Financially Focused Project Management 1st Edition Thomas M. Cappels - Solutions

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You are managing a software project, when you find out that a programming team who you were supposed to have access to has been reassigned to another project. What is the first thing that you should do?A. Figure out the impact that this will have on your project B. Bring a copy of your project’s
You are the project manager for a software project, when the sponsor pulls the plug and cancels the project. What do you do?A. Give the team the day off to recuperate from the bad news B. Create a budget summary for the remaining unspent budget C. Follow project closure procedures to close the
You are holding a formal, approved document that defines how the project is executed, monitored, and controlled. You are holding:A. The project management plan B. The performance measurement baseline C. The project charter D. The work breakdown structure
One of your team members has discovered a defect in a deliverable and has recommended that it be repaired. Which of the following is NOT true:A. The project charter has authorized you to perform the work B. Your project is in Monitor and Control Project Work process C. The defect repair must be
You’re on the project selection committee. You’re reviewing a document that describes the strategic value of a potential project and its benefits to the company. What’s this document called?A. Project Charter B. Business Case C. Benefit measurement method D. Contract
You are a project manager on a software project. When you planned the project, your Enterprise Environmental Factors included a policy that all changes that cost over 2% of the budget need to be approved by the CFO, but smaller changes could be paid for by a management contingency fund. One of your
You’re the project manager at a telecommunications company. You recently had stakeholders approach you with changes. You figured out that the changes would cost additional time and money. The stakeholders agreed, you were given additional time and budget, and the changes were approved. Now you
The work authorization system:A. Ensures that every work package is performed at the right time and in the proper sequence B. Authorizes the project manager to spend money on work C. Is a set of processes and tools that aids project manager in effectively guiding the project to completion D. Is a
You’re a project manager on a construction project. The electrician has started laying out the wiring, when the client comes to you with a change request. He needs additional outlets, and you think that will increase the cost of the electrical work. What is the first thing you do?A. Refuse to
You’re managing a graphic design project. One of your team members reports that there is a serious problem, and you realize that it will cause a delay that could harm the business of the stakeholders. Even worse, it will take another two days for you to fully assess the impact—until then, you
What is the output of Direct and Manage Execution?A. Approved change requests B. Project management processes C. Deliverables D. Forecasts
Which of these is not an input to Develop Project Charter?A. Enterprise environmental factors B. Project Management Plan C. Contract D. Project statement of work
You’ve just received a change request. This means:A. The project charter is complete, but the work cannot begin yet because you need to make a change to the scope baseline B. You are in the Direct and Manage Execution process, and you can implement the change now C. The change needs to be
You’re a project manager working in a weak matrix organization. Which of the following is NOT true?A. Your team members report to functional managers B. You are not in directly charge of resources C. Functional managers make decisions that can affect your projects D. You have sole responsibility
You’re the project manager for an industrial design project. Your team members report to you, and you’re responsible for creating the budget, building the schedule, and assigning the tasks. When the project is complete, you release the team so they can work on other projects for the company.
Which of the following is NOT true about overlapping phases?A. Each phase is typically done by a separate team B. There’s an increased risk of delays when a later phase can’t start until an earlier one ends C. There’s an increased risk to the project due to potential for rework D. Every phase
A project manager is running a software project that is supposed to be delivered in phases. She was planning on dividing the resources into two separate teams to do the work for two phases at the same time, but one of her senior developers suggested that she use an Agile methodology instead, and
Which of the following is NOT a project?A. Repairing a car B. Building a highway overpass C. Running an IT support department D. Filming a motion picture
Which process group contains the Develop Project Charter process and the Identify Stakeholders process?A. Initiating B. Executing C. Monitoring and Controlling D. Closing
You’re a project manager for a construction project. You’ve just finished creating a list of all of the people who will be directly affected by the project. What process group are you in?A. Initiating B. Planning C. Executing D. Monitoring & Controlling
A project manager runs into a problem with her project’s contractors, and she isn’t sure if they’re abiding by the terms of the contract. Which knowledge area is the BEST source of processes to help her deal with this problem?A. Cost Management B. Risk Management C. Procurement Management D.
