Project Management -Topic 2

According to PMBOK, what is a project?

• An ongoing endeavor to maintain a product or service.

• A temporary endeavor to create a unique product, service, or result.

• A long-term plan for continuous improvement.

• A series of related tasks with no defined end point.

What is the main objective of project management?

• To maximize profits regardless of time or quality.

• To complete a project within established goals of time, budget, and quality.

• To satisfy all stakeholders, even if it means exceeding the budget.

• To create detailed plans without considering execution.

Which of the following is NOT a phase in a project's life cycle?

• Concept and feasibility studies

• Procurement

• Continuous Improvement

• Operation and utilization

How many Project Management Knowledge Areas are discussed?

• 5

• 7

• 10

• 12

What is Project Scope Management primarily concerned with?

• Managing the project budget.

• Managing the project timeline.

• Managing the work that needs to be executed in a project.

• Managing communication with stakeholders.

Project Time Management involves:

• Only estimating the project duration.

• Only creating a project schedule.

• Estimating project duration, creating a schedule, and tracking progress.

• Ignoring timelines and focusing solely on quality.

Project Cost Management aims to:

• Exceed the budget to ensure maximum features.

• Estimate costs to create a project budget and complete within that budget.

• Neglect cost considerations during project execution.

• Only focus on the initial cost estimation.

Why is Quality Management critical?

• Because it's the easiest aspect of project management.

• Because a project can fail even if on time and within budget if quality is substandard.

• Because it adds unnecessary complexity to projects.

• Because it is rarely a concern in construction projects.

What is the paramount importance of communication management?

• It's optional; projects can succeed without it.

• It's secondary to other aspects of project management.

• It informs every aspect of the project.

• It only deals with communication with upper management.

What is the purpose of a risk register?

• To ignore potential project risks.

• To identify risks that might occur during execution.

• To only address high-priority risks.

• To ignore risks until they become problems.