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A project is best defined as? a temporary endeavour to create a unique product or service c. An operation to construct a building. What is a stakeholder? a. The person funding the project b. The client for whom the project is being delivered c. Any individual or group with an interest in the project Answer: c.
A project is best defined as? a temporary endeavour to create a unique product or service c. An operation to construct a building. What is a stakeholder? a. The person funding the project b. The client for whom the project is being delivered c. Any individual or group with an interest in the project Answer: c.
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A project is best defined as? a temporary endeavour to create a unique product or service c. An operation to construct a building. What is a stakeholder? a. The person funding the project b. The client for whom the project is being delivered c. Any individual or group with an interest in the project Answer: c.
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b. project Management by organisational knowledge c. project Management body of knowledge Answer: c 2. what is the AIPM? a. Australian Institute of project Management b. Accounting Institute of Professional membership c. Associations involved in project Management Answer: a 3. what does RegPM mean? a. Regarding process management b. Registered Project Manager c. Recognised Project Manager Answer: b 4. A project is best defined as? a. A process by which one gets things done b. A temporary endeavour to create a unique product or service c. An operation to construct a building Answer: b 5. In project context, temporary mean? a. Finite duration - defined commencement and conclusion time b. only around for a short time c. The product or service is only transient Answer: a 6. Which of the following is not generally associated with an operation? a. Repetitive in nature b. On going, no defined duration c. Unique in nature Answer: c 7. what is project management? a. the means & techniques used to run a project to achieve its objectives b. the process for running a business c. the person looking after a series of processes answer: a 8. why use project management? a. to give people something to do b. increase likehood of achieving project objectives c. so the operation is well managed answer: b 9. what are the 3 keys project objectives? a. finish dates, stakeholder satisfaction and safety b. time, cost and preformance c. scope, quality and communications answer: b 10. how many discipline/functions are involved in project management? a. 9 b. 3 c. 8 answer: a 11. list 4 main project management discipline/functions (choose ?) a. scope management b. time management c. cost management d. quality management answer: a, b, c, d 12. what is a stakeholder? a. The person funding the project b. The client for whom the project is being delivered c. Any individual or group with an interest in the project Answer: c 13. which of the following may be stakeholders in a project: a. client b. management c. government d. puplic e. all of the above answer: e 14. there are 5 recognised level of PM maturity organisations, the lowest being classed as initial; what term best describes this level? a. Regimented processes b. Ad Hoc, unplanned c. Planned and disciplined answer: b 15. Approximate what % of organisations are classified as being at the initial s tage of PM maturity? a. 15% b. 40% c. 75% answer: c 16. what is project contingency? a. an allowance of time or cost to cover uncertainly b. a project manager slush fund c. the close-out phase of a project answer: a 17. what is the project lifecycle a. the anverage life expectancy of the project b. the phases a project goes through from start to finish c. the planning stage of a project answer: b 18. which of the following are typical phases of a project lifecycle? a. concept, development, implementation, finalisation b. feasibility, planning, construction, handover c. conceive, define, execute, finish d. all of the above answer: d 19. why is it preferable to identify cost savings at the feasibility, concept or preliminary phases of the project lifecycle a. this is the point where the project manager has most authority b. it is the phase they are generally the least expensive to implement c. the external stakeholders will approve the changes answer: b 20. in which phase of a typical construction project's lifecycle would most of t he effort be expected to be expended? a. feasibility b. planning and desing c. production and development d. finalisation and handover answer: c 21. strategic fit in regard to project selection - refers to? a. alignment with organisation's vision, mission and values b. project pricing strategy c. project benefits realisation answer: a 22. an organisaton's strategic objectives could include which of the following? a. develop new product line b. increase market share c. increase brand equity d. all of the above answer: d 23. Why is it important for a business to select the right projects? a. it is crucial to the long term success of the business b. a business only has limited funds available to invest and must make the most of each opportunity c. a single poor project selection has resulted in business disasters d. all of the above answer: d 24. why should business use project selection models? a. because numeric models are very accurate in predicting success of a project b. to aid management in making informed decisions when selecting projects c. because models accurately reflect real life d. all of the above answer: b 25. which