What is the first step of project planning Mcq?
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Which of the following represents the correct order of stages within the project life cycle? Show
A. Planning, Defining, Executing, Closing B. Closing, Planning, Defining, Executing C. Defining, Planning, Executing, Closing D. Executing, Defining, Planning, Closing E. Planning, Defining, Closing, Executing Which of the following is the correct order for the strategic management process? A. Strategies, mission, objectives, projects B. Objectives, projects, mission, strategies C. Mission, strategies, objectives, projects D. Objectives, mission, strategies, projects E. Projects, mission, strategies, objectives Which are the three different matrix systems discussed in the text? A. Functional, Weak, Strong B. Balanced, Functional, Projectized C. Weak, Strong, Balanced D. Neutral, Weak, Strong E. Functional, Neutral, Projectized A. Analyze the strategic plan B. Analyze the current budget plan C. Meet with team members D. Select team members E. Define the overall objective to meet the customer's needs Answer: Define the overall objective to meet the customer's needs Project Management Multiple Choice Questions1. According to the Project Management Institute (PMI), project management is defined as “the application of knowledge, _____, _____, and techniques to project activities to meet the project requirements”. a. skills, analysis Answer: d skills, tools 2. As a project manager, Tyler is so happy that all expected project deliverable have been accomplished by his project team. What is the next step for his project to proceed in order to verify the project scope by his project client? a. Ask his client to pay for the completed project deliverables. Answer: d Ask his client to conduct an inspection on all of the completed project deliverables 3. What is the first step in project planning? a. Establish the objectives and scope. Answer: a Establish the objectives and scope 4. While assessing your project processes, you have identified some uncontrolled process variations. Which of the following would be the appropriate chart you may use for this purpose? a. Pareto diagram Answer: c Control chart 5. Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle? a. Agreements for risk sharing need to be concluded. Answer: d Risks are identified with each major group of activities. 6. Fill in the blank. Risk must be considered in the _____ phase and weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. a. completion Answer: e initiation 7. Due to the rapid expansion of your company, your boss decides to establish a project management office (PMO) within the company and asks you to take the lead. According to the PMBOK guide, to be the ideal PMO you can do which of the following? a. Speed up a specific ongoing project. Answer: b Find opportunities for collaborative project management 8. Why does the creation of processes for developing teams, establishing priorities, and distributing work and tasks require different sets of skills? a. Because resources on the
project management team may view it as permanent Answer: b Because resources on the project management team may view it as temporary 9. According to Bruce Tuckman’s five stages of team development, project team members compete for control at which stage? a. Forming Answer: b Storming 10. The project management office (PMO) handles all of the following functions EXCEPT: a. maintaining the organization’s project management policies and procedures. Answer: c assigning project managers from other departments but not procuring contract project managers. 11. Under which of the following conditions would teams be more effective than individuals? a. When speed is important Answer: d When innovation is required 12. Which of the following is the process of understanding the knowledge, skills, and abilities needed to manage a task and then matching the team members with the right skills to do that work? a. Benchmarking Answer: d Delegation 13. Which of the following defines what tasks the project resources are expected to accomplish and, just as importantly, what is not part of the project team’s responsibilities? a. Punch list Ans – e. Scope document 14. After Marta obtained her PMP certificate, her boss assigned her to be in charge of a long-term project, which a recently resigned project manager, Todd, had been working on for three years. When Marta looks at historical information that Todd achieved for this project, which of the following is deemed most critical for Marta to manage her project team? a. Project contract Answer: b Detailed activity lists and WBS dictionary 15. Fill in the blank. There is _______ correlation between project complexity and project risk. a. an unknown Answer: b a positive 16. As a new project manager, Karen was worried about a statement from her client: “your project deliverable is in low quality with low grade”. According to PMBOK, how can you help Karen distinguish the differences between “quality” and “grade”? a. Quality and grade represent the same thing. Answer: c Low quality represents a true problem, but low grade might not be the case 17. Complete the following statement. As a project manager, Darrell is excited that he is assigned to be in charge of the most important project this year. After being chartered for the project, he analyzes the information in the project charter and the stakeholder register to: a. decide how to draft a scope statement. Answer: b start to define and develop the stakeholder needs and requirements. 18. After Ling finished drafting a new project charter, she sent a copy of the charter to all key project parties including the project sponsor, senior management and key stakeholders, and scheduled a kick-off meeting with them. What will be the most important goal for Ling to complete the project charter? a. Make a professional looking project charter to impress the key project parties. Answer – e. Obtain officially signed project charters from the key parties. 