INFX 490 Mid Term

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  1. Which of the following choices is NOT one of the driving forces behind the increasing demand for project management?
    More emphasis on the product and less on the customer
  2. Corporate downsizing has increased the trend toward
    Outsourcing significant segments of project work
  3. Which of the following items best depicts the scope definition process?
    It begins by clarifying project objectives and culminates in a baseline scope statement
  4. Project management is ideally suited for a business environment requiring all of the following except
    Repeatability
  5. Which of the following statements is true?
    Project management is increasingly contributing to achieving organizational strategies
  6. Many project managers' careers began by ____ for task forces and small projects
    Volunteering
  7. If the initial investment of a project $100,000 and the expected annual net profit for the project is $20,000, the payback period is:
    5 years
  8. Project managers mastered the job through ____, buttressed by occasional workshops on specific project scheduling or negotiating contracts.
    On-the-job training
  9. Which of these is not part of the "technical dimension" of project management?
    Problem solving
  10. Which of the following is not considered to be a characteristic of a project?
    Only for internal use
  11. If the vice president of sales initiates a project to improve direct product sales using the internet, he or she might be the _______.
    Project sponsors
  12. The lowest element in the hierarchical breakdown of the WBS is
    A work package
  13. Which of the following actions will likely make a successful project?
    Adequately plan the project
  14. The tendency for the project deliverables to expand over time - usually by changing requirements, specifications, and priorities - is called:
    Scope creep
  15. Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?
    Estimates should include a normal level of contingency.
  16. ____ are the people involved in or affected by project activities and include the project sponsor, project team, support staff, customers, users, suppliers, and even opponents of the project.
    Stakeholders
  17. Stakeholders should NOT include which of the following people?
    IT professionals of a competitor
  18. If a project is small or of narrow scope and does not require an elaborates system, which of the following is a good choice?
    Responsibility matrix
  19. Jo is looking at a document that outlines the specific tasks and subtasks require to complete the writing of a technical support manual. The method that was probably used to develop the document is most likely
    Work breakdown structure
  20. The tool used to assist in making project trade-offs between schedule, budget, and performance objectives is called a
    Project priority matrix
  21. Which of the following method is most accurate to estimate project cost?
    Bottom-up
  22. Companies like Boeing and IBM are using which of the following for improving the estimating process?
    Creating historical databases of previous projects
  23. Which of the following would NOT be considered a direct project cost?
    Electricity used in the office
  24. A manager getting further into a project and obtaining better understanding of what needs to be done to accomplish a project is an example of
    Changes in project scope
  25. Jo is forecasting the time and cost of developing an intranet for a new customer. Her department has completed six such intranets for customers during the last two years. Although the proposed system is about the same size as the others she estimates that it will take about 10 percent less time and money. Which of the following methods is she using?
    Learning curve
  26. Which of the following is not one of the factors that need to be considered to improve quality of estimates for project time and costs?
    Profit
  27. Which should a project manager NOT do if he realizes a component has been left out of the WBS and adding it will throw the WBS off schedule?
    Renegotiate with out project team to work overtime without pay
  28. ___ estimates are most likely to use low cost, efficient methods.
    Bottom-up
  29. Jo is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?
    Planning horizon
  30. People working prototype development needing time to interact with the design engineers after the design is completed is an example of:
    Hidden interaction costs
  31. Which of the following is provided by a project network digram but NOT by the work breakdown structure?
    Sequencing
  32. A typical change request form will include which of the following content items?
    A description of the change along with the impact of making the change.
  33. The critical path in a project network is the
    Longest path through the network
  34. What does a project manager do if he realizes a component has been left out of the WBS and adding it will throw the WBS off schedule?
    • Reevaluate the time and see if our people can perform some of the activities faster.
    • Add additional people to work for missing activity.
    • Renegotiate our deadlines and schedule.
  35. You are the IT project manager for a project to install a new mail server. Which of the following best describe the best approach to creating the WBS?
    Work with the project team and the key stakeholders to create the WBS.
  36. Which of the following statements regarding project life cycles is most accurate?
    The control needs of an organization determine the name and number of phases in the project life cycle that it adopts.
  37. Which of the following will correctly calculate the total slack in an activity?
    Both LS-ES and LF-EF
  38. Communications to stakeholders are necessary for which of the following reasons?
    To help them make good decisions.
