Project Management Final Exam Questions With Answers

Project Management Final Exam Questions With Answers A project is: A. A set of sequential activities performed in a process or system. B. A revenue-generating activity that needs to be accomplished while achieving customer satisfaction. C. An ongoing endeavor undertaken to meet customer or market requirements. D. A temporary endeavor undertaken to create a unique product, service, or result. - ANSWER- D. A project is a temporary endeavor undertaken to create a unique product, service, or result. Project management is: A. The integration of the critical path method and the Earned Value Management system. B. The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. C. The application of knowledge, skills, wisdom, science, and art to organizational activities to achieve operational excellence. D. A subset of most engineering and other technical disciplines. - ANSWER- B. Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Managing a project typically includes: A. Balancing the competing project constraints, which include scope, quality, schedule, budget, resources, and risks. B. Integrating requirements of profitability, low cost, and legal responsibility. C. Implementation of software, hardware, and other systems to enhance organizational efficiency. D. Supporting human factors, communications, discipline, and performance management. - ANSWER- A. Balancing the competing project constraints, which include scope, quality, schedule, budget, resources, and risks. Managing a project typically includes, but is not limited to: n Identifying requirements; n Addressing the various needs, concerns, and expectations of the stakeholders in planning and executing the project; n Setting up, maintaining, and carrying out communications among stakeholders that are active, effective, and collaborative in nature; n Managing stakeholders towards meeting project requirements and creating project deliverables; n Balancing the competing project constraints, which include, but are not limited to: ¡ Scope, ¡ Quality, ¡ Schedule, ¡ Budget, ¡ Resources, and ¡ Risks. The specific project characteristics and circumstances can influence the constraints on which the project management team needs to focus. Portfolio management refers to: A. Managing various contents of the project file. B. Managing the levels of financial authority to facilitate project decision making. C. The centralized management of one or more portfolios to achieve strategic objectives. D. Applying resource-leveling heuristics across all the organization's projects to achieve the organization's strategic objectives. - ANSWER- C. The centralized management of one or more portfolios to achieve strategic objectives. Portfolio management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation, and that the management of the portfolio is consistent with and aligned to organizational strategies. Project success is measured by: A. Product and project quality, timeliness, budget compliance, and degree of customer satisfaction. B. Degree to which the project satisfies its time and budget objectives. C. The triple constraints of schedule, cost, and technical performance. D. Degree to which the project satisfies the needs for which it was undertaken and its long-term contribution to aggregate performance of the organization's portfolio. - ANSWER- A. Product and project quality, timeliness, budget compliance, and degree of customer satisfaction. A program is a: A. Group of related tasks lasting one year or less. B. Group of related projects, subprograms, and program activities managed in a coordinated way. C. Project with a cost over $1 million. D. Sequence of steps constituting a project. - ANSWER- B. Group of related projects, subprograms, and program activities managed in a coordinated way. Programs may include elements of related work outside the scope of the discrete projects in the program. A project may or may not be part of a program but a program will always have projects.