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Chapter 01 - Modern Project Management 1-18 Chapter 01 Modern Project Management Answer Key Multiple Choice Questions 1. The advent of project management has been most profound in A. Automobile manufacturing B. Construction C. Information technology D. The U.S. Department of Defense E. Film making The impact of project management is most profound in the area of electronics industry, where the new folk heroes are young professionals whose Herculean efforts lead to the constant flow of new hardware and software products. AACSB: Reflective Thinking Bloom's: Comprehension Learning Objective: What is a Project? Level: Easy 2. A professional organization for project management specialists is the A. PMI B. AMA C. MIS D. IPM E. PMBOK The Project Management Institute (PMI), is a professional organization for project managers. AACSB: Reflective Thinking Bloom's: Comprehension Learning Objective: What is a Project? Level: Easy Chapter 01 - Modern Project Management 1-19 3. Which of the following is not considered to be a characteristic of a project? A. An established objective B. A clear beginning and end C. Complex tasks D. Only for internal use E. Never been done before See List on Page 5. AACSB: Reflective Thinking Bloom's: Application Learning Objective: What is a Project? Level: Medium 4. Which of the following activities is not considered a project? A. Developing a new software program B. Designing a space station C. Preparing the site for the Olympic Games D. Production of automobile tires E. Developing a new advertising program A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed. AACSB: Analytic Bloom's: Evaluation Learning Objective: What is a Project? Level: Medium Chapter 01 - Modern Project Management 1-20 5. From among the following activities, which is the best example of a project? A. Processing insurance claims B. Producing automobiles C. Writing a term paper D. Completing a college degree E. All of these are good examples of projects See table 1.1 on Page 6. AACSB: Analytic Bloom's: Analysis Learning Objective: What is a Project? Level: Medium 6. Which of the following constraints is not typically found in managing projects? A. Time B. People C. Cost D. Performance E. Both B and D are not typical constraints Specific time, cost, and performance requirements bind projects. AACSB: Analytic Bloom's: Comprehension Learning Objective: What is a Project? Level: Medium 7. Which of the following choices is not one of the stages of a project life cycle? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering See List on Page 7. AACSB: Analytic Bloom's: Knowledge Learning Objective: What is a Project? Level: Medium Chapter 01 - Modern Project Management 1-21 8. In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. AACSB: Analytic Bloom's: Comprehension Learning Objective: What is a Project? Level: Medium 9. In which of the following stages is a major portion of the physical and mental project work performed? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering A major portion of the project work takes place—both physical and mental. AACSB: Analytic Bloom's: Application Learning Objective: What is a Project? Level: Medium Chapter 01 - Modern Project Management 1-22 10. In which of the following stages are you more likely to find status reports, many changes, and the creation of forecasts? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering Time, cost, and specification measures are used for control. AACSB: Analytic Bloom's: Application Learning Objective: What is a Project? Level: Medium 11. Which of the following characteristics is not typical of a project manager? A. Managing a temporary activity B. Possesses in-depth technical knowledge C. Managing a non-repetitive activity D. Manages independently of the formal organization E. Provides a direct link to the customer Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services. AACSB: Analytic Bloom's: Analysis Learning Objective: The Importance of Project Management Level: Difficult Chapter 01 - Modern Project Management 1-23 12. Which of the following choices is not one of the driving forces behind the increasing demand for project management? A. Compression of the product life cycle B. Knowledge explosion C. Development of third world and closed economies D. More emphasis on the product and less on the customer E. Corporate downsizing Increased customer attention has prompted the development of customized products and services. AACSB: Reflective Thinking Bloom's: Application Learning Objective: The Importance of Project Management Level: Medium 13. Which of the following statements is true? A. Project management is becoming a standard way of do ing business B. Project management is increasingly contributing to achieving organizational strategies C. Project management is being used at a consistent pe rcentage of a firm's efforts D. Both A and B are true E. A, B, and C are all true Project management is no longer a special-need management. It is rapidly becoming a standard way of doing business. The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations. AACSB: Reflective Thinking Bloom's: Comprehension Learning Objective: The Importance of Project Management Level: Difficult Chapter 01 - Modern Project Management 1-24 14. Project management is ideally suited for a business environment requiring all of the following except A. Accountability B. Flexibility C. Innovation D. Speed E. Repeatability Competing in a global market influenced by rapid change, innovation, and time to market means organizations manage more and more projects. AACSB: Analytic Bloom's: Comprehension Learning Objective: Project Management Today - An Integrated Approach Level: Medium 15. Which of the following is the number one characteristic that is looked for in management candidates? A. Overall intelligence B. Works well with others C. Experience D. Past successes E. Good references The phrase "works well with others" has long been a staple on grade school report cards; now, in the IT world, it's the No. 1 criterion for management candidates.