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ISOM 654 NEW EXAM 3 WITH COMPLETE SOLUTIONS
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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.
