Osm3200 Exam 3

Front 1

An uncertain event or condition that if it occurs has a positive or negative effect on a projects objectives

Back 1

Risk

Front 2

A negative impact is known as a _________ while a positive impact is known as an ____________

Back 2

Threat, opportunity

Front 3

To reduce the impact of threats and capitalize on opportunities a project manager should create a _____

Back 3

risk management plan

Front 4

T/F
A project manager should solely handle the responsibility of identifying potential risks for the project.

Back 4

False

Front 5

Most project risks are typically uncovered in the ________stage of the project

Back 5

Initiating

Front 6

The cost per risk discovered is typically highest in the ______ stage of the project.

Back 6

closing

Front 7

____________ is the process of determining which risks might affect the project and documenting their characteristics

Back 7

Risk identification

Front 8

T/F
When a project manager is gathering information about risks, it is best if he sets a limit on the number of risks that will be considered?

Back 8

False

Front 9

T/F
It is often helpful if a project manager reviews previous projects to help identify potential risks.

Back 9

True

Front 10

________ is an analytical technique used to determine the basic underlying reason that causes a risk

Back 10

Root cause analysis

Front 11

A key supplier for your project has not been returning your calls or responding to your emails. This is an example of a ______________, which indicates that a risk is likely to occur.

Back 11

Trigger

Front 12

T/F
Every risk, no matter how minor or major it is is project to be, should have a contingency plan created to address it.

Back 12

False

Front 13

A qualitative risk assessment typically categorizes the projabbility and impact of the risk as ________ ________ or _____

Back 13

High, medium, or low

Front 14

A ___________ is a tool that is useful to analyze the cause and effect relationship of risks

Back 14

Fish Bone Digram or Cause and effect digram

Front 15

T/F
Quantitative risk analysis is use don all projects

Back 15

False

Front 16

T/F
In the Risk Register, only one person should be assigned as the "owner" of each identified risk

Back 16

True

Front 17

_________ is the process of identifying which quality standards are relevant to the project and how to satisfy them

Back 17

Quality Planning

Front 18

_____________was a very influential thought leader in the area of quality who created the Profound Knowledge system

Back 18

Deming

Front 19

______________ is best known for creating the Quality, Trilogy

Back 19

Joseph Juran

Front 20

many leaders in the area of quality come from the countries of _______ and _______

Back 20

Japan and US

Front 21

The acronym TQM stands for

Back 21

Total Quality Management

Front 22

The Baldridge Award was developed in the _________ while ISO 9000:2000 was developed in __________

Back 22

US, Europe

Front 23

The ISO 9000 principle of __________ involves understanding both current and future customer needs and striving to exceed these needs.

Back 23

Customer Focus

Front 24

______________ is a statistical term that indicates the amount of variation in a set of data

Back 24

Standard deviation

Front 25

__________ is the degree to which a set of inherent characteristics fulfills a requirement

Back 25

Quality

Front 26

External stakeholders can include ___________, _________, and the _____________

Back 26

Customers, supplies, public

Front 27

The goal of _____________ is to create capable workers at every level of the organization

Back 27

Empowered performance

Front 28

The two types of variation are ________ and _________

Back 28

common cause and special clause

Front 29

Processes can be improved by either a ______ or __________

Back 29

continuous, breakthrough

Front 30

The four core project quality concepts are

Back 30

Stakeholder satisfaction
Empowered performance
fact-based management
process management

Front 31

The _________________ describes how the project management team will perform the performing organizations quality policy

Back 31

Quality management plan

Front 32

T/F
The term "customer" appeared in the vast majority of Corporate Quality Policies

Back 32

True

Front 33

T/F
A review of Corporate Quality Policies revealed that they are all very similar in terms of length and content

Back 33

False

Front 34

T/F
Most organizations have the ability to fully complete a project by themselves

Back 34

False

Front 35

T/F
small business typically do not outsource project work

Back 35

False

Front 36

_______ is the first step in the porject procurement process

Back 36

Plan purchasing and acquisitions

Front 37

In supply chain management the seller can also be called a ________ or _________

Back 37

Supplier or contracter

Front 38

In supply chain management, which of the following terms can be used to mean "buyer"?
A. Service requester
B. Vendor
C. Customer
D. A and D

Back 38

D. A and D

Front 39

List three functional areas that are frequently outsourced by business organizations

Back 39

IT
Accounting
Legal Functions
Logistics

Front 40

Which of the following areas can be considered a competitive advantage for a firm?
A. Ability to deliver the product faster
B. Ability to offer the product at a lower cost
C. Ability to offer the product in a higher quality
D. All of the above are areas of competitive advantage

