Question: Multiple Choice Identify the choice that best completes the statement or answers the question. 1 . When planning for possible project procurements, a common tool
Multiple Choice
Identify the choice that best completes the statement or answers the question.
When planning for possible project procurements, a common tool and technique for this is
a Bidder Conference c MakeorBuy Analysis
b Performance Reporting d Team Building
What is it called when a project team considers previous project expenditures as a motivator for continuing the project?
a Sunk Cost Fallacy
b Trickle Down Economics c Groupthink
d Broken Windows Fallacy
What is the formula is best for determining the number of products, and the price of those products, that need to be sold in order for a company to break even.
a ROI c Break Even Point
b NPV d None of the above
What type of schedule compression technique is a good risk mitigation activity?
a Fast Tracking c Activity on Node
b Crashing d None of the above
Rockwell Collins has expended $ on a project that was to cost $ As a result, product profitability expected to be marginal at best. The company decides to complete the project to avoid wasting the money spent thus far? This is an example of
a Broken Windows c Hawthorn Effect
b Sunk Cost d Halo Effect
Which type of project contract places the most risk on the seller?
a Cost Plus Fixed Fee c Fixed Price Incentive Fee
b Cost Plus Percentage of Cost d Fixed Price
Which type of project contract places the most risk on the buyer?
a Cost Plus Fixed Fee c Fixed Price Incentive Fee
b Cost Plus Percentage of Cost d Fixed Price
What psychological condition results in an individual or project team waiting until the last minute to complete a task when given too much time to complete.
a Propagation Delay c Student Syndrome
b Parkinsons Law d Murphys Law
The type of project contract that spreads risk evenly between buyer and seller for large, high dollar projects is
a Time and Materials c Fixed Price Incentive Fee
b Cost Plus Incentive Fee d Fixed Price
To successfully track project costing, you need to reduce the amount of indirect costs and make sure most of the costs are costs?
a Fixed c Direct
b Committed d Overhead
The best formula for evaluating the returns of potential short term investments is
a Break Even Point c Opportunity Cost
b ROI d NPV
A detrimental phenomenon that occurs causing members of a group to come to similar conclusions is
a Stockholm Syndrome c Domineering Attitudes
b Suggested Memories d Group Think
In the Critical Chain exercises, aggressive estimates by the project team must be protected from Murphys Law. What is the best way to protect a project schedule from Murphys Law?
a Renegotiating Contracts c Allowing the project to fail
b On the Job Training d Project Buffer
When considering a project, the best type of high level estimate is
a Detailed c Work Package
b Analogous d Parametric
Gold plating in a project is detrimental because it often results in
a Defects c Customers expect free things in the future
b Cost overages d All of the above
A risk is always tied to the triple constraint or
a External Dependency c Mitigation
b Reserve d Contingency
Baseline Budgeting in the public sector incentivizes the spending of the entire budget with no cost reduction incentive. This is known as a
a Sunk Cost c Perverse Incentive
b Fixed Cost d Broken Windows Fallacy
In the Pentagon Wars video, management meddling in the design of the vehicle led to significant
a Scope Creep c Cost Plus Incentive
b Scope Leak d Fixed Price
When a Risk Mitigation fails, project teams typically have a plan to rescue the project before a risk is realized. What is this plan?
a Mitigation c Plan B
b Acceptance d Contingency
Conflict is considered normal, and some times good, in the project management environment. It helps teams to avoid the detrimental phenomenon known as
a Stockholm Syndrome c Domineering Attitudes
b Sunk Cost Fallacy d Group Think
Critical Path is the path in a project schedule?
a
Shortest
c
Most Critical
b Longest d Riskiest
A project schedule must be baselined before can be calculated.
a Project Prioritization c Project Task
b Critical Path d Project Managers Salary
Teams conducting a risk management meetings in person are hoping to accomplish more problem solving. They are trying to establish
a Geographic Decentralization c Symbiosis
b Synergy d Group Think
When a company allows too much work into the project pipeline with the same number of resources or CT causing WIP to increase and TP to decrease, this is an example of in action?
a Phase Gate
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