  39. Which of the following is NOT one of the basic rules to follow when developing project networks?
    Conditional statements are allowed but looping statements are not allowed.
  40. Which of the following items best describes a project Work Breakdown Structure (WBS)?
    A framework that identifies project deliverables.
  41. Activity based costing allocates indirect costs based on different types of cost drivers. Which of the following cost drivers serve as a basis of allocation when activity based costing is used?
    Number of units produced.
  42. A common tool project teams use to show resource assignments is a responsibility matrix. Typically, this chart will depict:
    The roles key members of the team will play on each activity.
  43. When estimating resource needs, project teams should consider
    • Supporting needs like information systems.
    • The time required to communicate between activities
    • Specific knowledge or skills that must be secured.
  44. In reviewing the status of her project with top management, Shirley was told that there only were two programmers that she could use for her project. Her project is _____ constrained.
    Resource
  45. In time-constrained projects, using resource leveling will include the following EXCEPT
    Delay the project completion date.
  46. All of the following are kinds of resource constraints EXCEPT
    Information
  47. There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?
    Variation occurs in all work processes and the novelty associated with most projects creates many opportunities for variation.
  48. A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following is true?
    We are doing a good job managing the project.
  49. Project managers often confront the challenge of reducing excessive time commitments and overloads among project resources. Which of the following methods represents a potentially viable strategy to reduce work overloads?
    • Reassign certain activities to other workers.
    • Split an activity into two activities and delay the second part.
    • Re-sequence activities when logically feasible.
  50. Jan is trying to reallocate resources in a time-constrained project to create smoother resource utilization with a low level of risk. She should move to activities with the
    most slack
  51. Which of the following is the easiest method for shortening project time?
    schedule overtime
  52. The following is/are included in a Project Cost-Duration Graph EXCEPT
    Total overhead cost
  53. Adverse weather, design flaws, and equipment breakdown can create negative slack. This is an example of reducing project duration caused by:
    Unforeseen project delays
  54. A common method for shortening the project time is any of the following EXCEPT:
    Eliminate a deliverable
  55. Which of the following is unlikely to be a reason for accelerating a project schedule?
    Reducing direct costs
  56. What will you do to reduce the project duration where there are multiple critical paths?
    Shorten the activities with the smallest increase in cost per unit of time/
  57. The most common response for meeting unattainable deadlines is to:
    Reduce or scale back the scope of the project.
  58. In shortening a project duration, managers should first look to activities that:
    Are on the critical path
  59. The optimum duration for a project is at the point where:
    Total project costs are the lowest.
  60. Crashing a project should occur:
    Cannot be determined with the information given.
  61. Project leadership is about coping with:
    Change
  62. In terms of commonly traded organizational currencies, resources, assistance, cooperation, and information are part of ____ related currencies.
    Task
  63. In mapping dependencies for a project, the project manager should:
    Overestimate
  64. The first step in facilitating group decision making is to:
    Identify the problem
  65. In terms of commonly traded organizational currencies, vision, excellence, and ethical correctness are part of ____ related currencies.
    Inspiration
  66. During the last two phases of a project's life cycle, the most significant source of conflict is:
    Schedules
  67. The following are considered very important in the recruiting of project managers EXCEPT
    The budget available
  68. The essential qualities of an effective vision include all of the following EXCEPT:
    All team members have the same vision
  69. Experience and research indicate that high-performance project teams are much more likely to develop under all the following conditions except:
    Team members are selected by their managers
  70. Which of the following is not one of the aspects of leading by example?
    Power
  71. Scope overview
    The scope overview describes the project in a nutshell. It defines the major deliverables. It sets project boundaries by clarifying what is included and sometimes, what is not included. In addition, make statements to describe what the project will do, why it's important for the project to be performed and when the project is anticipated to finish.
  72. Business Case
    Defines project objectives and why they are important to the parent organization. It should inspire people to think this is a very important project. This should describe the company and make a relationship as to why the project is needed.
  73. Milestone schedule
    Shows the project starting point, about 3-8 major milestones and deliverables, and the ending point of the project along with the estimated time between each. Acceptance criteria should identify which stakeholder will judge the acceptability of each project milestone and what criteria they will use to make the determination.
  74. Project Risks and Assumptions
    Identifies major potential issues and allows a group to agree in advance on how to identify then in their early stages and how to deal with them if and when they occur. One person is assigned responsibility for each contingency plan.
