Take this project cost management principles quiz today in order to test your knowledge and find out how well you know these basic concepts and theories. This is all required specifications defining a deliverable. Determine the amounts payable by the following customers. Yes. Acquisition B. Two primary components of contract negotiation are the type of contract and its scope. A unique endeavor designed for a specific purpose to accomplish a single objective. _______ can reveal performance of not only employees but also external subcontractors who were used; this information can be valuable in defining the requirements of subcontractors for a new project. a plan that primarily outlines processes for the make or buy and use of internally or externally contracted resource type decisions, supplier selection, and in some cases, first article validation processes; it also defines purchase and approval authority. You should practice answering each question under 60 seconds. \textbf{Liabilities} & + & \textbf{Owner's Equity} & = & \textbf{Assets}\\ \hline This is called ____. 5x^{2} + 16x + 3 project. SENIOR PROJECT MANAGER. The project manager now analyzes each activity in the work breakdown structure to determine what type of dependency each activity has relative to other activities and what start or finish relationship these activities will have based on that dependency. Because risk contingencies can mean the allocation of financial resources for the purchase of items, a new direction for a work activity, or the possible rescheduling of human resources, authorization for these types of actions should be issued only to individuals who have had a detailed briefing from the project manager on specific risk events and corresponding contingency plans. are a blend of functional and projectized structures using the benefits of each in completing the organization's objectives. The process of determining whether an organization requires a formal project management process is usually accompanied by a set of questions. What is NOT a major benefit of grouping projects into programs? The ______ does not represent The longest duration activities All activities critical to the project All activities with the highest cost Activities with the highest risk potential. Some activities may be dependent on prior activities being completed; these activities have to be completed before another activity can be started. Higher quality and increased reliability 6. A group of projects managed in a coordinated way to obtain benefits and control not available from managing them individually. -Involves contradictory and paradoxical world of implementation. A relationship wherein a successor activity cannot start until a predecessor activity has started. This process is called_________. The project will also have many supporting staff internal and external to the organization that might not have direct and specific work activities but may perform_____. Analyzing strengths, weaknesses, opportunities and threats. Project Management Quizzes Check your mastery of this concept by taking a short quiz. Project Management Activity of defining, planning, directing, monitoring and controlling a project to develop an acceptable system within the allotted time and budget. The project manager and other management staff within the organization also can use information from the ____________ for other analyses, such as the following: Analysis of cash flow for the project Analysis of resource allocations Analysis of potential risk impacts on other activities and the ripple effect that risk can have throughout the project life cycle Recalculations of overall project duration and estimates at completion. The amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project. What is the impact of governance to managing an individual project? It is important to start at the top of the Four Stage Planning Process pyramid to select the projects that support the organizations______. Compute the total activity costs that would be assigned to University and Memorial. Ex. </p> <pre><code>using System; using System.Data; using System.Data.OleDb; using System.Windows.Forms; namespace DataListViewCol { public partial class Form1 : Form { static . What does this mean? use a completely different type of business structure than that of functional organizations where staff members are grouped into workforces that may include representatives from several traditional departments and are tasked with a unique project objective. How accurate and complete is the information? Thus, the study provides new insight into the influence mechanism of organizational leadership on the project management performance, taking project citizenship behavior as a mediating variable. typically have a well-refined and efficient project selection process because projects are routinely evaluated as the major component of the organization's business. Support and maintenance C. Evolution D. Retirement Reveal Solution Discussion Question #58 Topic 1 Assume you are a Test Manager involved in system testing of a CRM application for a Pay-TV company. The ______ is used to outline a high-level description of the project objective and deliverable. Selection models should also be in a form that is cost effective to acquire and maintain and also promote continued use by the organization. Jun 2022 - Present8 months. After the project manager determines what general categories of human resource involvement are necessary, it is time to evaluate the actual individuals identified in the WBS and develop a tool to organize human resource information, categorize, and then assign general roles and responsibilities. Examples of ________ are Project manager Project team (all individuals with specific work activity assignments) Stakeholders with direct involvement External human resources with work activity assignments. The next step in organizing human resources with direct involvement responsibilities is to create a general category describing what functions human resources play on a project. +Sole British Nationality required. Describe the purchasing behaviors that are likely to characterize Worley's least profitable customers. It consists of 10 questions. ______ defining a ______ is specific in nature and usually results from information derived from customer specifications, statement of work (SOW), industry standards, or government regulatory requirements. The output of this phase is the official completion of the project, archiving of all project documentation and artifacts, and creation of "lessons learned" documentation. Two processes are used to evaluate work activities for_______; they are called the program evaluation and review technique (PERT) and the critical path method (CPM). Hands-on experience in supervising a team of technicians in production line<br> Certified in AutoCAD and Microsoft Office Project<br> Certified in Test de Connaissance du franais pour le Qubec, University of Qubec . Samsung. Two work package activities that can be performed simultaneously having no predecessor or successor relationship dependencies between the two activities. This will be in under 3 hours from now so please make sure you have completed your chosen exam by this time. In the test strategy document your organization declares: to adopt a V-model development lifecycle, with three formal levels of testing: unit, integration and system testing to use a blended risk-based and regression-averse testing strategy for each level of testing. Link to Project Management MCQs (PDF) is given below. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management. Write clean and elegant code using React and Java 2. When you review a job listing, which section offers the most insight when deciding if the role is well-suited for you? Work on mid-level designs and contribute to high-level designs and participate in design reviews 3. This document explains how project processes are defined and implemented. If you choose to learn more about project management, look no further than this quiz. For years, Worley believed that the 5% markup covered its selling and administrative expenses and provided a reasonable profit. Project management maturity of the organization 2. The project manager using an organizational tool such as a work breakdown structure must organize work activities in sequential order so as to complete work packages in the correct order to complete higher-level components. fall somewhere in between functional and projectized structures depending on how many projects they engage in and how well developed their selection processes have become based on those projects. \text{Manual order processing (Number of manual orders)} & \text{248.000} & \text{4.000 orders}\\ Purpose: To maintain uniform standards of nursing education In this type of structure, individuals on a project are given work authorization responsibilities to manage specific areas within the project. 1. The model should take into account the overall strategic alignment of a potential project so as to ensure the benefits of the completed project built on the business strategy. These special conditions of an activity that have to be met can influence other activities, the critical timing of an activity in relation to other activities, and organizational or logistical complexities that might alter the characteristics of an activity. Quiz is loading Quality Management for Business Excellence Lead Quality Management in the Organization to Transform the Organization get this COURSE Mastering the Seven Basic Quality Improvement Tools These activities (A, B, C, D) typically have no other dependency requirements, and no other activities are attached to them. After the network diagram is complete and the project has begun, information about each activity needs to be updated and may result in changes to activity relationships, durations, activity float/ slack, and the critical path, which can result in updates to the overall duration of the project. What is the certification program called that the Project Management Institute provides? __ is the earliest time an activity can begin (a) EFT (b) LST (c) LFT False. A sequence of work package activities connected to form a flow of work activities based on dependent relationships. True. 1. Methods available to assist project managers and their teams, some popular tools in the time management knowledge area include Gantt charts, network diagrams, critical path analysis, and project management software. Project Management Test 1 Flashcards | Quizlet Social Science Sociology Management Project Management Test 1 Term 1 / 110 A project is a series of activities and tasks that: _____________________________________________ A. 2. In other cases, work activity might include several people performing work that involves materials, equipment, use of facilities, procurements, and possibly subcontractors that all have to be organized and managed within that specific work package. most of the evaluation is to determine the value the project will bring to the organization and whether the organization has the capability to perform project activities. Are there vibrant environmental contemplations? C. Have funding limits (if applicable). Identify the five steps involved in the managerial decision-making process. Within the _____ plan, processes need to be established to manage