PROJECT MANAGEMENT FINAL EXAM-138 QUESTIONS AND ANSWERS 2024 LATEST UPDATE

Which of the following statements concerning strategic analysis is true? External analysis focuses on the threats and opportunities facing the organization. All of the following factors should be assessed to determine an organization's ability to perform projects EXCEPT: Do teams and individuals follow instructions well? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Portfolios deal with all of an organization's projects, while programs deal with: a specific group of related projects, subprograms, and program activities Scoring models are most useful when there are multiple projects and several criteria to be considered. True Strategic objectives describe both short- and long-term results that are desired, along with measures to determine their achievement. True Projects tend to be the primary method for implementing many objectives. True The internal part of strategic analysis (elements within the project team's control) consists of asking what opportunities and threats are posed by competitors, suppliers, customers, regulatory agencies, technologies and so on. False Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them. True This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis for authorizing further project management activities: Project Management Plan ? (Ch. 2) Which of the following statements best describes the contemporary use of financial models and scoring models for project selection? These methods are often used together to ensure financial and non-financial factors are both considered. A deliverable is a unique and verifiable product, result or capability to perform a service that is required to be produced to complete a process, phase, or project. True What are risks, and why is it important to identify them in the project charter? A risk is an uncertain situation which could have a negative or positive effect on the project if it occurs. If a risk is a positive risk it can be an opportunity. If it is a negative risk, it could be a threat to the project. It's important to identify them so you are aware of problems or opportunities that may arise during your project. The project charter serves as a formal legal contract between the project team and the project sponsor. False In contrast to a legal contract, the parties to a signed project charter feel obligated to the spirit (as opposed to the letter) of the charter since the project details have not yet been worked out and the specifics will certainly change. True Constraints identified in the project charter are uncertain situations that could negatively or positively affect the project if they occur. False The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more detailed project planning stage. False The project charter should help the project team and the project sponsor to develop a common understanding of what the project is all about. All of the following items are elements of that common understanding EXCEPT: understanding the detailed project schedule Which of the following documents serves as an informal contract between the project team and the project sponsor? project charter The addition of acceptance criteria factors to the milestone schedule in a project charter helps the team understand who will judge the quality of the deliverable associated with each milestone, and _____. what criteria will be used for that determination. Team operating principles are sometimes included in a project charter to enhance team performance. Which of the following statements accurately describes the value of establishing team operating principles? Operating principles increase team effectiveness and ensure that all parties are aware of what is expected. Responsibilities of the Chief Projects Officer (CPO) for each individual serving on a project team include all of the following EXCEPT: that they follow the detailed project plan that the CPO has created. A project manager demonstrates integrity in ways that include making honest decisions, protecting people, defending core values, leading major change, showing respect, establishing a culture of honesty, and displaying total commitment to project and people. True Which of the following organizational structures is designed to achieve a balance of task focus and technical capability? Matrix Organization Which of the following organizational structures runs contrary to the unity of command principle - that each employee works for a single supervisor? Matrix Organization During project execution, the project sponsor's responsibilities include all of these EXCEPT: charter the project Which of the following are among the challenges faced by project managers? They must effectively deal with networks of people both within and outside the parent company. In "role cultures" reliable workers follow formal designations of responsibility with utmost respect for regulations and laws. True Organizational culture consists of values, social rituals, symbols, work ethics, organizational behavior, beliefs, and practices that are shared among members of the organization and are taught to new members. True Describe the role of the steering team with respect to projects. Steering team consists of the top person in the organization along with his/her direct reports. They represent all of the major functions of the organization. There can be a leadership team, management team etc. Their role is based on the type of team they are. Some of the activities/roles include: Overall priority setting Project selection and prioritization Sponsor selection General guidance - at set times or at project milestones Offer encouragement