Back 40

D. All of the above are competitive advantage

Front 41

T/F
After an organization has developed a list of potential suppliers, the organization should evaluate each supplier individually

Back 41

True

Front 42

What does RFP stand for

Back 42

Request for proposal

Front 43

A mutually binding agreement that obligates the seller to provide the specified product/service and obligates the buyer to pay for the product/service

Back 43

contract

Front 44

T/F
In a time and material contract the seller assumes the greatest level of risk

Back 44

False

Front 45

_________ contract good to use if its necessary for both parties to share the risk

Back 45

Cost- reimbursable

Front 46

_______ contract the seller assumes the greatest level of risk

Back 46

fixed price

Front 47

________single insurance policy that is used to provide coverage for all project participants

Back 47

Wrap up or owner controlled insurance program

Front 48

A method for transforming contractual arrangements into a cohesive, collaborative project team with a single set of goals and established procedures for resolving disputes.

Back 48

partnering

Front 49

a quantifiable deviation away from an expected value

Back 49

Variance

Front 50

T/F
A project manager only needs to do monitoring and controlling work once during the duration of the project.

Back 50

False

Front 51

type of control where work is continually compared to the plan in order to measure the level of progress

Back 51

steering control

Front 52

T/F
It is best if a project manager agrees to all additions to the scope so she keeps key stakeholders happy.

Back 52

False

Front 53

a formal group of stakeholders responsible for reviewing, evaluation, approving, and rejecting proposed changes to the project

Back 53

Change control board

Front 54

is used to guide the monitoring and controlling of risk-related activities

Back 54

Risk management plan

Front 55

deals with comparing specific project measurements with extablished standards

Back 55

quality control

Front 56

all possible items in a set

Back 56

population

Front 57

a visual model that shows inputs/flow of work/outputs

Back 57

flow chart

Front 58

the highest bar on a Pareto chart often becomes the "head of the fish" in the______

Back 58

cause/effect diagram

Front 59

when using a control chart a project manager notices that there is one point which falls above the project's upper control limit. This kind of variation is?

Back 59

special cause

Front 60

a management methodology for integrating scope/schedule/resources for objectively measuring project performance and progress

Back 60

Earned value management

Front 61

Which of the following earned value management terms does not deal with the timing at the end of the project?
A. BAC
B. PV
C. ETC
D. EAC

Back 61

B. PV

Front 62

_______ and _____ a projects execution is the process of executing the work defined in the project management plan to achieve the project’s requirements defined in the project scope statement

Back 62

Direct
managed

Front 63

primary source of work to be performed is at the ____________ level

Back 63

work package

Front 64

_______________ is the application of planned, systematic quality activities to ensure that the project will employ all processes needed to meet requirements

Back 64

Quality Assurance

Front 65

The two areas of project quality assurance are ______ and ____.

Back 65

Audits
Process Improvements

Front 66

T/F
A project manager should use a quality audit to determine which team members need to be punished for not completing the work properly

Back 66

False

Front 67

T/F
Project audits are good sources to gain lessons learned

Back 67

True

Front 68

__________________ is the process of making needed information available to project stakeholders in a timely manner

Back 68

Preformance Reporting

Front 69

Processes can be measured for _______ and ___________________

Back 69

Efficiency
Effectiveness

Front 70

T/F
Supply chain operations require managerial processes that span across functional areas within individual organizations.

Back 70

True

Front 71

T/F
The extent to which a project relies upon internal sources for materials and services varies from one project to another and from one organization to another.

Back 71

True

Front 72

T/F
Among the disadvantages associated with outsourcing is the potential loss of special skills for doing the outsourced activities.

Back 72

True

Front 73

T/F
When a firm plans to contract, it generally prepares evaluation criteria that define how the client company will evaluate and rank proposals received from bidders.

Back 73

True

Front 74

T/F
Extensive supplier evaluation approaches such as surveys, facility visits and financial analysis should be applied to first-tier suppliers only

Back 74

False

Front 75

T/F
In many cases, the proposal prepared by the vendor actually becomes a part of the final contract.

Back 75

True

Front 76

T/F
A contract is a unilateral document that binds a seller to provide specified products and services under terms agreeable to the buyer.

Back 76

False

Front 77

T/F
Fixed price contracts provide low risk for the seller, since the buyer will pay a fixed price, regardless of how much the project actually costs the seller.

Back 77

False

Front 78

T/F
Traditional project procurement was characterized by a win-lose attitude, whereas contemporary project partnering fosters an equal partner attitude.

Back 78

True

Front 79

T/F
It is impossible to remove all sources of risk on a project.

Back 79

True

Front 80

T/F
When the impact of an event is negative, it is considered a risk; when the impact is positive, the event is considered an opportunity.

