Successful Project Management, 6th Edition Test Bank
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CHAPTER 1 : PROJECT MANAGEMENT CONCEPTS © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible we bsite, in whole or in part. 1. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelate d task s an d the effectiv e utilizatio n o f resources. a. True b. False ANSWER: True FEEDBACK : Correct True , a projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t of interrelated tasks and the effective utilization of resources. Incorrect True , a projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t of interrelated tasks and the effective utilization of resources. 2. A researc h fir m secure d $ 2 millio n t o evaluat e th e treatmen t o f wate r i n selecte d countrie s ove r th e nex t three years . Thi s i s a n exampl e o f a project. a. True b. False ANSWER: True FEEDBACK : Correct True, this is a project with a specific objective that is accomplished through a unique set of interrelated tasks and the effective utilization of resources. Incorrect True, this is a project with a specific objective that is accomplished through a unique set of interrelated tasks and the effective utilization of resources. 3. Th e Departmen t o f Transportatio n hire d a compan y t o buil d a six - lan e highwa y betwee n tw o cities . Thi s i s an exampl e o f a project. a. True b. False ANSWER: True FEEDBACK : Correct True, this is a project with a specific through a unique set of interrelated tasks and the effectiv e utilizatio n o f resources. Incorrect True, this is a project with a specific through a unique set of interrelated tasks and the effectiv e utilizatio n o f resources. 4. A grou p volunteere d t o kee p a sectio n o f highwa y clean . Thi s i s a n exampl e o f a project. a. True b. False ANSWER: False FEEDBACK : Correct False, this is not a project. It is not a unique set of interrelated tasks and the effective utilization of resources. A specific day with volunteers would be a project. Incorrect False, this is not a project. It is not a unique set of interrelated tasks and the effective utilization of resources. A specific day with volunteers would be a project.Page 2
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Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5. Th e outcom e o f a projec t i s a tangibl e en d product. a. True b. False ANSWER: True FEEDBACK : Correct The outcome of a project is a tangible end product. Incorrect The outcome of a project is a tangible end product. 6. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f nonrelate d task s an d th e effective utilizatio n o f resources. a. True b. False ANSWER: False FEEDBACK : Correct False, a project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. Incorrect False, a project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. 7. Ever y projec t ha s a startin g dat e an d a n endin g date. a. True b. False ANSWER: True FEEDBACK : Correct Every project has a starting date and an ending date. Incorrect Every project has a starting date and an ending date. 8. A projec t ha s a clea r objective. a. True b. False ANSWER: True FEEDBACK : Correct A project has a clear objective. Incorrect A project has a clear objective. 9. Th e projec t objectiv e require s completin g th e projec t wor k scop e o n tim e an d withi n budget. a. True b. False ANSWER: True FEEDBACK : Correct The project objective requires completing the project work scope on time and within budget. Incorrect The project objective requires completing the project work scope on time and within budget.Page 4
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 10. Expecte d benefit s an d outcome s ma y b e include d i n th e projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct Expected benefits and outcomes may be included in the project objective. Incorrect Expected benefits and outcomes may be included in the project objective. 11. A projec t i s carrie d ou t throug h a serie s o f independen t tasks. a. True b. False ANSWER: False FEEDBACK : Correct A project is carried out through a series of interdependent tasks. Incorrect A project is carried out through a series of interdependent tasks. 12. A projec t utilize s variou s resource s t o carr y ou t th e tasks. a. True b. False ANSWER: True FEEDBACK : Correct A project utilizes various resources to carry out the tasks. Incorrect A project utilizes various resources to carry out the tasks. 13. Resource s ca n includ e people , organizations , equipment , materials , an d facilities. a. True b. False ANSWER: True FEEDBACK : Correct Resources can include people, organizations, equipment, materials, and facilities. Incorrect Resources can include people, organizations, equipment, materials, and facilities. 14. A projec t ha s a n unlimite d tim e frame. a. True b. False ANSWER: False FEEDBACK : Correct A project has a specific time frame. Incorrect A project has a specific time frame.Page 5
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. A projec t ha s a sponso r o r customer. a. True b. False ANSWER: True FEEDBACK : Correct A project has a sponsor or customer. Incorrect A project has a sponsor or customer. 16. Th e sponso r provide s fund s t o accomplis h th e project. a. True b. False ANSWER: True FEEDBACK : Correct The sponsor provides funds to accomplish the project. Projects that are completed internal requir e fund s t o suppor t th e effor t eve n i f n o mone y change s budgets. Incorrect The sponsor provides funds to accomplish the project. Projects that are completed internal requir e fund s t o suppor t th e effor t eve n i f n o mone y change s budgets. 17. A projec t involve s degre e o f uncertaint y tha t remain s th e sam e a s th e projec t progresses. a. True b. False ANSWER: False FEEDBACK : Correct A project involves a degree of uncertainty that is reduced as the project progresses as estimates and assumptions are more accurate. Incorrect A project involves a degree of uncertainty that is reduced as the project progresses as estimates and assumptions are more accurate. 18. Peopl e ar e th e onl y resourc e use d i n a project. a. True b. False ANSWER: False FEEDBACK : Correct Resources can include people, organizations, equipment, materials, and facilities. Incorrect Resources can include people, organizations, equipment, materials, and facilities.Page 6
