Question 1

The main distinction between platform and derivative projects is that the latter depend on existing technology.

Accepted Answer

False

Question 2

Projects are always carried out under conditions of uncertainty.

Accepted Answer

Projects involve variables such as time, cost, resources, and scope that are subject to change and unpredictable events, making it impossible to completely eliminate uncertainty. Effective project management involves strategies for mitigating and managing uncertainty to minimize its impact on project outcomes.

Question 3

Nonnumeric project selection methods are only suitable if numeric methods are NOT available.

Accepted Answer

Nonnumeric project selection methods can be used alongside numeric methods and are suitable for situations where qualitative factors are important or when strategic alignment is prioritized over financial metrics.

Question 4

A PM doesn't need to understand why a project is selected for funding because he didn't initiate the process..

Accepted Answer

While the PM may not have initiated the process of selecting a project for funding, they still need to understand why the project was chosen in order to effectively manage it and ensure its success. A PM should have a strong understanding of the project's goals, objectives, and potential challenges in order to make informed decisions and guide the team towards success.

Question 5

While general managers have their authority limited to specific areas in the overall organization,project managers have authority over any activity required by the project.

Accepted Answer

Project managers typically have authority specifically related to the project they are managing and do not have overarching authority over any activity outside the scope of their project. Their authority is often limited to project-related tasks and decisions.

Question 6

A disadvantage of using the payback period method for selecting projects is that it cannot reflect the time-value of money.

Accepted Answer

The payback period method only focuses on the amount of time it takes to recover the initial investment, without taking into account the fact that money today is worth more than the same amount of money in the future due to inflation and interest.

Question 7

If a PM manages her project well enough she can eliminate uncertainty.

Accepted Answer

It is impossible to completely eliminate uncertainty in any project. Even with the best planning and management, unexpected events can always occur. A good project manager can minimize uncertainty and effectively manage any issues that arise, but it cannot be fully eliminated.

Question 8

A primary purpose of forming projects is to assign the responsibility for accomplishing some organizational task to a specific person or small group.

Accepted Answer

Forming projects helps to designate specific individuals or groups responsible for completing organizational tasks.

Question 9

A key deficiency of the aggregate project plan is that it provides little information about the resources committed to the various projects.

Accepted Answer

The answer of A key deficiency of the aggregate project...

Question 10

One can trade-off time and cost when managing a project,but the project's technical specifications must be maintained exactly as the client initially specifies.

Accepted Answer

While time and cost are often adjustable in project management, technical specifications can also be negotiated and altered if necessary, based on client agreement, feasibility, or changes in project scope.

Question 11

Achieving both strategic and routine goals are growing in importance in project management.

Accepted Answer

Achieving both strategic and routine goals is important for the overall success of a project. Strategic goals help to align the project with the organization's overall objectives, while routine goals ensure that day-to-day tasks are completed efficiently and effectively. Focusing on both types of goals can help ensure that the project delivers value in the long-term and meets the needs of stakeholders.

Question 12

Many recent developments in project management are being driven by changes in the nature of the American workforce.

Accepted Answer

The answer of Many recent developments in project management are...

Question 13

When using financial methods for selecting projects,the payback period is the simplest and best method to use.

Accepted Answer

While the payback period is a simple method, it does not take into account the time value of money or the profitability of a project over the long term. Other financial methods such as net present value or internal rate of return may be better suited for selecting projects.

Question 14

Rank-ordering a large number of projects can be done with a Q-sort..

Accepted Answer

Q-sort methodology allows for the sorting and ranking of a large number of items (such as projects) based on their relative importance or relevance, making it suitable for rank ordering projects.

Question 15

Programs are subdivisions of projects.

Accepted Answer

The answer of Programs are subdivisions of projects....

Question 16

One reason for the emphasis on project management is that tasks fit neatly into business-as-usual.

Accepted Answer

The emphasis on project management is often because tasks do not fit neatly into business-as-usual operations and require a unique approach and methodology to successfully complete them.

Question 17

The main distinction between platform and breakthrough projects is that the former usually depend on existing technology.

Accepted Answer

Platform projects are based on existing technology and aim to improve or extend it, while breakthrough projects strive to develop completely new technology.

Question 18

One of the few similarities between project management and general management is that both exist in the well-defined organizational structure of superior/subordinates in the overall organization.

Accepted Answer

Project management often operates within a matrix or project-based structure where authority and reporting lines can be more fluid and cross-functional, differing from the traditional hierarchical structure seen in general management.

Question 19

A disadvantage of using the discounted cash flow method (or net present value)for selecting projects is that it ignores all non-monetary factors associated with the project.

Accepted Answer

The discounted cash flow method only considers the cash inflows and outflows of a project and does not take into account non-financial factors such as environmental impact, social responsibility, and reputation.

Question 20

A disadvantage of using scoring models rather than financial models for selecting projects is that they cannot include the project's profitability.

Accepted Answer

Scoring models can include financial criteria as part of the scoring criteria, so they can take into account the project's profitability. However, financial models may provide more detailed financial analysis than scoring models.

Quiz 1: The World of Project Management