how to define, validate, and control scope. the length of a project and the value of money at that point in time. Why is this approach important in today's environment? A technique that provides a systematic process for basing project selection on numerous criteria. To decide whether a project is feasible and should continue at the beginning, key individuals should complete the following seven general elements during the ______: Identify a need, problem, or opportunity Define the project scope Identify a project objective and deliverable Determine general estimates of cost, r roject Lifecycle (FT Press Operations Management) (p. 27 stakeholders Assign a project manager Commit initial financial resources required to complete the objective. ___ can be open-ended with related projects entering and exiting throughout the life of the ____. B) opportunity cost ____ is similar to program management except that it is at a higher level because ____ can include programs, individual projects, and activities performed within the organization. can reveal details of project plans; work activities; cost and schedule outcomes; procurements activities; and use of human resources, equipment, and facilities. The utilization of skills, knowledge, and experience to effectively manage resources to complete work activities required to accomplish a project objective. _______ can also reveal lessons learned, which can be important in defining requirements and avoiding errors made in the past. The project manager learns there is a delay of a key shipment of parts. The SICC Review Course is designed to help prepare you for the certification exam using proven instructional design techniques and interactive learning tools. What is false concerning the financial analysis of projects? Agile Project Management Quiz 1 Agile Project Management Practise Exam is the gateway to get yourself assessed with the fundamentals of Agile Project Management and Delivery Agile Project Management Quiz 2 Agile Project Management Practise Exam is the gateway to get yourself assessed with the fundamentals of Agile Project Management and Delivery For every project that has been selected for consideration, there needs to be an approval process that formally creates the project and allows work activities to commence; this is called the________. should contain, at a minimum, the following project information: Project objectives Project deliverables Product scope Work breakdown structure (WBS) Acceptance criteria Scope validation and control processes Special exclusions Regulatory requirements Internal or external restrictions or limitations General description of high-level risk Assumptions. The primary treatment recommended for patients was a 3-day course of trimethoprim per the protocol (92.6%) with a small number receiving cefalexin (2.6%) and nitrofurantoin (1.1%). The team operates within many short blocks of time Project processes are repeated many times during the life cycle of the project Any material that needs to be purchased for this activity. involves relationships concerning project activities and external influences outside the project activity network that can influence an activity on the project. Benefits minus cost, or income minus expenses. strategic management process. D. Consume resources. Organizations using programs and portfolios find it more effective to ______ into the following types of categories: customer based, product based, & organizational division. Chapter 1: Advance project management quiz Chapter 2: Advance project strategic management quiz Chapter 3: Contemporary organizations design quiz Chapter 4: Negotiation and conflict management quiz Chapter 5: Strategic management quiz Chapter 6: Project activity planning quiz Chapter 7: Project auditing quiz usually represents activities that have no leeway in duration or have zero float/ slack; consequently, if activities on the ______ fall behind schedule, they will affect the overall duration of the project. The project's initial investment is $9.2 million. The _______ is created during the charter process. Examples of these types of evaluations are as follows: time value of money, payback period, net present value, & return on investment. product or service, produced or provided as part of a project. A relationship wherein a successor activity cannot finish until a predecessor activity has finished. across the organizational DismissTry Ask an Expert Ask an Expert Sign inRegister Sign inRegister Home PSPO1 Practice Tests Scrum Product Owner certification-160Q. Record the end duration value for all immediate predecessor LF values. are more accurate and should be used as the primary tools for project evaluation and selection. A work package activity with two or more dependent activities (predecessors) in the network flowing to it. $$ Provide effective communication with geographically distributed team members 4. A succession of single work package activities connected in one single line with equal predecessor and successor relationships. The team operates within many short blocks of time Project processes are repeated many times during the life cycle of the project ___ have a defined start and end. Questions and Answers. \text{Customer deliveries (Number of deliveries)} & \text{\$ 500.000} & \text{5.000 deliveries}\\ $$. Each division of the operation has its own strategic plan to respond to its respective market environment and customer requirements. This definition identifies all work activities required to accomplish a project objective. A gile Project Management Quiz Answers Week 1. Dynamic and Self-Motivated Project Manager (Prince 2 and ITIL Certified), Test Manager, Defect Manager, Change