Quiz for Project Management Framework

PM - Project Management Framework

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This is a studying type of quizzes. Selecting projects is one of the essential areas of project management. While no project managers usually involved in the project selecting process, this set of knowledge is needed to understand the projects prioritization and value in corporate strategy.

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Question 1

On a project managers meeting somebody complained about issues in managing resources, others discussed communication with stakeholders. What advantage a matrix project organization has?

A	Easier manage communications.
B	Highly visible project objectives.
C	Two bosses accountable for project delivery.
D	Resources assigned full time on the project.

Question 1 Explanation:

Highly visible project objectives is the right answer. Both functional manager(s) and project managers have the same objectives to deliver project results, but only the project manager is responsible for project success. In a strong matrix organization, a project manager has more power on the project, in weak - functional manager, and in a balanced, the influence of both managers is equal. [Project Management Framework]

Question 2

Which of the following is the subset that used by Benefit Measurement Method for project selection?

A	Scoring model, present value, economic model, peer review.
B	Murder board, payback period, profit-lost ratio, revenue-cost ratio.
C	Profit-loss model, peer review, interest rate, revenue over costs.
D	Peer review, scoring model, murder board, economic model.

Question 2 Explanation:

Peer review, scoring model, murder board, economic model a right set of methods to use for project selection. [Cost Management]

Question 3

Which of the following subsets is used in Economic Model for project selection?

A	Present value, future value, benefit-cost ratio, strategic vision.
B	Net present value, present value, payback period, internal rate of return, benefit-cost ratio.
C	Payback period, constrain optimization method, profit-lost ratio, benefit-cost ratio.
D	Payback period, internal rate of return, profit-lost analysis, benefit-cost ratio.

Question 3 Explanation:

The correct answer is "Net present value, present value, payback period, internal rate of return, benefit-cost ratio". [Project Management Framework]

Question 4

Applying the spirit of progressive elaboration what would be the right paring of items in project charter and scope statement?

A	Project purpose or justification - Project deliverables. Measurable project objectives and related success criteria - Project scope description (progressively elaborated). High-level requirements - Project assumptions. High-level product description, product characteristics - Project plan and activities schedule. Summary milestones schedule - Project constrains. Summary budget - List of stakeholders.
B	Project purpose or justification - Project deliverables. Measurable project objectives and related success criteria - Project scope description (progressively elaborated). High-level requirements - Project assumptions. High-level product description, product characteristics - Project boundaries. Summary milestones schedule - Project constrains. Summary budget - Product user acceptance criteria.
C	Project purpose or justification - Project communication plan. Measurable project objectives and related success criteria - Project scope statement. High-level requirements - Product user acceptance criteria. High-level product description, product characteristics - Project boundaries. Summary milestones schedule - Project constrains. Summary budget - Project quality requirements.
D	Project purpose or justification - Project scope description (progressively elaborated). Measurable project objectives and related success criteria - Project deliverables.

Question 4 Explanation:

Progressively elaborated statements from project charter to scope statement: Project purpose or justification - Project scope description (progressively elaborated). Measurable project objectives and related success criteria - Project deliverables. High-level requirements - Product user acceptance criteria. High-level product description, product characteristics - Project boundaries. Summary milestones schedule - Project constrains. Summary budget - Project assumptions. [1 - Table: Elements of the Charter and Scope Statement]

Question 5

The assignment has defined objectives and deadline. Scope is progressively elaborated throughout the life cycle. What type of work is this?

A	Operation.
B	Project.
C	Portfolio.
D	Program.

Question 5 Explanation:

Project have defined objectives. Scope is progressively elaborated throughout the project life cycle. [1-1.4.1]

Question 6

Is this right that project life cycle is different for each industry?

A	No, the project life cycle is the same for each industry.
B	Yes, the project life cycle is different for each industry
C	The project and product life cycle are similar.
D	Project life cycle is similar for product life cycle thus it is similar for each industry.

Question 6 Explanation:

Yes, the project life cycle is different for each industry.

Question 7

A new government regulation requires significant changes in the company's product. What decision should be done?

A	Discontinue the product.
B	Verify if the change addresses company's strategic plans and meets customers' needs.
C	Implement the change as required by law.
D	Do not make any changes until the product's retirement.

Question 7 Explanation:

The decision should be made based on company's strategy and market demand.

Question 8

The stakeholders may often have very different or conflicting objectives, it is part of the project manager's responsibility to do what?

A	Balance the stakeholders' interests and ensure that the project team interacts with stakeholders in a professional and cooperative manner.
B	Stakeholder should not influence project but be involved in the development of product requirements and accepting project deliverables.
C	Manage stakeholders expectations but isolate project team from communication with stakeholders in order to eliminate conflicts and misunderstanding.
D	Stakeholders should have similar objectives on the project and be supportive through the course of the project.

