Project Management A Systems Approach To Planning Scheduling And Controlling 13th Edition Harold Kerzner - Solutions

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What are the types of project closure?
What issues should be addressed in the project final report?
Contrast project audits with financial audits.
What are the typical steps in a project audit?
What are the measurement challenges associated with using a multivariate model such as a scoring model?
What are some of the commonly used project evaluation criteria?
If a project manager is looking for revenue for a value-added scope change, the project manager's first choice would be:A. Management reserveB. Customer-funded scope changeC. Undistributed budgetD. Retained profits
The most accurate estimates are:A. Parametric estimatesB. Quick-and-dirty estimatesC. Analogy estimatesD. Engineering estimates
Which of the following is considered to be a bottom-up estimate rather than a top-down estimate?A. Parametric estimatesB. Analogy estimatesC. Engineering estimatesD. None of the above
Which of the following would be considered a cost-estimating relationship (CER)?A. Mathematical equations based on regression analysisB. Learning curvesC. Cost–cost or cost–quantity relationshipsD. All of the above
If a worker earns $30 per hour in salary but the project is charged $75 per hour for each hour the individual works, then the overhead rate is:A. 100%B. 150%C. 250%D. None of the above
Information supplied to a customer to support the financial data provided in a proposal is commonly called:A. Backup dataB. Engineering support dataC. Labor justification estimatesD. Legal rights estimates
Estimating pitfalls can result from:A. Poorly defined statement of workB. Failure to account for risks in the estimatesC. Using the wrong estimating techniquesD. All of the above
The source of many estimating risks is:A. Poorly defined requirementsB. An inexperienced project managerC. Lack of management support during estimatingD. All of the above
A project where the scope evolves as the work takes place is called either progressive planning or:A. Synchronous planningB. Continuous planningC. Rolling wave planningD. Continuous re estimation planning
The calculation of the total cost of a product, from R&D to operational support and disposal, is called:A. Birth-to-death costingB. Life-cycle costingC. Summary costingD. Depreciation costing
The award of the Scott contract on January 3, 2010, left Park Industries elated. The Scott Project, if managed correctly, offered tremendous opportunities for follow-on work over the next several years. Park's management considered the Scott Project strategic in nature. The Scott Project was a
In earned value measurement, earned value is represented by:A. BCWSB. BCWPC. ACWPD. None of the above
If BCWS = 1000, BCWP = 1200, and ACWP = 1300, the project is:A. Ahead of schedule and under budgetB. Ahead of schedule and over budgetC. Behind schedule and over budgetD. Behind schedule and under budget
If BAC = $20,000 and the project is 40 percent complete, what is the earned value?A. $5000B. $8000C. $20,000D. It cannot be determined.
If BAC = $12,000 and CPI = 1.2, what is the variance at completion?A. –$2000B. +$2000C. –$3000D. +$3000
If BAC = $12,000 and CPI = 0.8, what is the variance at completion?A. –$2000B. +$2000C. –$3000D. +$3000
If BAC for a work package is $10,000 and BCWP = $4,000, then the work package is:A. 40 percent completeB. 80 percent completeC. 100 percent completeD. 120 percent complete
If CPI = 1.1 and SPI = 0.95, then the trend for the project is:A. Running over budget but ahead of scheduleB. Running over budget and behind scheduleC. Running under budget and ahead of scheduleD. Running under budget but behind schedule
Which document describes a work package, identifies the cost centers allowed to charge against this work package, and establishes the charge number for this work package?A. Code of accountsB. Work breakdown structureC. Work authorization formD. None of the above
Unknown problems such as escalation factors are often budgeted for using the:A. Project manager's charge numberB. Project sponsor's charge numberC. Management reserveD. Configuration management cost account
EAC, ETC, SPI, and CPI most often appear in which type of report?A. PerformanceB. StatusC. ForecastD. Exception
If BAC = $24,000, BCWP = 12,000, ACWP = $10,000, and CPI = 1.2, then the cost that remains to finish the project is:A. $10,000B. $12,000C. $14,000D. Cannot be determined
There are several purposes for the 50–50 rule, but the primary purpose of the 50–50 rule is to calculate:A. BCWSB. BCWPC. ACWPD. BAC
When a project is completed, which of the following must be true?A. BAC = ACWPB. ACWP = BCWPC. SV = 0D. BAC = ETC
In March CV = –$20,000, and in April CV = –$30,000. In order to determine whether the situation has really deteriorated because of a larger unfavorable cost variance, we would need to calculate:A. CV in percentB. SV in dollarsC. SV in percentD. All of the above
A project was originally scheduled for 20 months. If CPI is 1.25, what is the new schedule date?A. 16 monthsB. 20 monthsC. 25 monthsD. It cannot be determined
The cost or financial baseline of a project is composed of:A. Distributed budget onlyB. Distributed and undistributed budgets onlyC. Distributed budget, undistributed budget, and the management reserve onlyD. Distributed budget, undistributed budget, management reserve, and profit only
In the future, we must better understand how to:A. Identify metricsB. Measure metricsC. Report metricsD. All of the above
What are the differences between a traditional metric and a KPI?
