Final Exam Part 1

Question

Question 1

Smoothing out project resources from period to period is called

Resource leveling

Resource allocation or resource limited planning

Better effort planning

Slack utilization planning

Question 2

Which of the following scheduling techniques is most appropriate today for managing a project?

BAR charts

Milestone charts

PERT charts

Precedence charts

Question 3

The major disadvantage of using a bar chart on large projects is that bar charts:

Answer

Cannot identify critical paths

Cannot identify milestones

Do not show dependencies between activities

Question 4

Laying out a network diagram when you know before-hand the size of the available resource pool is called:

Answer

Resource leveling

Resource allocation or resource limited planning

Better effort planning

Slack utilization planning

Question 5

Activities with zero time durations are called:

Answer

Low-slack activities

No-slack activities

Dummy activities

Special activities

Question 6

If the slack in a 12 week activity is 6 weeks and ES = 4, then LF = _____.

Answer

4

10

16

22

Question 7

Which of the following schedule compression techniques usually requires adding more resources to each work package that is being compressed?

Answer

Overtime

Crashing

Outsourcing

Descoping

Question 8

A charting technique designed to illustrate the inductive and deductive reasoning necessary to achieve some objective is called a _____ Diagram / network

Answer

Gantt

Logic

Descriptive

Intuition

Question 9

Which of the following is normally not one of the three critical parameters provided in information reporting to the customer?

Answer

Time

Cost

Performance

Risks

Question 10        

Which type of chart provides the least “predictive” value?

Answer

Bar chart

PERT    

ADM

PDM

Question 11

When a functional manager tells you that your project is 10% more difficult than the standard project, the functional manager is providing you with a _____ estimate.

Answer

Parametric

Analogy

Engineering

Grassroots

Question 12

Which of the following projects would most likely have reasonably good estimating techniques?

Answer

Construction

R & D

Software development

New product development

Question 13

An employee earning $40/hour works in a department where the overhead is 125%. A billable or charge back hour to this department would be:

Answer

$ 40

$ 50

$ 90

$ 100

4 points

Question 14

Which of the following is generally not part of capital budgeting?

Answer

Life cycle cost estimating

Net present value

Internal rate of return

Discounted cash flow

Question 15

Which of the following standard project estimating techniques is usually accomplished in weeks?

Answer

Parametric

Analogy

Engineering

Grassroots

Question 16

Material provided in a proposal to justify one’s estimates are called:

Answer

Supporting pricing

Back-up data

Risk justification

Proprietary pricing

Question 17

Which of the following components of life cycle costing incurs the largest cost?

Answer

R & D

Production

Operational and Support

Disposal

Question 18

Pricing out the construction cost of a home by a cost per square foot would be representative of a _____ estimate.

Answer

Parametric

Analogy

Engineering

Grassroots

Question 19

The person or group with greatest ability to influence cost at project initiation is:

Answer

The customer/owner

The project manager    

The project team

The users

Question 20

Variance envelopes are usually established because:

Answer

All cost variances must be accounted for and explained

Not all cost variances must be explained even though they exist

All schedule variances must be explained

All cost overruns require sponsor authorization

Question 21

Work that does not lend itself to subdivision into discrete scheduled increments of work, such as project support, is called:

Answer

Measurable effort

Level of effort

Discrete estimates

Work package effort

Question 22

A common cause for a favorable CV but unfavorable SV might be:

Answer

Too many workers on the project

Too few workers on the project

Crashing the project

Use of overtime

Question 23

The form that is used to establish charge numbers is the:

Answer

Responsibility Assignment matrix

Work authorization form

Work package

Cost account change notice

Question 24

If the schedule variance is positive and the cost variance is negative, the project’s status is:

Answer

Over budget and behind schedule

Over budget and ahead of schedule

Under budget and behind schedule

Under budget and ahead of schedule

Question 25

The best method to price out a work package is to use the:

Answer

Average departmental labor rate

Average pay grade labor rate

Actual salary of the workers assuming they are known

Statistical data from the Payroll Department

Final Exam Part 2

Question 1

Which of the following is normally not one of the three parameters considered during tradeoffs?

Answer

Time

Cost

Performance

Financial risks

Question 2

Which of the following generally gets reduced during tradeoffs?