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 19. A project' s stakeholder s wil l alway s includ e onl y representative s fro m th e sponsor' s organization. a. True b. False ANSWER: False FEEDBACK : Correct A project's stakeholders may include representatives from other organizations in addition to the sponsor organization. Incorrect A project's stakeholders may include representatives from other organizations in addition to the sponsor organization. 20. A projec t i s complete d throug h a numbe r o f repetitiv e tasks. a. True b. False ANSWER: False FEEDBACK : Correct I nterdependent tasks are non - repetitive tasks. A project is carried out through a series of interdependent tasks. Incorrect I nterdependent tasks are non - repetitive tasks. A project is carried out through a series of interdependent tasks. 21. Introductio n o f a ne w proces s t o shi p package s fo r a fir m i s a n exampl e o f a projec t objective. a. True b. False ANSWER: False FEEDBACK : Correct False, the statement is missing the schedule and the budget. Incorrect False, the statement is missing the schedule and the budget. 22. Determinin g th e marke t fo r a produc t fo r a gai n o f 5 % marke t shar e withi n 1 8 month s an d $20,00 0 budget . Thi s i s an exampl e o f a projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct True , th e statemen t include s a deliverable , schedule , an d budget. Incorrect True , th e statemen t include s a deliverable , schedule , an d budget. 23. A projec t objectiv e i s th e tangibl e en d produc t tha t th e projec t tea m mus t produc e o r deliver. a. True b. False ANSWER: True FEEDBACK : Correct A project objective is the tangible end product that the project team must produce or deliver. Incorrect A project objective is the tangible end product that the project team must produce or deliver.Page 7
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 24. Th e projec t objectiv e i s usuall y define d i n term s o f en d product , schedule , an d budget. a. True b. False ANSWER: True FEEDBACK : Correct A project objective is the tangible end product that the project team must produce or deliver. The project objective is usually defined in terms of end product, schedule, and budget. Incorrect A project objective is the tangible end product that the project team must produce or deliver. The project objective is usually defined in terms of end product, schedule, and budget. 25. Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l th e deliverable s b y a certai n time an d withi n budget. a. True b. False ANSWER: True FEEDBACK : Correct Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l the deliverable s b y a certai n tim e an d withi n budget. Incorrect Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l the deliverable s b y a certai n tim e an d withi n budget. 26. Project s ar e constraine d onl y b y th e scope , schedule , an d budget. a. True b. False ANSWER: False FEEDBACK : Correct Projects are constrained by many factors. Projects can also be constrained by factors such as quality, resources, risks, and customer satisfaction. Incorrect Projects are constrained by many factors. Projects can also be constrained by factors such as quality, resources, risks, and customer satisfaction. 27. Th e projec t scop e i s al l th e wor k tha t mus t b e don e i n orde r t o produc e al l th e projec t deliverables , satisf y the customer , an d accomplis h th e projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct The project scope is all the work that must be done for the project. Incorrect The project scope is all the work that must be done for the project.Page 8
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 28. Al l th e wor k involve d wit h clearin g a sidewal k afte r a heav y sno w stor m i s a n exampl e o f a project' s scope. a. True b. False ANSWER: True FEEDBACK : Correct The project scope is all the work that must be done for the project. Incorrect The project scope is all the work that must be done for the project. 29. Qualit y expectation s ar e onl y define d a t th e star t o f th e project. a. True b. False ANSWER: False FEEDBACK : Correct Quality expectations must be defined from the onset of the project. Specifications may chang e t o mee t ne w cod e requirement s an d b e modifie d a s th e projec t move s forward. Incorrect Quality expectations must be defined from the onset of the project. Specifications may chang e t o mee t ne w cod e requirement s an d b e modifie d a s th e projec t move s forward. 30. Th e schedul e fo r a projec t i s a timetabl e wit h onl y star t time s fo r tasks. a. True b. False ANSWER: False FEEDBACK : Correct A schedule for a project is a timetable that specifies when each task or activity should start an d finish. Incorrect A schedule for a project is a timetable that specifies when each task or activity should start an d finish. 31. Th e amoun t th e sponso r ha s agree d t o pa y fo r acceptabl e projec t deliverable s i s th e projec t budget. a. True b. False ANSWER: True FEEDBACK : Correct The project budget is the amount the project sponsor has agreed to pay for a project. If the projec t budge t i s overrun , th e overru n i s a n expens e tha t th e contracto r wil l hav e t o absorb. Incorrect The project budget is the amount the project sponsor has agreed to pay for a project. If the projec t budge t i s overrun , th e overru n i s a n expens e tha t th e contracto r wil l hav e t o absorb.Page 9