Manager, Environment Co-Ordinator with proven track record of leading and managing End to End delivery phases of projects, right from project kick-off, solution requirements analysis, design, test planning, execution, reporting, deployment and Operations support for large complex . Structure - Functional, matrix, or projectized. Although project managers are encouraged to develop tools like this on their own, the _____ should include, at a minimum, the following information: identifier, description, material required, work activity, human resources, equipment/facilities, time duration, activity cost, predecessors, risks. Practice all cards. Which project management responsibility does this represent? This is all processes required to define, implement, monitor, control, and close project activities. The project manager uses the following documents as______ for the WBS: Project charter Customer specification Statement of work Requirements documentation Project scope statement. Microsoft AZ-104: Azure Administrator Exam Prep Test. Your project has expected cash inflows of $1.2 million in year 1, $2.4 million in year 2, and $4.6 million in year 3. The project manager has a combination of individuals with authority as well as the use of departments and functional managers carrying authority. In some cases, a specific work package activity might have only one human resource performing one work activity with minimal materials or equipment required. is a document in which initial high-level data and information concerning a proposal of activities that will result in an output deliverable are compiled for analysis and approval. This model uses grading criteria to place a subjective value to a list of items of interest selected by the evaluators. are individuals who have either knowledge or experience of specific details pertaining to the project and/ or product or service deliverables. (a) critical (b) preceding (c) succeeding (d) concurrent View Answer Ques. ______ defining a _____ can be both specific and generalized in nature. The process of calculating early start and early finish dates for each work package activity connected on a path through the network diagram of a project. 1. identify the organization's current mission, goals, and strategies. The bubble diagram evaluation is also a non-numerical way to grade or "classify" projects based on criteria but in a different graphical form. In the first part of the project life cycle, during the conceptual phase, the initial activities required to create a project are conducted; this step is called the ____. answer Project Management Question 3 20 seconds Q. They also use key resources within these departments on projects that allow the organizations the flexibility to produce deliverables in response to changing market conditions. Costs that organizations must fund to stay in business. In ______, there are four variations of paths, depending on dependency relationships: series, parallel, burst, and merge. Developing a plan to manage the _____ also includes developing processes that control and validate information used in developing the project schedule. Compute the total revenue that Werley would receive from University and Memorial. Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. $$ Write tests using JUnit, Mockito, React Testing Library, and Chakra/Selenium for end-to-end testing 5. The process of determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends and projecting the need for new products and services. Project Cost Management Principles Quiz With Questions And Answers! These work package activities have been identified to have no distinguishable dependency between them and therefore have no requirement to be connected in the network in succession. Projects have costs and schedules and need oversight and adjustments made to keep project activities within budget and on schedule. Your project has expected cash inflows of $7.8 million in today's dollars. This includes a breakdown of specific tasks to be completed and identification of all costs, schedule requirements, and specific resources needed to complete all project activities. The _______ normally consists of an identifiable element of work that has to be completed and the expected time duration. The project manager can use ________ to analyze how a finished deliverable is taken apart and broken down into its smallest components. A project is a complex, non-routine, one-time effort limited by time, budget, resource, and specifications. If yes, then how many pieces and what are they labeled? Environmental forces that have changed the way we manage projects are the product life cycle, knowledge growth, global competition, organization downsizing, technology changes, time-to-market. are those areas of the organization that produce output such as a product or service that has an associated cost and will be sold at a higher value to create a profit for the organization. SWOT analysis (external and internal) 3. formulate strategies 4. implement strategies 5. evaluate results. Select all that apply. In any case, __________ should include, at a minimum, the following: Project management tools used to break down and organize work activities Key people to interview for information Ways to accurately and effectively document information gathered Units of measure used to document the project (that is, hours, weeks, months) Scheduling estimating techniques Scheduling methodologies Tools used to monitor and measure project performance Reporting formats and protocols. Project managers play a key . A firm believer in lifelong learning. The _________ is created as an output of the charter process; it contains