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 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

After the start of a project, the project manager learns that an expected governmental subsidy may NOT be available. How should the project manager address this issue?

• Log the risk

• Raise the project's risk level

• Make up any project deficit using the contingency reserve

• Make a change request

While a project manager is preparing the monthly project status report, four (4) new risks are identified. These four (4) risks could affect key milestones. What should the project manager do before presenting this new risk information?

• Review the risk report and lessons learned repository

• Review the organizational process assets and risk register

• Refer to the risk management plan and the risk report

• Add risks to the risk register, analyze them for impact on the project, and identify response plans

A team member has taken unplanned leave during the execution of a project, causing the project team to reschedule some tasks. As a result, critical activities are now occurring at the same time. What is the first thing the project manager should do?

• Assess the newly introduced risks with the project team

• Mitigate risks by reverting to the original schedule

• Revise the risk register and then rank the project's risks

• Identify suitable responses for the newly introduced risks

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