Question 1

If the initial investment is a project is $100,000 and the expected annual net profit for the project is $20,000, the payback period is:
A) One fifth of a year
B) 4 years
C) 5 years
D) 10 years
E) Insufficient information to determine the payback period

Accepted Answer

The payback period is calculated by dividing the initial investment by the annual net profit. $100,000 / $20,000 = 5 years.

Question 2

Which of the following is not related to the three goals of a project?
A) Time
B) Data
C) Schedule
D) Cost
E) Performance

Accepted Answer

The three primary goals of a project are often referred to as the triple constraint or the project management triangle, which includes time, cost, and scope/quality (performance). "Data" does not directly represent one of these three primary goals.

Question 3

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?
A) Continuous attention to technical excellence and good design enhances agility.
B) Simplicity--the art of maximizing the amount of work not done--is essential.
C) The best architectures, requirements, and designs emerge from self-organizing teams.
D) At regular intervals, the team reflects on how to become more effective.
E) Complex problems require complex solutions.

Accepted Answer

The 12 Agile Principles focus on simplicity, continuous improvement, and self-organization among other values, but they do not state that complex problems require complex solutions. This is contrary to the Agile emphasis on simplicity and finding the most efficient solutions to problems.

Question 4

Which of the following is not one of the values from the Manifesto for Agile Software Development?
A) Individuals and interactions over processes and tools
B) Working software over comprehensive documentation
C) Customer collaboration over contract negotiation
D) Finishing on time over keeping within the budget
E) Responding to change over following a plan

Accepted Answer

The Manifesto for Agile Software Development prioritizes individuals and interactions, working software, customer collaboration, and responding to change over their respective counterparts. "Finishing on time over keeping within the budget" is not listed as a value in the Agile Manifesto.

Question 5

Which of the following is a numeric project selection method?
A) Comparative benefits
B) Payback period
C) Q-sort method
D) Operating/competitive necessity
E) Sacred cow

Accepted Answer

Payback period is a numeric project selection method that measures the amount of time it takes for a project to generate enough cash flow to cover its initial investment.

Question 6

While there are a number of different Agile approaches, they are all based on the Agile Manifesto and the 12 Principles and they all share the following general characteristics except for which one?
A) Time-to-completion is the most important aspect of managing the project.
B) The project is divided into iterations most commonly called sprints.
C) Based on its roots in lean management, there is an emphasis on simplicity.
D) Project teams are self-managing.
E) Progress on the project is measured in terms of working product functionality.

Accepted Answer

The Agile methodologies prioritize customer satisfaction, adaptability, and team collaboration over time-to-completion. While timely delivery is important, it is not considered the most important aspect of managing the project within Agile frameworks.

Question 7

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?
A) Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.
B) The budget is our highest priority.
C) Welcome changing requirements, even late in development.
D) Deliver working software frequently.
E) Business people and developers must work together daily throughout the project.

Accepted Answer

The Agile Manifesto and its 12 principles focus on customer satisfaction, embracing change, frequent delivery, and collaboration among team members. The statement about the budget being the highest priority does not align with these principles, as the primary focus is on delivering value to the customer, not on financial aspects.

Question 8

Alchemax Inc. is looking to undertake a project that has an initial fixed investment of $200,000. It is expected to return a net cash inflow of $50,000 each year. The payback period for this project will be _____ years.
A) 2
B) 7
C) 4
D) 9
E) 5

Accepted Answer

The payback period is calculated by dividing the initial investment by the annual net cash inflow. Thus, $200,000 / $50,000 = 4 years.

Question 9

With scrum, the project work is completed in sprints that typically last how long?
A) Three to five days
B) One week
C) One to two weeks
D) Exactly two weeks
E) Three to four weeks

Accepted Answer

One to two weeks is the typical length of a sprint in Scrum.

Question 10

The ________________________ attempts to link the organization's projects directly to the goals and strategy of the organization.
A) The product-process matrix
B) The balanced scorecard
C) The action plan
D) Project portfolio process
E) The work breakdown structure

Accepted Answer

The Project Portfolio Process is designed to help organizations align their projects with their overall objectives and strategic goals, ensuring that each project contributes to the broader mission and strategy of the organization.

Question 11

Ouroboros Construction started the construction of a house for a client. The initial planning of the project took longer than expected. Once plans were finalized, it did not take long to erect the structure, and it was done much before schedule. However, it took a lot of time to give the finishing touches to the house, and it was a long time before the house was completed. The project in this scenario has a(n) _____.
A) J-shaped life cycle
B) X-shaped life cycle
C) S-shaped life cycle
D) L-shaped life cycle
E) O-shaped life cycle

Accepted Answer

The project described follows an S-shaped life cycle, characterized by a slow start (initial planning took longer), a rapid middle phase (structure was erected quickly), and a slow end (finishing touches took a lot of time). This pattern resembles the S-curve, where progress is slow at the beginning and end but fast in the middle.