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 32. Th e collaps e o f a retainin g wal l coul d b e a ris k t o th e projec t objectiv e fo r a garde n constructio n project. a. True b. False ANSWER: True FEEDBACK : Correct A risk could adversely affect accomplishing the project objective. Incorrect A risk could adversely affect accomplishing the project objective. 33. Th e leve l o f effor t i s th e sam e fo r al l fou r phase s o f th e generi c projec t lif e cycle. a. True b. False ANSWER: False FEEDBACK : Correct Th e relativ e leve l o f effor t an d tim e devote d varie s dependin g upo n th e project. Incorrect Th e relativ e leve l o f effor t an d tim e devote d varie s dependin g upo n th e project. 34. A projec t i s initiate d whe n a nee d i s identifie d b y a contractor. a. True b. False ANSWER: False FEEDBACK : Correct Projects are initiated when a need is identified by a sponsor, the people or the organization willin g t o provid e fund s t o hav e th e nee d satisfied. Incorrect Projects are initiated when a need is identified by a sponsor, the people or the organization willin g t o provid e fund s t o hav e th e nee d satisfied. 35. A reques t fo r proposal s i s use d t o initiat e al l project s b y communicatin g tha t a projec t i s needed. a. True b. False ANSWER: False FEEDBACK : Correct Some projects are completed internally or by request of the sponsor and do not have a reques t fo r proposal. Incorrect Some projects are completed internally or by request of the sponsor and do not have a reques t fo r proposal. 36. Whe n establishin g th e projec t objectives , th e objectiv e mus t b e agree d upo n b y th e projec t sponsor. a. True b. False ANSWER: True FEEDBACK : Correct When establishing the project objectives, the objective must be agreed upon by the project sponsor. Incorrect When establishing the project objectives, the objective must be agreed upon by the project sponsor.Page 10
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 37. Th e projec t scop e documen t shoul d includ e a lis t o f deliverable s an d associate d acceptanc e criteria. a. True b. False ANSWER: True FEEDBACK : Correct The project scope document should include a list of deliverables and associated acceptance criteria. Incorrect The project scope document should include a list of deliverables and associated acceptance criteria. 38. A networ k diagra m i s a hierarchica l decompositio n o f th e projec t scop e int o wor k element s t o b e execute d to produc e th e projec t deliverables. a. True b. False ANSWER: False FEEDBACK : Correct A work breakdown structure is a hierarchical decomposition of the project scope into work elements to be executed to produce the project deliverables. Incorrect A work breakdown structure is a hierarchical decomposition of the project scope into work elements to be executed to produce the project deliverables. 39. A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identifie d t o assig n responsibilit y whil e planning th e project. a. True b. False ANSWER: True FEEDBACK : Correct A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identified. Incorrect A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identified. 40. A wor k breakdow n structur e show s th e necessar y sequenc e an d dependen t relationship s o f th e detaile d activitie s for a project. a. True b. False ANSWER: False FEEDBACK : Correct A network diagram shows the necessary sequence and dependent relationships of the detailed activities for a project. Incorrect A network diagram shows the necessary sequence and dependent relationships of the detailed activities for a project.Page 11
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 41. Th e amoun t o f estimate d resource s help s t o determin e th e estimate d durations. a. True b. False ANSWER: True FEEDBACK : Correct The amount of estimated resources helps to determine the estimated durations. Incorrect The amount of estimated resources helps to determine the estimated durations. 42. Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. a. True b. False ANSWER: True FEEDBACK : Correct Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. Incorrect Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. 43. Th e type s an d quantitie s o f resource s t o b e use d fo r th e activitie s ar e th e bas e fo r th e estimate d projec t cost. a. True b. False ANSWER: True FEEDBACK : Correct The types and quantities of resources to be used for the activities are the base for the estimate d projec t cost. Incorrect The types and quantities of resources to be used for the activities are the base for the estimate d projec t cost. 44. Th e projec t budge t include s cost s fo r eac h activit y plu s othe r projec t cost s suc h a s administrativ e cost s an d overhead costs. a. True b. False ANSWER: True FEEDBACK : Correct The project budget includes costs for each activity plus other project costs such as administrative costs and overhead costs. Incorrect The project budget includes costs for each activity plus other project costs such as administrative costs and overhead costs.Page 12