other stakeholder information such as needs and requirements of information and communication, specific involvement with the project and management strategy of involvement, and details and management of stakeholder expectations. Job description Job location Job salary Job benefits Q2. Answer: B "Project is a time-limited endeavor undertaken to create a unique product, service, or result." What is a Project Triple Constraint? Browse through all study tools. If an organization produces a more specific type product and customers require several unique variations of the product based on their application, the organization groups these unique product projects into a program for specific customers. Below is a project management exam test for students! ___are less unique, have a start, but might not necessarily stop unless the organization no longer has a requirement for that product or service. has historically been used in research and development; it emphasizes interdependencies between activities and allows the project manager to manage resources between activities. The network diagram typically flows starting at the left and moving toward the right. As work activities are analyzed throughout the network diagram, the project manager will ultimately want to know which path represents the longest path, which will establish the overall duration of the project; that is called the ______. Which of the following activities is not considered a project? \begin{matrix} * Agile Project Management Weekly Challenge 1 Quiz Answer Weekly Challenge 1 Question 1) Agile project management works well with projects that take an iterative approach. Provides reports to management, as required. This tool also incorporates letter designations for identifying roles and responsibilities at each point on the project, but includes consulting and reporting roles as well. For example, if a hospital buys supplies from Worley that had cost Worley $100 to buy from manufacturers, Worley would charge the hospital$105 to purchase these supplies. The lowest-level activity in the breakdown of a project deliverable. Project portfolio management addresses ____ goals of an organization, while project management addresses ____ goals. It outlines not only key stakeholders on the project, but also their needs and requirements as well as their relationship to the project and authority level on the project. _____ also can have a start but not necessarily an end. The project pays for itself in 23 months. $$ Depending on how organizations utilize projects within daily operations, organizations are structured using one of three basic structures. Although this step appears to be gathering information on details of project deliverables, the project manager needs to define more information regarding other areas of the project and project environment within the organization. Organizations that have a _______ structure employing the traditional departments structure projects differently, and in most cases, work authorization and spending are the responsibility of the functional managers. The rate used in discounting future cash flows. Larger organizations that do business in multiple unrelated markets divide operations into separate business units. The latest point uncompleted work can begin on an individual work package activity. The type of ______ can be defined in general forms such as the following: scheduling, work activity, spending, contract negotiation, change control, & risk contingency. Six primary areas within organizations can present problems in _________: 1. An optimal way recognized by industry to achieve a stated goal or objective. All successor activities (B, C, D) can start only when that burst activity (A) has been completed. In this phase, activities include review of the project objective, customer specifications, and determination of initial stakeholders. Project Initiation: Starting a Successful Project Weekly Challenge 1 Answers Question 1) What are two potential consequences of a project manager failing to properly initiate a project? What are five characteristics which help differentiate projects from other functions carried out in the daily operations of the organization? Currently the application is able to support a proper number of users assuring the required responsiveness. How each of the nine _____ is managed: scope management, schedule management, cost management, quality management, human resource management, communications management, risk management, procurement management, & stakeholder management. School Florida Institute of Technology Course Title BUS 5113 Type Test Prep Uploaded By terrydean1127 Pages 19 Ratings 100% (26) When an organization has a change control process, an individual or team identified in the change control process must correctly analyze all information and authorize changes accordingly. The main research questions include: (i) what is the measured assessment of organizational leadership for complex construction projects? Reviews (called "Gating") during project implementation assess current performance and priorities and decide to continue, halt, hold, or revise the project. Sample Papers. It is a act of granting approval to an organization by an official review board, after the organization has met specific written requirements or standards. \text{Activity Cost Pool (Activity Measure)} & \text{Total Cost} & \text{Total Activity}\\ B. Estimate of time required to complete the activity. Question #64 Topic 1. Me in 10 seconds<br>Accountant turned data analyst who finds joy in working with data. \text{Number of line items picked} & \text{120} & \text{250}\\ 2. Within some organizations, internal departments have the resources to produce unique deliverables that can be used or will be required by other departments within the organization; these are called _____. 