Project Management Quiz 3

Approval for the project to proceed should be undertaken by:

• The project sponsor

• The project manager

• The project team

• The financier

Answer explanation

Approval of the project by the sponsor provides formal recognition. This is important for all size and types of projects – in particular for smaller projects whereby there may be a tendency toward simply allocating projects for implementation without any form of approval or acknowledgement by the sponsor.

A common technique used to depict the project’s scope is:

• Critical path analysis

• Gantt Chart

• Work breakdown structure

• Earned value management

Answer explanation

The most common technique is a Work Breakdown Structure (WBS) – usually hierarchical in nature. A WBS gives a visual representation of the major and sub-tasks that need to be completed.

Project management integration requires the following order of task completion:

• Scoping, cost estimation and scheduling

• Scoping, scheduling and cost estimating

• Cost estimating, scoping and scheduling

• Scheduling, scoping and cost estimating

Answer explanation

Not only should the PM elements in the planning phase be integrated (i.e relate to each other) there should be a logical order for their completion. Ideally scoping and scheduling are completed before developing the budget.

A project management plan is:

• A diagram that depicts the sequencing of project activities

• A document that depicts a breakdown of the activities to be undertaken

• A document that specifies the project requirements

• A document to help guide the project during implementation

Answer explanation

The Project Management Plan (PMP) should be seen as a useful management tool for the PM to manage the project over the life. It is developed during the planning stage so that the project manager has an overview of all of the deliverables.

The critical path of a project is normally identified using:

• Project requirements listing

• Work breakdown structure

• Cost estimate

• Sequencing the activities

Answer explanation

Critical path analysis is a common project management technique that can be used to determine the optimal duration or period of time for implementation of the project. It requires consideration of the ideal sequencing of the various activities that have been identified in the WBS. Some activities may need to be undertaken before other activities can be performed.

Developing the project schedule requires:

• Sequencing activities

• Estimating resources

• Estimating duration

• All of the above

Answer explanation

The schedule requires sequencing, then estimation of resources and duration in order to then determine the project duration.

The project budget is:

• The funds available to be spent

• The approved estimate for the project

• Funds borrowed for the project

• None of the above

Answer explanation

With thorough planning, a project manager should be able to estimate the amount of money that will be needed to complete a project.

Select the correct order of events:

• Create the WBS, create the estimate, create the budget

• Create the budget, create the estimate, create the WBS

• Create the estimate, create the WBS, create the budget

• Create the budget, create the WBS, create the estimate

Answer explanation

Once the project requirements (i.e scope) have been determined the project management process is to first capture these requirements in the WBS. Once the WBS has been developed, sequencing the activities in the most optimal order is then undertaken (with estimates made for resourcing). Once these 2 steps have been performed, a cost estimate (budget) can then be developed.

Scheduling can best be defined as the process used to determine:

• Overall project duration

• Project cost estimating

• The project management plan

• The amount of work that needs to be done

Answer explanation

Scheduling is part of the planning process and it is completed by the project manager to indicate the amount of work that needs to be done in a specific sequence to ensure that a project is completed within an agreed time period.

To create the Work Breakdown Structure, a project manager:

• Puts together the related project deliverables into larger project phases

• Subdivides the project budget to fit each project phase

• Subdivides project deliverables and project work into smaller, more manageable components

• Combines the related work activities to better manage them

Answer explanation

A work breakdown structure breaks the deliverables of the project down into smaller, more manageable tasks so that they may be completed effectively within the timeframe given.