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 45. Globalizatio n change s th e dynamic s o f a projec t an d add s a laye r o f complexit y tha t ca n reduc e th e risk s of accomplishin g th e projec t outcome. a. True b. False ANSWER: False FEEDBACK : Correct Globalization changes the dynamics of a project and adds a layer of complexity that can adversel y affec t th e projec t outcome. Incorrect Globalization changes the dynamics of a project and adds a layer of complexity that can adversel y affec t th e projec t outcome. 46. Th e Projec t Managemen t Institut e i s a worldwid e not - for - profi t organizatio n o f practitioner s tha t certifie s project managemen t professionals. a. True b. False ANSWER: True FEEDBACK : Correct Approximatel y 400,00 0 individual s worldwid e hol d PM I credentials. Incorrect Approximatel y 400,00 0 individual s worldwid e hol d PM I credentials. 47. A satisfie d custome r i s a benefi t o f implementin g projec t managemen t techniques. a. True b. False ANSWER: True FEEDBACK : Correct Th e ultimat e benefi t o f implementin g projec t managemen t technique s i s havin g a satisfied customer. Incorrect Th e ultimat e benefi t o f implementin g projec t managemen t technique s i s havin g a satisfied customer.Page 13
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 48. Whic h o f th e followin g i s no t a n exampl e o f a project? a. Starting - u p a restaurant b. Creatin g a websit e fo r a company c. Raisin g mone y fo r a disaste r relie f trip d. Emptyin g th e recyclin g everyday ANSWER: d FEEDBACK : a . A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. b. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. c. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. d. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Thi s choic e i s a repetitiv e effor t eac h day . I f it ha d a timefram e t o end , i t woul d b e a project. 49. Th e followin g mechanism s hel p t o assur e qualit y expectation s ar e met: a. Audits , inspections , an d standard s throughou t th e project. b. Inspection s onl y a t th e en d o f th e project. c. Onl y a lis t o f standard s i s neede d a t th e star t o f th e project d. N o mechanism s ar e neede d t o assur e quality. ANSWER: a FEEDBACK : a . Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. b. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. c. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. d. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project.Page 14
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 50. Th e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d i n term s o f th e specifi c dat e agreed upo n b y th e sponsor. a. Projec t schedule b. Projec t objective c. Tas k timetable d. Projec t scope ANSWER: b FEEDBACK : a . Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. b. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. c. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. d. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. 51. Th e projec t budge t i s base d on a. ho w wel l th e projec t manage r ca n us e accountin g software. b. th e estimate d cost s associate d wit h th e quantitie s o f resource s t o b e used. c. th e actua l cost s o f th e resource s use d fo r th e project. d. th e cost s t o d o th e resource s befor e an y indirec t costs. ANSWER: b FEEDBACK : a . Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. b. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. c. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. d. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project.Page 15
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 52. Cost s fo r resource s o n a projec t coul d includ e al l th e followin g except a. fee s fo r subcontractor s t o perfor m projec t tasks b. salarie s o f peopl e wh o wil l wor k o n th e project c. renta l o f facilities d. cost s fo r equipmen t tha t extend s beyon d th e projec t time ANSWER: d FEEDBACK : a . Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. b. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. c. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. d. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. 53. A pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks , determine s th e likelihoo d o f occurrence an d potentia l impact s o f risks , an d delineate s response s fo r dealin g wit h risks a. ris k development b. ris k management c. ris k mitigation d. ris k avoidance ANSWER: b FEEDBACK : a . A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. b. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. c. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. d. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks.Page 16
Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 54. Project s ar e identifie d an d selecte d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: a FEEDBACK : a . I n th e initiatin g phase , project s ar e identifie d an d selected. b. I n th e initiatin g phase , project s ar e identifie d an d selected. c. I n th e initiatin g phase , project s ar e identifie d an d selected. d. I n th e initiatin g phase , project s ar e identifie d an d selected. 55. Resource s ar e identifie d an d selecte d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: b FEEDBACK : a . Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. b. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. c. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. d. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. 56. Th e projec t pla n i s execute d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: c FEEDBACK : a . I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. b. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. c. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. d. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective.CHAPTER 1 : PROJECT MANAGEMENT CONCEPTS © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible we bsite, in whole or in part. 1. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelate d task s an d the effectiv e utilizatio n o f resources. a. True b. False ANSWER: True FEEDBACK : Correct True , a projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t of interrelated tasks and the effective utilization of resources. Incorrect True , a projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t of interrelated tasks and the effective utilization of resources. 