of the following would Not be a good criterion for a project selection model? a. capable of simulating key situations b. realistic assessment of objectives and limitaitons c. cost effective d. complex and difficult to use answer: d 26. what are the two main categories of project selection model? a. net present value and internal rate of return b. sacred cow and competitive necessity c. numberic and non-numberic answer: c 27. highlight the non-numberic project selection models below? (choose 3) a. sacred cow b. operating necessity c. NPV d. IRR e. competitive necessity answer: a, b, e 28. highlight the numberic project selection models below? (choose 3) a. comparative benefit model b. pay back c. product line extension d. return on investment e. discounted cash flow answer: b, d, e 29. what is the major limitation of the payback period and ROI models? a. only accountants understand them b. they do not consider the time value of money c. the managers fail to see the value in them answer: b 30. which of the following best describes the discount factor used in NPV analys is? a. a combination of the effect of interest and inflation over time b. project escalation costs c. compound interest answer: a 31. what is one of the major limitation of discounted cash flow analysis? a. only useful on really long run projects b. difficulty in accurately forecasting cash flow and interest rates c. it does not consider the total project cash flow answer: b 32. which of the following best describes NPV analysis? a. a highly accurate non-numberic project selection tool b. a way of assessing the impact on non financial data on project preformance c. a measure of the value added to the company by undertaking the project answer: c 33. two alternative projects have the same NPV, but differ in the timing of cash flow select the project that should proceed: a. the option with significantly more income associated with it in the early yea rs b. the project that delays income until as late in the project lifecycle as poss ible c. it would depend on the internal rate of return of each project answer: a 34. if a project has negative NPV what does this indicate? a. that the company must undertake the project to fix the problem b. that stakeholders will support the project going ahead c. that the company would lose money undertaking the project answer: c 35. would an organisation proceed with a project that delivered a negative NPV? a. there are no suitable circumstances that it should proceed b. if there were compelling strategic reasons for doing so c. if there was a surplus of cash in the business that had to be spent answer: b 36. in regards to DCF analysis, IRR stand for what? a. internal revenue recognition b. internal rate of return c. internal realisation rate answer: b 37. IRR is also commonly know as what terms? a. DCF yield b. DFC return c. DCF base rate of interest answer: a 38. IRR is the discount factor when NPV is: a. Maximised b. Minimised c. Zero answer: c 39. in general, all other things being equal, which project would the company se lect? a. the one with the highest IRR b. the one with the lowest IRR c. the one equivalent to the current interest rate answer: a 40. IRR is a measure of what? a. the project s return on investment b. the project impact on the business personal c. the ability of a business to run successful project answer: a 41. when considering whether to bid on a project or not, which would be the most important consideration? a. do we have a competitive advantage b. is the project technically challenging enough c. is the client well regarded by our staff answer: a 42. when bidding on work it si often important to have which of the following? a. a workforce that likes undertaking project work b. a strategy to differentiate yourself from the competition c. an attitude that it doesn t matter whether you win or not answer: b 43. when assessing whether to proceed and bid on a project or not, an important initial gate is to determine whether the project is consistent with: a. the organisation s vision b. the organisation s mission c. the organisation s values d. all of the above answer: d 44. an organisations Vision is best described as a. the way a business goes about its day to day operations b. the way a business plans for the next business period c. the aspirations of what the business would ultimately like to achieve answer: c 45. an organisations mission is best described as. a. the issues that are currently mission critical to the business b. the core purpose of the business, how it wants to operate for the next 2-3 ye ars c. the business s values answer: b 46. are there any circumstances where it would be appropriate for a business to bid on a project that would be inconsistent with its Vision, Mission and Values? a. yes b. no answer: a 47. a bid manager is best described as: a. the project manager appointed to prepare the bid b. the person who has to approve the bid within the organisation c. the client s representative who assesses the bids when they are received answer: a 48. which of the following best describes the client s key buying reasons (KBR) a. the cost of the bid b. the reasons why the project has been initiated c. the factors against which they will assess the bid s submitted answer: c 49. does the lowest cost bid always win? a. yes b. no answer: b 50. in preparing a bid it is important to spend sufficient time and money such t hat? a. you win the bid because of the very high standard of your bid b. the bid costs are commensurate with the expected revenue and margin the proj ect will generate for the bidder c. the minimum