(See Research Highlight on page 16). AACSB: Communication Bloom's: Comprehension Learning Objective: Project Management Today - An Integrated Approach Level: Medium Chapter 01 - Modern Project Management 1-25 16. A common rule of thumb in the world of high-tech product development is that a six- month project delay can result in a loss of product revenue share of ___ percent. The waste on failed projects and cost overruns is estimated in the neighborhood of A. 10 B. 20 C. 33 D. 45 E. 50 A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share. AACSB: Analytic Bloom's: Comprehension Learning Objective: The Importance of Project Management Level: Medium 17. The waste on failed projects and cost overruns is estimated in the neighborhood of A. Under $100 Million B. Over $150 Billon C. Under $10 Billion D. Between $90-$100 Billion E. Between $125-$135 Billion The need for elevating performance continues to challenge the project management profession. The waste on failed projects and cost overruns is estimated in the neighborhood of over $150 billion! AACSB: Analytic Bloom's: Knowledge Learning Objective: What is a Project? Level: Easy Chapter 01 - Modern Project Management 1-26 18. Which of the following is the first step in developing a set of strategies designed to best meet the needs of customers? A. Market Research B. Define the Integrated Project Management System C. Environmental Analysis D. Project Selection E. All of the above are correct Project management is critical both to development of customized products and services and to sustaining lucrative relationships with customers. AACSB: Analytic Bloom's: Knowledge Learning Objective: The Importance of Project Management Level: Easy 19. Integration of project management with the organization takes place with the A. Master budget B. Strategy plan C. Process of managing actual projects D. Both b and c are correct E. A, B, and C are all correct Since projects are the modus operandi, strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals. AACSB: Analytic Bloom's: Knowledge Learning Objective: Project Management Today - An Integrated Approach Level: Medium Chapter 01 - Modern Project Management 1-27 20. Two dimensions within the project management process are A. Technical and sociocultural B. Cost and time C. Planned and unexpected D. Established and new E. Unique and reoccurring There are two dimensions within the actual execution of projects (see Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15). AACSB: Analytic Bloom's: Knowledge Learning Objective: Project Management Today - An Integrated Approach Level: Easy 21. Which of these is not part of the "technical dimension" of project management? A. WBS B. Budgets C. Problem solving D. Schedules E. Status reports See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Bloom's: Knowledge Learning Objective: Project Management Today - An Integrated Approach Level: Medium Chapter 01 - Modern Project Management 1-28 22. Which of these is not part of the "sociocultural dimension" of project management? A. Negotiation B. Resource allocation C. Customer expectations D. Leadership E. Politics See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Bloom's: Comprehension Learning Objective: Project Management Today - An Integrated Approach Level: Medium 23. Corporate downsizing has increased the trend toward A. Reducing the number of projects a company initiates B. Outsourcing significant segments of project work C. Using dedicated project teams D. Shorter project lead times E. Longer project lead times Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. AACSB: Analytic Bloom's: Comprehension Learning Objective: The Importance of Project Management Level: Medium Chapter 01 - Modern Project Management 1-29 24. The importance of project management has increased due to A. The movement of manufacturing operations out of the U.S B. Time to market C. The movement toward flatter and leaner organization s D. Both a and b are true E. A, B, and C are all true One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. In today's flatter and leaner organizations, where change is a constant, project management is replacing middle management as a way of ensuring that things get done. Corporate downsizing has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. AACSB: Analytic Bloom's: Synthesis Learning Objective: The Importance of Project Management Level: Difficult 25. Which of the following is not typically the responsibility of a project manger? A. Meeting budget requirements B. Meeting schedule requirements C. Meeting performance specifications D. Coordinates the actions of the team members E. All of these are typical responsibilities They must ensure that appropriate trade-offs are made between the time, cost, and performance requirements of the project. AACSB: Analytic Bloom's: Knowledge Learning Objective: What is a Project? Level: Easy Chapter 01 - Modern Project Management 1-30 26. A series of coordinated, related, multiple projects that continue over extended time intended to achieve a goal is known as a A. Strategy B. Program C. Campaign D. Crusade E. Venture A program is a group of related projects designed to accomplish a common goal over an extended period of time. AACSB: Analytic Bloom's: Comprehension Learning Objective: What is a Project? Level: Easy 27. In which of the following stages is it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be. AACSB: Analytic Bloom's: Comprehension Learning Objective: What is a Project? Level: Easy Chapter 01 - Modern Project Management 1-31 28. Competing in a global market is influenced by A. Rapid change B. Innovation C. Time to market D. Politics E. A, B, and C are all true Competing in a global market influenced by rapid change, innovation, and time to market means organizations manage more and more projects. AACSB: Analytic Bloom's: Comprehension Learning Objective: Project Management Today - An Integrated Approach Level: Easy 29. Integration of all project processes and practices to improve Project Management is due to A. Centralization B. Environmental analysis C. Customer Expectations D. Project management system E. The organization's environment and culture Centralization entails integration of all project processes and practices to improve project management. AACSB: Analytic Bloom's: Application Learning Objective: Project Management Today - An Integrated Approach Level: Easy Chapter 01 - Modern Project Management 1-32 30. From 1994 to 2009 the trend for projects late or over budget was: A. Significantly better B. Slightly better C. About the same D. Slightly worse E. Significantly worse Failed projects also declined from 31 percent in 1994 to 18 percent in 2004. However, the CHAOS Summary 2009 report shows a small decrease in the numbers. AACSB: Analytic Bloom's: Evaluation Learning Objective: What is a Project? Level: Medium Fill in the Blank Questions 31. Like most organizational effort, the major goal of a project is to __________. satisfy a customer's need Like most organizational effort, the major goal of a project is to satisfy a customer's need. AACSB: Reflective Thinking Bloom's: Comprehension Learning Objective: What is a Project? Level: Medium 32. The initial stage in the Project Life Cycle is the __________ stage. defining Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. AACSB: Reflective Thinking Bloom's: Application Learning Objective: What is a Project? Level: Easy