2. A researc h fir m secure d $ 2 millio n t o evaluat e th e treatmen t o f wate r i n selecte d countrie s ove r th e nex t three years . Thi s i s a n exampl e o f a project. a. True b. False ANSWER: True FEEDBACK : Correct True, this is a project with a specific objective that is accomplished through a unique set of interrelated tasks and the effective utilization of resources. Incorrect True, this is a project with a specific objective that is accomplished through a unique set of interrelated tasks and the effective utilization of resources. 3. Th e Departmen t o f Transportatio n hire d a compan y t o buil d a six - lan e highwa y betwee n tw o cities . Thi s i s an exampl e o f a project. a. True b. False ANSWER: True FEEDBACK : Correct True, this is a project with a specific through a unique set of interrelated tasks and the effectiv e utilizatio n o f resources. Incorrect True, this is a project with a specific through a unique set of interrelated tasks and the effectiv e utilizatio n o f resources. 4. A grou p volunteere d t o kee p a sectio n o f highwa y clean . Thi s i s a n exampl e o f a project. a. True b. False ANSWER: False FEEDBACK : Correct False, this is not a project. It is not a unique set of interrelated tasks and the effective utilization of resources. A specific day with volunteers would be a project. Incorrect False, this is not a project. It is not a unique set of interrelated tasks and the effective utilization of resources. A specific day with volunteers would be a project. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5. Th e outcom e o f a projec t i s a tangibl e en d product. a. True b. False ANSWER: True FEEDBACK : Correct The outcome of a project is a tangible end product. Incorrect The outcome of a project is a tangible end product. 6. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f nonrelate d task s an d th e effective utilizatio n o f resources. a. True b. False ANSWER: False FEEDBACK : Correct False, a project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. Incorrect False, a project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. 7. Ever y projec t ha s a startin g dat e an d a n endin g date. a. True b. False ANSWER: True FEEDBACK : Correct Every project has a starting date and an ending date. Incorrect Every project has a starting date and an ending date. 8. A projec t ha s a clea r objective. a. True b. False ANSWER: True FEEDBACK : Correct A project has a clear objective. Incorrect A project has a clear objective. 9. Th e projec t objectiv e require s completin g th e projec t wor k scop e o n tim e an d withi n budget. a. True b. False ANSWER: True FEEDBACK : Correct The project objective requires completing the project work scope on time and within budget. Incorrect The project objective requires completing the project work scope on time and within budget. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 10. Expecte d benefit s an d outcome s ma y b e include d i n th e projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct Expected benefits and outcomes may be included in the project objective. Incorrect Expected benefits and outcomes may be included in the project objective. 11. A projec t i s carrie d ou t throug h a serie s o f independen t tasks. a. True b. False ANSWER: False FEEDBACK : Correct A project is carried out through a series of interdependent tasks. Incorrect A project is carried out through a series of interdependent tasks. 12. A projec t utilize s variou s resource s t o carr y ou t th e tasks. a. True b. False ANSWER: True FEEDBACK : Correct A project utilizes various resources to carry out the tasks. Incorrect A project utilizes various resources to carry out the tasks. 13. Resource s ca n includ e people , organizations , equipment , materials , an d facilities. a. True b. False ANSWER: True FEEDBACK : Correct Resources can include people, organizations, equipment, materials, and facilities. Incorrect Resources can include people, organizations, equipment, materials, and facilities. 14. A projec t ha s a n unlimite d tim e frame. a. True b. False ANSWER: False FEEDBACK : Correct A project has a specific time frame. Incorrect A project has a specific time frame. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. A projec t ha s a sponso r o r customer. a. True b. False ANSWER: True FEEDBACK : Correct A project has a sponsor or customer. Incorrect A project has a sponsor or customer. 16. Th e sponso r provide s fund s t o accomplis h th e project. a. True b. False ANSWER: True FEEDBACK : Correct The sponsor provides funds to accomplish the project. Projects that are completed internal requir e fund s t o suppor t th e effor t eve n i f n o mone y change s budgets. Incorrect The sponsor provides funds to accomplish the project. Projects that are completed internal requir e fund s t o suppor t th e effor t eve n i f n o mone y change s budgets. 17. A projec t involve s degre e o f uncertaint y tha t remain s th e sam e a s th e projec t progresses. a. True b. False ANSWER: False FEEDBACK : Correct A project involves a degree of uncertainty that is reduced as the project progresses as estimates and assumptions are more accurate. Incorrect A project involves a degree of uncertainty that is reduced as the project progresses as estimates and assumptions are more accurate. 18. Peopl e ar e th e onl y resourc e use d i n a project. a. True b. False ANSWER: False FEEDBACK : Correct Resources can include people, organizations, equipment, materials, and facilities. Incorrect Resources can include people, organizations, equipment, materials, and facilities. