is a major success and it is terminated, by institutionalizing it as a formal part of the parent organization, this is an example of closure by __________. - ANSWER closure by addition
