Project Management Quiz

While conducting procurement on a project, the project manager has received many different bids with a wide variance of estimated cost for the work. What can the project manager use to best determine which vendor has given a realistic price?

• Weighing system

• Screening system

• Inspection and audits

• Independent estimate

The project manager and team have decided to hire a contractor to complete building out the remaining section of the datacenter. They have the requirements listed in detail and would like to use a contract that would present the smallest amount of risk to the project. The project team members would like to purchase the materials themselves since there are very familiar with the work. What contract is best for this project?

• Cost plus contractor fee

• Cost plus project fee

• Time and materials

• Cost plus fixed fee

The sponsor makes it clear that he does not want any of the team members to be overworked while working on a project. This means that no team member is allowed to work overtime. The sponsor is okay with the project being delayed due to this. What technique can the project manager best implement to ensure that no team member is overworked?

• Lag

• Resource leveling

• Resource smoothing

• Free float

A large development company has just initiated a project to build a 60-story building. The project will take approximately 3 years to complete with a cost of $550 million. The development company has started to facilitate funding for the project by asking private equity firms and banks. What tools does this best represent?

• Financing

• Funding limit reconciliation

• Analogous estimates

• Parametric estimates

The project manager, Mark, overheard that the project team is not satisfied with the way the budget was created. They strongly believe the project will be over budget at the end. What is the next best step for Mark?

• Do nothing, because the team didn't speak to Mark about it

• Review how the budget was created

• Bring the team together and attempt to understand why they feel this way

• Ask the sponsor for approval to increase the budget

The project manager has been informed that the company's senior management would like a meeting about the status of the project. What should the project manager take to display the current schedule of the project?

• Gantt chart

• Milestone chart

• WBS

• Network diagram

A project manager is currently working with the team to complete the office redesign project when a sponsor tells him to finish it 2 weeks sooner than planned. The project manager will need 4 new people to join the team to complete the work by the new deadline. What technique is best described in this scenario?

• Critical path method

• Schedule variance

• Fast tracking

• Crashing

What is the main benefit for conducting the project using agile methodology versus traditional methodology?

• Agile project requires funding up front

• Agile delivers value incrementally

• Traditional delivers values all up front

• Traditional delivers value at the beginning

The project has managed to build about half of the deliverables needed to complete the project. The project has spent $50,000 on materials and labor. This money that has already been spent is generally referred to as what?

• Opportunity cost

• Spent cost

• Sunk cost

• Project budget

While working on a project, you realize that you will not be able to install the server and the workstations at the same time. In fact, the team has alerted you that after the server installation is done, you should wait an additional 4 days before installing the workstations. This is due to the updates the server will need, which is an automated process. What do you need to add to the schedule in order to account for this delay?

• Slack

• Float

• Lead

• Lag