5. The work breakdown schedule 1 point (WBS) for a project can evolve, adding, changing, and deleting elements while planning the project. * True False 1 point 6. Most companies require a formal project as the first deliverable by the project manager. Your answer 1 point 7. In many ways being a project manager is like being the chief executive of a tiny company. * O True False 1 point 8. When using the traffic light system for project status reporting, a yellow light means: The project will miss one of its targets (time, budget, scope) and we are now using the planned contingency. The project is running ahead of schedule and work can slow down. The sponsor needs to find more money, extend the due date, or fight scope creep for you. The project will miss one of its targets (time, budget, scope) and the planning contingency for falling behind schedule has been consumed. 9. If you have the money, you can 1 point speed up the work by adding to the project team. 1 point 10. In a work breakdown schedule (WBS), numbering the first subject added at the fourth level would take the form n.n.n.1. True False 11. An effective project manager 1 point needs to have, or develop, skills in: * Assessing skills and developing people Negotiation to stop scope creep Organization and job descriptions Budgets and Financial Analysis