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ISOM 654 FINAL EXAM WITH COMPLETE SOLUTIONS
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The fourth type of project termination is - ANSWER slow starvation by cutting the project budget, and issue of âno-progressâ annual reports.
According to your project management textbook, there are ________ fundamentally different ways to close out a project. - ANSWER four
The process of closure is all of the following except which one? - ANSWER Straight-forward
Uncertainty associated with projects is most often concerned with: - ANSWER how much time and cost is required to achieve project objectives
For each element in the final report, recommendations should be made for ________ current practices - ANSWER changing/improving
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
The __________ section of the final project report is a comparison of what the project achieved with what the project tried to achieve. - ANSWER project performance
The closure stage of the project rarely has much impact on - ANSWER technical success or failure of the project
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
Closure by __________ is the most common way of dealing with successful projects, and the most complex - ANSWER integration
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 project performance section of the final report - ANSWER compares what the project achieved with what it aimed for
According to research by Pinto, the two most important critical success factors are - ANSWER project mission and top-management support
When considering the closure of a project most project managers delay personnel reassignments/release issues as long as possible for all of the following reasons, except
- ANSWER unwillingness to approach functional managers about releasing their personnel
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
Projects should be considered for termination when - ANSWER they are so far behind schedule that recovery is unlikely.
There are several non-technical reasons why projects are terminated. The authors cite three cases where these closures seem to be associated with conflict, even when the conflict was anticipated at the beginning of the project. Which of the following is NOT one of these reasons? - ANSWER technological closures
Bringing the project activities into the organization and distributing them among existing
According to research by Pinto, the two most important critical success factors are - ANSWER project mission and top-management support
Which of the following is a typical cause for early termination of projects? - ANSWER Poor planning
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 projectâs current status and current expected outcome. - ANSWER continuance or closure
Bringing the project into the organization as a separate, ongoing entity is called - ANSWER closure by addition
Cutting a project's budget sufficiently to stop progress without actually killing the project is referred to as - ANSWER closure by starvation
The four types of project closures are - ANSWER extinction, addition, integration, and starvation
Special __________ managers are sometimes useful in completing the long and involved process of shutting down the project. - ANSWER closure
In general, the problems of integration are __________ to the level of experience that the parent organization has had with the technology being integrated and to the successful integration of other projects, regardless of technolog - ANSWER inversely proportional
Uncertainty associated with projects is most often concerned with: - ANSWER how much time and cost is required to achieve project objectives.
According to your project management textbook, there are ________ fundamentally different ways to close out a project. - ANSWER four
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
Termination by addition occurs when: - ANSWER the project is successful and is made a formal part of the organization.
The process of closure is all of the following except which one? - ANSWER Straight-forward
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
Identification of the direct goals of a project requires __________. - ANSWER a reading of the project proposal
In the current status section of an audit report, the subheading labeled __________ will compare the work completed with the resources expended. - ANSWER scope
Audits done early in the project lifecycle are often focused on __________. - ANSWER technical issues
There are tough problems associated with finding the ancillary goals of a project. - ANSWER It is often very difficult for the project manager and senior management to agree on the ancillary goals.
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 value of project audits/evaluations conducted during the post-project stage will depend on the __________ to future projects. - ANSWER applicability of findings
The first step in a project audit is: - ANSWER project audit initiation with defined purpose, scope, and methodology.
This section of an audit report should contain the following measures of performance: cost, schedule, scope, and quality. - ANSWER Current status
The project audit is: - ANSWER a thorough examination of the management of a project.
For all but __________ changes, a risk identification and analysis should be performed. - ANSWER minor
Human response to steering controls tends to be ___________. - ANSWER positive
Cybernetic control is reported to be the most common type of control system, and consists of: - ANSWER an automatic adjustment of processes when deviations are detected.
The process of controlling a project implies: - ANSWER being proactive.
Scope creep can be caused by the - ANSWER customer and team members
The process review focuses on the process of __________ outcomes rather than the outcomes per se. - ANSWER reaching
When performing control, project managers need to be attentive to __________. - ANSWER regulation and conservation equally
The __________ process controls the project at various points in the life cycle to make sure that the project remains on course. This is opposed to waiting until the project is completed and then finding out it doesnât meet the objectives of the organization - ANSWER phase-gate
Project control systems are very valuable to successful projects, and the typical cost of the control systems is in the range of _________ percent of total project cost. - ANSWER 1 to 5
With respect to financial controls, courts will require the practice of __________ regarding financial controls, practices, and record-keeping. - ANSWER due diligence
The most common type of control system is the __________, or steering control. - ANSWER cybernetic
Physical asset control is concerned with asset maintenance, whether __________. - ANSWER preventive or corrective
__________ are seen as much the same as a report card. - ANSWER Postcontrols
The most common reason for scope creep is: - ANSWER natural tendency of the client and project team to try to improve the original plan.
Change control systems, in some industries, are part of a firmâs __________. - ANSWER configuration management system
The stewardship of human resources requires: - ANSWER controlling and maintaining the growth and development of people.
(BAC+EV)/CPI = __________. - ANSWER ETC
ST-AT= - ANSWER TV
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
What is the relationship between management level and report details? - ANSWER Senior management receives fewer reports than lower levels
If EV=$500, AC=$475, PV=$450; CV = ________. - ANSWER 25
The ____________ rule allows no credit for work until the task is complete. - ANSWER 0-
Routine, exception, and special analysis are types of _____________. - ANSWER reports
ETC+AC= __________. - ANSWER EAC
The measurement of project ______ usually poses the most difficult data gathering problem. - ANSWER performance
A status report that is vague or contains overly optimistic language like âvery soonâ or âmarginal increaseâ in costs is referred to as - ANSWER suspicious
If CPI=1.05, then __________ is favorable. - ANSWER cost variance
In earned value analysis, (EV/AC)(EV/PV) = __________. - ANSWER CSI
__________ is collecting, recording, and reporting information concerning any and all aspects of project performance that the project manager or others in the organization wish to know. - ANSWER Monitoring
Vague or incomplete project requirements are an example of which telltale sign that a project is in trouble? - ANSWER Muddy waters
The project control process should be viewed as a(n) __________, with revised plans and schedules (if warranted) following corrective actions. The project control process should run continuously until the project is completed. - ANSWER closed loop system
ST-AT= - ANSWER TV
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 best sources of items to be monitored are the project risk management plan, change of scope orders, and __________. - ANSWER WBS
The âResource Flow Varianceâ is _________________. - ANSWER equal to PV-AC
ETC+AC= __________. - ANSWER EAC
(BAC+EV)/CPI = __________. - ANSWER ETC
According to the authors, the key items to be planned, monitored, and controlled are __________. - ANSWER schedule, budget, and performance
ANSWER time versus schedule, cost versus budget, and performance versus planned scope.
Effective reporting systems focus on: - ANSWER providing the appropriate level of detail in reports to satisfy different levels of managers.
