Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

ISOM 654 Exam 3: Project Management Concepts and Control, Exams of Advanced Education

A comprehensive set of questions and answers covering key concepts in project management, particularly focusing on control systems and monitoring. It explores topics such as earned value analysis, cost variance, project monitoring systems, and post-project controls. Valuable for students seeking to understand and apply these concepts in practical project management scenarios.

Typology: Exams

2024/2025

Available from 02/14/2025

lyudmila-hanae
lyudmila-hanae 🇺🇸

1

(2)

7.8K documents

1 / 25

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
ISOM 654 NEW EXAM 3 WITH COMPLETE SOLUTIONS
100% VERIFIED
In earned value analysis, the __________ is computed as the earned value minus the
actual cost of work performed. - ANSWER cost variance
ST-AT= - ANSWER TV
Common problems in project reports include which of the following? - ANSWER They
have too much data and too much detail.
Successful Project Monitoring Systems (PMS) plan, monitor, and facilitate control of: -
ANSWER time versus schedule, cost versus budget, and performance versus planned
scope.
Conceptually, EAC represents the amount spent to date plus __________. - ANSWER
ETC
__________ 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
Unfortunately, it is common to focus monitoring activities on data that are easily
__________ but not necessarily important. - ANSWER gathered
In earned value analysis, if the cost variance is (-$10,000), __________. - ANSWER the
cost variance is unfavorable
Cost variance is calculated as _______________. - ANSWER EV - AC
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19

Partial preview of the text

Download ISOM 654 Exam 3: Project Management Concepts and Control and more Exams Advanced Education in PDF only on Docsity!

ISOM 654 NEW EXAM 3 WITH COMPLETE SOLUTIONS

100% VERIFIED

In earned value analysis, the __________ is computed as the earned value minus the actual cost of work performed. - ANSWER cost variance

ST-AT= - ANSWER TV

Common problems in project reports include which of the following? - ANSWER They have too much data and too much detail.

Successful Project Monitoring Systems (PMS) plan, monitor, and facilitate control of: - ANSWER time versus schedule, cost versus budget, and performance versus planned scope.

Conceptually, EAC represents the amount spent to date plus __________. - ANSWER ETC

__________ 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

Unfortunately, it is common to focus monitoring activities on data that are easily __________ but not necessarily important. - ANSWER gathered

In earned value analysis, if the cost variance is (-$10,000), __________. - ANSWER the cost variance is unfavorable

Cost variance is calculated as _______________. - ANSWER EV - AC

Time, cost, and scope are typically described as three of the most important things to manage on a project. The authors argue in this chapter that __________ is usually by far the most important of the three. - ANSWER scope

Effective reporting systems focus on: - ANSWER providing the appropriate level of detail in reports to satisfy different levels of managers.

In earned value Analysis, EAC refers to the __________. - ANSWER estimated cost at completion

If CPI=1.05, then __________ is favorable. - ANSWER cost variance

The first step in setting up a monitoring system is to __________. - ANSWER identify the key factors to be controlled

If EV=$500, AC=$450, PV=$475; CPI = __________. - ANSWER 1.

If EV=$500, AC=$475, PV=$450; CV = ________. - ANSWER $

CV= EV-AC

__________ 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

A status report that is vague or contains overly optimistic language like †œ very soon†or †œ marginal increase†in costs is referred to as - ANSWER suspicious

If CSI is less than 1, it is indicative of a(n) __________. - ANSWER problem

An automatic control system containing a negative feedback loop is referred to as - ANSWER cybernetic

Thamhain (2013) found that ______was/were not only the most frequent risk class but also had the most impact on project performance. - ANSWER changing project requirements

When performing control, project managers need to be attentive to __________. - ANSWER regulation and conservation equally

________ are similar to a report card. - ANSWER Post-controls

Change control systems, in some industries, are part of a firm’ s __________. - ANSWER configuration management system

The process of controlling a project implies: - ANSWER being proactive.

The most common type of control systems in Project Management are ______________. - ANSWER go/no-go

Control is focused on three elements of a project. They are __________. - ANSWER scope, cost, and time

A majority of uncertainty has its source in systems that lie outside the project, in its __________. - ANSWER environment

Making comparisons to †œ best of class†practices across organizations is referred to as: - ANSWER benchmarking.

The most important rule for any subordinate is the Prime Law of Life on any project:

__________. - ANSWER Never let the boss be surprised!

This section of an audit report should contain the following measures of performance: cost, schedule, scope, and quality. - ANSWER Current status

The main role of a(n) _________ is to conduct a thorough and complete examination of the project or some pre-specified aspect of the project. - ANSWER a/e team

Finding ancillary goals of a project can be difficult because: - ANSWER members of a project team are never quite comfortable in the presence of auditors.

