Final Exam Part 1 Question

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

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