LOMA 335 EXAM REVIEW QUESTIONS
WITH COMPLETE SOLUTIONS (100%
CORRECT)
Project management office (PMO) - Answer-Project management unit with a permanent
staff. Such companies maintain a pool of seasoned project staff and assign these
people to successive projects
Enterprise project management office (EPMOs) - Answer-Operate at the strategic level
by assessing risk and organizing resources in relation to the company mission
Scope statement - Answer-A report that clearly states the limits on a project by
specifying the project size, resources, limitations and deliverables
Project deliverable - Answer-A measurable outcome from a project
Project baseline - Answer-A measurable starting point agreed upon by various
stakeholders as performance standards for a project
Work Breakdown Structure (WBS) - Answer-A graphical display of project elements that
often includes an estimate of the labor effort required for each project activity
Flow chart - Answer-Shows the systematic progression of a series of activities, using
connecting lines and conventional symbols. Ovals represent starting/stopping points.
Boxes represent important activities. Diamonds represent yes/no decision points.
Circles represent a point at which the flow chart connects w another process. Arrows
represent linear progress
Expected time - Answer-Optimistic time (t0)
Most probable time (tm)
Pessimistic time (tp)
[t0+4(tm)+tp] / 6
Network model (PERT Network) - Answer-A visual representation of the activities in a
process or a project used to identify the best use of resources
Network path - Answer-A sequence of network activities from project inception to project
end
Critical path - Answer-the most time-consuming series of activities in a PERT network.
Cannot have float
, Float (slack time) - Answer-The length of time an activity can be delayed without
delaying the entire project
Stand up meeting - Answer-A meeting during which employees stand up as they offer
summaries about their progress on an activity, designed to keep meetings short
Earned value management - Answer-Involves using monetary values to express
performance feedback
Earned value - Answer-A monetary value assigned incrementally to all project steps,
with the project earning another increment of monetary value as more work is
completed
Scope creep - Answer-Gradually modifying features of a project and its objectives
without formally addressing and negotiating changes w project stakeholders
Fast tracking - Answer-Where a project manager revisits the network's critical path to
decide if any sequential actives can be performed simultaneously
Crashing - Answer-Employ additional resources to get the project back on schedule
while recognizing that doing so will increase costs above those specified in the baseline
resouces
Standing committee - Answer-A permanent committee that company executives use as
a continuing source of advice
Rework costs - Answer-The costs of correcting defective work and include employee
compensation for the hours spent correcting the problem
Quality Circle (QC) - Answer-A problem solving group of 5-10 employees who meet
regularly to discuss quality improvement, suggest ways to reduce costs and present
recommendations to management
Stoplight indicators - Answer-Red, yellow, green or sometimes blue symbols that
indicate how favorably the company's actual performance compares with its
performance standards
Cascading reports - Answer-Electronic reports that bring together related data sets and
offer distinctive data views suitable for various user needs
Drill through option - Answer-A link that the user of a summary report can click to see
increased detail of the information
Parent report - Answer-A master or summary report
WITH COMPLETE SOLUTIONS (100%
CORRECT)
Project management office (PMO) - Answer-Project management unit with a permanent
staff. Such companies maintain a pool of seasoned project staff and assign these
people to successive projects
Enterprise project management office (EPMOs) - Answer-Operate at the strategic level
by assessing risk and organizing resources in relation to the company mission
Scope statement - Answer-A report that clearly states the limits on a project by
specifying the project size, resources, limitations and deliverables
Project deliverable - Answer-A measurable outcome from a project
Project baseline - Answer-A measurable starting point agreed upon by various
stakeholders as performance standards for a project
Work Breakdown Structure (WBS) - Answer-A graphical display of project elements that
often includes an estimate of the labor effort required for each project activity
Flow chart - Answer-Shows the systematic progression of a series of activities, using
connecting lines and conventional symbols. Ovals represent starting/stopping points.
Boxes represent important activities. Diamonds represent yes/no decision points.
Circles represent a point at which the flow chart connects w another process. Arrows
represent linear progress
Expected time - Answer-Optimistic time (t0)
Most probable time (tm)
Pessimistic time (tp)
[t0+4(tm)+tp] / 6
Network model (PERT Network) - Answer-A visual representation of the activities in a
process or a project used to identify the best use of resources
Network path - Answer-A sequence of network activities from project inception to project
end
Critical path - Answer-the most time-consuming series of activities in a PERT network.
Cannot have float
, Float (slack time) - Answer-The length of time an activity can be delayed without
delaying the entire project
Stand up meeting - Answer-A meeting during which employees stand up as they offer
summaries about their progress on an activity, designed to keep meetings short
Earned value management - Answer-Involves using monetary values to express
performance feedback
Earned value - Answer-A monetary value assigned incrementally to all project steps,
with the project earning another increment of monetary value as more work is
completed
Scope creep - Answer-Gradually modifying features of a project and its objectives
without formally addressing and negotiating changes w project stakeholders
Fast tracking - Answer-Where a project manager revisits the network's critical path to
decide if any sequential actives can be performed simultaneously
Crashing - Answer-Employ additional resources to get the project back on schedule
while recognizing that doing so will increase costs above those specified in the baseline
resouces
Standing committee - Answer-A permanent committee that company executives use as
a continuing source of advice
Rework costs - Answer-The costs of correcting defective work and include employee
compensation for the hours spent correcting the problem
Quality Circle (QC) - Answer-A problem solving group of 5-10 employees who meet
regularly to discuss quality improvement, suggest ways to reduce costs and present
recommendations to management
Stoplight indicators - Answer-Red, yellow, green or sometimes blue symbols that
indicate how favorably the company's actual performance compares with its
performance standards
Cascading reports - Answer-Electronic reports that bring together related data sets and
offer distinctive data views suitable for various user needs
Drill through option - Answer-A link that the user of a summary report can click to see
increased detail of the information
Parent report - Answer-A master or summary report