19. Fill in the blank. During the _________ of a project, the project manager focuses on developing the project infrastructure needed to execute the project and developing clarity around the project charter and scope. a. completion Answer: b start-up 20. A project budget estimate that is developed with the least amount of knowledge is known as which of the following? a. Rough order of magnitude (ROM) estimate Answer: c Conceptual estimate 21. What is the first step in developing a risk management plan? a. Analyze the risks. Answer: c Identify potential project risks 22. According to the PMBOK guide, which of the following statements is right in terms of using reserve analysis to determine a project budget? A. Reserve analysis always plans contingency reserves for unexpected project scope and project costs, which are part of your project budget. Answer: a Reserve analysis always plans contingency reserves for unexpected project scope and project costs, which are part of your project budget. 23. Complete the following statement. As the project progresses into the execution phase: a. risks need to be checked off on activities
that have been performed. Answer: a risks need to be checked off on activities that have been performed. 24. Which of the following statements about achieving a common understanding of the project purpose is true? a. A common understanding means building a consensus and disagreement regarding a project’s purpose is often fatal to project execution. Answer: b Developing a common understanding involves defining project success, determining potential barriers to success, establishing milestones, and identifying decision-makers. 25. Which of the following is typically a written document that defines what work will be accomplished by the end of the project? a. Scope of work (SOW) Answer: a Scope of work (SOW) 26. What is considered to be the most useful skill for a project manager who works in a matrix environment in order to achieve project goals? a. Leadership skill Answer: b Influencing 27. Marco is an investor, and Jon is a project team member. Both have intensive technical background for the project that you are managing. However, recently they have disagreed on the next step to take for the project. They both decide to defer to whoever has the authority to make this decision. Who has the authority to decide which direction should be taken for the project? a. Project manager Answer: c The project team 28. As a project manager, while Kathy was trying to categorize all potential risks for her new construction project M based on levels of probability and impact on the project, she identified a potential risk, regarding a schedule conflict with another project to obtain critical equipment for a short time period. Overall, because this risk is probable and might impact her project M, Kathy wants to record this risk; however, she is confused about where she should document this type of risk. According to the PMBOK guide, where should Kathy document this risk? a. Watch list Answer: d WBS 29. Which of the following is a quality management system that gives titles to specialists and requires a cost-benefit analysis? a. Lean accounting Answer: d Six Sigma 30. Which one of the following is the last step of project closings? a. The client has accepted the product. Answer: b Archives are complete. 31. As a project manager of Project Cool at the company, Samira is responsible for monitoring and controlling two project management processes: process A and process B. She recently noticed a high priority risk X has been imposed on her project process A in Project Cool. While she tried to control the risk X, she also noticed that a new potential risk Y will be added to process B. Which of the following best explains this situation? a. If risk Y happens, then it is all Samira’s fault, because she did not do a good job of carefully monitoring the risks for Project Cool. Answer: b This is common in practice. Risk Y is a secondary risk caused by Risk X. 32. Roberto is in charge of a new project to help Company A upgrade its old HR system to a cutting-edge, cross-platform system with the most recent mobile technologies. After his project team assessed the available system documentations, the team found the existing documentations too large and complicated to implement the system updates. Roberto advised his team to decompose the major project deliverables into more executable components. In this project process, Robert advised his team to do which of the following? a. Document requirements Answer: b Create WBS 33. Complete the following statement. In a weak matrix environment, the project manager, Eric, has to constantly make an effort to influence his project team and stakeholders to ensure project success. This is because: a. Eric has a lot of authority. Answer: b Eric has no or little authority. 34. Jack is in charge of a project team. Due to an unexpected project change, some issues with the project have come up. Two key team members, Samantha and Felix, are arguing their solutions to the project problems. They cannot convince each other, and their conflict is creating a negative impact on the project’s progress. As a PMP, which of the following would be the best advice for Jack to manage this conflict? a. Confront the problem early, and invite both Samantha and Felix to private meetings. Answer: a Confront the problem early, and invite both Samantha and Felix to private meetings. 35. Ahmed is actively initiating a project, so he plans to invite all relevant internal and external stakeholders including sponsors, customers, project teams, etc. for a kick-off meeting. To ensure all of them are covered in the stakeholder register, which document is the most helpful for Ahmed to look at? a. Project team activities Answer: c Project charter 36. Which of the following is a personal characteristic that reflects the truthfulness of an individual that can be checked against observable facts? a. Objective credibility Answer: a Objective credibility 37. When a project manager starts to plan a new project budget, the cost of which project management process group is expected to be lowest? a. Initiating Answer: d Closing 38. CV = $70,000; AC = 90,000; Budget = $200,000. What
