Monday, January 30, 2012

Project Management Quiz - 64

1. As the project progresses, the level of uncertainties in a project _________
[A]Remains the same
[B]Keeps on increasing
[C]Keeps on decreasing
[D]Remains the same

2. Is it advisable to hire the best expertise in the beginning of a project rather than after finalizing the project plan?
[A]Yes, it is advisable to hire the best possible experts in the beginning of a project as the value addition is maximum in the beginning at the planning stage
[B]Yes, it is advisable to hire the best possible experts in the beginning of a project as we can negotiate their wages or their consulting role better
[C]No, it is not advisable to hire the best possible experts in the beginning of a project, as their contribution will be minimum as work has not yet begun
[D]No, experts are costly to hire and they should only be utilized in an emergency

3. Cost of making change is the highest in what phase of the project life cycle?
[D]Close out

4. Change is constant so we should not unnecessarily worry too much on account of cost of making changes. Analyze this statement and choose the best possible option
[A]Yes, change is taking place all around us. We should keep a hefty amount of reserve for the changes that may be needed in the project
[B]Yes, change is taking place all around us. We should not worry but be open to changes, as that will make us more flexible
[C]No, it is a generic statement that changes are constant. We should always plan things in the best possible way by collecting relevant information to minimize changes
[D]No, we should not allow any scope change, as it is the best way to destroy the project. Unless we are 100% sure of the project costs we should not begin execution of the project

5. The amount of stake keeps on increasing based on additional deployment of __________ and ________
[A]Resources, capital
[B]Capital, managers
[C]Management intervention, resources
[D]Team members, customer

6. Stakeholders are all those ________ who have a direct or indirect interest in the project
[B]Government organizations
[C]Senior management personnel of a company
[D]Members of the project team

7. Which statement is not true about stakeholder analysis:
[A]Expectations of different stakeholders from project will vary
[B]A stakeholder analysis could antagonize negative stakeholders
[C]A stakeholder analysis helps to reduce negative influences
[D]Stakeholder analysis should be done to identify key stakeholder requirements

8. Need life cycle forms the basis for project feasibility:
[A]No, feasibility is the basis
[C]Can not say
[D]No, planning is the basis

9. Your are involved in drafting the business case for a proposed project. To do this you should consider all of the following except:
[A]Competitive survival
[B]The project’s charter
[C]The Need statement
[D]Your organization’s overall business strategy

10. Which is not a method of doing an investment appraisal?
[A]Internal Rate of Return
[B]Payback period
[C]Earned value analysis
[D]Return on Investment

11. The Present Value:
[A]Shows what the current value is of expected future cash flows
[B]Will be the same for each year of the project
[C]Is used in Return on Investment (ROI) technique of investment appraisal
[D]Is not much used today

12. What will not be included in the Project Charter?
[A]Scope statement
[B]Business need for the project
[C]Expected stakeholder influences
[D]Completion dates required

13. All the following statements are true of a project charter except:
[A]It formally authorizes the project
[B]Includes organizations involved in the project
[C]Is issued by the project manager
[D]It should be aligned to the organization's strategic goals

14. The PESTLE analysis enables us to look at the following 6 major considerations in a logical and systematic manner
[A]Political, Economic, Sociological, Technical, Legal, Environment
[B]Practical, Estimation, Scientific, Technical, Local, Environmental
[C]Political, External, Scientific, Total, Legal, Estimation
[D]Practical, External, Sociological, Terminal, Legal, Estimation

15. Human resources can be divided into which broad groups?
[A]Procedures and administration
[B]Teamwork and motivation
[C]Administrative and motivational
[D]Administrative and behavioral

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