Proj Mgmt Exam 2

Front 1

Once a project actually starts, is it necessary to monitor the progress to ensure that everything is going according to schedule?

Back 1

Yes

Front 2

Is the key to effective project control to measure production quality and compare it to efficiency measures on a timely and regular basis and to take necessary corrective action immediately?

Back 2

Yes

Front 3

Should the project control process occur once at the beginning and then again at the end of the project?

Back 3

No

Front 4

does the project control process continue throughout the project?

Back 4

Yes

Front 5

In general, if the reporting period is longer, are there better chances of identifying problems early and taking effective actions?

Back 5

No

Front 6

Do the finish estimates (FE) of completed activities determine the earliest start and earliest finish times for the remaining activities in the network diagram, as well as the total slack?

Back 6

No

Front 7

Is a method to indicate the network diagram which activities have been completed is to shade or crosshatch the activity box?

Back 7

Yes

Front 8

Throughout a project, should changes always be resisted if they have an impact on the schedule?

Back 8

Yes

Front 9

When the customer requests a change, should the contractor or project team estimate the impact on the project budget and schedule and then obtain customer approval before proceeding?

Back 9

Yes

Front 10

When attempting to get a schedule back on track, is the path with the most positive slack given the top priority?

Back 10

No

Front 11

In most cases, will eliminating negative slack by reducing durations of activities involve a trade-off in the form of an increase in production hours or an increase in scope?

Back 11

No

Front 12

Is the time-quality trade-off methodology used to incrementally reduce the project duration with the smallest associated increase in incremental cost?

Back 12

No

Front 13

Does each activity have two pairs of duration and cost estimates: normal and flash?

Back 13

No

Front 14

Can an activity be completed in less than its crash time, no matter how many additional resources are applied?

Back 14

No

Front 15

The ______ of completed activities will determine the earliest start and earliest finish times for the remaining activities in the network diagram, as well as the total slack.

Back 15

actual finish times

Front 16

When changes are agreed upon, a new ______________ should be established and used as the benchmark against which actual project performance will be compared.

Back 16

baseline plan

Front 17

The amount of ____________ should determine the priority with which concentrated efforts are applied.

Back 17

slack

Front 18

It’s much wiser to take aggressive corrective action to reduce the durations of activities that will be done in the ____________ than to plan to reduce the durations of activities that are scheduled sometime in the ___________.

Back 18

near term, future

Front 19

When modifying a project schedule, usually ____________ activities present the opportunity for larger reductions.

Back 19

longer-duration

Front 20

The _______ time is the shortest estimated length of time in which the activity can be completed.

Back 20

crash

Front 21

Do resources include people, equipment, machines, tools, facilities, and space.

Back 21

Yes

Front 22

Can resources constrain the project schedule?

Back 22

Yes

Front 23

Are activities in a network diagram drawn in a parallel relationship because, from a technical standpoint, they can be performed in any sequence?

Back 23

No

Front 24

In addition to showing the technical constraints among activities, can the network diagram also exhibit resource constraints?

Back 24

Yes

Front 25

If resources are to be considered in planning, is it necessary to indicate the amounts and types of resources needed to perform each activity?

Back 25

Yes

Front 26

Is resource monitoring a method for developing a schedule that attempts to minimize the fluctuations in requirements for resources?

Back 26

No

Front 27

Will resource-limited scheduling extend the project completion time if necessary in order to keep within the resource limits?

Back 27

Yes

Front 28

Do most software packages allow you to create and maintain a list of resources that can be accessed by all of the tasks within a project?

Back 28

Yes

Front 29

Because the expenses for resources can be accrued at different times throughout a project, do most software systems allow you to create charges for a resource at the beginning of its use, at fixed intervals, or at the end of the project?

Back 29

Yes

Front 30

The consideration of resources adds another dimension to planning and ____________.

Back 30

scheduling

Front 31

Activities in a network diagram are drawn in a _________ relationship because, from a technical standpoint, they must be performed in that sequence.