Which of the following is not a stakeholder?A. The project manager who is responsible for building the project B. A project team member who will work on the project C. A customer who will use the final product D. A competitor whose company will lose business because of the product
You’re a project manager working on a software engineering project. The programmers have started building the software, and the testers have started to create the test environment. Which process group includes these activities?A. Initiating B. Planning C. Executing D. Closing
A project manager is having trouble securing programmers for her project. Every time she asks the programming manager for resources for her project, he says they’re all assigned to other work.So she is constantly having to go over his head to overrule him. Which type of organization is she
A project coordinator is having trouble securing programmers for her project. Every time she asks her boss to give a resource to the project he says that they are too busy to help out with her project.Which type of organization is she working in?A. Functional B. Weak Matrix C. Strong Matrix D.
You want to know specifically which business goal a group of projects and programs are going to accomplish. Which is the best place to look for this information?A. Project Plan B. Project Charter C. Portfolio Charter D. Program Charter
Your manager asks you where to find a list of projects that should be managed together. What is the BEST place to find this information?A. Project Plan B. Project Charter C. Portfolio Charter D. Program Charter
Which of the following is used for identifying people who are impacted by the project?A. Resource List B. Stakeholder Register C. Enterprise Environmental Factors D. Project Plan
You’re managing a project to build a new accounting system. One of the accountants in another department really likes the current system and is refusing to be trained on the new one. What is the BEST way to handle this situation?A. Refuse to work with him because he’s being difficult B. Appeal
Which of the following is NOT an example of operational work?A. Building a purchase order system for accounts payable B. Submitting weekly purchase orders through a purchase order system C. Deploying weekly anti-virus software updates D. Yearly staff performance evaluations
A project manager is running a data center installation project. He finds that his stakeholder is angry because he’s run over his budget because the staff turned out to be more expensive than planned. The stakeholder’s unhappy that when the project is over, the servers won’t have as much
Which of the following is NOT a Project Constraint?A. Quality B. Scale C. Time D. Cost
A project manager is having trouble with his project because one of his team members is not performing, which is causing him to miss an important date he promised to a stakeholder. He discovers that the team member knew about the project problem, but didn’t tell him because the team members are
At the beginning of a project, a software team project manager is given a schedule with everyone’s vacations on it. She realizes that because the software will be delivered to the QA team exactly when they have overlapping vacations, there is a serious risk of quality problems because there
You’re managing a project to remodel a kitchen. You use earned value calculations to figure out that you’re going to run $500 over budget if your project continues at the current rate. Which of the following core characteristics of a project manager are you using to find the problem?A.
Which of the following is NOT true about portfolio management?A. The portfolio manager judges success of the portfolio by combining data from all of its programs and projects B. A portfolio can contain projects and programs C. A portfolio is organized around a business goal D. A portfolio is always
Which of the following is NOT a knowledge area?A. Scope B. Integration C. Procurement D. Initiating
Which of the following is NOT a Process Group?A. Monitoring and Controlling B. Gathering Requirements C. Initiating D. Closing
Which of the following is NOT a responsibility of a project manager?A. Managing stakeholder expectations B. Managing project constraints C. Gathering product requirements D. Sponsoring the project
An energy company is investing in a series of initiatives to look for alternative energy sources so that the company can be competitive in 10 years. The initaitives are tracked and managed together because this goal is vital to the success of the company. This is an example of...A. A portfolio B. A
Which of the following is NOT a characteristic of a project?A. Temporary B. Strategic C. Specific result D. Progressively elaborated
The project manager for a construction project discovers that a new water line is being created in the neighborhood where he’s managing a project. Company policy requires that a series of forms for city environmental changes need to be filled out before his team can continue work on the project.
What other problems in hotel operations have you experienced? How could they be resolved using FFPM?
Describe the FFPM activity for complaints about coffee shop employees, about the time it takes to prepare and serve dinner in the dining room, or lost reservations.
Describe the FFPM activity that might take place for complaints about broken ice makers or vending machines, including identifiers, potential and probable causes, potential corrective actions, cost analyses, implementation, and follow-up and closure.
Would you recommend initiating formal financial training for employees in hotel operations? Why or why not? Which employees, if any, would receive such training, and by what method?
What circumstance, if any, could justify the continued use of secondary problemlchange reports? Why do you think they were used in the first place?
How does the FFPM approach utilized at Litton differ from the approach used in a manufacturing environment? A service industry?
Explain how FFPM tools led to improved financial results. What unfavorable financial impacts would/could have been incurred had Perky Pets not implemented FFPM?
