2 Project Life Cycle Phases

Which of the following are components of a scope statement?

Each correct answer represents a complete solution. Choose three

project description, assumptions and constraints, and exclusions

which of the following is not a benefit of WBS

it can be used to decribe how the deliverables will be validated

which of the following options occur after project sign-off is obtained? choose two

transfers ownership of the deliverables to operation and maintenance

starts the warranty period

in which project life cycle phase would you develop a transition or release plan

planning

whichof the following are the elements included in the scope document that help you determine whether the project is on track and progressing as planned?

KPIs

meeting with the person requesting the project is important for all of the following reasons, except for which one

to understand the solution they’d like to implement

which of the following are ways to organize the WBS

project phases

major deliverables

subprojects

Your project has expected cash inflows of $7.8 million in today's dollars. The project's initial investment is $9.2 million. Which of the following is true?

NPV is less than 0, so this project should be rejected

Who of the following is responsible for integrating all the components of the project, using tools and techniques, and displaying many skills and qualities such as leadership, communications, time management, problem-solving, conflict resolution, negotiation skills, and more?

project manager

Which of the following statements are true regarding a RACI chart?

Each correct answer represents a complete solution. Choose three.

it is a matrix-base chart

shows the roles and responsibilities of team members or business units and how they intersect with project tasks

stands for responsible, accountable, consulted, and informed.

Amy is a new PM building her first WBS which looks like this

:Does this WBS appear to be correct? If not, what is wrong with it?

Each correct answer represents a complete solution. Choose two.

It’s missing the work package level 

Hours should not not be listed on a WBS

Which office productivity tool would be best to record spending so far on a project so that the project team can keep track of where money has been spent and how much budget is remaining?

Spreadsheet

Which of the following project documents created in the Closing phase describes what went well and what didn't go well on the project?

Lessons learned

Assessing the status of the budget, reviewing risks/issues logs, and measuring performance occur in what project life cycle phase?

Execution

The idea behind most cash flow techniques is that money today is worth more than money in the future. What is this known as?

Time value of money

Which of the following is not a key component of scope planning?

Project Charter

In project management, the process of taking high‐level project requirements and breaking them down into the tasks that will generate the deliverables is called what?

Decomposing

Your project involves implementing a software platform to manage the organization's general ledger, budget, and financial information. The company you have engaged with recommended three implementation firms for you to choose from in helping to configure the system. What is this known as?

predetermined clients

Your organization has created a records management plan and you have several documents that have reached the end of their retention period. All of the following are true regarding this question except for which one?

Once the retention period is reached you may delete the records without further action

A road construction project is going to require the company’s road paver, a piece of equipment that lays asphalt on roadways, in the next two weeks. The road paver is in use until this Friday in a different city and will require five days to be relocated. This is an example of which type of constraint?

scheduling

Which of these refers to the approved, expected cost of the project?

cost baseline

Brandon is the CEO of Big Widgets, Inc. and has approached you with a new project idea. He wants to create a completely new and revolutionary style of the widget—the likes of which have never been attempted before. Considering you must provide some high-level cost estimates for the project charter, how do you go about providing the required information?

Each correct answer represents a complete solution. Choose two.

You talk to vendors about endeavors that may be somewhat similar to get some sense of project costs

You look at previous projects and find similarities you can use for high-level estimating

A project manager is having problems with one team member who is being insubordinate. The project manager approaches the team member and communicates how the behavior is inappropriate and how the team member will behave from now on. This is an example of which one of the following?

forcing

What is the comprehensive collection of documents that spells out communication, risk management, project schedule, and scope management?

Project management plan

This stakeholder analysis tool is most useful on small projects where it's easier to identify relationships. It's a quadrant that describes how to maintain relationships, including whether you should meet expectations, maintain good relationships, keep stakeholders updated, or keep them engaged and informed. What is this tool called?

power/interest grid

You have navigated your project team members through to the successful completion of an ERP deployment project. With the project in place, the company has successfully implemented an enterprise-wide platform for managing corporate finances, procurement, human resources, fulfillment, and so forth. Now that the project is done, many of your project team members will become employees of the department responsible for managing the ERP. What is the reason this project came to a close?