percent of the project is complete? b. 53% c. 45% d. 35% Answer: a 80% 39. As a project manager, John was finally relieved because a major project led by him was just announced a success. According to the PMBOK, which of the following has likely happened in order to consider John’s project a success? a. John’s project has met all of the stakeholders’ expectations. Answer: c John’s client has paid off the project. 40. As a project manager, Neel has a team member, Kate, who has not been performing well. Due to many repeated mistakes, she has significantly delayed the whole project progress. Neel tried to offer relevant trainings for Kate to improve her performance, and he was not able to see any progress in two months. However, Kate is a single mom with three kids, and she needs this job to support her family. Based on what you know about conflict management, in this situation, how should Neel proceed? a. Neel should fire Kate and look for a more qualified team member. Answer: a Neel should fire Kate and look for a more qualified team member 41. According to the Project Management Institute (PMI), the scope statement should address all of the following issues EXCEPT: a. project constraints. Answer: d code of conduct for the team members working on the project 42. Fill in the blank. The _____ is the difference between the additional money spent on prevention and the corresponding reduction in the cost of failure. a. cost-benefit analysis Ans- c. cost of quality 43. Which of the following project baselines provides the basis for measurement of the expected cash flow against requirements over time and is often displayed as an S curve? a. Schedule baseline Answer: b Cost performance baseline 44. The conceptual estimate is developed with the least amount of knowledge. When more information is known, the project team can develop a: a. work breakdown structure Answer: c rough order of magnitude (ROM) estimate 45. Petri is working for Nokia in Finland. He has completed 10 months of his 12-month project, budgeted at $800,000. His earned value analysis shows that variance at completion is $75,000. What is the estimate at completion value for this project? a. 725,000 Answer: d $875,000 46. Which of the following statements about flowcharts is true? a. Most flowcharts use one width of column to represent a category, while the vertical axis represents the frequency of occurrence. Answer: e Flowcharting is useful for communicating responsibility for work processes. 47. During the project meeting, the project manager had to leave earlier due to a family emergency. Afterwards, a few team members started to argue, so the project meeting took very long without producing outcomes. What is the possible reason that resulted in the inefficient project meeting in this scenario? a. No project team ground rules were set up. Answer: a No project team ground rules were set up. 48. Fill in the blank. Work breakdown structure (WBS) is a ______________ of the work with increasing detail in each layer. a. layered description Answer: a layered description 49. According to the PMBOK guide which of the following statements is right in terms of using reserve analysis to determine a project budget ? a. Reserve analysis always plans contingency reserves for unexpected project scope and project costs, which are part of your project budget. Answer: a Reserve analysis always plans contingency reserves for unexpected project scope and project costs, which are part of your project budget. 50. Fill in the blanks. It is during the ______________ phase that the decision should be made regarding whether the project should continue. During this phase, ____________ must be considered and weighed against the potential benefit of the project’s success. a. completion, cost Answer: e initiation, risk 51. What is the most critical aspect in developing a project plan that meets project specifications within the timeframe and at the lowest costs? a. Assessing risk management Answer: e Developing a project execution plan that matches the complexity level of the project 52. Fill in the blank. Risk represents the likelihood that an event will happen during the life of the project that will negatively affect the ________________ of project goals. a. scope creep Answer: b achievement 53. What should be done by the project manager to ensure that all the work in the project is included? a. Create a contingency plan. Answer: c Create a WBS 54. Fill in the blank. During the _________ of a project, the project manager focuses on developing the project infrastructure needed to execute the project and developing clarity around the project charter and scope. a. completion Answer: b start-up 55. After the celebration of the successful milestone completion, a project manager will often do which of the following? a. Continue to increase the intensity of the project to achieve the next milestone. Answer: c Allow the team to reflect on finding new ways of approaching the project work. 56. Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle? a. Agreements for risk sharing need to be concluded. Answer: d Risks are identified with each major group of activities 57. What is the first step in project planning? a. Establish the objectives and scope. Answer: a Establish the objectives and scope. 58. Fill in the blank. Risk must be considered in the _____ phase and weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. a. completion Answer: e initiation 59. According to PMBOK, project management process groups are iterative, which was originally defined by Walter Shewhart and later modified by Edward Deming. Generally, one outcome from a previous process can serve as input for the next process. Which of the following best identifies with the description of this concept? a. Project life cycle Answer: b Plan-Do-Check-Act cycle 60. Determining the policies that are needed for the smooth execution of a project relates to which of the following agenda items of alignment sessions? a.