amount of the time possible to ensure that you can provide the lo west price answer: b 51. which of the following are important considerations on preparing a bid? a. number of competitions b. success rate c. expected margin d. a differentiation strategy e. all of the above answer: e 52. why is bid success rate important? a. because winning bids ultimately have to cover the cost of losing bids b. because it is important to be able to tell the client that you are very good and win a lot of work c. because if you are being successful you can afford to spend less time and mon ey on bid preparation answer: a 53. when bidding on a commodity type of product or service which is generally th e most important criteria? a. high quality b. very high performance requirements c. low cost answer: c 54. in a market scenario where you are a very successful service provider with g ood forward orders-you have a niche high end expertise that is in high demand fr om clients and in short supply which of the following would be the most appropri ate bidding strategy? a. loss leader, you need to get your foot in the door and then you can really ma ke some good margins b. lowest cost, with the future very uncertain it is important to keep the busin ess rolling in c. price commensurate with market dynamic and value add to client answer: c 55. differentiation as a bidding strategy is best described as? a. endeavouring to take a highly scientific approach and analyse all the data an d price bid on a qualitative basis b. where a bid with very high price is submitted because you don t really need to work c. bids are focussed on demonstrating the value add and benefits that set it apa rt form the competition answer: c 56. when submitting a bid, an important part of the proposal is the executive su mmary a. true b. false answer: a 57. who is generally most interested in the executive summary of a bid a. the decision makers in the business who are not necessarily technical in natu re b. the technical people who use it to gain an understanding of the important tec hnical concepts in the bid c. the accountants who use the data to analyse costs and see if the bid is a goo d low cost option answer: a 58. when preparing bid submissions it is important for the writer to use I , as it shows that you are personally committed to the project a. true b. false answer: b 59. an important component of the conditions of engagement is defining how the p roject risks shall be allocated between the parties a. true b. false answer: a 60. is it acceptable for a bidder to do whatever is required to win a bid? a. as long as it is not illegal b. as long as it is not unethical answer: a 61. determining which risks are likely to affect the project and documenting the characteristics of each is a definition of which risk management process? a. risk Identification b. risk Quantification answer: a 62. all other things being equal which of the following would one reasonably exp ect to involve more risk? a. projects that involve proven technology b. projects that involve innovation or invention answer: b 63. how often should risk identification be performed throughout the project? a. not necessary at all b. only required at the commencement of the project c. regularly answer: c 64. internal risks are best characterised as? a. risks that the project manager can control or influence b. risks beyond the control of the project manager answer: a 65. which of the following are possible sources of project risk? a. design errors b. poor estimates c. Staff skill gaps d. all the above answer: d 66. in relation to risk quantification, expected monetary value is the product which 2 numbers? a. source of risk and cost estimate b. risk event probability and risk event value c. potential risk events and duration estimate answer: b 67. which of the following represents the greatest threat to project? a. a small loss with high probability b. a large loss with a small probability answer: b 68. project schedule simulations are often performed using what technique? a. Monaco b. Method of Moments c. Monte Carlo answer: c 69. responding to changes in risk over the course of the project is a definition of which risk management process? a. risk response development b. risk response control answer: b 70. what is the major limitation of critical path technique and program evaluati on and review technique a. they are too complex to be used by average project managers b. they do not take external risks into account c. they tend to underestimate project durations answer: c 71. eliminating a risk event that could affect a project would be an example whi ch risk response? a. avoidance b. mitigation c. acceptance answer: a 72. taking out insurance to lessen the financial impact if a risk event occurs w ould be an example of which risk response? a. avoidance b. mitigation c. acceptance answer: b 73. risk response control is best described by which of the following? a. determining which risks are likely to affect the project and documenting the characteristics of each b. evaluating risks and risk interactions to assess the range of possible projec t outcomes c. executing a risk management plan in order to respond to risk events over the course of a project answer: c 74. the risk that remains to a project after implementing a risk treatment or re sponse (eg mitigation) is termed? a. probability b. consequence c. residual risk answer: c 75. is it prudent for an organisation to have a risk management policy a. yes b. no answer: a 76. which of the following would characterise a good risk management process? a. identify, quantify, develop