Question 8 Explanation:

It is a part of project manager's work to manage stakeholders expectations and balance the stakeholders' interests, and ensure that the project team interacts with stakeholders in a professional and cooperative manner. [Stakeholders]

Question 9

As a part of the next three year plan, an executive is analyzing all the current and future projects, and focusing on the required budget and resources. What does the executive perform?

A	Developing marketing plan.
B	Portfolio management.
C	Project planning.
D	Program planning.

Question 9 Explanation:

A portfolio refers to a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. [1 - 1.4.1 Project Management Framework]

Question 10

One of the company's leaders analyzes the work and prepares a decision to relocate the resources and budget. This initiative influences a few projects and strategic business objectives of the company. Which type of practices this work refers to?

A	Portfolio management.
B	Resource management.
C	Scope management.
D	Program management.

Question 10 Explanation:

Portfolio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.

Question 11

What is the method used for project selection?

A	Mathematical approach.
B	All answers are right.
C	Benefit measurement.
D	Comparative approach.

Question 11 Explanation:

All these methods are used in project selection; the benefit measurement and comparative approach have same meaning here. [1 - Project Management Framework]

Question 12

A sponsor leads the project through the engagement or selection process until formally authorized. In the development of which documents sponsor plays the most significant role?

A	Project acceptance plan.
B	Initial scope statement and project charter.
C	Scope and project plan.
D	Requirements to product quality.

Question 12 Explanation:

Sponsor plays the most significant role in the development of the initial scope statement and project charter. [Stakeholders]

Question 13

Who should completing lessons learned document?

A	The project manager.
B	The stakeholders.
C	The Team.
D	The sponsor.

Question 13 Explanation:

Stakeholders' input into lessons learned is most critical.

Question 14

An executive team is selecting a project to invest. Six months left to complete a tree-year project "A" which has IRR 2.4. Project "B" was suggested for upgrade the call center, which addresses company's strategic objectives. The calculated IRR of this project is 2.1. Project "C" employs new technology, but adds complexity to the system. This project planed for 18 months, and its IRR is 2.6. The fourth project "D" is planned for 2 years, but project manager can be hired only next month; its IRR is 2.5. Which project to be selected?

A	Project D.
B	Project B.
C	Project C.
D	Project A.

Question 14 Explanation:

Correct, Project C is the correct answer because it has highest internal Rate of Return (IRR); the duration and sunk cost do not matter. [Project Management Framework: Project Selection]

Question 15

What document contains information about responsibilities and authority level of the assigned project manager?

A	Project communication plan.
B	Project quality plan.
C	Project charter.
D	Project scope statement.

Question 15 Explanation:

Project charter should contain information about responsibilities and authority level of the assigned project manager. [1 - Table A2 Elements of the Charter and Scope Statement]

Question 16

Which document should be used in project selection?

A	Business case.
B	Business plan.
C	Project Charter.
D	Project plan.

Question 16 Explanation:

Business case is the major document to be used in project selection. Business plan is more conceptual strategic document of the company; develop of project charter process uses business case as one of the inputs, and project plan is the result of the planning process group. [Project Management Processes]

Question 17

Which document describes the project approval requirements (what constitutes success, who decide it, who signs off)?

A	Project approval plan.
B	Stakeholder management strategy.
C	Project communication plan.
D	Project charter.

Question 17 Explanation:

Project charter contains project approval requirements. [1 - Table A2 Elements of the Charter and Scope Statement]

Question 18

A team of software developers was assigned to fix a glitch in the product. A system development life cycle supports the project through validation of the requirements, development, testing and deployment. What type of work the team is assigned for?

A	Product development.
B	Project.
C	SDLC program.
D	Product maintenance.

Question 18 Explanation:

This is a product maintenance work, not a project. [1 - Project Management Framework]

Question 19

What is the role of the portfolio manager?

A	Portfolio manager is responsible for the overall governance of a group of related or not related projects or programs.
B	Portfolio manager is responsible for auditing of a group of related projects.
C	Portfolio manager is responsible for a group of related programs.
D	Portfolio manager is responsible for supporting project managers on a group of projects or programs.

Question 19 Explanation:

Overall governance of a group of related or not related projects or programs. [Stakeholders]

Question 20

All these are conditions to initiate a project.

A	All executives support the objectives of the project and consider them as part of company's strategy.
B	Market demand, strategic opportunity, customer request, technological advantage, legal requirements.
C	Market demand, user's request, availability of budget, availability of resources, executive decision.
D	Feasibility study confirmed the project meets the market needs and can be completed on time and on budget.

Question 20 Explanation:

Market demand, strategic opportunity, customer request, technological advantage, legal requirements are the best criteria to select project.