Developing a common understanding of the project purpose Answer: d Developing role clarification on projects 61. Which of the following is true about management meetings? a. They are short meetings to develop a common
understanding of what the short-term priorities are for the project. Answer: e They are oriented toward developing plans, tracking progress of existing plans, and making adjustments to plans in response to new information. 62. Do it because I said to” is the mantra for project managers who use _____ as the default approach to resolve conflict. a. collaborating Answer: d forcing 63. A(n) _ is a review of the quality plan, procedures, data collection, and analysis by an outside group. a. scope document Answer: e quality audit 64. Which of the following is an advantage of including the project manager in the project evaluation process? a. It enables the project manager to have an understanding of the selection
criteria that can be used when making decisions about the project during later phases. Answer: a It enables the project manager to have an understanding of the selection criteria that can be used when making decisions about the project during later phases. 65. Which of the following statements is true regarding contracts? a. They are the filters through which project
members screen information that is shared. Answer: b They do not lend themselves to create an environment of trust. 66. Role clarification facilitates the development of all of the following, EXCEPT: a. communication planning. Answer: b key milestones. 67. During a new project planning process to sequence activities, the project manager, Nate, decides to use the precedence diagraming method to show the identified activity dependencies. Which of the following logical relationships is Nate’s least favorite choice? a. Finish-to-start Answer: b Start-to-finish 68. In today’s global society, many projects become global. To effectively work together, global virtual teams have been used in practice. As a project manager for a global project, Jim was told by a local team member, Shan, that women are not allowed to hold positions of authority because of the culture of his home country, since Jim hired a female local assistant project manager. How would you respond to this situation as a PMP? a. Inform your local team member that a non-discrimination policy has to be adopted for this global project. Answer: a Inform your local team member that a non-discrimination policy has to be adopted for this global project. 69. Which of the following is true about a project manager? a. Project managers analyze work processes and explore opportunities to
make improvements. Answer: d Project managers are goal oriented. 70. Shauna has recently been appointed as a project manager for Project SkyNorth, which is regarded as an important project in her organization. During the project planning meeting, Shauna is capable of allocating key resources and personnel that she needs for this project. Which organizational structure is best for Shauna’s company? a. Balanced matrix organization Answer: d Projectized organization 71. Complete the following statement. The method of incorporating change into project planning and execution processes is called the: a. project logic diagram. Answer: b change management process 72. BCR>1 indicates which of the following? a. Benefits are greater than the costs. Answer: a Benefits are greater than the costs. 73. Which of the following establishes key dates throughout the life of a project that must be met for the project to finish on time? a. Critical path Answer: e Milestone schedule 74. Which of the following statements about risk is true? a. Project risk focuses on identifying, assessing, and eliminating the risks on the project. Answer: d There are no risk-free projects. 75. Why are changes to the project scope necessary? a. To understand reports Answer: b To reflect new information 76. Fill in the blank. Crashing refers to when the task duration’s are __ along the critical path to meet the project completion date. a. scope creep Answer: d compressed 77. An Expected Monetary Value (EMV) of $100000 on a potential project event in the project means which of the following? a. A number that can be ignored Answer: b An opportunity that must be explored 78. Which of the following is a form of trust that is built on the examination of the person’s motives and the conclusion that he or she is not hostile? a. Objective credibility Answer: b Attribution of benevolence 79. When calculating EVM, Peter noticed that the cumulative planned value is 150% of the cumulative earned value. What does this mean? a. SPI<1, so the project is behind schedule. b. SPI>1, so the project is OK to complete on time. d. SPI>1, so the project is behind schedule. Answer: a SPI<1, so the project is behind schedule. 80. Fill in the blank. A __ represents the sequence of the activities needed to complete the project. a. work break down structure Answer: c project logic diagram Project Management MCQs1.