What similar products can you imagine as potential moneymakers for Perky Pets? What problems might be encountered, and how could FFeM be used to resolve them?
Evaluate the performance of Perky Pets in the following areas:Product development Manufacturing process Supplier relations Marketing Warranty service
What could be the vision statement for Perky Pets? Mission statement?
What operations in your company could conceivably be outsourced?What are the pluses? Minuses?
What are some of the positive benefits of outsourcing?
When overhead is allocated to labor hours or labor dollars, how does outsourcing affect overhead rates?
What are some of the negative impacts of outsourcing?
What are some of your thoughts on the "new model"? On its application to project management?
Describe the four states of culture shock.
Suggest some ways to take advantage of cultural diversity.
What are some strategies for breaking into foreign markets?
What are some techniques for avoiding cross-cultural pitfalls?
What are some cross-cultural differences that could impact a project?
How important is it in your company that its products be 100% error free?What quality control measures are in place? Are more needed? Are there too many'? How does your company determine the right balance? Is statistical process control used in your company? What statistical process control
How often do you have your car tuned or your oil changed? How do you determine the frequency?
How are the quality assurance measures used in a manufacturing concern similar to those in a service organization? How do they differ?
For what business process improvements have you personally been responsible? How were you rewarded for your efforts?
Have you previously participated in a suggestion program? Share your experience.
If your boss encouraged you to make recommendations, how would you feel? Do you think he or she would take your recommendations seriously? Or would you think, "Well, here's another one of those suggestion programs"? What would it take to really motivate you to participate?
Offer suggestions for calculating increased training costs associated with head count reductions. What sort of cost impact could you associate with a reduction in quality?
Select a recent improvement implemented at your company. Make assumptions and attempt to calculate one-time implementation cost, ongoing cost of new processes, and the costs associated with superceded activities. Summarize your findings.
What is a "disallowance"? What is the purpose of having disallowances?
Why might the realization factor be lower in summer months than winter months?
Explain the process used for forecasting personnel.
What is the difference between labor and nonlabor costs?
Assuming a 6.9-hour-per-day yield factor, how many employees working for 1 week would be necessary to deliver 1,725 hours?
How does your company account for time?
How does your company make a profit?
If you were to design a company-unique financially focused training program for your company, what topics would you include?
What groups need to be notified? Why?
What are the major steps in the project closure process?
What is the difference between a scheduled and unscheduled audit?What are the advantages of each to the auditor? Which audit would the function being audited prefer? Why?
Why is an audit conducted during a project? After it is completed?
Generally speaking, what is the purpose of an audit?
Have you been involved with any projects that have used an integrated cost/schedule system? If so, how was progress measured? Was it effective?Why or why not?
Are you familiar with any public construction projects (e.g., highway modifications) that have been over budget or behind schedule? Were you or other members of the public personally affected?
What project constraints have affected projects on which you have worked? How were they dealt with?
What experiences have you or your company had with projects that were behind schedule? Were steps taken to recover the schedule? If so, what were they? If not, why not?
Define time-cost trade-offs. What steps can be taken to complete a project ahead of schedule? How do these steps affect costs?
What is load leveling? How might load leveling be used in a project that involves designing three separate modules for a new software project?
What is a good source for budget information?
Why is it important to establish budgets for projects? What might happen if there was a project and no budgets were in place?
How would you quantify the risk of a potential labor strike? What factors would you use to determine a negative cost associated with:Potential training of new staff Possible costs associated with falling behind schedule (e.g., late penalties, not having product to sell)Decrease in morale Loss of
What projects have you worked on that have encountered unusual problems? Were risk mitigation plans in place or contingency plans? What was the effect of having or not having these plans? Can you make any recommendations?
What is a Gantt chart? Have you even used or seen a Gantt chart at your place of work? What was the project? What information did it contain?
What options does a project manager have for getting project duration estimates? When might one option be selected over another?
What are activity-on-node, activity-on-arrow, and activity-in-box network planning? How do they differ? Under what circumstance would a project manager utilize each?
What is the difference between management reserve and undistributed budget?
What are some of the initial questions a project manager should ask when starting the planning process?
What is project planning and what are the steps?
What is the difference between a fixed price contract and a cost reimbursable contract? Which is the safest for the contractor? Which is safest for the customer?

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