Answer

Time

Cost

Performance

Financial risks

Question 3

Assigning high, medium or low to a potential risk is part of:

Answer

Risk identification

Quantitative risk assessment

Qualitative risk assessment

Risk response

Question 4

Brainstorming, assumption analysis and WBS decomposition are techniques used for:

Answer

Risk identification

Risk assessment

Risk monitoring and control

Risk handling

Question 5

Which of the following is not considered to be an insurable risk?

Answer

Direct property damage

Indirect consequential loss

Legal liability

Inflation

Question 6

If a project manager awards a firm-fixed price contract to a supplier, he / she is using:

Answer

Acceptance/Assumption

Avoidance

Control/mitigation

Transfer

Question 7

Monte Carlo simulation is a technique used as part of:

Answer

Risk identification

Risk assessment

Risk monitoring and control

Risk handling

Question 8

Which risk handling mode is a project manager using if he / she throws out one of three designs for a new product?

Answer

Acceptance/Assumption

Avoidance

Control/mitigation

Transfer

Question 9

A technique that uses a series of probability distributions and then transforms them into various risks is called:

Answer

Probability estimating

Monte Carlo simulation

Estimating simulation

Black box analysis

Question 10

If a project manager believes in a proactive rather than reactive risk management approach, he/she is using:

Answer

Acceptance/Assumption

Avoidance

Control/mitigation

Transfer

Question 11

An intentional relinquishment of a legal right is a (n):

Answer

Infringement

Breach of contract

Waiver

Termination liability

Question 12

The type of contract where all of the seller’s costs are reimbursed and the seller will also receive a percentage of the profit pool based upon how well the buyer likes the end result is a _____ contract.

Answer

Cost-sharing

Cost-plus-award-fee

Cost-plus-fixed-fee

Cost-plus-incentive-fee

Question 13

“Hygiene Factors” refers to:

Answer

How a contractor should respond to an RFP

The type of proposal expected by the seller

How and where contract negotiations will take place

How many bidder conferences will be held

Question 14

Which of the following is generally not included in a solicitation package?

Answer

Listing of qualified vendors

Past bidding history of qualified vendors

How changes will be managed

Supplier payment plan

Question 14

Which of the following is generally not included in a solicitation package?

Answer

Listing of qualified vendors

Past bidding history of qualified vendors

How changes will be managed

Supplier payment plan

Question 15

During contract negotiations, the goal of the buyer is to:

Answer

Get the seller to accept the greatest risk

Get the highest quality result for the lowest price

Get the seller to agree to scope changes at no cost to the buyer

Try to get the least amount of work done at the lowest price

Question 16

Which type of cost-plus contract provides the seller with a guaranteed dollar-value profit rather than as a percentage?

Answer

Cost-sharing

Cost-plus-award-fee

Cost-plus-fixed-fee

Cost-plus-incentive-fee

Question 17

Billing the cost of repairs against a financially closed out project is called _____.

Answer

Back charging

Refinancing

Order of precedence

Arbitration

4 points

Question 18

Which of the following is generally not part of “Conducting the Procurements”?

Answer

Perform a make-or-buy analysis    

Confirm qualified sources

Review past performance of sources

Produce a solicitation package

Question 19

Acceptance sampling is a statistical process for evaluating a portion of lot for the purpose of:

Answer

Measuring the weight of each sample

Measuring the length and width of each sample

Measuring the volume of each sample

Acceptance or rejection of the entire lot

Question 20

The cause and effect chart is used to _____.

Answer

Identify a problem

Determine its cause

Prioritize a solution

Decide upon a course of action

Question 21

Design of experiments is attributed to:

Answer

Deming

Juran

Crosby

Taguchi

Question 22

Which of the following is not one of the four categories of the cost of quality?

Answer

Prevention

Identification

Internal failures

External failures

Question 23

The collective term for the activities and techniques within the overall process is called:

Answer

Quality control

Quality assurance

Quality policies

Quality visions

Question 24

The balance between quality and cost is called:

Answer

Salability    

Produceability

Operability

Availability

Question 25

The fact that random variation is always present in any process is called:

Answer

Common cause variability

Special cause variability

Assignable cause variability

Control limit variability