Purchase ___ describes a product in terms of its design characteristics which includes dimensions, weight, shape, size, surface finish, physical and chemical properties, and performance. 2. The purchase ___ is signed by the prescribed authority. 3. Purchase order becomes a legal contract only after it has been accepted by the vendor or any of his authorised agents. 4. Follow-up is a corrective measure that seeks to foresee the problem and preempt late delivery. (True/False) 5. Follow-up includes internal follow-up with departments like the store, finance, inspection, and project groups and external follow-up with ___. 6. The ___ conditions include purchase order no., name and address of the
supplier, delivery address of the goods, description of the goods, product specifications, quantity, etc. 7. Contract planning should be done at the project planning stage. 8. Fixed price applies to unstable labour market conditions and uncertain specifications and production schedule. 9. ___ of contract may be done due to default by
the vendor in failing to perform as agreed in contract while making deliveries, the convenience of the buyers, or mutual consent. 10. The process of contract planning includes the preparation of ___ pl 11. ___ is generally applicable under stable market conditions and in the case of firm specifications and production schedule. 12. ___ includes monitoring the progress of manufacturing of equipment, it’s quality, packaging, and associated documentation. 13. ___ .includes identifying the required number of suppliers out of the possible ones. 14. A procurement process starts with the ___ of required material and types of equipment. 15. An efficient project management can avoid many of these problems by proper planning and control of procurement and efficient ___ materials management. 16. ___ performance measurement is an ongoing process that involves monitoring and reporting project progress with respect to predetermined objectives. 17. ___ consists of web space over
Internet/intranet/extranet, shared by an authorised group of users to discuss their common objective. 18. ___ are age old methods to communicate project information in many organisations. 19. Communication is the process by which information is exchanged between individuals through a common system of symbols, signs, or behaviour. 20. The PMIS should support the full range of the life cycle including project analysis and post-project review. (True/false) 21. Only irrelevant information should be a part of PMIS. 22. Enterprise guidance and project ___ should be a part of PMIS. 23. ___ include priorities in running different applications and the
security measures to achieve optimal and secure operations of the system. 24. Hardware also includes communication equipment that facilitates fast transmission and reception of the text, pictures, sound, and animation in the form of electronic data. 25. Performance measurement is a part of the ___ process. 26.
Productivity is calculated by adding the value added by the product or service by the value of labour and capital cost. 27. The measurement of performance is a tool that provides qualitative information about products, services, and the processes that produce them. 28. Productivity is always a relative measure and expressed as the ratio of ___ to inputs. 29. If the productivity is measured for the total enterprise, it is termed as ___ productivity. 30. When productivity is measured for each factor, it is termed as ___ productivity. 31. Performance coefficient of productivity can be measured in financial as well as physical terms. 32. ___ is an important tool for the assessment of a system or service according to the measurements specified 33. Projects are generally evaluated in terms of ___ incurred. 34. In management ___ of any service, process or activity typically refers to “determining its worth”. 35. ___ involves a comparison of the actual cost incurred on the project with the budgeted cost of the project for a given time period to determine the variants. 36. ACC represents the actual cost incurred for accomplishing the work performed during a particular time period. 37. ACWP represents the actual cost incurred for
accomplishing the work performed during a particular time period. 38. ___ represents the estimate for the additional cost required for completing the project. 39. The ___ is an integral part of project management and is a necessary task of the project manager. 40. ___ is a list prepared separately for each agency after the resource
scheduling process. 41. The ___ phase is the last phase of any project. 42. A PIR can be conducted as a formal audit or as a workshop involving the project ___ 43. Work-to list is usually prepared to cover only a few weeks ahead. 44. ___ networks highlight
which tasks are critical for a project to stay on schedule and which can slide without affecting the completion date of the project. 45. ___ is the final network that has been arrived at after the resource rescheduling process, satisfying resource constraints and shows all activities. 46. Two common methods to evaluate the performance objectives are variance analysis and
the ___ method. 47. The ___ is a useful tool that allows the calculations of cost and schedule performance measures including cost variance, schedule variance, cost and time over-runs for a project. 48. Frequency of monitoring depends on nature, duration, and importance of projects and stakeholders need. (True/False) 49. Schedule Variance = Plan time – actual time. 50. The variance report may be presented in tabular form or ___ form. 51. The ___ is an estimate of the future based on current progress and other factors. 52. The report is circulated to all concerned and discussed in a ___ 53. On completion of the project, all resources – materials, equipment, and people are to be released from the project. (True/False) 54. The final Project Report (PR) should be written by a professional. 55. The project manager should ensure that the people are released in a fair and proper manner. 56. The decision of
project termination affects all the ___ of the project and can put some negative impact on the organisation’s growth. 57. There should be a clear ___ for project termination, and it should be communicated to all the stakeholders. 58. There should be periodical ___ with the control board before taking the decision. 59.