Back 31

serial

Front 32

If resources are to be considered in planning, it’s necessary to indicate the _________ of resources needed to perform each activity.

Back 32

amount

Front 33

Resource utilization charts based on each activity’s earliest start time are said to be based on an _____________________ schedule.

Back 33

as-soon-as-possible

Front 34

Resource utilization charts based on each activity’s latest start time are said to be based on an __________________ schedule.

Back 34

as-late-as-possible

Front 35

____________________ is a method for developing a schedule that attempts to minimize the fluctuations in requirements for resources.

Back 35

resource leveling

Front 36

____________________ is a method for developing the shortest schedule when the number or amount of available resources is fixed.

Back 36

resource limited scheduling

Front 37

______________________ will extend the project completion time if necessary in order to keep within the resource limits.

Back 37

resource limited scheduling

Front 38

In resource-limited scheduling, when several activities need the same limited resource at the same time, the activities with the _______________ have first priority

Back 38

least slack

Front 39

In addition to establishing a baseline schedule for a project, is it also necessary to develop a baseline budget?

Back 39

Yes

Front 40

Does cost planning start when a proposal for the project has been accepted by the client?

Back 40

No

Front 41

If possible, is it good practice to have the person who will be responsible for the costs associated with the work make the cost estimates?

Back 41

Yes

Front 42

Is the TBC for each work package be the multiplication of the costs of all the activities that make up that work package?

Back 42

No

Front 43

With the CBC values, is it possible to draw a cumulative budgeted cost curve?

Back 43

Yes

Front 44

Are large dollar amounts that are expended for materials or services that are used over a period of time longer than one cost reporting period called coventional costs?

Back 44

No

Front 45

Does determining the earned value involve collecting data on the percent complete for only the last work package.

Back 45

No

Front 46

Does there often seem to be an inclination to be overly pessimistic and make a low percent complete estimate too soon?

Back 46

No

Front 47

Is the cost performance index a measure of the cost efficiency with which the project is being performed.

Back 47

Yes

Front 48

Is the cost variance (CV) the difference between the cumulative earned value of the work performed and the cumulative budgeted cost?

Back 48

No

Front 49

Allocating total project costs for the various elements to the appropriate work packages in the work breakdown structure will establish a ___________________ for each work package.

Back 49

total budgeted cost

Front 50

The ________________________ is the amount that is budgeted to accomplish the work that was scheduled to be performed up to a certain point in time.

Back 50

cumulative budgeted cost

Front 51

The _______ for the entire project or each work package provides a baseline against which actual cost and work performance can be compared at any time during the project.

Back 51

cumulative budgeted cost

Front 52

Once the project starts, it’s necessary to keep track of actual cost and committed cost so that they can be compared to the _______________.

Back 52

cumulative budgeted cost

Front 53

Funds that are unavailable to be spent elsewhere because they will be needed at some later time to pay for an item are called ____________ costs.

Back 53

committed

Front 54

_____________________ is the value of the work actually performed.

Back 54

Earned value

Front 55

Determining the earned value involves collecting data on the percent complete for each work package and then converting this percentage to a dollar amount by multiplying the _________________ of the work package by the percent complete.

Back 55

total budgeted cost

Front 56

_________________ is the difference between the cumulative earned value of the work performed and the cumulative actual cost.

Back 56

Cost variance

Front 57

The cost performance analysis should include identifying those work packages that have a negative cost variance or a cost performance index of less than _____.

Back 57

1

Front 58

The key to managing _________ is to ensure that cash comes in faster than it goes out.

Back 58

cash flow

Front 59

CPI=

Back 59

CPI= CEV / CAV
CPI>1 is good

Front 60

CV=

Back 60

CV= CEV-CAV

Front 61

FCAC=

Back 61

FCAC= TBC/CPI
or
FCAC= CAC + (TBC - CEV)
or
FCAC= CAC + re-estimate coasts of remaining work

Front 62

SV=

Back 62

SV= CEV-CBC

Front 63

SPI=

Back 63

SPI=CEV/CBC
SPI>1 is good (under budget)