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WorksheetsPMKT - Quiz Seventh Session
Total questions: 15
Worksheet time: 15mins
What are the benefits of project structure planning ?
Avoids budget overruns on the project
Defines the project's goals
Breaks down goals into concrete work packages
Identifies "overloads" on human resources
After a project has been won, the project opening and clarification phase starts. Please choose the correct statements from below regarding the revenue-recognition method of the project
At the start of a project, the revenue-recognition method needs to be reevaluated
A large portion of Siemens' total revenue comes from project business
Performance obligations satisfied over time are generally accounted for using the completed-performance method, regardless of the volume
The completed-performance method recognize revenue and costs as work on a project
After the project set-up is completed, the project execution phase starts. In that phase, the project is realized and one of the main tasks for the CPM is to update the ongoing calculation. Please choose the correct statement from the list below
The current financial status of a project is presented in the ongoing calculation
The frequency of updating the ongoing calculation is defined individually by project management
Once a year, the actual costs have to be analyzed and plausibility check needs to be performed
The ongoing calculation reflects the current risk situation of a project at any time
Revenue recognition is carried out on the basis of the 5-step model. Please decide which of the following statements are correct
After identifying the performance obligations (step two), the contract price has to be determined (step three)
After classifying the performance obligations, the transaction price is allocated
The contract identified in step one forms the basis for all further steps
The 5-step model is applicable to all Siemens business
Which of the correct condition belong to the definition of a risk?
The risk must be visible from the outset of the project
A damage is possible which of considerable value or other consequences
Corrective measures will definitely have to be taken
It is a threat that can be justified
A weakness is existing or imaginable
The probability of an event is 80% and the probability for the event B is 70%. When the event are independent from each other, what is the probability that both event occur?
80%
15%
56%
70%
75%
Free cash flow measure a unit to generate cash surpluses. It is calculated on the basis of data from the statement of cash flows. Please choose the statements below that are correct
All cash flows that cannot be assigned to another category count as cash flows from operating activities
Besides the cash flows from operating activities, free cash flow takes into consideration those cash flows from investing activities that result from acquisition
Free cash flow does not show any cash flows from financing activities
Cash flows from operating activities include all cash flows from production, selling, and service activities
A project team member comes to the project manager during project execution to tell him that they feel the project cannot meet its quality standards. The project manager calls a meeting of the affected stakeholders to work through the problem. Which step of the quality
management process is the project manager in?
Quality assurance
Quality analysis
Quality control
Quality planning
Contract and claim management comprises activities that aim at a strengthened legal position of Siemens and helps to assure that Siemens complies with the applicable law and local laws and regulations
and is able to enforce its contractual or legal entitlements to all contractual or other parties while defending from unjustified claims. Following are correct statements, except..
CCM covers the complete project life cycle
The implementation of a CCM methodology in project business
aims among others to decrease/ avoid costs that may result from claims from other parties
The PM@Siemens process provides a consistent approach for the handling of projects according to business-specific requirements within the Siemens organization
Project warranty starts with issuance of the Final Acceptance Certificate (FAC)
You are four weeks in delay with activity 3 (according to the agreed time schedule below). The remaining activities have to be carried out by the same supplier. How much of an extension of time can the supplier claim for activity 4?
2 weeks
matter of negotiation
4 weeks
0 week
What is meant by the Critical Path
"Critical" means that there are serious problem in the project. They can only resolved by the project manager
The shortest path through the project. Only those activities with buffers are included.
The series of activities that determines the duration of a project. It is the longest path through the project there are no buffers.
The series of activities that determines the duration of a project. It is the fastest path through the project which can only be achieved by using all critical resources.
Below, you will find some statements on fundamental aspects of financial key performance indicators at Siemens. Please choose the correct statements
Key performance indicators are figures that provide facts and information on performance
Financial key performance indicators are mainly used for internal purposes, such as controlling, and are not reported to external parties
Key performance indicators make the company's performance more transparent
Key performance indicators become truly expressive through, for example, comparison with competitors
In addition to the project categorization and the LoA compliance risk evaluation, the third component of the LoA risk assessment is the business risk classification (BRC). Please select the correct statements regarding the BRC
A business risk class of 1 represents the highest possible risk
After completing the business risk classification, the LoA tool provided class 1 as the result. Therefore, an expert from legal has to be involved
For small projects (project category S), all divisions allow a simplified procedure regarding the business risk classification
the questions of the business risk classification vary from division to division
The business risk classification addresses possible financial, legal, and, technical risks
Claim management is an important part of documentation management
Claim management is not necessary at all
Applies to category A projects only
Applies to category B projects only
Depends on the standard applied
Wrong
When doing your project planning you have to allocate costs within the time period when they will incur. In order to do this, you should
Identify the project goals in order to allocate the costs
not set the milestones too close from one another
produce a detailed and accurate cost estimate
use the project schedule as input for your costs planning
produce a cost-performance plan