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.

_____ goals are unplanned but important contributions to the project and its parent. - ANSWER Ancillary

If the audit report is to serve as a communication device, there should be a __________ for such documents. - ANSWER predetermined distribution list

In the audit report, negative comments about individuals or groups associated with the project should be __________. - ANSWER avoided

Two of the most common limits on the depth of investigation and level of detail in an audit report are ___________________. - ANSWER time and money

A formal inquiry into some issue or aspect of a system is known as a(n) __________. - ANSWER audit

__________ tries to capture the essence of project successes and failures so that future

Project evaluation appraises the progress and performance of a project compared to that project’ s_________________, or compared to the progress and performance of other, similar projects. - ANSWER planned progress and performance

A good project management system will have a __________ that should be documented in the project final report. - ANSWER memory

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 technology. - ANSWER inversely proportional

The __________ section of the final project report contains a review of administrative practices. - ANSWER administrative performance

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

__________ is the reduction of the amount of funds available for an activity. - ANSWER Budget decrement

During the implementation of project closure, if personnel performance evaluations are required, they should be prepared by the __________. - ANSWER project manager or immediate supervisor of the team member

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

Projects that pass away simply because senior managers, the project champion, the PM, and even key project workers lose interest in the project are known as __________. -

ANSWER senescence closures

Uncertainty associated with projects is most often concerned with: - ANSWER how much time and cost is required to achieve project objectives.

In closure by integration, project assets are __________. - ANSWER distributed among the existing elements of the parent organization

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

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 project’ s current status and current expected outcome. - ANSWER continuance or closure

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

The __________ is an administrator responsible for wrapping up the administrative details of a project. - ANSWER closure manager

In the Project Final Report, a key element is comparison of plan to actual_____________. - ANSWER project performance

The project performance section of the final report __________. - ANSWER compares

Cost variance is calculated as _______________. - ANSWER EV - AC

In earned value analysis, if the cost variance is (-$10,000), __________. - ANSWER the cost variance is unfavorable

If EV=$500, AC=$450, PV=$475; CPI = __________. - ANSWER 1.

The best sources of items to be monitored are the project risk management plan, change of scope orders, and __________. - ANSWER WBS

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

Effective reporting systems focus on: - ANSWER providing the appropriate level of detail in reports to satisfy different levels of managers.

Unfortunately, it is common to focus monitoring activities on data that are easily __________ but not necessarily important. - ANSWER gathered

A good project monitoring system will require _________ as compared to commonly used systems. - ANSWER greater up-front planning time & investment

There are several conventions used to aid in estimating percentage completion. Which of the following is the most popular? - ANSWER 50-50 rule

EVâ"PV = __________. - ANSWER SV

A _______________ is created with scope on the vertical axis and time on the horizontal axis. - ANSWER burndown chart

Conceptually, EAC represents the amount spent to date plus __________. - ANSWER ETC

Cost variance is calculated as _______________. - ANSWER EV - AC

The project __________ describes what is being done, when and the planned level of resource usage for each task, work-package or element in the project. - ANSWER WBS

Common problems in project reports include which of the following? - ANSWER They have too much data and too much detail.

An appropriate and common secondary user for monitoring includes __________. - ANSWER auditing, learning from mistakes, and reporting progress and status

The most common mistake made when monitoring data is to gather information that is clearly related to project performance but __________. - ANSWER has little or no probability of changing significantly between collection periods

If EV=$500, AC=$475, PV=$450; SV = ________. - ANSWER $

Conceptually, EAC represents the amount spent to date plus __________. - ANSWER ETC

EVâ"PV = __________. - ANSWER SV

Which of the following conventions has the characteristic of the project always seeming to be running late, until the very end when it seems to suddenly catch up? - ANSWER The 0-100 percent rule

The ___________ is calculated as (actual progress/scheduled progress) Ã- (budgeted cost/actual cost) - ANSWER critical ratio

Physical asset control is concerned with asset maintenance, whether __________. - ANSWER preventive or corrective

Human response to steering controls tends to be ___________. - ANSWER positive

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

The critical ratio control chart uses a ratio made up of two parts -- the ratio of actual progress to scheduled progress, and the __________. - ANSWER ratio of budgeted cost to actual cost

Postproject controls or reviews are examples of __________. - ANSWER postcontrols

When a client wants to increase the scope or functionality of a project, what should the project design engineer reply? - ANSWER We can probably do that for you, and I can prepare a new schedule and cost analysis to fit your new plan/goals.