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 19. A project' s stakeholder s wil l alway s includ e onl y representative s fro m th e sponsor' s organization. a. True b. False ANSWER: False FEEDBACK : Correct A project's stakeholders may include representatives from other organizations in addition to the sponsor organization. Incorrect A project's stakeholders may include representatives from other organizations in addition to the sponsor organization. 20. A projec t i s complete d throug h a numbe r o f repetitiv e tasks. a. True b. False ANSWER: False FEEDBACK : Correct I nterdependent tasks are non - repetitive tasks. A project is carried out through a series of interdependent tasks. Incorrect I nterdependent tasks are non - repetitive tasks. A project is carried out through a series of interdependent tasks. 21. Introductio n o f a ne w proces s t o shi p package s fo r a fir m i s a n exampl e o f a projec t objective. a. True b. False ANSWER: False FEEDBACK : Correct False, the statement is missing the schedule and the budget. Incorrect False, the statement is missing the schedule and the budget. 22. Determinin g th e marke t fo r a produc t fo r a gai n o f 5 % marke t shar e withi n 1 8 month s an d $20,00 0 budget . Thi s i s an exampl e o f a projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct True , th e statemen t include s a deliverable , schedule , an d budget. Incorrect True , th e statemen t include s a deliverable , schedule , an d budget. 23. A projec t objectiv e i s th e tangibl e en d produc t tha t th e projec t tea m mus t produc e o r deliver. a. True b. False ANSWER: True FEEDBACK : Correct A project objective is the tangible end product that the project team must produce or deliver. Incorrect A project objective is the tangible end product that the project team must produce or deliver. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 24. Th e projec t objectiv e i s usuall y define d i n term s o f en d product , schedule , an d budget. a. True b. False ANSWER: True FEEDBACK : Correct A project objective is the tangible end product that the project team must produce or deliver. The project objective is usually defined in terms of end product, schedule, and budget. Incorrect A project objective is the tangible end product that the project team must produce or deliver. The project objective is usually defined in terms of end product, schedule, and budget. 25. Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l th e deliverable s b y a certai n time an d withi n budget. a. True b. False ANSWER: True FEEDBACK : Correct Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l the deliverable s b y a certai n tim e an d withi n budget. Incorrect Th e projec t objectiv e require s completin g th e projec t wor k scop e an d producin g al l the deliverable s b y a certai n tim e an d withi n budget. 26. Project s ar e constraine d onl y b y th e scope , schedule , an d budget. a. True b. False ANSWER: False FEEDBACK : Correct Projects are constrained by many factors. Projects can also be constrained by factors such as quality, resources, risks, and customer satisfaction. Incorrect Projects are constrained by many factors. Projects can also be constrained by factors such as quality, resources, risks, and customer satisfaction. 27. Th e projec t scop e i s al l th e wor k tha t mus t b e don e i n orde r t o produc e al l th e projec t deliverables , satisf y the customer , an d accomplis h th e projec t objective. a. True b. False ANSWER: True FEEDBACK : Correct The project scope is all the work that must be done for the project. Incorrect The project scope is all the work that must be done for the project. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 28. Al l th e wor k involve d wit h clearin g a sidewal k afte r a heav y sno w stor m i s a n exampl e o f a project' s scope. a. True b. False ANSWER: True FEEDBACK : Correct The project scope is all the work that must be done for the project. Incorrect The project scope is all the work that must be done for the project. 29. Qualit y expectation s ar e onl y define d a t th e star t o f th e project. a. True b. False ANSWER: False FEEDBACK : Correct Quality expectations must be defined from the onset of the project. Specifications may chang e t o mee t ne w cod e requirement s an d b e modifie d a s th e projec t move s forward. Incorrect Quality expectations must be defined from the onset of the project. Specifications may chang e t o mee t ne w cod e requirement s an d b e modifie d a s th e projec t move s forward. 30. Th e schedul e fo r a projec t i s a timetabl e wit h onl y star t time s fo r tasks. a. True b. False ANSWER: False FEEDBACK : Correct A schedule for a project is a timetable that specifies when each task or activity should start an d finish. Incorrect A schedule for a project is a timetable that specifies when each task or activity should start an d finish. 31. Th e amoun t th e sponso r ha s agree d t o pa y fo r acceptabl e projec t deliverable s i s th e projec t budget. a. True b. False ANSWER: True FEEDBACK : Correct The project budget is the amount the project sponsor has agreed to pay for a project. If the projec t budge t i s overrun , th e overru n i s a n expens e tha t th e contracto r wil l hav e t o absorb. Incorrect The project budget is the amount the project sponsor has agreed to pay for a project. If the projec t budge t i s overrun , th e overru n i s a n expens e tha t th e contracto r wil l hav e t o absorb. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 32. Th e collaps e o f a retainin g wal l coul d b e a ris k t o th e projec t objectiv e fo r a garde n constructio n project. a. True b. False ANSWER: True FEEDBACK : Correct A risk could adversely affect accomplishing the project objective. Incorrect A risk could adversely affect accomplishing the project objective. 