Extinction

To which project-centric document would you refer to get a description of the project, find out the key deliverables, and gain an understanding of the success and acceptance criteria for the project?

scope statement

What is the project artifact that breaks down resources by category and type?

resource breakdown structure

Which of these is a document that authorizes the project to begin?

project charter

The joining of two businesses to come together and operate as one single entity is known as which one of the following?

business merger

You are working on an important project for your organization that has been in the Executing phase for about 18 months. You learned today that a key stakeholder is leaving the organization. A change like this is known as which of the following?

incident response

Who is/are responsible for authorizing the closure of the project?

sponsor

The project sponsor will approve the final deliverables of the project. On a RACI chart, how would this be designated?

C

The situation where the project team is stuck on the last piece of work, which prevents the project from completing, is known as which one of the following?

95 percent phenomenon

Which of these is a deliverables‐oriented hierarchy that defines the work of the project?

Work breakdown structure

After the project charter is signed and approved, what should the project manager do next?

Hold a kick-off meeting with the sponsor, key stakeholders, and key project team members.

Which of the following are the benefits of creating a WBS?

Each correct answer represents a complete solution. Choose all that apply.

Team members working on individual work packages understand their contribution to a deliverable

Brings new team members quickly up to speed

Allows all team members to see the big picture

Expenditures not expensed directly on a company's income statement and that are considered an investment are known as which of the following?

CapEx (capital expenses)

When taking over an incomplete project, what item should be of most interest to the new project manager?

Project scope statement

Which of the following is the best definition of a capital expense or CapEx?

Money spent on long-term physical or fixed assets used in a business operations

Which of the following involves changing the project or product scope without considering the impacts it will have on the project schedule, budget, and scope statement?

scope creep

Greg is a key technical resource for your project. You've worked with Greg on past projects and have identified him as one of the team members who will work on the project. The charter has been published, and there is great excitement about this project. You've scheduled a meeting to talk to Greg's manager next week about his participation in the project. Which of the following conditions does this describe?

Assumption

Time, budget, and scope are considered the triple constraints of tactical project management. What are the three factors that influence sustainable project management from a strategic context?

Environmentally sound, socially responsible, economically viable

Which of the following options most closely identifies the scope management plan?

Defines how the project team will define project scope, verifies the work of the project, and manages and controls scope. 

What is the single role in a RACI matrix that can only be assigned once per task?

Accountable

What key meeting is held after the project charter is signed and/or at the beginning of the Executing project management life cycle phase?

project kickoff

You have just left a meeting with the project sponsor, where you were informed that your project had been canceled because of budget cuts. You have called the project team together to fill them in and to review the remaining activities to close out the project. Which of the following describes the type of project ending this project experienced?

Starvation

What is the primary purpose of a formal sign‐off at the conclusion of the project work?

The sign‐off indicates that the project meets the documented requirements and that the customer has accepted the project deliverables.

There are four participants in your upcoming meeting. How many lines of communication are there?

6

Which of the following does not describe a constraint?

The project sponsor will remain the sponsor for the duration of the project.

Your project has expected cash inflows of $1.2 million in year 1, $2 million in year 2, and $4.4 million in year 3, for a total of $7.6 million in today's dollars. Which technique was used to determine this?

Discounted cash flow

What is the best way to prevent scope creep?

Make sure the requirements are thoroughly defined and documented.

Your project has projected revenues of $500,000 in year 1 and $700,000 in year 2. Your initial investment was $850,000. What is the payback period?

18 months

Which of the following is a characteristic of a WBS?

A deliverables‐oriented structure that defines the work of the project

Which component of the project charter describes the characteristics of the product produced by the project?

project objectives

The preliminary scope statement should be included in which project document?

project charter

A team member has come to your office to complain that a fellow team member is never available for meetings before noon and seems to ignore their requests to follow proper processes. Which of the following does this describe?

Each correct answer represents a complete solution. Choose two.

This describes a conflict.

This describes varying work styles.

Assessing the status of the budget, reviewing risks/issues logs, and measuring performance occur in what project life cycle phase?

execution

You're a project manager for a large project. You're in the middle of the Executing phase. The project sponsor has decided to cancel the project because of unexpected cost overruns and resource shortages. What are your next steps?

Each correct answer represents a complete solution. Choose two.

Prepare project closure documents.

Perform a lessons learned analysis and release resources.

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Question 5 :

Organizational changes have an impact on the project. If one organization joins another to perform business as one entity, what is this known as?

Merger

Which of the following is the best definition of an operational expense or OpEx?

Money spent on running the business operations of a company