The ___ of project success and termination should be clear and communicated to every stakeholder. 60. In case the project has to be terminated, there should be a clear commitment of the control board and high-level management towards the project management team in order to enable the team to ___ the project closure procedures. 61. Traditionally project follow-up stage is considered as
a part of the project ___ phase. 62. After delivery or completion of the project, the ___ has to be evaluated. 63. ___ projects often have low visibility of benefits but very high costs, and also very high stress and risk levels too. 64. The project activities like drawings
cannot be performed by using project management software. (True/False) 65. The project management software package can be handled with minimum training. (True/False) 66. The price of PC-based software is under ___ which is affordable for an organisation. 67. Resource allocation problem is concerned with ___ activities in such a way so as
to find the shortest project schedule. 68. The process of producing a fresh set of schedule is known as___. 69. ___ allows the user to view the information in the desired order, such as pay rates from highest to lowest or in alphabetical order. 70. ___ enables the user to select only certain data that meet some specified
criteria. 71. Most software allows a single level of sorting. 72. ___ is a tool for examining and scheduling more complex projects. 73. When a project is underway, Gantt Charts helps to monitor whether the project is on schedule or not. 1. The ___, also referred to as the
project graph, shows the activities and events of the project and their logical relationships. 2. ___ must be so defined that they are distinct, logically uniform tasks for which time and resource requirement can be estimated. 3. The ___ begins with the initial event, marking the beginning of the project, and proceeds forward till the end event is reached. 4. The ___ begins with the end event and works backwards till the beginning event is reached. 5. The pessimistic time, to, is the time required if no hurdles or complications arise. 6. The optimistic time, tp, is the time required if unusual complications and, or unforeseen difficulties arise. 7. Time estimates should be obtained by the PERT planner from persons who are responsible for estimation. 8. The ___ of an event refers to the time when the event can be completed at the earliest. 9. The ___ for various events is obtained by working backwards from the end event. This procedure is known as the backward pass. 10. The ___ for an event is the difference between its LOT and EOT. 11. Variability in PERT analysis is measured by variance or its square root and standard deviation. 12. Standard deviation is obtained by squaring variance. 13. CPM analysis is on variations in activity times as a result of
changes in ___. 14. ___ seeks to examine the consequences of crashing on total cost (direct cost plus indirect cost). 15. To provide a vehicle for ___ and control of projects, the network cost system was developed. 16. PERT and CPM analysis largely overlooks the ___ which is usually as important as the time
aspect and sometimes even more. 26. The change process is a one-time process; it will never continue. 17. Project managers have to relax to maintain the momentum of project execution. 18. Project managers should explain to the team members the need for change. 19. The term ___
refers to fixing the available resources to the prioritised project activities. 20. In ___ the resources are adjusted/compromised so that they are applied uniformly without any delays on the scheduled time. 21. Scheduling means the process of deciding how to arrange resources between varieties of possible activities and tasks. 22. Backward scheduling can be defined as the planning of tasks from the date resources become available to determine the shipping date or the due date. 23. Forward scheduling is planning the tasks from the due date or required by date to determine the start date and/or any changes in the capacity required. 24. The ___ describes the business
need, justification, requirements, and current boundaries for the project. 25. ___ estimating involves determining the availability and quantities required of staff, equipment, and material needed to perform scheduled activities. 26. ___ means using the actual cost of previous, similar projects as the basis for estimating the cost of the current project. 27. Payback period is defined as the length of time required to recover the original investment on the project through cash flows earned. 28. The internal rate of return is also called the accounting rate of return. 29. The average rate of return of a project is the discount rate that makes the net present value equal to
