Question 1

Measuring the project's performance against a planned budget and schedule is generally straightforward.

Accepted Answer

This statement is generally true, as project performance can be measured against the planned budget and schedule using tools such as earned value management. However, there may be instances where unexpected factors such as scope creep or external events can make it more difficult to accurately measure and compare project performance to the original budget and schedule.

Question 2

The project audit is typically broader than the traditional management audit.

Accepted Answer

A project audit involves evaluating the entire project management process from planning to execution and post-implementation review. It examines various aspects such as project objectives, scope, schedule, budget, risk, quality, communication, and stakeholder management. In contrast, a management audit only focuses on the overall effectiveness of management practices and processes within an organization.

Question 3

Project evaluation should not be limited to an after-the-fact analysis.

Accepted Answer

Project evaluation should be an ongoing process throughout the project's lifecycle, not just at the end. This allows for adjustments and improvements to be made in real-time, rather than waiting until it's too late.

Question 4

The original criteria for selecting and funding the project are largely irrelevant for project evaluation.

Accepted Answer

The original criteria for selecting and funding a project are crucial for project evaluation as they establish the goals, objectives, and expected outcomes against which the project's success and effectiveness are measured.

Question 5

The timing of an audit depends on the purpose of the audit.

Accepted Answer

The timing of an audit is determined by the purpose of the audit. For example, a financial statement audit is typically conducted after the end of the fiscal year, while a compliance audit may be conducted at any time to ensure regulatory requirements are being met.

Question 6

Project evaluation appraises the performance of a project relative to the project's initial or revised plan.

Accepted Answer

Project evaluation is the process of assessing the success of a project in meeting its goals and objectives. It compares the actual results of the project to the planned or expected results to determine the project's performance.

Question 7

Project audits are typically very useful in the initiation project state.

Accepted Answer

Project audits can help ensure that the project is starting off on the right track and that all necessary preparations have been made before moving forward.

Question 8

The formal audit is a special type of project evaluation.

Accepted Answer

A formal audit is a structured and systematic evaluation of a project's conformance to standards and expectations, typically conducted by an external auditor or a designated internal team. It is designed to identify any shortcomings or issues related to performance, compliance, and risk management, and provide recommendations for improvement. The audit process involves gathering evidence, reviewing documentation and procedures, interviewing stakeholders, and testing the quality and reliability of project outputs. It aims to provide an objective assessment of the project's effectiveness, efficiency, and impact, and ensure accountability and transparency to stakeholders.

Question 9

Project audits are typically very useful at the master schedule project state.

Accepted Answer

The answer of Project audits are typically very useful at...

Question 10

Later project audits are typically of less value to the project team and of more interest to general management.

Accepted Answer

Later project audits are conducted after the project has been completed, thus the project team has already moved on to other assignments. These audits focus more on identifying lessons learned and best practices for the organization as a whole, making them more valuable to general management.

Question 11

The general audit is usually performed by a person or team with special technical skills.

Accepted Answer

The answer of The general audit is usually performed by...

Question 12

The project audit focuses its attention on the organization's management systems and operations.

Accepted Answer

A project audit primarily focuses on evaluating the progress and performance of a specific project rather than the organization's overall management systems and operations.

Question 13

The primary purpose of project evaluation is to given feedback to senior management for decision and control purposes.

Accepted Answer

Project evaluation is conducted to provide feedback to senior management regarding the project's progress, efficiency, and effectiveness. The feedback is used for decision-making and controlling the project. Hence, the statement is true.

Question 14

The request for proposal may contain valuable information for a project audit.

Accepted Answer

The request for proposal (RFP) typically includes details about the project scope, budget, timelines, and requirements. These details can be compared to the actual project outcomes during an audit to evaluate if the project was completed as per the RFP or if there were any deviations or discrepancies. Therefore, the RFP can provide useful information for a project audit.

Question 15

Project evaluation should only appraise the progress and performance of a project relative to the project's initial plan and not relative to a revised plan.

Accepted Answer

Project evaluation should appraise the progress and performance of a project relative to both the initial plan and any revised plans that may have been made throughout the project. This allows for an accurate assessment of the project's success in meeting its goals and objectives.

Question 16

Early project audits usually focus on the project's budget and schedule.

Accepted Answer

The answer of Early project audits usually focus on the...

Question 17

Measuring a project's success on budget, schedule, and performance is typically more complicated than measuring revenues or qualitative, subjective factors.

Accepted Answer

The answer of Measuring a project's success on budget, schedule,...

Question 18

Project evaluation should be limited to an after-the fact analysis.

Accepted Answer

Project evaluation should not only be limited to after-the-fact analysis but should also be done throughout the project's duration to make adjustments and improve the project's success. Evaluation after completion is essential to determine the overall project success and identify any areas for improvement in future projects.

Question 19

The use of forms to collect data during a project audit is generally considered not to be good management practice since they can limit the audit team's flexibility.

Accepted Answer

Forms and structured data collection tools are commonly used in project audits to ensure consistency, completeness, and efficiency in gathering necessary information. They help in standardizing the audit process and can actually enhance the audit team's ability to perform a thorough and effective audit.

Question 20

According to research, future potential is an important dimension of project success.

Accepted Answer

Research suggests that a project's future potential is an important predictor of its success. This refers to the project's potential for future growth, innovation, and adaptability. Projects that have a high level of future potential are more likely to be successful in the long term, even if they encounter challenges or setbacks along the way. Therefore, it is important to consider the future potential of a project when evaluating its success.

Quiz 8: Evaluating and Terminating the Project