responses, response controls b. avoid, mitigate, accept answer: a 77. is it prudent for a project manager to accept risk that is able to be avoide d or transferred? a. yes b. no answer: b 78. evaluating risks and risk interactions to access the range of possible proje ct outcomes is a definition of which risk management process? a. risk quantification b. risk identification answer: a 79. if an organisation has a risk management policy, at which level of managemen t should it be developed? a. project management b. corporate management c. program management answer: b 80. defining enhancement steps for opportunities and responses to threats of eac h is a definition of which risk management process? a. risk quantification b. risk response development answer: b 81. the AIPM definition of risk is the chance of something happening that will h ave an impact on objectives? a. true b. false answer: b 82. the AS4360 definition of risk is: the art and science of identifying, analys ing and responding to risk factors throughout the life of a project to meet proj ect objectives? a. true b. false answer: b 83. according to AS4360 what are the terms risks is measured in? a. probability and likelihood b. likelihood and consequence c. consequence and effect answer: b 84. which of the following are crucial factors to success of a project a. functional organisational structure b. a problem orientation rather than a discipline orientation c. support by senior management answer: b 85. in general which of the following are project management maxims? a. the project manager should always ensure that there is sufficient budget to c omplete the expected works b. the project should not commence until there is an agreed and frozen scope of works c. the project manager should never allow senior management to be surprised answer: a, b, c 86. in general, if it was your project, would you rather a project manager with strong generalist skills or strong specialist technical skills? a. generalist b. specialist answer: a 87. in general, if it was your project, would you rather have a project manager with strong facilitation skill or strong supervisory skills? a. facilitator b. supervisor answer: a 88. all other things being equal which of the following projects would be best f or the business to undertake? a. one delivering an NPV of $600k b. one delivering an NPV of -$50k c. one delivering an IRR of 54% answer: c 89. with respect to NPV the IRR of a project is defined by which of the followin g points? Answer: where the project NPV = 0 90. Australian Standard AS4360 is the standard for which key project management function? a. risk management b. quality management c. contract management answer: a 91. Australian Standard AS9000 is the standard for which key project management function a. risk management b. quality management c. contract management answer: b 92. project management is generally accepted to have how many functions ______? Answer: 9 93. in project management parlance what does CPM stand for? a. competent Project management b. Critical Path Method c. Communications Project Methodology answer: b 94. list the project management discipline/functions: Answer: scope, time, cost, quality, HR, Procurement, communication, risk, irragr ation 95. which of the project management discipline are considered core functions? a. ______ b. ________ c. ________ d. __________ Answer: scope, time, cost, quality 96. list the 4 major processes involved in risk management Answer: identification, qualitification, response development, response control 97. NPV is the three letter acronym (TLA) for what project analysis and evaluati on method? ___________ Answer: Net present value 98. IRR is the TLA for what project analysis and evaluation method?__________ Answer: internal rate of return 99. what are the two major distinguishing differences between project and proces ses/program? Answer: temporary, unique 100. Pert is a quantitative risk analysis tool, what does Pert stand for? Answer: Programme Evaluation & Review Technique 101. is accepting the risk a prudent / legitimate risk treatment option? a. yes b. no answer: a 102. taking out insurance is an example of what risk treatment option? Risk T____________ Answer: Risk Transfer 103. generally it is accepted that team communications struggle to remain effect ive beyond how may people? a. 10 15 b. 40 50 c. 100 150 answer: a 104. the need for organisational structural changes in a business are often trig gered by what? a. communications breaking down b. new manager coming on c. the need to keep staff on their toes answer: a 105. a project is best defined as? a. a process by which one gets things done b. a temporary endeavour undertaken to create a unique product c. an operate to construct a building answer: b 106. in a project context, temporary means? a. finite duration defined commencement time and defined time to conclude b. only around for a short time c. the product or service is only transient answer: a 107. what is the major limitation of the payback period and ROI models? a. only accountants understand them b. they do not consider the time value of money c. the managers fail to see the value in them answer: b 108. which of the following best describes the discount factor in NPV analysis? a. a combination of the effects of interest and inflation over time b. project escalation costs c. compound interest answer: a 109. when considering whether to bid on a project or not, which would be the mos t important consideration? a. do we have a competitive advantage b. is the project technically challenging enough c. is the client well regarded by our