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MGMT 446 Purdue Midterm Exam With
Solution
The PM's job includes all of the following except? -Communicator -Supervisor -Facilitator -Leader - ANSWER Supervisor Which of the following would NOT be considered a project? -Constructing an office building -Placing a weekly replenishment order -Developing a new cancer treatment -A political campaign - ANSWER -Placing a weekly replenishment order Kumar is a Project Manager helping his company on selection of a new project. Kumar is using Payback period project selection method. Which one of the four projects should his company select? -Project A has a Payback period of three years. -Project B has a Payback period of four years. -Project C has a Payback period of five years. -Project D has a Payback period of twenty four months. - ANSWER -Project D
has a Payback period of twenty four months. Which of the following is an advantage of a functional project management organization? Answers: -Longer project duration -Strong motivation of project team members -Maximum flexibility in the use of staff -Shorter project duration - ANSWER -Maximum flexibility in the use of staff MegaComputers Inc., has assigned a project manager for each of the five new-product teams. The managers, as well as the project team members, work on the projects on a full-time basis. The structure being used is Answers: -Projectized -Functional -Balanced matrix -Weak matrix - ANSWER -Projectized Which part of the project life-cycle is most often overlooked by project managers? Answers: -Close -Define
-Prioritize short-run projects. -Doesn't allow the use of financial criteria for evaluation. - ANSWER -It is easy to introduce a large number of criteria, most of which might have very little impact on the total project score. Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating? Answers: -New pet -Strategic ploy -Sacred cow -Political necessity - ANSWER -Sacred cow
Which of the following is a nonnumeric project selection method? Answers: -Payback period -Scoring method -Discounted cash flow method -Comparative benefit - ANSWER -Comparative benefit
A series of coordinated, related, multiple projects that continue over an extended time period and are intended to achieve a goal is known as a
Answers: -Routine -Program -Campaign -Strategy - ANSWER -Program
Based on the following, which event should you be most concerned about? Risk Event-----Likelihood score-------Impact score Bad weather ----2--------------------------- 3 Design flaw------3--------------------------- Accident---------1---------------------------- Shipment delay--2---------------------------2 - ANSWER Design Flaw
The document that is a proof of upper management's commitment to the project and gives the authority to manage the project to the project manager is called: - ANSWER Project charter
What could be a sign that indicates the need of some actions or communications directed to manage a stakeholder's engagement level?
-The stakeholder talks less
-Who else will be affected? -What is the budget? -Do we want to optimize any constrain? - ANSWER -Who else will be affected?
Your team is hard at work on their assigned project tasks when one team member discovers a risk that was not identified during risk planning. What is the FIRST thing to do? - ANSWER Assess the risk.
Referring to the Stakeholder Power/Interest Grid how should a project manager aim to treat a stakeholder with HIGH POWER and HIGH INTEREST? - ANSWER Manage Closely
You are identifying key stakeholders for your project. Which of the following groups is least likely to be included?
Answers: -Customer and users -Media representatives -Sponsor -Project manager and project team - ANSWER -Media representatives
Our company is planning to execute a project in Russia, but there is a high chance that new regulations will be employed soon that prevent such project to be carried out in this country. You and your team are looking for a new location to run this project. The strategy that you use to deal with this risk is:
You are creating your WBS and find that you keep decomposing tasks into smaller and smaller units. How can you tell when you are done? - ANSWER Keep decomposing tasks until you reach an amount of work that is small enough to reliably estimate required resources and duration.
What is a project? - ANSWER A temporary endeavor undertaken to create a unique product or service. It is specific, timely, usually multidisciplinary, and typically conflict ridden
What is project management? - ANSWER the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet the requirements of a particular project
Program vs. Project - ANSWER Program: a group of related projects designed to accomplish a common goal over an extended period of time. Ex) finishing all mgmt classes to get your degree
- identify scope
- identify tasks, dependencies, and schedule
- plan resources
- clarify trade offs and decision making principles
- develop a risk management plan
Project life cycle: Execute - ANSWER status reports, changes, quality, forecasts
- monitor
- communicate and report
- correct and control
Project life cycle: Close - ANSWER train customer, transfer documents, release resources, evaluation, lessons learned
- customer acceptance
- close-out report
- document lessons learned
Project Selection - ANSWER the process of evaluating projects and closing them so firm objectives are met
- before selection check that all projects meet organizations strategic goals, skills, and abilities
Two Selection types - ANSWER Nonnumeric and numeric (financial and scoring models)
Nonnumeric selection methods - ANSWER Sacred cow operating necessity Competitive necessity Comparative benefit model
Sacred Cow - ANSWER Project is suggested by a senior and powerful official in the organization
Operating necessity - ANSWER project is required to keep the system running
Competitive necessity - ANSWER project is necessary to sustain a competitive
