Question 1

A project is a unique, repetitive, and structured work effort to accomplish a specific goal.

Accepted Answer

A project is a unique, non-repetitive, and structured work effort to accomplish a specific goal. Projects are distinct in that they are not routine operations, but rather temporary endeavors designed to produce a unique product, service, or result.

Question 2

Projects are independent of time because you do not know how long it will take to finish them.

Accepted Answer

Projects are not independent of time as they have a set deadline or expected completion time. However, the duration of a project may not be known exactly and may depend on various factors such as resources, scope, and complexity.

Question 3

Commuting to work and maintaining a website are good examples of long-term projects.

Accepted Answer

Commuting to work is a routine daily activity, not a project, while maintaining a website can be considered an ongoing task rather than a long-term project, which typically has a defined start and end.

Question 4

Three key performance dimensions of a project are cost, scope, and time.

Accepted Answer

Cost, scope, and time are commonly referred to as the triple constraint or the three key performance dimensions of a project.

Question 5

Project management is the controlling of time and resources to meet and manage stakeholder goals, project risks, and project changes.

Accepted Answer

Project management involves managing various aspects of a project such as time, resources, stakeholders, risks, and changes to ensure successful completion.

Question 6

Project managers manage three things: performance, people, and change.

Accepted Answer

Project managers are responsible for ensuring effective performance of the project, managing the people involved in the project, and facilitating change management throughout the project lifecycle. Therefore, the statement is true.

Question 7

The best project manager is the one with only the best technical skills.

Accepted Answer

While technical skills are important for a project manager, they are not the only important factor. A successful project manager must also possess strong leadership, communication, organization, and problem-solving skills. They must be able to effectively manage a team, understand and communicate project goals, prioritize tasks and resources, and adapt to changes and challenges.

Question 8

Very few big budget projects are failures because more money spent means quicker project completion.

Accepted Answer

This statement is false. Big budget projects can still fail even with a large amount of money invested. Project success depends on various factors such as proper planning, efficient resource allocation, effective communication, and skillful execution, among others. Money alone cannot guarantee project success, as there may be other underlying issues that impact the project's overall outcome.

Question 9

Seeking improvement in any one dimension of project performance requires acceptance of levels of elevated performance on the others.

Accepted Answer

Improving one dimension of project performance (such as cost, time, or quality) does not necessarily require accepting elevated performance levels in the others; it often involves trade-offs or balancing different aspects of performance.

Question 10

The four phases of any project are initiation, planning, implementation, and closure.

Accepted Answer

The four phases of any project are commonly considered to be initiation, planning, implementation, and closure.

Question 11

The scope of any project, indicating what will and will not be included as part of the project, is perhaps the most important part of the initiation phase.

Accepted Answer

The scope statement is a critical document that outlines the boundaries of a project, including what it will and will not include. It is essential in guiding the project team and stakeholders and ensuring that expectations are managed.

Question 12

Scope creep in a project is when the project slows to a crawl because of a lack of project details.

Accepted Answer

Scope creep refers to an uncontrolled expansion in the project scope, leading to the addition of new tasks, changes in requirements, and other alterations that were not originally agreed upon. This can cause delays and budget overruns, but it is not related to a lack of project details.

Question 13

In the implementation phase, project details are thrashed out and documented.

Accepted Answer

In the planning phase, project details are thrashed out and documented, not in the implementation phase. The implementation phase is where the plans are executed.

Question 14

The phase in which we hand over the final deliverables to the client and intimate formal project closure to all stakeholders is called project closure.

Accepted Answer

Project closure is indeed the phase in which we hand over the final deliverables to the client and intimate formal project closure to all stakeholders.

Question 15

An important aspect of project closure is that lessons learned are discussed and recorded for future use.

Accepted Answer

It is important to discuss and record lessons learned during project closure to improve future project management.

Question 16

A full time equivalent is the number of hours it would take the project team to complete an activity.

Accepted Answer

A full time equivalent (FTE) is a unit that represents the workload of one full-time person for a specific project or task. It is often used as a way to estimate the number of people needed to complete a project or activity, but it is not the number of hours it would take them to complete it.

Question 17

Project teams are organized in a cross-functional or matrix structure.

Accepted Answer

The answer of Project teams are organized in a cross-functional...

Question 18

Evaluation methods used for projects with predictable cash flows include the payback period, the NPV, the ROI, and the IRR.

Accepted Answer

These are commonly used evaluation methods for projects with predictable cash flows.

Question 19

Evaluation methods used for projects with uncertain cash flows with estimated probabilities include the EMV.

Accepted Answer

EMV (Expected Monetary Value) is a commonly used evaluation method for projects with uncertain cash flows with estimated probabilities. It involves calculating the expected value of each potential outcome and multiplying it by its probability of occurrence, to arrive at a weighted average expected monetary value.

Question 20

Nonfinancial evaluation criteria may include risk tolerances, potential market development options, or political reasons.

Accepted Answer

Nonfinancial evaluation criteria refers to factors other than financial considerations that are taken into account when evaluating a project or investment opportunity. These may include risk tolerances, potential market development options, or political reasons.

Quiz 13: Working With Projects