Question 12

Which of the following criteria can be included in scoring models for selecting projects?
A) Potential profitability of the project
B) Potential impact on the firm's competitive position
C) The organization's ability to market the output of a project
D) All of the above can be included

Accepted Answer

All of the criteria listed are relevant for scoring models in project selection as they help in evaluating the potential benefits and feasibility of projects from various perspectives including financial, strategic, and operational.

Question 13

The performance of a project is assessed based on three criteria known as the "triple constraints." Which of the following is not one of those constraints?
A) Time
B) Budget
C) Efficiency
D) Scope

Accepted Answer

The triple constraints of project management are time, budget, and scope. Efficiency is not considered one of the traditional triple constraints.

Question 14

Omicore Softworks, a software development firm, undertook a project that involved developing a bespoke accounting software for a firm. The project initiated with the project manager spending some time to identify the correct resources. Once this was done, the process of writing the program began. Most of the time was spent on debugging and ensuring that the software worked to the client's specification. The project in this scenario has a(n) _____.
A) J-shaped life cycle
B) X-shaped life cycle
C) S-shaped life cycle
D) L-shaped life cycle
E) O-shaped life cycle

Accepted Answer

The answer of Omicore Softworks, a software development firm, undertook...

Question 15

A matrix that illustrates the magnitude of both product and process changes resulting from a project is called…
A) the aggregate project plan
B) the product-process matrix
C) the aggregate master production schedule
D) the balanced scorecard
E) the R&D project portfolio

Accepted Answer

The answer of A matrix that illustrates the magnitude of...

Question 16

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?
A) Build projects around motivated individuals.
B) The most efficient and effective method of conveying information to and within a development team is a detailed email.
C) Working software is the primary measure of progress.
D) Agile processes promote sustainable development.
E) Business people and developers must work together daily throughout the project.

Accepted Answer

The Agile Principles emphasize direct, face-to-face communication as the most efficient and effective method of conveying information to and within a development team, not detailed emails.

Question 17

When you negotiate the purchase of a new car, you are usually engaged in what type of negotiation?
A) Win-win negotiation
B) Win-lose negotiation
C) Lose-lose negotiation
D) Minimize-loss negotiation

Accepted Answer

When negotiating the purchase of a new car, the process is typically considered a win-lose negotiation. This is because the buyer aims to get the lowest possible price, while the seller aims to sell the car at the highest possible price, making the negotiation inherently adversarial.

Question 18

"Blue Sky" projects are…
A) R & D projects
B) Platform projects
C) Breakthrough projects
D) Derivative projects
E) High risk projects

Accepted Answer

The answer of "Blue Sky" projects are…
A) R & D...

Question 19

Baketolife, a small bakery that specializes in wedding cakes, undertook a project that required the creation of a large five-tier cake. While the mixture for the cake was easy to make and took less than half a day to prepare, the size of the cake meant that a lot of time was spent ensuring that each cake was cooked all the way through. The project in this scenario has a(n) _____.
A) L-shaped life cycle
B) X-shaped life cycle
C) S-shaped life cycle
D) J-shaped life cycle
E) O-shaped life cycle

Accepted Answer

The project has a J-shaped life cycle because the time spent on the project increases as the project progresses.

Question 20

Projects that begin with a slow start, have quick momentum in the middle, and then have a slow finish are said to follow which type of lifecycle?
A) J-shaped lifecycle
B) L-shaped lifecycle
C) An exponential growth lifecycle
D) An S-shaped lifecycle
E) An X-shaped lifecycle

Accepted Answer

Projects that follow an S-shaped lifecycle start slowly as they ramp up, experience a period of rapid progress or growth in the middle, and then slow down as they approach completion or maturity. This pattern resembles the shape of the letter "S".

Quiz 1: The World of Project Management

If the initial investment is a project is $100,000 and the expected annual net profit for the project is $20,000, the payback period is:

Which of the following is not related to the three goals of a project?

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?

Which of the following is not one of the values from the Manifesto for Agile Software Development?

Which of the following is a numeric project selection method?

While there are a number of different Agile approaches, they are all based on the Agile Manifesto and the 12 Principles and they all share the following general characteristics except for which one?

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?

Alchemax Inc. is looking to undertake a project that has an initial fixed investment of $200,000. It is expected to return a net cash inflow of $50,000 each year. The payback period for this project will be _____ years.

With scrum, the project work is completed in sprints that typically last how long?

The ________________________ attempts to link the organization's projects directly to the goals and strategy of the organization.

Which of the following criteria can be included in scoring models for selecting projects?

The performance of a project is assessed based on three criteria known as the "triple constraints." Which of the following is not one of those constraints?

A matrix that illustrates the magnitude of both product and process changes resulting from a project is called…

In addition to the Agile Manifesto, the group of 17 also developed a list of 12 Agile Principles that support the values articulated in the Agile Manifesto. Which of the following is not one of those 12 principles?

When you negotiate the purchase of a new car, you are usually engaged in what type of negotiation?

"Blue Sky" projects are…

Projects that begin with a slow start, have quick momentum in the middle, and then have a slow finish are said to follow which type of lifecycle?