Question 1

A project manager is using a simple scoring model to decide which of four projects is best,given the company's limited resources.The criteria,importance weights,and scores for each are shown in the table.Which project should be chosen? 
A)Project Greenlight
B)Project Runway
C)Project X
D)Project Ilevomit

Accepted Answer

The answer of A project manager is using a simple...

Question 2

A checklist screening model does not consider:
A)whether one criterion is more important than another.
B)governmental or stakeholder interference.
C)product durability and future market potential of the product line.
D)the riskiness of the new venture.

Accepted Answer

A checklist screening model typically evaluates criteria without assigning different weights or importance levels to them.

Question 3

One project factor that directly impacts a firm's internal operations is the:
A)expected return on investment.
B)financial risk.
C)need to develop employees.
D)impact on company's image.

Accepted Answer

The need to develop employees directly impacts a firm's internal operations as it is essential for employees to be trained and equipped with skills necessary to carry out their tasks effectively, resulting in increased productivity and efficient internal operations. The other options, such as expected return on investment, financial risk, and impact on company's image, may have indirect effects on a firm's internal operations.

Question 4

An internal operating issue in project screening and selection is:
A)expected return on investment.
B)change in physical environment.
C)patent protection.
D)the chance that the firm's goodwill will suffer due to the quality of the finished project.

Accepted Answer

A change in the physical environment can impact the feasibility and viability of a project. For example, a change in zoning laws or environmental regulations could make a project impossible to complete or significantly increase costs. The other options are not related to internal operating issues in project screening and selection.

Question 5

A simple scoring model for project evaluation requires:
A)importance weights from 1 to 10 assigned to each criterion.
B)score values assigned to each criterion in terms of its rating.
C)a division of weights by scores to arrive at a standardized score for each criterion.
D)a summation for each criterion to achieve an overall criterion score.

Accepted Answer

The answer of A simple scoring model for project evaluation...

Question 6

A selection model that is broad enough to be applied to multiple projects has the benefit of:
A)ease of use.
B)comparability.
C)capability.
D)flexibility.

Accepted Answer

A broad selection model allows for comparability across different projects, making it easier to evaluate and prioritize them consistently.

Question 7

A writer estimates it will take three months to generate spiffy documents to accompany a seminal work in operations management.He grossly underestimates the time required and misses his deadline by two months.This estimate was:
A)objective and accurate.
B)subjective and accurate.
C)objective and inaccurate.
D)subjective and inaccurate.

Accepted Answer

The writer's estimate was subjective because it was based on his/her own perception and judgment. However, it was also inaccurate because it was grossly underestimated and missed the deadline by two months.

Question 8

If a model can be applied successfully by people in all areas and levels of an organization,it is said to possess the trait of:
A)capability.
B)ease of use.
C)flexibility.
D)realism.

Accepted Answer

The answer of If a model can be applied successfully...

Question 9

The simple scoring model has this advantage over a checklist model for screening projects.
A)Scaling from 1 to 5 is extremely accurate.
B)Scaling models ensure a reasonable link between the selected and weighted criteria and the business objectives that motivated their selection.
C)Scaling models allow decision makers to treat one criterion as more important than another.
D)Scaling models have been proven to make correct decisions better than 95% of the time while checklists only achieve 80% accuracy.

Accepted Answer

The simple scoring model allows decision makers to treat one criterion as more important than another by assigning different weights to each criterion. This flexibility is not present in the checklist model, which only provides a uniform list of criteria to evaluate all projects.

Question 10

The first step in the Analytical Hierarchy Process:
A)requires supporting requirements to be combined into Level II challenges.
B)is analyzing the process you intend to improve before undertaking any improvement project.
C)requires Saatyfication of the team members.
D)consists of constructing a hierarchy of criteria and subcriteria.

Accepted Answer

The first step in the Analytical Hierarchy Process (AHP) is to construct a hierarchy of criteria and subcriteria. This involves identifying the overall goal or objective and breaking it down into smaller, more manageable criteria and subcriteria that can be evaluated and compared. Only after the hierarchy is constructed can the process move on to the next steps, such as assigning weights and making pairwise comparisons.

Question 11

A project screening criterion that allows the company to compare long-term versus short-term projects,projects with different technologies,and projects with different commercial objectives is:
A)flexibility.
B)ease of use.
C)capability.
D)realistic.

Accepted Answer

Capability allows the company to evaluate projects based on their potential long-term impact, the technology required to complete the project, and the desired commercial objectives. This criterion ensures that projects are evaluated on multiple factors and not just their immediate impact, making it easier to make informed decisions about which projects to pursue.

Question 12

A wedding planner allows $10,000 for flowers and three weeks to receive all RSVPs back from the list of 700 guests.Both estimates are correct within a fraction of a percent.We could describe this factoid as:
A)numeric and subjective.
B)numeric and objective.
C)non-numeric and subjective.
D)non-numeric and objective.