staff answer: a 110. when bidding on work it is often important to have which of the following? a. a workforce that likes undertaking project work b. a strategy to differentiate yourself from the competition c. an attitude that it doesn t matter whether you win or not answer: b 111. all other things being equal which of the following projects should be best for the business to undertake? a. one delivering an NPV of $0 b. one delivering an NPV of -$50K c. one delivering an NPV of 54% answer: c 112. in project management parlance what does CPM stand for? a. competent Project management b. critical path Method c. communication Project methodology answer: b 113. all other things being equal, which project would the company select? a. the one with the highest IRR b. the one with the lowest IRR c. the one equivalent to the current interest rate answer: d 114. IRR is a measure of what? a. the project s return on investment b. the project impact on the business personal c. the ability of a business to run successful projects answer: a 115. when undertaking projects conflict is: a. to be avoided at all costs b. always negative and destructive c. inevitable and can be used to drive superior outcomes answer: c 116. which of the following are desirable qualities in a project manager? a. strong technical engineering skills b. strong analytical skills c. strong supervisory skills answer: b 117. if pricing a commodity product or service which would be predominant in con sideration a. cost b. time c. quality answer: a 118. what is the purpose of the pro plan a. Establish a baseline from which variations to time and scope can be meas ured b. Establish the initial scope, schedule and budget from which the project is commenced Answer: a, b 119. why is project planning important a. assist in achieving an outcome which satisfies the requirements of the c lient, sponsors, stakeholders and project team. b. Assists in more effective control during project execution, less surpris es and less rework. c. Projects that are well planned during concept and development phase of t he project lifecycle are far better able to be controlled during the implementat ion and finalization phase of the project lifecycle. Answer: a, b, c 120. why is there a general reluctance to plan? a. it takes time to plan adequately and there is a perception that nothing is occurring no progress or action. b. It requires discipline and commitment and in general there is a fear of planning as one can then be held responsible c. Plans are always incorrect and once produced require constant updating. Answer: a, b, c 121. an important reason for planning is to ensure all major risks are identifie d and a mitigation, control or contingency measure applied to each. a. true b. false Answer: a 122. In terms of Project, management WBS is the Three Letter Acronym (TLA) for w hat term? a. work beakdown structure b. work by Standards c. work Breakdown Schedule Answer: a 123. in terms of project plans, objective and task should be SMART; SMART stands for what? a. Started, Moved, Achieve, Realised, Titled b. Started, Measurable, Agreed, Realistic, Timely c. Strong, Meaningful, Achievable, Reasonable, Typical Answer: b 124. a project plan should be written in complex technical language a. true b. false answer: b 125. a project plan should identify all major risks and the associated response a. true b. false answer: a 126. typically the executive summary should be? a. a detailed summary of the project of about 4 -5 pages in length b. a succinct overview of the project of about 1 page in length c. a detailed summary of the project risk for business executives answer: b 127. why is it important for the project plan to state objectives a. to ensure that stakeholders are informed and agree on project objectives prior to project commencement b. to satisfy the requirements of the third party quality requirements c. to allow the project to develop appropriate contingency plans answer: a 128. a tool for sorting out the project is? a. hierarchical planning system b. programme evaluation and review technique c. critical path network answer: a 129. project resources include which of the following ? a. budget and personnel b. machinery and equipment c. schedule and programme answer: a, b 130. if a project needs to engage external services, the management of these wou ld be detailed in the project plan via a : a. quality management plan b. contractor management plan c. business management plan answer: b 131. if a project has specific quality assurance and quality control requirement s, these would be detailed in the project plan via a: a. industrial relations plan b. contractor management plan c. quality management plan answer: c 132. systems integration is concerned with what 3 major objectives? a. performance, scope and quality b. performance, effectiveness and cost c. schedule, budget and scope answer: b 133. hierarchical planning system is also know as? a. event planning system b. even planning system c. estimating planning system answer: b 134. hierarchical panning system is uesed to develop? a. high level project estimates b. project action plans c. the project cost control procedure answer: b 135. work breakdown structures are often used to develop? a. responsibility matrix b. risk matrix c. cost matrix answer: a 136. work breakdown structure are often created using what software? a. primavera b. Microsoft project c. Matlab Answer: a, b 137. work breakdown structures generally consist of? a. phases, tasks and activities b. resources, discipline, classifications c. milestones, predecessors and successors answer: a, c