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BUS375 Exam 3 latest 2017

Question 1 Which of the following is NOT one of the potential responses to a specific risk event? A. Mitigating B. Retaining C. Ignoring D. Transferring E. Sharing Question 2 Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk. A. Risk breakdown structures B. Contingency breakdown structures C. Scenario analysis D. Organizational breakdown structure E. Risk assessment Question 3 The chances of a risk event occurring as a project proceeds through its life cycle tend to A. Slowly rise B. Drop sharply and then level out C. Rise sharply and then level out D. Remain about the same E. Slowly drop Question 4 Which of the following is NOT involved in risk control? A. Executing the risk response strategy B. Initiating contingency plans C. Establishing a change control system D. Establishing contingency funds E. Watching for new risks Question 5 Which of the following activities might you consider adding a time buffer to? A. Activities with severe risks B. Merge activities that are prone to delays C. Activities with scarce resources D. Noncritical activities with very little slack E. You might consider adding a time buffer to any of theseactivities Question 6 Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves. A. Management B. Budget C. Contingency D. Padded E. Just in case Question 7 _______________ focuses on how to respond to events that have a positive impact on a project. A. Risk management B. Opportunity management C. Value management D. Contingency management E. Prospect management Question 8 The cost impact of a risk event occurring as a project proceeds through its life cycle tends to A. Slowly rise B. Drop sharply and then level out C. Rise sharply and then level out D. Remain about the same E. Slowly drop Question 9 The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as A. Risk forecasting B. Risk management C. Contingency planning D. Scenario analysis E. Disaster protection Question 10 All of the following are types of resource constraints EXCEPT A. Materials B. People C. Equipment D. Information E. Human Question 11 A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following is true? A. We are spending less than we should for the project B. We are doing a good job managing the project C. We should check to see if all the bills have been paid D. Both A and B are correct E. We can't be sure how the project is going Question 12 In a resource-constrained project, which of the following is most likely to be changed? A. The completion date B. The budget C. Project quality D. Both A and B are equally likely E. A, B, and C are all equally likely Question 13 Rachel is working on a project that technically allows three activities to be done at the same time. If they were to be implemented at the same time, she would need 5 contractors in order for the activities to be completed on time. There are only 3 available for her to use. This is an example of what type of constraint? A. Technical B. People C. Equipment D. Physical E. Materials Question 14 Which of the following is NOT a potential consequence of failing to identify limited resources before project implementation? A. Activity delays B. Project delays C. Difficulty in taking quick corrective action D. Increase costs E. Scope creep Question 15 Most of the scheduling methods available today require the project manager to classify the project as either _______ constrained or ______ constrained. A. Time, quality B. Quality, resource C. Cost, time D. Quality, cost E. Time, resource Question 16 Why is it necessary to have a time-phased budget baseline? A. For proper resource allocation B. So we know how much work was accomplished for the money spent C. To reduce schedule slippage when scheduling multi project resources D. It is not necessary to have a time-phased budget baseline E. To reduce fluctuations in cash flow during the project Question 17 In reviewing the status of her project with top management, Shirley was told that there are only two programmers that she can use for her project. Her project is classified as __________ constrained. A. Time B. Quality C. Cost D. Performance E. Resource Question 18 When the project team is salaried, which of the following is the preferred choice for accelerating project completion? A. Assigning additional staff and equipment B. Subcontract work C. Schedule overtime D. Work longer hours E. Both C and D are preferred choices Question 19 Before crashing, direct costs for an activity represent normal costs, which typically mean low-cost, efficient methods for completing the activity in a(n) ________ amount of time. A. Normal B. Budgeted C. Optimized D. Expected E. Targeted Question 20 Which of the following projects would be least benefited if additional resources were added? A. Splitting and stacking a cord of wood B. Developing new software C. Harvesting a crop by hand D. Building a cabin E. Moving to a new house Question 21 Which of the following correctly calculates an activity's cost slope? A. (normal cost-crash cost)/(normal time-crash time) B. (crash cost-normal cost)/(normal time-crash time) C. (normal time-crash time)/(crash cost-normal cost) D. (normal time-crash time)/(normal cost-crash cost) E. (crash cost-normal cost)/(crash time-normal time) Question 22 When determining which activity to crash, there are other factors that should be assessed beyond cost. Which of the following is NOT one of these factors? A. The inherent risk associated with the activity B. How crashing will impact the morale and motivation of the individuals working on that activity C. Resource availability after crashing that activity D. The level of difficulty involved in completing the activity E. When during the project the activity will occur Question 23 An activity's normal time and cost are 8 and $100, respectively. Its estimated crash time and cost are 6 and $160, respectively. What is this activity's crash cost per time unit? A. $33 B.$30 C.$60 D. $65 E. $153 ($160 - $100)/(8 - 6)= $30 Question 24 Without any formal planning, the president of a software company remarks in a speech that new technologically advanced software will be available in one year. This may lead to a project that must be done faster than anticipated. This is an example of reducing project duration caused by A)Imposed project deadlines B)Time to market C)Unforeseen project delays D)High overhead E)Incentive contracts Question 25 As a project is crashed and project duration is reduced, direct costs typically A. Increase. B. Become unstable. C. Decrease. D. Become unreliable. E. Stay the same

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