  75. Communication Plan
    Indicates best practices required to assure clear, timely, and relevant communication between parties involved in the project. Often the communication plan lists who needs project information, what they need, when, and in what format
  76. Spending Plan
    This should include Expense Items, Item Cost, Cot Description, and Total Cost. Expense items define in item that has a cost relation to it, such as hardware, software, labor, etc. Item Cost is the defined cost related to the Expense Item - $70,000; $25/hr. Cost Depreciation includes projected labor hours, discounts and any other cost effecting attributes. Total Cost is the end result of the cost for the line item.
  77. Team Operating Principles
    Indicates agreement on deadlines, meetings, decision-making rules, and generally shows how participants will treat each other with respect.
  78. Lessons Learned
    Highlights specific learnings from previous similar projects that will help the team copy good practices and avoid practices.
  79. Commitment
    Project signal agreement in principle to the project, recognizing that some of the specifics will probably change when the detailed planning is complete.
  80. Network Diagram
    Creating a network diagram, also referred to as a logic diagram, is a great way for starting to understand and visualize how your project  management planning; commonly used in manufacturing industries, as well as service industries requiring to map and understand work flows.
  81. Context of Network Diagram
    • In the context of project planning, a network diagram is a sequence of steps (activities), commonly represented by blocks, that are linked together in the logical sequence they need to be carried out.
    • Producing a network diagram follows the completion of your project Work Breakdown Structure. The pile of post-its that you have saved from the WBS exercise gets put to good use in developing a network diagram.
  82. Logic diagram
    • Once the Logic diagram has been completed, you have a clearer picture of the required sequence of events and activities for your project.
    • You are able to clearly see the logic rules affecting activities, for example you cannot start building your house foundations until you have first prepared the ground.
  83. Project team and network diagram
    By including the project team in the development of the network diagram, you obtain a consensus of understanding of how the project should be implemented, at the same time providing a forum for challenging accepted ways of doing things, which may need amending to suit the specific constraints associated with the project at hand.
  84. Payback
    • The period of time required to recoup the funds expended in an investment, or to reach the break-even point. For example, a $1000 investment which returned $500 per year would have a two-year payback period. The time value of money is not taken into account. Payback period intuitively measures how long something takes to "pay for itself." All else being equal, shorter payback periods are preferable to longer payback periods. Payback period is popular due to its ease of use despite the recognized limitations described below:
    • Payback period = (p - n) / p + ny = 1 + ny - n / p
  85. Return on Investment (ROI)
    • The benefit to the investor resulting from an investment of some resource. A high ROI means the investment gains compare favorably to investment cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. In purely economic terms, it is one way of considering profits in relation to capital invested.
    • Return on Investment = (gain from investment - cost of investment) / cost of investment
  86. Net Present Value (NPV)
    • Defined as the sum of the present values (PVs) of the individual cash flows of the same entity.
    • In the case when all future cash flows are incoming (such as coupons a principal of a bond) and the only outflow of cash is the purchase price, the NPV is simply the PV of future cash flows minus the purchase price (which it its own PV). NPV is a central tool in discounted cash
    • (DCF) analysis and is a standard method for using the time value of
    • money to appraise long-term projects.
    • chart?chf=bg,s,00000000&cht=tx&chl=%5Cfrac%20%7BR_t%7D%20%7B(1%2Bi)%5Et%7D&chs=88x86
    • Where: t - the time
    • of the cash flow; i - the discount rate (the rate of return that
    • could be earned on an investment in the financial markets with
    • similar risk.); the opportunity cost of capital.; - the net cash flow
    • .e. cash inflow - cash outflow, at time t. For educational purposes,
    • R_0 is commonly laced o the left of the sum to emphasize its role as
    • (minus) the investment.
  87. Crashing
    • (Crash Cost - Normal Cost) / (Normal Time - Crash Time) = Crash Cost Per Day
    • This is the additional cost required to reduce project duration.
    • Normal Time - Crash Time = Days Available to Crash
    • From there, you can figure out the cheapest way to reduce the critical path per day.
    • Once reduced, you may get multiple critical paths. You'll need to resolve all critical paths.
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ass9235
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Card Set:
INFX 490 Mid Term
Updated:
2016-02-29 16:32:05
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INFX 490 Mid Term
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