Your team has been assisting you with developing the project charter. The project involves replacing all the 16 computer monitors at the workstations in the office building with two 24 " touch-screen monitors mounted on movable arms. One of your project team members points out that the work can only be carried out between 6 PM and 5 AM as the business must be operational during the day. Where would you put this statement in the project charter? Assumptions Risks Constraints Issues Consider the following Project Selection Chart prepared by your PMO. All other factors being equal, which project should be recommended if the company selects only one project? None of the projects as IRR needs to be 20% to account for market variability The Wind Farm because it is a compromise between the two extremes of IRR The Hydroelectric Plant because it has the highest IRR ratio The Solar Panel because it has the lowest IRR ratio and, therefore, the lowest While conducting scheduled maintenance, your team has found that one of the hard drives in your server stack needs to be replaced. You coordinate a time for the replacement during late night hours when the use of the system is minimal. You communicate that services may be interrupted during the period in which you are conducting the swap-out. The replacement part for the server is estimated at $300, with an additional $400 estimated in personnel costs to carry out the replacement. Is this a project? No, because the replacement of the part does not result in a new product or service and is part of your ongoing maintenance operations. No, because the estimated cost for the process is under $2,000. Yes, because a new drive is being put in place; therefore, it is a new product or service being implemented. Yes, because this will require personnel to work during off hours, the business must assume the increased risk to the personnel for the period. Of the following guiding documents, which is the broadest and most overarching? Strategic Plan Project Charter Mission Statement Vision Statement Question 9 (2 points) One important technique for developing strategies for enhancing stakeholder support involves developing a grid on which to map out your assessment of where they stand relative to your project. The two key factors to compare are: Interest and Scope Influence and Budget Influence and Importance Influence and Power Which project team member works with the project manager to ensure the scope and requirements accurately address the business needs identified as a reason for the project? Risk Manager External Stakeholder PMO Director/Chief Projects Officer Business Analyst You are the project manager on a project to create a website for your company that will expedite the application process for internal and external candidates. You have identified which stakeholders are involved with decisions, determined the types of communications they prefer (e.g., short versus long reports), how they prefer to receive those documents, and even determined the format and terminology used. Which project management artifact do you now have enough information to draft? Stakeholder matrix Client contact list Communications plan Email maintenance plan You are working on a draft project charter. One of your team members submits the following Milestone Schedule. Which of the following should be corrected as it represents an error in milestone scheduling/verification? Fabric supplies arrive Color decisions submitted Furniture preparation complete Reupholster furniture You are a new project manager working for a large organization with many resources. You want to learn more about how the company has managed past projects, if there are templates and procedures that are standard for the company, and view lessons learned from projects like your first assignment. What resource should you reach out to for all these considerations? PMI (Project Management Institute) CFO (Chief Financial Officer) CEO (Chief Executive Officer) PMO (Project Management Office) Question 20 (2 points) One disadvantage of economic scoring models to projects versus weighted scoring models is that: They are generally administered by the Budget and Finance division They do not consider the long-term time value of money of a project's efforts They require a Business Analyst on the project team They do not consider non-financial factors and company priorities You are working in the Project Management Office analyzing potential projects. One project will cost the company $15,000, but your Chief Financial Officer (CFO) has decided to restructure its debt and use that $15,000 to pay down the interest. This $15,000 would be considered which type of cost? Portfolio Cost Sunk Cost Opportunity Cost Program Cost Question 11 (2 points) According to PMI, which Project Performance Domain addresses the activities and functions associated with assessing project performance and taking corrective action? Planning Development Approach and Life Cycle Measurement The "Triple Constraint" model shows competing factors that affect the quality of a project. These include: Requirements, Scope, Specifications Requirements, Restrictions, Requests (for change) Time, Place, Location Time, Cost, Scope Question 13 (2 points) In-person meetings, instant messaging, and online meetings are examples of what types of communication? Disparate Non-verbal Synchronous Asynchronous Which project selection method considers financial and non-financial factors and gives them all equal importance? Checklist Punchlist Individual Rate of Return Constrained Optimization Question 2 (2 points) Customizing project management processes to work in an organization's unique environment and adjusting those processes based on the needs of the project is referred to as: Iterating Life-cycling Tailoring Compromising The section of a project charter that lists information the project team must accept as true to continue project planning but still needs to be verified later in the project is called the... Assumptions Risks Constraints Goals Your PMO has prepared a weighted scoring model for some potential upcoming projects. Without knowing the strategic plan, what project attribute does your company value the most? Likelihood of Success Attribute Weight Potential for Profit Customer Requests The part of the Project Charter that denotes the commitment of the sponsors and project manager to carry out the project is which of the following? Project Constraints Project Assumptions Project Authorization Project Purpose Question 7 (2 points) One of the difficulties that can arise from working with a global virtual project team is: Getting United Nations approval for international work takes significantly more time Differences in time zones can make coordinating live meetings a challenge Obtaining permission for use of several languages in documentation Deciding who will head up a project