33. Th e leve l o f effor t i s th e sam e fo r al l fou r phase s o f th e generi c projec t lif e cycle. a. True b. False ANSWER: False FEEDBACK : Correct Th e relativ e leve l o f effor t an d tim e devote d varie s dependin g upo n th e project. Incorrect Th e relativ e leve l o f effor t an d tim e devote d varie s dependin g upo n th e project. 34. A projec t i s initiate d whe n a nee d i s identifie d b y a contractor. a. True b. False ANSWER: False FEEDBACK : Correct Projects are initiated when a need is identified by a sponsor, the people or the organization willin g t o provid e fund s t o hav e th e nee d satisfied. Incorrect Projects are initiated when a need is identified by a sponsor, the people or the organization willin g t o provid e fund s t o hav e th e nee d satisfied. 35. A reques t fo r proposal s i s use d t o initiat e al l project s b y communicatin g tha t a projec t i s needed. a. True b. False ANSWER: False FEEDBACK : Correct Some projects are completed internally or by request of the sponsor and do not have a reques t fo r proposal. Incorrect Some projects are completed internally or by request of the sponsor and do not have a reques t fo r proposal. 36. Whe n establishin g th e projec t objectives , th e objectiv e mus t b e agree d upo n b y th e projec t sponsor. a. True b. False ANSWER: True FEEDBACK : Correct When establishing the project objectives, the objective must be agreed upon by the project sponsor. Incorrect When establishing the project objectives, the objective must be agreed upon by the project sponsor. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 37. Th e projec t scop e documen t shoul d includ e a lis t o f deliverable s an d associate d acceptanc e criteria. a. True b. False ANSWER: True FEEDBACK : Correct The project scope document should include a list of deliverables and associated acceptance criteria. Incorrect The project scope document should include a list of deliverables and associated acceptance criteria. 38. A networ k diagra m i s a hierarchica l decompositio n o f th e projec t scop e int o wor k element s t o b e execute d to produc e th e projec t deliverables. a. True b. False ANSWER: False FEEDBACK : Correct A work breakdown structure is a hierarchical decomposition of the project scope into work elements to be executed to produce the project deliverables. Incorrect A work breakdown structure is a hierarchical decomposition of the project scope into work elements to be executed to produce the project deliverables. 39. A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identifie d t o assig n responsibilit y whil e planning th e project. a. True b. False ANSWER: True FEEDBACK : Correct A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identified. Incorrect A perso n o r organizatio n responsibl e fo r eac h wor k ite m shoul d b e identified. 40. A wor k breakdow n structur e show s th e necessar y sequenc e an d dependen t relationship s o f th e detaile d activitie s for a project. a. True b. False ANSWER: False FEEDBACK : Correct A network diagram shows the necessary sequence and dependent relationships of the detailed activities for a project. Incorrect A network diagram shows the necessary sequence and dependent relationships of the detailed activities for a project. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 41. Th e amoun t o f estimate d resource s help s t o determin e th e estimate d durations. a. True b. False ANSWER: True FEEDBACK : Correct The amount of estimated resources helps to determine the estimated durations. Incorrect The amount of estimated resources helps to determine the estimated durations. 42. Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. a. True b. False ANSWER: True FEEDBACK : Correct Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. Incorrect Th e estimate d duratio n o f th e projec t i s dependen t upo n th e sequenc e o f activities. 43. Th e type s an d quantitie s o f resource s t o b e use d fo r th e activitie s ar e th e bas e fo r th e estimate d projec t cost. a. True b. False ANSWER: True FEEDBACK : Correct The types and quantities of resources to be used for the activities are the base for the estimate d projec t cost. Incorrect The types and quantities of resources to be used for the activities are the base for the estimate d projec t cost. 44. Th e projec t budge t include s cost s fo r eac h activit y plu s othe r projec t cost s suc h a s administrativ e cost s an d overhead costs. a. True b. False ANSWER: True FEEDBACK : Correct The project budget includes costs for each activity plus other project costs such as administrative costs and overhead costs. Incorrect The project budget includes costs for each activity plus other project costs such as administrative costs and overhead costs. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 45. Globalizatio n change s th e dynamic s o f a projec t an d add s a laye r o f complexit y tha t ca n reduc e th e risk s of accomplishin g th e projec t outcome. a. True b. False ANSWER: False FEEDBACK : Correct Globalization changes the dynamics of a project and adds a layer of complexity that can adversel y affec t th e projec t outcome. Incorrect Globalization changes the dynamics of a project and adds a layer of complexity that can adversel y affec t th e projec t outcome. 46. Th e Projec t Managemen t Institut e i s a worldwid e not - for - profi t organizatio n o f practitioner s tha t certifie s project managemen t professionals. a. True b. False ANSWER: True FEEDBACK : Correct Approximatel y 400,00 0 individual s worldwid e hol d PM I credentials. Incorrect Approximatel y 400,00 0 individual s worldwid e hol d PM I credentials. 47. A satisfie d custome r i s a benefi t o f implementin g projec t managemen t techniques. a. True b. False ANSWER: True FEEDBACK : Correct Th e ultimat e benefi t o f implementin g projec t managemen t technique s i s havin g a satisfied customer. Incorrect Th e ultimat e benefi t o f implementin g projec t managemen t technique s i s havin g a satisfied customer. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 48. Whic h o f th e followin g i s no t a n exampl e o f a project? a. Starting - u p a restaurant b. Creatin g a websit e fo r a company c. Raisin g mone y fo r a disaste r relie f trip d. Emptyin g th e recyclin g everyday ANSWER: d FEEDBACK : a . A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. b. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. c. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Th e on e choic e i s a repetitiv e effor t eac h day . If i t ha d a timefram e t o end , i t woul d b e a project. d. A projec t i s a n endeavo r t o accomplis h a specifi c objectiv e throug h a uniqu e se t o f interrelated task s an d th e effectiv e utilizatio n o f resources . Thi s choic e i s a repetitiv e effor t eac h day . I f it ha d a timefram e t o end , i t woul d b e a project. 49. Th e followin g mechanism s hel p t o assur e qualit y expectation s ar e met: a. Audits , inspections , an d standard s throughou t th e project. b. Inspection s onl y a t th e en d o f th e project. c. Onl y a lis t o f standard s i s neede d a t th e star t o f th e project d. N o mechanism s ar e neede d t o assur e quality. ANSWER: a FEEDBACK : a . Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. b. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. c. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. d. Standards , inspections , audits , an d s o fort h mus t b e i n plac e t o assur e qualit y throughou t the project , no t jus t a t th e en d o f th e project. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 50. Th e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d i n term s o f th e specifi c dat e agreed upo n b y th e sponsor. a. Projec t schedule b. Projec t objective c. Tas k timetable d. Projec t scope ANSWER: b FEEDBACK : a . Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. b. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. c. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. d. Th e projec t objectiv e usuall y state s th e tim e b y whic h a projec t scop e mus t b e complete d in term s o f th e specifi c dat e agree d upo n b y th e sponsor. 51. Th e projec t budge t i s base d on a. ho w wel l th e projec t manage r ca n us e accountin g software. b. th e estimate d cost s associate d wit h th e quantitie s o f resource s t o b e used. c. th e actua l cost s o f th e resource s use d fo r th e project. d. th e cost s t o d o th e resource s befor e an y indirec t costs. ANSWER: b FEEDBACK : a . Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. b. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. c. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. d. Th e projec t budge t i s base d o n estimate d cost s associate d wit h th e quantitie s o f various resource s tha t wil l b e use d t o perfor m th e project. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 52. Cost s fo r resource s o n a projec t coul d includ e al l th e followin g except a. fee s fo r subcontractor s t o perfor m projec t tasks b. salarie s o f peopl e wh o wil l wor k o n th e project c. renta l o f facilities d. cost s fo r equipmen t tha t extend s beyon d th e projec t time ANSWER: d FEEDBACK : a . Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. b. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. c. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. d. Resource s includ e people , materials , equipment , facilities , an d s o o n require d a t specifi c periods durin g th e project. 53. A pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks , determine s th e likelihoo d o f occurrence an d potentia l impact s o f risks , an d delineate s response s fo r dealin g wit h risks a. ris k development b. ris k management c. ris k mitigation d. ris k avoidance ANSWER: b FEEDBACK : a . A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. b. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. c. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. d. A ris k managemen t pla n mus t b e develope d tha t identifie s an d assesse s potentia l risks, determine s th e likelihoo d o f occurrenc e an d potentia l impact s o f risks , an d delineate s responses fo r dealin g wit h risks. Chapter 1 : Project Management Concepts © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 54. Project s ar e identifie d an d selecte d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: a FEEDBACK : a . I n th e initiatin g phase , project s ar e identifie d an d selected. b. I n th e initiatin g phase , project s ar e identifie d an d selected. c. I n th e initiatin g phase , project s ar e identifie d an d selected. d. I n th e initiatin g phase , project s ar e identifie d an d selected. 55. Resource s ar e identifie d an d selecte d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: b FEEDBACK : a . Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. b. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. c. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. d. Th e plannin g phas e include s definin g th e projec t scope , identifyin g resources , developin g a schedul e an d budget , an d identifyin g risks. 56. Th e projec t pla n i s execute d i n the a. initiatin g phase. b. plannin g phase. c. performin g phase. d. closin g phase. ANSWER: c FEEDBACK : a . I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. b. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. c. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective. d. I n th e performin g phase , th e projec t pla n i s executed , an d wor k task s ar e carrie d ou t t o produce al l th e projec t deliverable s an d t o accomplis h th e projec t objective.