__________ controls are usually viewed as helpful rather than as a source of unwelcome pressure if the controlees perceive themselves as able to perform inside the prescribed limits. - ANSWER Steering

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 three types of project control processes are: - ANSWER cybernetic, go/no-go, and post-control.

________ are similar to a report card. - ANSWER Post-controls

Scope creep can be caused by the - ANSWER customer and team members

Physical asset control requires control of the __________ of physical assets and is concerned with asset maintenance, whether preventative or corrective. - ANSWER use

A majority of uncertainty has its source in systems that lie outside the project, in its __________. - ANSWER environment

By and large, people respond to the goal-directedness of control systems in one of three general ways. Which of the following is not one of these ways? - ANSWER By actively working to change the goals of the project

The project manager should ensure that the status reports given to senior management contain information that is current enough to be what? - ANSWER Actionable

When performing control, project managers need to be attentive to __________. - ANSWER regulation and conservation equally

The process of controlling a project implies: - ANSWER being proactive.

The stewardship of human resources requires __________ the growth and development of people. - ANSWER controlling and maintaining

The project managerâs primary function includes managing human resources and: - ANSWER guarding physical and financial assets of the company.

When a client wants to increase the scope or functionality of a project, what should the

__________ controls are usually viewed as helpful rather than as a source of unwelcome pressure if the controlees perceive themselves as able to perform inside the prescribed limits. - ANSWER Steering

(actual progress / scheduled progress) x (budgeted cost / actual cost) is the: - ANSWER Critical ratio

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.

A(n) __________ measures performance over time, showing how it changes compared to a desired mean and upper and lower limits. - ANSWER control chart

A(n) __________ is a monitoring system that forewarns the project manager if trouble arises. - ANSWER early warning system

Control is focused on three elements of a project. They are __________. - ANSWER scope, cost, and time

The two fundamental objectives of control are the regulation of results and the __________. - ANSWER stewardship of organizational assets

_________ is a management approach that may be used to make comparisons to âbest in classâ practices across organizations - ANSWER Benchmarking

Go/no-go controls operate __________. - ANSWER only when and if the controller uses them

__________ are seen as much the same as a report card. - ANSWER Postcontrols

_____ goals are unplanned but important contributions to the project and its parent. - ANSWER Ancillary

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

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

This section of an audit report should contain the following measures of performance: cost, schedule, scope, and quality. - ANSWER Current status

Two of the most common limits on the depth of investigation and level of detail in an audit report are ___________________. - ANSWER time and money

The __________ section of the audit report should contain a review of major risks associated with the project and their projected impact on project time/cost/performance. - ANSWER risk management

Project morale may suffer if the project audit report is not written with a(n) __________. - ANSWER constructive tone

We have seen a rise in agile management for projects with - ANSWER uncertain scope

Which of the following is not a project audit life cycle event? - ANSWER post-completion analysis of the project

If the audit report is to serve as a communication device, there should be a __________ for such documents. - ANSWER predetermined distribution list

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.

The ancillary goals of projects are: - ANSWER usually not clearly identified.

A major vehicle for evaluation is the __________, which is a more or less formal inquiry into any aspect of the project. - ANSWER project audit

In the future project status section of the audit report, no assumptions should be made about __________ that are still under investigation at the time of the audit. - ANSWER technical problems

The value of project audits/evaluations conducted during the post-project stage will depend on the __________ to future projects. - ANSWER applicability of findings

Two of the most common limits on the depth of an investigation and level of detail presented in an audit report are __________. - ANSWER money and time

__________ is a measure of the degree to which the output of a system conforms to pre-specified characteristics. - ANSWER Quality

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 __________ dimension of project success includes the obvious factors of meeting the project's technical and operational specifications. It also includes factors relating to loyalty and repurchase. - ANSWER customer impact/satisfaction

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.

This section of an audit report should contain the following measures of performance: cost, schedule, scope, and quality. - ANSWER Current status

Contact between the a/e team and the __________ are not made without clearance from senior management. - ANSWER customer

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

Which of the following statements describe problems associated with unstated project goals? - ANSWER Progress toward unstated goals cannot be measured.

In the current status section of an audit report, the subheading labeled __________ will compare the work completed with the resources expended. - ANSWER scope

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

Identification of the ancillary goals of a project requires __________ because; for the most part the goals were not overtly identified. - ANSWER deductive reasoning

The major element in the evaluation of a project is its ____________. - ANSWER success

Most of the information needed for the project audit should come from: - ANSWER all areas of information relevant to the project.