Back 80

Flase

Front 81

T/F
The risk management plan is the document that describes how project risk management will be structured and performed on a project.

Back 81

True

Front 82

T/F
The cost per risk for risks discovered early in the project is often more than the cost per risk for risks discovered late because there is more opportunity for the risk to impact several dimensions of the project.

Back 82

False

Front 83

T/F
The risk register is a living document and new risks can be added as they are identified.

Back 83

True

Front 84

T/F
Qualitative risk analysis is the process of prioritizing risks for subsequent further analysis or action by assessing and combining their probability and impact.

Back 84

True

Front 85

T/F
Quantitative risk analysis is the process of numerically analyzing the effect on overall project objectives of identified risks.

Back 85

True

Front 86

T/F
In some cases, project teams will elect to reduce a threat rather than eliminate it because the effort to completely eliminate a threat is unjustified.

Back 86

True

Front 87

T/F
Risk response strategy decisions should reflect a thorough understanding of the priorities that key stakeholders have relative to project objectives.

Back 87

True

Front 88

T/F
Risk response strategies such as mitigation and exploitation apply to both threats and opportunities.

Back 88

False

Front 89

T/F
W. Edwards Deming asserted that managers need to understand both serial variation and sequential variation and then work to reduce both.

Back 89

False

Front 90

T/F
Joseph Juran is credited for developing the Quality Trilogy that includes quality monitoring, quality assurance and quality control.

Back 90

False

Front 91

T/F
Crosby, a well known quality management thought leader, asserts that quality is meeting requirements, not exceeding them.

Back 91

True

Front 92

T/F
The International Organization for Standardization developed a quality management standard that relies upon several principles including customer focus, continual improvement and the adoption of a factual approach to decision making.

Back 92

True

Front 93

T/F
DMAIC is typically used as a method of implementing continuous improvement and can thus be practiced repeatedly within a single process to further improve process performance.

Back 93

True

Front 94

T/F
A quality improvement project is defined as a set of interrelated actions and activities performed to achieve a specified set of products, results or services.

Back 94

False

Front 95

T/F
The purpose of process control is to develop confidence that the outputs created by the project will be predictable.

Back 95

True

Front 96

T/F
On many small, simple projects the quality planning is performed concurrently with other planning and the quality plan is seamlessly incorporated into the project plan.

Back 96

True

Front 97

T/F
Quality assurance is the application of planned, systematic quality activities to ensure that the project will employ all processes needed to meet requirements.

Back 97

True

Front 98

T/F
Quality assurance is monitoring specific results to determine whether they comply with relevant quality standards.

Back 98

False

Front 99

T/F
Sometimes a project is terminated before its normal completion.

Back 99

True

Front 100

T/F
Early termination can be either for cause or for the convenience of the seller.

Back 100

False

Front 101

T/F
When a contract is terminated for convenience, the contractor is typically reimbursed for the money spent up to that point in time and must complete all deliverables in process and submit the completed deliverables to the buyer.

Back 101

False

Front 102

T/F
Even when a project is no longer needed or viable, the project manager, as primary advocate for the project, should avoid recommending early termination.

Back 102

False

Front 103

T/F
On some projects, some deliverables remain incomplete at project close-out and must be integrated into another project, stopped altogether, or continued as a lesser project or further phase of the finishing project.

Back 103

True

Front 104

T/F
Scope verification occurs with interim deliverables throughout the project and with final deliverables near the end.

Back 104

True

Front 105

T/F
On long projects it is often better to capture lessons frequently since people may not remember clearly what happened several months previously.

Back 105

True

Front 106

T/F
Lessons learned are often based on significant project successes.

Back 106

True

Front 107

T/F
A method for documenting and sharing lessons must be established in order for an organization to capitalize on lessons learned.

Back 107

True

Front 108

T/F
More organizations effectively collect lessons learned than effectively disseminate and use them.

Back 108

True

Front 109

T/F
Some project sponsors will only approve a project charter if it includes and reflects lessons learned from other recently completed projects.

Back 109

True

Front 110

T/F
Project close-out checklists provide the project manager a legally enforceable contract vehicle to hold team members accountable for each item that must be completed to close a project.

Back 110

False

Front 111

T/F
Helping good workers to secure good follow-on work is one of the most important things a project manager must do near the end of the project.

Back 111

True

Front 112

Celebrations of success ease the stress of working hard for a prolonged period of time.

Back 112

True

Front 113

Since projects are temporary in nature and the project team disbands upon completion, it is highly irregular for project managers to provide ongoing support in the form of training or change management.

Back 113

False

Front 114

T/FSupply chains use a combination of modes of transportation including: air, rail, water, pipeline and trucks.

Back 114

True