A cost plus contract with incentive places most of the project risk on the ______.

a. insurer

b. contractor(s) or subcontractor(s)

c. attorneys who wrote the contract

d. client

It is said that to be successful in project management, a project manager must have a number of key competencies, skills, and abilities. Of the following, ______ is the project management competency that relates to a PM's ability to project the sense that s/he is in command of the project.

a. tolerant under stress

b. able to communicate clearly, concisely, and frequently

c. politically skilled

d. proactive

Expressed as the ratio of schedule variance (SV) to the ratio of budget at completion (BAC) to schedule to completion (SAC), ______ variance is the difference between the estimated and actual time for a task to be completed.

a. total

b. schedule

c. time

d. cost

When the same resources are needed for more than one project, they are considered to be ______

resources.

a. shared

b. half-time

c. portfolio

d. program

Of the following, ______ is NOT a project closure activity.

a. secure formal acceptance (e.g., client/sponsor sign-off)

b. soliciting project task duration estimates

c. close out all open subcontracts and purchase orders

d. transition remaining resources from project

The ultimate goal of project portfolio management is to maximize the value of the portfolio (i.e., to maximize the benefits from the projects). Of the following, ______ is NOT a way to effectively maximize the total value of the project portfolio.

a. considering partial funding options for projects as opposed to deciding only whether to accept or reject projects

b. eliminating the practice of rejecting projects for a certain time period or indefinitely

c. accounting for project risk in portfolio selection and performance

d. evaluating options for delaying project starts (i.e. choosing when to start a project in a planning horizon)

A fixed price contract places all risks associated with the work on the ______.

a. client

b. contractor(s) or subcontractor(s)

c. attorneys who wrote the contract

d. insurer

Once a project is underway, the goal of any control system is to help managers determine ______.

a. whether adjustments need to be made to any of the project's dimensions (i.e. cost, schedule, scope, or quality)

b. what the contingency reserves are for the project

c. who the project sponsor is

d. which project tasks will be outsourced and which tasks will be performed in-house

Also known as budgeted cost of work scheduled (BCWS), ______ is the expected expenditures indicated by the project plan and schedule.

a. planned value (PV)

b. earned value (EV)

c. schedule variance (SV)

d. actual cost (AC)

Also known as budgeted cost of work performed (BCWP), ______ is the amount of work

accomplished to date.

a. planned value (PV)

b. earned value (EV)

c. schedule variance (SV)

d. actual cost (AC)

A time and materials (T&M) contract places all of the project risk on the ______.

a. insurer

b. contractor(s) or subcontractor(s)

c. client

d. attorneys who wrote the contract

A variation of the fixed price contract, the ______ contract type allows a client to commit to a fixed price for a pre-specified component of work, and the final payment is based on the number of components produced by the contractor.

a. fixed price

b. time and materials (T&M)

c. cost plus

d. units

Failure to take corrective actions in light of special cause variations will likely ______.

a. have no damaging effects on the project; corrective actions are not needed for special cause variations

b. result in project efficiencies

c. result in future task delays and/or project failures

d. have a significant impact on the ability to finish the project on time

The process of continuous monitoring and correcting when common cause (as opposed to special cause) variations present represents ______ and will result in ______.

a. good project management; exceeding deadlines

b. overcorrecting; project efficiencies

c. monitoring and controlling; cost underruns

d. tampering; project delays

Assume an organization has two projects, Project A and Project B. Each project requires the completion of four tasks that have the same expected duration. Both Projects A and B can start at the same time. Assume the same project team must complete all four tasks in each project, and the team can only work on one task at a time. By weighting the projects equally and multitasking so progress on both projects is approximately equal (that is, the project team would work on task A-1 then B-1; A-2 then B-2, etc. until both projects are completed), the organization is taking the ______approach.

a. phased

b. prioritized

c. gated

d. global