Metrics must be established for those activities that:A. Are the most difficult to manageB. Are the most difficult to measureC. Are the most difficult to reportD. Have a direct bearing on the success or failure of the project
Is there a standard way that metric information will be reported?
Completing a project within the triple constraint is not necessarily success if the stakeholders cannot recognize the value at the completion of the project.A. TrueB. False
What are the requirements for a metric to exist?
Metrics are designed to:A. Keep stakeholders informedB. Portray a clear and truthful representation of the projectC. Provide information for informed decision-makingD. All of the above
What causes a lack of support for the use of metrics?
In the early years of project management, how many core metrics were looked at on each project other than time and cost?A. NoneB. 2C. 3D. 5
In the early years of project management, we discovered that:A. Measurement of time and cost was usually quite accurate.B. The project was a success if we met the time and cost constraints.C. Unfavorable metrics did not often provide us with sufficient information for corrective action.D. Customers
Which of the following is true?A. Metrics should not be allowed to change as the project progresses.B. Good metrics can provide precise predictions of performance rather than a close estimate.C. Metrics do not provide any real value unless they can be measured.D. All of above are true.
Metrics focus on the future whereas KPIs focus more on the here and now.A. TrueB. False
The rule of inversion states that:A. Only metrics that are difficult to measure should be selected as KPIs.B. Risk KPIs are essential for tracking performance.C. Only core metrics should be tracked.D. Only the easy metrics, such as time and cost, should be selected.
Some metrics and KPIs may not be measured until well into the future because the measurement is based on the beneficial use of the deliverable.A. TrueB. False
Which of the following is not one of the six characteristics of a KPI?A. Predicts the present and the futureB. Can be displayed with more than one iconC. Relevant to the success and failure of the projectD. Few in number
Which of the following can influence the selection of KPIs?A. Size and number of dashboardsB. Type of audience and audience requirementsC. Audience project management maturity levelD. All of the above
KPIs provide no real value if they cannot be measured with any “reasonable” degree of accuracy.A. TrueB. False
Sophisticated measurement techniques will eliminate uncertainties and provide us with complete information for project decision-making.A. TrueB. False
The true health of a project can be determined from a single metric or KPI.A. TrueB. False
During a project kick-off meeting, team members should be briefed on what KPIs will be used as well as what KPIs will not be used.A. TrueB. False
Trade-offs are almost always necessary because:A. Project managers are incapable of planning correctly.B. Line managers are unable to provide accurate estimates.C. Executives are unable to properly define project objectives.D. Circumstances can change, thus mandating trade-offs to take place.
Will the addition of more constraints and metrics make it easier to perform trade-offs on projects?
The person who may be ultimately responsible for approving the trade-off is the:A. Project managerB. Line managerC. Project sponsorD. Customer
Can customer-requested scope changes affect the order in which trade-offs will happen?
The most common trade-offs occur on:A. Time, cost, and qualityB. Risk, cost, and qualityC. Risk, time, and qualityD. Scope, quality, and risk
What should be the role of a project sponsor with regard to trade-offs?
If the start date of a project is delayed but the budget and specifications remain fixed, what would the project manager most likely trade off first?A. ScopeB. TimeC. QualityD. Risk
The two major components of a risk are:A. Time and costB. Uncertainty and impactC. Quality and timeD. Cost and decision-making circumstances
Risk management is normally performed by:A. Developing contingency plansB. Asking the customer for helpC. Asking the sponsor for helpD. Developing work-around situations
Future outcomes that provide favorable opportunities are called:A. Favorable risksB. OpportunitiesC. ContingenciesD. Surprises
Figure 17–17 shows a probability impact matrix for a project involving military operations. Can this same figure be used in the pharmaceutical industry for the development of new drugs where the word mission is replaced by the word health?Data from Figure 17-17: Likelihood Effect A. Loss of
The cause of a risk event is usually referred to as:A. An opportunityB. A hazardC. An outcomeD. An unwanted surprise
If there is a 40 percent chance of making $100,000 and a 60 percent chance of losing $150,000, then the expected monetary outcome is:A. $50,000B. ($50,000)C. $90,000D. ($90,000)
Assumption, mitigation, and transfer are examples of risk:A. ContingenciesB. UncertaintiesC. ExpectationsD. Responses
In which life-cycle phase would project uncertainty be the greatest?A. InitiationB. PlanningC. ExecutionD. Closure
In which life-cycle phase would the financial risks of a project be the greatest?A. InitiationB. PlanningC. ExecutionD. Closure
Monte Carlo simulation is an example of which risk assessment?A. Go-for-brokeB. AdverseC. QualitativeD. Quantitative
Which of the following is not a valid reason for managing a risk?A. Minimizing the risk's likelihoodB. Minimizing the risk's unfavorable consequencesC. Maximizing the probability of the risk's favorable consequencesD. Providing a late-as-possible warning system
Which of the following is generally not part of overall risk management?A. Defining the roles and responsibilities of the team membersB. Establishing a risk reporting formatC. Selection of the project managerD. Risk scoring and interpretation
