UMT MGT 1245 – A four step risk assessment process

Q1. A four step risk assessment process reflecting standard risk management good practice consists of: a. Risk identification, Risk deflection, Risk impact analysis, Risk monitoring and control b. b. Risk acceptance, Risk impact analysis, Risk response planning, Risk monitoring and control c. Risk deflection, Contingency planning, Risk impact analysis, Risk monitoring and control d. Risk identification, Risk impact analysis, Risk response planning, Risk monitoring and controlQ2. When we have objective data on the probability of an event, we are involved with decision making under certainty. a. true b. falseQ3. Which of the following is a scope planning tool? a. Benefit/cost analysis b. WBS c. Earned Value analysis d. Fast trackingQ4. Scope creep means: a. Needs emergence and identification b. Uncontrolled changes to a project’s requirements during project execution c. Migration of project needs to requirements d. Imprecise scope statementQ5. Concurrent engineering involves overlapping tasks and phases to accelerate a project’s schedule. a. true b. falseQ6. A modern view in Human Resource Management is that positive motivation results from an opportunity to achieve and experience self-actualization. a. true b. falseQ7. Functional requirements provide us with detailed technical specifications. a. true b. falseQ8. Under what conditions may a project manager accept a change request? a. If the request has no effect on project objectives, deadlines, or resources b. If the request has no effect on project objectives, although it has effects on deadlines and resources c. If the request is coming from a valued customer d. If the request is from the Chief Executive OfficerQ9. Milestones, like tasks, consume resources. a. true b. falseQ10. Bottom-up estimates: a. Are based on historical trends b. Can be derived from the WBS c. Must employ Monte Carlo simulation d. a and cQ11. The critical path: a. Provides the duration of a project b. Has the shortest duration on a project c. Is the most expensive path to implement d. Contains the project’s most significant tasksQ12. Which of the following is an elapsed time task? a. Paint is drying b. A painter paints the wall c. Software is being written d. A sandwich is being madeQ13. Definitive estimates are generally derived from: a. Bottom-up estimates b. Top-down estimates c. Expert judgment cost estimates d. Order of magnitude estimatesQ14. If EV = $300, AC = $400, and the project budget is $1,000, what is the estimated final cost of the project (this is known as EAC, estimate at complete)? a. $750 b. $1,000 c. $1,250 d. $1,333Q15. A key characteristic of an effective project team is that: a. Members have graduate degrees in project management b. Members come from the same professional background c. Members see themselves as stakeholders in the project d. Members adhere to a prescribed pecking orderQ16. An objective of prototyping is to minimize life-cycle cost. a. true b. falseQ17. The bottom-most level of the WBS — the level at which project budget and schedule data are captured — is called: a. Work package b. Code of accounts c. Budget baseline d. Change control levelQ18. Ensuring a one-to-one correspondence between specification items and general design items is a feature of: a. Scope statement definition b. WBS construction c. Rapid prototyping d. Configuration managementQ19. In project management, the level of uncertainty plays a major role in determining the adequacy of a project plan. a. true b. falseQ20. Which of the following shows resource allocation over time? a. Resource Gantt chart b. Resource matrix c. S-Curve d. Resource levelingQ21. The resource planning tool that enables us to identify who we need to carry out what tasks is called: a. A resource Gantt chart b. A resource matrix (also called the responsibility chart) c. A resource ogive d. A resource loading chart (also called a resource histogram)Q22. An effective project manager must: a. Tell his team members what to do b. Be the most capable person on the team technically c. Be focused on achieving results d. Not trust his team members to achieve results without his personal attention to detailQ23. The type of management whose focus is on activities whose variances lie outside the acceptable range is: a. Management by Objectives b. Management by Exception c. Management by Walking Around d. Management by Control LimitsQ24. What is the function of a change control board (CCB) in configuration management? a. To assess the management impacts of change requests b. To initiate changes needed on the project c. To focus on the technical implication of change requests d. To approve change requests coming from senior managementQ25. If review of a project’s status indicates that EV = $400, AC = $400, and PV = $500, the project is: a. On budget, behind schedule b. On budget, ahead of schedule c. Over budget, behind schedule d. Over budget, ahead of scheduleQ26. Which of the following is a characteristic of an effective reporting system? a. SMART b. KISS c. MBO d. LOWBALLINGQ27. Which of the following methods involves performing tasks in parallel? a. Crashing b. Fast tracking c. Leveling d. HammockingQ28. A tool that graphically shows cost variance is: a. A chart of accounts b. A code of accounts c. A histogram (also called a resource loading chart) d. A cumulative cost curve (also called S-curve)Q29. Confidence in the accuracy of a cost estimate increases when top-down and bottom-up estimates converge. a. true b. falseQ30. If you want to shorten the length of a project, you must: a. Shorten the critical path b. Shorten the free float c. Spend more money d. Cut back on the features you plan to deliverQ31. Needs recognition is the first stage of the needs-requirement life cycle. a. true b. falseQ32. In resource planning, one of the issues that needs to be considered is: a. Staff empowerment b. Technical requirements of the project c. Theory X management principles d. Theory Y management principlesQ33. Structured Walk-Through is a methodology used in: a. PERT b. GERT c. VERT d. Project EvaluationQ34. According to PMI, a WBS should focus on a. Tasks b. Deliverables c. Interrelationships among activities d. Cost of the projectQ35. The Theory X approach to managing workers is a classic example of a top-down view of how people should be managed. a. true b. falseQ36. Good functional requirements a. Describe how the deliverable should be developed b. Provide detailed technical insights into what the deliverable will do c. Describe what the deliverable looks like and what it should do d. Are created after development of the technical specificationsQ37. A key objective of change control in configuration management is to keep track of actions taken in response to change requests. a. true b. falseQ38. The purpose of mid-project evaluation is: a. Continual monitoring of budget and estimates b. To focus on achievement of individual element of the project plan c. To determine whether the original objectives are still relevant d. To re-baseline the project budgetQ39. A laissez-faire management style may lead to a ship without rudder syndrome. a. true b. falseQ40. A work package is to be found at the summary level of the WBS. a. true b. false