Questions and Answers of Contemporary Management

A potentially negative uncertainty is known as a(n)________________, while a positive uncertainty is known as a(n) ________________.
Who should be involved in identifying potential risks for the project?
List and describe the four different categories of project success measures.
During which stage of a project are most risks typically uncovered?
Relative to the project’s life cycle, when is the cost per risk discovered typically highest for plan-driven projects? Is this different on Agile projects?
What does a SWOT analysis examine?
Name three different ways to categorize project risks.
A key supplier for your project has not been returning your calls or responding to your e-mails. This is an example of a(n) ________________, which indicates that a risk is likely to occur.
What two main criteria are used when evaluating risks during qualitative risk analysis?
Should every risk, no matter how major or minor, have a contingency plan created to address it?Why or why not?
Are both qualitative and quantitative risk analyses used on all projects? Why or why not?
What is an example of transferring risk?
Describe the various types of information that are often contained in the risk register. Why is each included?
In the risk register, why should only one person be assigned “owner” of a risk?
Which three risk strategies are used specifically for dealing with opportunities?
Describe trade-offs that may need to be made among project stakeholders’ priorities. How would you address these trade-offs as a project manager?
What is the difference between a major risk and a minor risk? How do you determine which risks are major versus minor?
You are the project manager of a construction project for a large organization and will be relying mostly on independent contractors to execute the project work. Which type of contract would you
Give an example of a risk you have chosen to accept on a previous project. How did you decide to accept it? In retrospect, was that the right decision to make?
How do the development approach and project lifecycle you choose affect the way you plan for uncertainties?
A SWOT analysis is an information-gathering tool that helps increase the range of identified risks by examining strengths, weaknesses, _______________, and threats to a project.a. opportunitiesb.
The _______________ is a living document in which the results of risk analysis and risk response planning are recorded.a. root cause analysisb. risk registerc. risk management pland. cause-and-effect
While all projects use _______________ risk analysis, _______________ risk analysis is used only when it is needed and there is sufficient data to develop appropriate models.a. quantitative,
An Agile meeting at which risk may be discussed could be any of the following EXCEPT:a. premortumb. stand-upc. risk-based spiked. retrospective
Avoid risk, mitigate risk, accept risk, and _______________ are all strategies for responding to negative risks, also known as threats.a. enhance riskb. prevent riskc. transfer riskd. share risk
An analytical technique used to determine the basic underlying source of a variance, a defect, or a risk is called _______________.a. qualitative risk analysisb. Monte Carlo analysisc. SWOT
The Risk Management Plan describes the methodology, roles and responsibilities, budgeting, timing, and risk categories for potential causes of risk. These risk categories can be structured into a
Risks that have been identified and may or may not happen are referred to as known unknowns, and a _______________ should be established to cover them if they are triggered.a. contingency reserveb.
_______________ is a quantitative risk analysis modeling technique used to help determine which risks have the most powerful impact on the project. Using a tool such as a tornado diagram, it
Expected monetary value (EMV) is commonly used within this type of analysis:a. root causeb. decision treec. Monte Carlod. cost/benefit
For the same campus event project, perform a literature review to identify risks.
Engage another student team to perform a peer review of project risks for your project. In turn, you perform a peer review for theirs.
Brainstorm and group at least twelve risk factors for risks in one of the following types of projects:• Research and development projects• Organizational change projects• Quality improvement
1. Brainstorm all of the risks you can imagine. Use a premortum.Create a definition of done.2. Assess the risks to determine which you believe are big.3. Create response plans for the big risks,
What is the name of the process that identifies which quality standards are relevant to the project and how to comply with them?
Who was the influential thought leader in the area of quality who created the Profound Knowledge System?
Who is best known for creating the Quality Trilogy?
What does the acronym TQM stand for? How does it apply to project management?
What does the name Six Sigma refer to?
Define the term project quality in your own words.
Give some examples of external stakeholders.
What are the four core project quality concepts?
Define quality assurance and the primary methods that can be used to achieve it.
Define quality control and the primary methods that can be used to achieve it.
What marks the transition between the planning and executing project phases?
How do lessons learned fit into quality planning?
When and how is value delivered on a predictive project? On an Agile project?
What is the purpose of identifying a threshold for project metrics?
What did Deming mean when he said that organizations operate as systems? Give examples.
Rank the seven quality management areas of ISO from most to least important. What rationale is your list based upon?
Describe the process of achieving stakeholder satisfaction. How would you address a situation in which two stakeholders have mutually exclusive goals for the project?
Give examples of how a single company might use continuous process improvement and/or breakthrough process improvement.
Give some examples of common and special cause variation that you have witnessed. Which of these causes of variation can be addressed through continuous improvement?
Discuss the four areas of fact-based decision making.In your opinion, what is the greatest obstacle to using fact-based decision making?