Accepted Answer

The answer of A wedding planner allows $10,000 for flowers...

Question 13

An MBA redesign committee spends the better part of a decade traveling the Caribbean to benchmark graduate programs at other universities.Whatever screening model is being used suffers from poor performance on:
A)realism.
B)capability.
C)ease of use.
D)cost.

Accepted Answer

The committee's extensive travel over a decade indicates high expenses, suggesting the screening model is not cost-effective.

Question 14

One facet of risk in project screening is:
A)the change in manufacturing operations resulting from the project.
B)the initial cash outlay.
C)the potential for lawsuits or legal obligation.
D)the strategic fit of the project with the company.

Accepted Answer

The potential for lawsuits or legal obligation is a risk factor that can impact the project's success and is considered during project screening.

Question 15

A commercial factor in project selection and screening might be:
A)a need to develop employees.
B)the likelihood that users of the project are injured.
C)the long-term market dominance.
D)the impact on the company's image.

Accepted Answer

The long-term market dominance is a commercial factor because it relates to the project's potential to generate revenue and maintain a competitive advantage in the market.

Question 16

A simple scoring model is used to decide among three projects that we'll call A,B,and C.The total score for project A is 30,for project B is 20,and for project C is 10.Which of the following statements is best?
A)If project A is successfully completed,it will yield three times the benefits that project C would have provided.
B)If project C is chosen,the company would benefit only half as much as if they had chosen project B.
C)Project C is better than project B for this company at this point in time.
D)Project A is better than project B for this company at this point in time.

Accepted Answer

Project A has a higher score than project B, indicating it is considered better based on the scoring model.

Question 17

Quality risk refers to the chance that:
A)the project relies on developing new or untested technologies.
B)the firm's reputation may suffer when the product becomes available.
C)the well-being of the users or developers may decline dramatically.
D)the firm may face a lawsuit.

Accepted Answer

The correct answer is A because quality risk refers to the chance that the project relies on developing new or untested technologies.

Question 18

Souder's model selection criterion that encourages ease of adaptation to changes in tax laws,building codes,among others,is called:
A)ease of use.
B)cost.
C)capability.
D)flexibility.

Accepted Answer

The criterion that encourages ease of adaptation to changes in tax laws, building codes, among others is flexibility. Therefore, the correct answer is option D.

Question 19

Which statement regarding project selection is best?
A)Organizational reality can be perfectly captured by most decision-making models.
B)Before selecting any project,the team should identify all the relevant issues that play a role in project selection.
C)Decision models must contain either objective or subjective factors.
D)Every decision model has both objective and subjective factors.

Accepted Answer

The answer of Which statement regarding project selection is best?
A)Organizational...

Question 20

Which statement regarding project selection and screening criteria is best?
A)The most complete model in the world is still only a partial reflection of organization reality.
B)It is possible,given enough time and effort,to identify all relevant issues that play a role in project selection.
C)Decision models are either objective or subjective.
D)For many projects,more than 80% of the decision criteria are vital.

Accepted Answer

The statement acknowledges the limitations of even the most comprehensive project selection criteria and recognizes that there will always be a gap between the model and reality. This is a realistic perspective to have when it comes to project selection and screening criteria.

Quiz 3: Project Selection and Portfolio Management

A project manager is using a simple scoring model to decide which of four projects is best,given the company's limited resources.The criteria,importance weights,and scores for each are shown in the table.Which project should be chosen?

A checklist screening model does not consider:

One project factor that directly impacts a firm's internal operations is the:

An internal operating issue in project screening and selection is:

A simple scoring model for project evaluation requires:

A selection model that is broad enough to be applied to multiple projects has the benefit of:

A writer estimates it will take three months to generate spiffy documents to accompany a seminal work in operations management.He grossly underestimates the time required and misses his deadline by two months.This estimate was:

If a model can be applied successfully by people in all areas and levels of an organization,it is said to possess the trait of:

The simple scoring model has this advantage over a checklist model for screening projects.

The first step in the Analytical Hierarchy Process:

A project screening criterion that allows the company to compare long-term versus short-term projects,projects with different technologies,and projects with different commercial objectives is:

A wedding planner allows $10,000 for flowers and three weeks to receive all RSVPs back from the list of 700 guests.Both estimates are correct within a fraction of a percent.We could describe this factoid as:

An MBA redesign committee spends the better part of a decade traveling the Caribbean to benchmark graduate programs at other universities.Whatever screening model is being used suffers from poor performance on:

One facet of risk in project screening is:

A commercial factor in project selection and screening might be:

A simple scoring model is used to decide among three projects that we'll call A,B,and C.The total score for project A is 30,for project B is 20,and for project C is 10.Which of the following statements is best?

Quality risk refers to the chance that:

Souder's model selection criterion that encourages ease of adaptation to changes in tax laws,building codes,among others,is called:

Which statement regarding project selection is best?

Which statement regarding project selection and screening criteria is best?