A technique for risk evaluation that uses a questionnaire, a series of rounds, and reports submitted in confidence and then circulated with the source unidentified is called:A. The Delphi techniqueB. The work groupC. Unsolicited team responsesD. A risk management team
Risk symptoms or early warning signs are called:A. VectorsB. TriggersC. Pre-eventsD. Contingency events
Which of the following is not a risk quantification tool or technique?A. InterviewingB. Decision tree analysisC. Objective settingD. Simulation
A technique that depicts interactions among decisions and associated events is called:A. Decision tree analysisB. Earned value measurement systemC. Network scheduling systemD. Payoff matrix
Varying one risk driver at a time, either in small increments or from optimistic to pessimistic estimates while keeping all other drivers fixed, is called:A. Decision tree analysisB. Sensitivity analysisC. Network analysisD. Earned value analysis
A risk response strategy that generally reduces the probability or impact of the event without altering the project's objectives is called:A. AvoidanceB. AcceptanceC. MitigationD. Transfer
Earned value measurement is an example of:A. Risk communication planningB. Risk identification planningC. Risk responseD. Risk monitoring and control
The difference between being proactive and reactive is the development of a:A. Payoff tableB. Range of probabilitiesC. Range of payoffsD. Contingency plan
According to learning curve theory, learning takes place at a fixed rate whenever the production levels:A. Increase higher than normalB. Increase, but at a lower than normal rateC. DoubleD. Quadruple
Learning curve theory is most appropriate for estimating which costs?A. R&DB. EngineeringC. MarketingD. Manufacturing
On a 90 percent learning curve, the 100th unit required 80 hours. How many hours would the 200th unit require?A. 200B. 180C. 100D. 90
Which of the following can be a source of improvement to a learning curve?A. New, more efficient production processesB. Product redesignsC. Higher-quality raw materialsD. All of the above
What type of contract would be most suitable for an R&D contract when you expect the customer to request significant scope changes during the execution of the project?
Identifying a risk as high, moderate, or low would be an example of which risk assessment?A. Go-for-brokeB. AdverseC. QualitativeD. Quantitative
Using the same data from Problem 20, and the same contract type, how much will the contractor be reimbursed if the cost of performing the work is $120,000?Data from problem 20A cost-plus-incentive-fee contract has the following characteristics:Sharing ratio: 80/20Target cost: $100,000Target fee:
An FPIF contract has the following characteristics:Sharing ratio: 70/30Target cost: $100,000Target fee: $8,000Price ceiling: $110,000How much will the contractor be reimbursed if the cost of performing the work is $90,000?A. $91,000B. $101,000C. $103,000D. $110,000
The contractual statement-of-work document is:A. A nonbinding legal document used to identify the responsibilities of the contractorB. A definition of the contracted work for government contracts onlyC. A narrative description of the work/deliverables to be accomplished and/or the resource skills
During competitive bidding activities, why aren't the contractors allowed to have personal conversations with the seller's organization without informing other bidders about the discussion?
What is a written or pictorial document that describes, defines, or specifies the services or items to be procured?A. A specification documentB. A Gantt chartC. A blueprintD. A risk management plan
Why are companies reluctant to allow project managers to conduct their own procurement activities without going through a centralized procurement group?
The “order of precedence” is:A. The document that specifies the order (priority) in which project documents will be used when it becomes necessary to resolve inconsistencies between project documentsB. The order in which project tasks should be completedC. The relationship that project tasks
How do companies handle competitive bidding activities when the statement of work in the proposal is vague?
In which type of contract arrangement is the contractor least likely to want to control costs?A. Cost plus percentage of costB. Firm-fixed priceC. Time and materialsD. Purchase order
A company is bidding on a contract that requires long-lead procurement activities. Unfortunately, the buyer needs quite a bit of time to have the final contract ready for signatures. This will create a serious problem for the seller because of the necessity to start long-lead procurement quickly.
In which type of contract arrangement is the contractor most likely to want to control costs?A. Cost plus percentage of costB. Firm-fixed priceC. Time and materialsD. Fixed-price-incentive-fee
In which type of contract arrangement is the contractor at the most risk of absorbing all cost overruns?A. Cost plus percentage of costB. Firm-fixed priceC. Time and materialsD. Cost-plus-incentive-fee
In which type of contract arrangement is the customer at the most risk of absorbing excessive cost overruns?A. Cost plus percentage of costB. Firm-fixed priceC. Time and materialsD. Fixed-price-incentive-fee
What is the primary objective the customer's project manager focuses on when selecting a contract type?A. Transferring all risk to the contractorB. Creating reasonable contractor risk with provisions for efficient and economical performance incentives for the contractorC. Retaining all project

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Project Management A Systems Approach To Planning Scheduling And Controlling 13th Edition Harold Kerzner - Solutions

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