Discuss the costs of conformance versus nonconformance and how they both factor into the overall cost of quality. What percent of your budget would you put toward conformancerelated tasks compared to
In your own experience, have you seen companies integrate quality within their project planning processes? If so, when and how have they done so?If not, do you think it would have been more
How does the idea of servant leadership relate to project quality?
How might a project leader’s understanding of the team members’ individual motivations affect the project’s overall quality?
What is the difference between an efficient process and an effective process? How can we improve efficiency and effectiveness, respectively?
An important input to the Plan Quality Management process is requirements documentation. This is because:a. the organization will have a uniform set of specific quality requirements that every
Which of the following is part of a Configuration Management System?a. process for identifying and uniquely naming items that need to be controlledb. recording and reporting all changesc. verifying
What cycle is the basis for Six Sigma quality planning and improvement?a. DMAICb. PDCAc. DOEd. TQM
All of these are components of a work flow diagram called the SIPOC model except:a. customerb. processc. inputd. support
Total Quality Costs are comprised of the costs of all of the following EXCEPT:a. preventionb. appraisalc. managementd. external Failure
During quality management planning, the project manager and team determine what will be measured during the Control Quality process.Project or product attributes such as on-time performance, defect
Preventive action ____________________.a. is primarily addressed in the Control Quality processb. realigns the performance of the project work with the project management planc. seeks to ensure the
According to the PMBOK, which of the following is not a quality management process?a. Plan Quality Managementb. Monitor Qualityc. Perform Quality Assuranced. Control Quality
Once the project management plan is complete and accepted by the stakeholders, the approved plan is ____________________.a. reviewedb. baselinedc. followedd. documented
Who came up with the four-part Profound Knowledge System?a. Demingb. Juranc. Maslowd. Ford
Create a SIPOC for an everyday activity (i.e., paying bills, parallel parking, or making cookies).
Create a SIPOC model for a project in which your university is modernizing its student center to include space for on-campus, student-run businesses.Be sure to include all relevant stakeholder
Improve a work process using either the DMAIC or the PDCA model to guide your actions. What project quality tools did you use, and why did you select each?
Identify the quality policy for a local company.Speculate how the policy focuses the efforts on a project in that company. Find a project manager at that company and ask their opinion of the quality
Two aspects of quality policy guide the arboretum development project. One is the Township’s Greenspace Policy and the other is Arbnet’s arboretum certification requirements. While Level One
Do small businesses often outsource project work?Why or why not?
Name the three processes that make up project procurement management.
In supply chain management, what are some other names for the seller? What are some other names for the buyer?
List three functional areas that are frequently outsourced by business organizations.
In a fixed-price contract, who assumes the greatest level of risk?
In what type of contract does the buyer assume the greatest level of risk?
What is the name of a single insurance policy that is used to provide coverage for all project participants?
What is meant by lean procurement and how does it relate to project management?
_______________ is a method for transforming contractual arrangements into a cohesive, collaborative project team with a single set of goals and established procedures for resolving disputes.
What do the contract terms Change for Free and Money for Nothing mean?
What does the project team need prior to planning procurements?
Should activities on the critical path be outsourced?Why or why not?
Which of the three competitive advantages do you think companies are most willing to outsource for? List any examples you can think of.
Your company is hoping to outsource some of its work constructing a new development of condominiums.What would you use as selection criteria to narrow down your list of potential sellers?
You decide to board your dog at the vet’s office while you are on vacation and sign papers saying you will pay $25 per day plus $15 for a bath every third day. What type of contract have you
What is the difference between Graduated Fixed Price and Fixed Price Work Package contracts?Give an example of when you might use each on an Agile project.
What are some potential issues related to outsourcing?How could you mitigate these issues?
You are the project manager in charge of renovating a large apartment building, and your team has decided to outsource the installation of a new septic system. Do you put out an RFQ or RFP to
How would you determine if a potential partnership aligns with your project vision?
The Project Procurement Knowledge Area includes all of the following processes except:a. plan procurement managementb. conduct procurementsc. close procurementsd. control procurements
In making a decision about whether or not to outsource part of a project, one must evaluate the effect it would have on _________________.a. timeb. costc. performance controld. all of the above
One output of the Plan Procurement Management process is the _________________, a document that describes the item to be procured “in sufficient detail to allow prospective sellers to determine if
Which of the following contracts is riskiest for a buyer?a. time and materialb. cost reimbursablec. firm-fixed-priced. fixed-price-economic-price-adjustment
A _________________ analysis is a technique that results in a decision about whether particular work can best be accomplished by the project team or should be purchased from external sources.a.
Which contract type puts the most risk on the seller?a. time and materialb. cost reimbursablec. firm-fixed-priced. fixed-price-economic-price-adjustment
Which of the following contracts is NOT commonly used with Agile projects?a. time and materialb. money for nothingc. graduated fixed priced. change for free

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