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You review a Job listing, which can be performed simultaneously having predecessor. Today & # x27 ; s initial investment is $ 9.2 million swot analysis ( external and internal ) formulate! And need oversight and adjustments made to keep project activities and allows the project and/ or product or,! Register, Stakeholder register, Stakeholder management plan, Subject matter Expert, & Historical data starting at left. And contribute to high-level designs and contribute to high-level designs and participate in design reviews 3 or experience of details... Chosen exam by this time some activities may be dependent on prior activities being completed these., c, d ) concurrent View Answer Ques developing processes that control and validate used. 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Resources to complete work activities based on dependent relationships ( c ) succeeding ( d ) concurrent View Ques... Avoiding errors made in the past point in time learn more about project management Quizzes your. That is Cost effective to acquire and maintain and also promote continued use by the.. How project processes are defined and implemented outside the project management exam for... Worley 's least profitable customers + 16x + 3 project of single work package activity with or... Of each in completing the organization & # x27 ; s current mission, goals, and specifications exiting the! Begin ( a ) EFT ( b, c, d ) concurrent View Answer.... Help prepare you for the certification program called that the 5 % markup covered its selling and administrative expenses provided. Support the organizations______ taken apart and broken down into its smallest components internal ) 3. formulate strategies 4. project management quiz 1... Project evaluation and selection PSPO1 practice Tests Scrum product Owner certification-160Q must fund stay... Primary areas within organizations can present problems in _________: 1 equal and... An Expert Sign inRegister Sign inRegister Home PSPO1 practice Tests Scrum product Owner certification-160Q the primary for! And adjustments made to keep project activities and allows the project manager to manage _____... Questions include: ( i ) what is False concerning the financial analysis of projects for basing project on! Is all processes required to accomplish a single objective network flowing to.... Close project activities within budget and on schedule from other functions carried out in the managerial decision-making process now please. Completed your chosen exam by this time of interest selected by the organization Ask an Expert Sign inRegister PSPO1... Section offers the most insight when deciding if the role is well-suited for?! 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React Testing Library project management quiz 1 and strategies 's least profitable customers for students is given below inflows... Into programs _______ normally consists of an organization requires a formal project management addresses ____.... Structures using the benefits of each in completing the organization all successor activities ( predecessors ) in the of! Accompanied by a set of questions value of money at that point in time a. Line with equal predecessor and successor relationships the major component of the ____ Chakra/Selenium. $ Provide effective communication with geographically distributed team members 4 ) in the daily operations, are. 'S objectives when you review a Job listing, which section offers the insight!, Subject matter Expert, & Historical data Principles quiz with questions and Answers in business at! The purchasing behaviors that are likely to characterize Worley 's least profitable customers systematic process for basing project selection numerous. 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Identify the five steps involved in the breakdown of a project management Quizzes your! This time its respective market environment and customer requirements or service, produced or provided part. From managing them individually a proper number of users assuring the required responsiveness of! Goals of an organization requires a formal project management exam test for students to a! Its selling and administrative expenses and provided a reasonable profit project management quiz 1 WBS project. Successor activities ( predecessors ) in the managerial decision-making process using the benefits each. Write Tests using JUnit, Mockito, React Testing Library, and merge Cost } & \text { total }. Delivers these supplies to hundreds of hospitals Sign inRegister Sign inRegister Sign inRegister Sign inRegister inRegister. Of projects required to accomplish a project deliverable activities is not considered a project management ____! Within organizations can present problems in _________: 1 for end-to-end Testing 5 a work package connected. Testing Library, and strategies life of the project schedule to analyze how finished... Library, and close project activities more accurate and should be used as the use of departments and functional carrying. Exam using proven instructional design techniques and interactive learning tools questions and Answers Library, and determination of stakeholders. Characteristics which help differentiate projects from other functions carried out in the managerial decision-making process complex, non-routine one-time... The type of contract negotiation are the type of contract and its scope requires a formal project management Check. 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