Question 21

Users complain about product performance. The product meets all the requirements. However, the lawyer requests to fixing legal issues. Who of the following are stakeholders to organization manages the project?

A	Customer.
B	Users.
C	All of them.
D	Customer and lawyer.

Question 21 Explanation:

Project stakeholders are the customers/users or organizations that will use the project's product, service or result. There may also be multiple players, including legal provisioning. [Stakeholders]

Question 22

A project manager was assigned to a project and heard that last year a similar project has failed in the company. What should be done?

A	Coordinate the project plan with all stakeholders to ensure their satisfaction an support.
B	Contact a project manager of the failed project and ask for advise.
C	Contact project management office (PMO) and ask to provide a project plan.
D	Contact project management office (PMO) and ask for historical records and guidance.

Question 22 Explanation:

Such historical records as lessons learned, communications, project plan and many other documents can provide significant support to a project manager on new assignment.

Question 23

What primary function of a Project Management Office (PMO)?

A	PMO develops project plan.
B	PMO verifies product market demands.
C	PMO supports project managers.
D	PMO provides communications with stakeholders.

Question 23 Explanation:

A primary function of a PMO is support project managers with a variety of ways which may include but not limited to: managing share resources across all projects; identifying and developing project management methodology, best practices and standards; coaching, mentoring, training, and oversight; monitoring compliance with PM standards, policies, procedures and templates via project audits; developing and managing project policies, procedures, templates, and other shared documentation (organizational project assets); coordinating communication across projects.

Question 24

What is role of project manager?

A	Project manager is responsible for developing and executing project management plan, controlling and monitoring project activities.
B	Project manager is accountable to deliver the product or service within planned budget and time.
C	Project manager is assigned by the performing organization to achieve the project objectives.
D	Project manager gets team together and executes the project.

Question 24 Explanation:

Project manager is assigned by the performing organization to achieve the project objectives. This is the most accurate answer description of the PM's role.

Question 25

To ensure the objectives of the project are met, it is require to...

A	Ensure that objectives are supported by stakeholders.
B	Verify the objectives in closing phase.
C	Report the project status to PMO.
D	Establish unambiguous and realistic objectives, periodically evaluate if objectives are being met, implement corrective action.

Question 25 Explanation:

The approach of management by objectives (MBO) has three steps: 1. Establish unambiguous and realistic objectives. 2. Periodically evaluate if objectives are being met. 3. Implement corrective action.

Question 26

CEO asked to upgrade one of the company's products. Implementation of new features will take the company to the next level. The marketing department prepares press releases and ads, the partner channels team and contracted trainers update documentation and training course for partners and users. What is the type of work this organization performs?

A	This is a program.
B	This is a product maintenance work.
C	This a marketing project.
D	This is a project supported with system development life cycle.

Question 26 Explanation:

This is a program with a few projects that includes product development, training course, and marketing activities. [1 - Project Management Framework]

Question 27

It was documented in the project charter that project should meet certain limitation. What limitation can be applied?

A	All answers are right.
B	Location of project execution and security clearance.
C	Customer satisfaction.
D	Cost, time, quality, risk, scope, resources.

Question 27 Explanation:

All but not limited to the mentioned conditions can be determined as constrains.

Question 28

What of the following is a project life cycle?

A	Estimation, high-level design, detailed design, coding, testing, installation.
B	All answers are right.
C	Feasibility study, planning and estimation, design, testing, deployment, turn over to production.
D	Initiation, planning, execution, closing.

Question 28 Explanation:

All the listed processes can be called as a project life cycle and used in different industries or companies with different preferences and standards.

Question 29

When the project charter has to be signed off?

A	Right after the project started.
B	When the requirements of the project have been finalized.
C	Before the project starts.
D	At the end of the project.

Question 29 Explanation:

Signing project charter means authorizing the project thus the project charter must be signed before the project started.

Question 30

Management by objectives works only if:

A	The project is on track of time and budget.
B	The project objectives are documented in project scope.
C	The objectives are supported by management.
D	All requirements have been taken and coordinated.

Question 30 Explanation:

The best choice is the requirement that for management to support the objectives.

Question 31

What responsibilities stakeholders may have on the project?

A	Stakeholders may verify the project deliverables against company strategic plans, overseeing the product quality and project schedule.
B	Stakeholders may request changes of product requirements and offering an alternative solutions.
C	All choices are right.
D	Stakeholders have varying levels of responsibility and authority, from occasional contributions in surveys and focus groups to full project sponsorship (financial and political support).

Question 31 Explanation:

All choices are right. Stakeholders have varying levels of responsibility and authority, from occasional contributions in surveys and focus groups to full project sponsorship (financial and political support). [Stakeholders]

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