You are managing an oil drilling project. With oil at $120 per barrel this could be a very lucrative project. However, there is a chance that the price of oil will drop below $80 per barrel, thus eliminating the profit in the project. This is an example of:
A. Requirement
B. Assumption
C. Risk
D. Constraint
The most detailed level of the WBS is called the ____________.
A. WBS element
B. Work package
C. Project scope
D. Deliverable
A project manager is trying to plan for a contingency reserve as part of the cost estimates for the project. Which of these would be an incorrect way to plan for contingency reserves?
A. Start the project with a zero value for contingency reserve.
B. Plan for contingency reserve as a fixed number.
C. Plan for contingency reserve as a percentage of the estimated cost.
D. Use quantitative analysis methods to arrive at the contingency reserve.
You have been asked by your project manager to help them create a chart that illustrates the project resources that will be working on each work package. What would be the best type of chart to use?
A. Milestone chart
B. RACI chart
C. Project organization chart
D. WBS
Your project team works in two different buildings across the city. The team has been struggling to perform effectively and has a difficult time resolving problems. What would be the BEST team development technique to resolve this issue?
A. Mediation
B. Rewards
C. Co-location
D. Training
Which of the following is not an example of a work performance report?
A. Status report
B. Project charter
C. Project update memo
D. Project recommendations
Which of the following is NOT a valid statement regarding the critical path method?
A. The early start and finish dates and late start and finish dates are calculated without factoring in resource limitations.
B. A forward pass and backward pass are performed through the project network paths.
C. The resulting late start and finish dates will be the project schedule baseline.
D. The flexibility of the schedule is measured by the difference between early and late dates.
While reviewing project procurement and accounting records for your project, you discover that there is a pattern of unauthorized expenses by a specific resource. These expenses are not within the scope of the project, and have been somewhat camouflaged within a number of large and complicated expense reports. What do you do?
A. If the total expenses are less than 1% of the project budget, do nothing.
B. Fire the resource.
C. Notify the appropriate management immediately.
D. Confront the resource.
You are managing a highly complex drug manufacturing project and your sponsor is highly motivated and influential. You are optimistic about the outcome of the project, however, you are not sure about the project approval requirements that measure the success of the project. So, you would like to document the name of the person who signs off on the project, and the criteria that constitutes the success of the project. Which of the following documents should you use first to incorporate project approval requirements?
A. The scope document
B. The project charter
C. The approval requirement plan
D. The project management plan
Due to a tight project schedule, a project manager did not document lessons learned all through the project. However, at the end of the project, he finally documented the lessons learned. Your comment on this would be:
A. This is ok. At a minimum, lessons learned should be documented at the end of the project.
B. This is not ok. Lessons learned must be documented all through the project as well as at the end of the project.
C. This is not ok. Lessons learned need to be documented all through the project and must not be done at the end of the project.
D. This is correct. Lessons learned are intended to be documented only at the end of the project.