zero. 30. Risk communication and risk ___ are essential factors for all human decision making. 31. Project risk is a function of two components: likelihood and___. 32. Quality characteristics such as performance, functionality, suitability, reliability, and consistency are commonly used to measure the ___. 33. The unsystematic risk affects the entire market. 34. Financial risk refers to the variability of the income to the equity capital due to the debt capital. 35. ___ is a discipline for dealing with the possibility that some future event will cause harm. 36. ___
needs to be approved by the appropriate level of management. 37. The probability of project risk depends on the project life cycle. 38. The impact of risks is higher in the initial stages of a project life cycle. 39. The probability of risks is less in the initial phases in comparison to closing phases. 40. Proper risk management can increase the productivity and efficiency of the project team. 41. The process of ___ includes not only assessment as to the probability of occurrence but also the assessment as to the impending severity of loss if the risk materialises. 42. After risks identification and assessment, one must apply
various risk management techniques such as risk avoidance, risk reduction, ___ and risk transfer etc. 43. Business risks are ongoing risks that are best handled by the business. 44. Generic risks are risks to all projects. 45. The checklist is developed based on ___. 46. If the probability is high, and impact is low, it is a ___ risk. 47. If the impact is high, and probability low, it is ___ risk 48. Risk avoidance involves the methods that reduce the severity of loss from occurring. 49. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be
greater over time than the total losses sustained. 50. Quality begins with designing a product as per customer specifications ___. 51. A ___ consists of people, equipment, and procedure to collect, process, store, combine, and communicate the needed information to users (stakeholders) for carrying out project management functions. 52. A ___ consists of a set of sub-systems/components that work together to achieve a common goal. 53. The attributes associated with a product should be internally ___. 54. The quality associated with a product often decreases with the dependability of the product and customer experience. 55. Today, quality is considered an
‘order qualifying’ and not an ‘order winning’ attribute of the product or service. 56. ___ represents economic worth, practical utility and availability for both the customer and the company that creates the product or service. 57. Quality Control (QC) means all the planned and systematic activities implemented within the quality system to provide confidence that the project will satisfy
the relevant quality standards. 58. Quality assurance is a system of routine technical activities, to measure and control the quality of the project as it is being developed. 59. ___ refers to the overall intentions and direction of an organisation pertaining to quality, as formally expressed by top management. 60. Prior to the
development of the ISO 9000 series, the activities described under quality planning were widely included as part of ___. 61. ___ is the systematic application of recognised techniques. 62. ___ is the total sum of money spent for materials, labour, overheads, profit, etc to produce any product. 63. ___ is what the
customer thinks the product is worth to meet his minimum specific requirements. 64. A product is considered to have value if it has appropriate ___ and cost. 65. Procurement of material and equipment accounts for over 80% of the project cost. 66. Under data processing, data is transformed into ___ using mathematical, statistical,
or other tools. 67. A ___ may be conducted to identify the specific information requirements of stakeholders related to the various decision area in a project. 68. Data collected from records is known as primary data. 69. Blog is a whiteboard or webspace over the Internet. 70.
In ___ meetings, all participants sit in a room and participate in the agenda. Project Management Objective Questions with Answers Pdf DownloadWhat is the first step of project planning?Step 1: Identify and meet with stakeholders
Make sure you identify all stakeholders and keep their interests in mind when creating your project plan. Meet with the project sponsors and key stakeholders to discuss their needs and project expectations, and establish a scope baseline, budget, and timeline.
What is the first step in project planning 1 marks?The project initiation phase is the first stage of turning an abstract idea into a meaningful goal. In this stage, you need to develop a business case and define the project on a broad level. In order to do that, you have to determine the need for the project and create a project charter.
Which is the first stage in the project management model Mcq?
Is the first step in project management answer?The first phase of the project management life cycle is project initiation. This is where the project's value and feasibility are measured.
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