1. A project typically has ____________.

a. a defined start and end date

b. a defined start date but no defined end date

c. no defined start but a defined end date

d. no defined start or end date

2. The Project Management Body of Knowledge Guide definition of a project indicates that a project is ____________.

a. multifunctional

b. temporary

c. designed to consume human resources

d. limited by a budget

3. A business reality that makes effective project management critical is the fact that ___________.

a. products are becoming increasingly simple

b. inflation is rampant

c. product life cycles are compressing

d. product launch windows are widening

4. A product is introduced into a market, gains the acceptance of a fickle public and is finally supplanted by a new and improved offering. This phenomenon is known as the ____________.

a. product life cycle

b. rule of 80

c. Mendoza line

d. beta

5. The degree of innovation and creativity is typically at its highest during the _____________ phase.

a. conceptualization

b. planning

c. execution

d. termination

6. The amount of corporate investment is typically at its lowest in the ____________ phase.

a. conceptualization

b. planning

c. execution

d. termination

7. The dimension of project success that is realized last is _____________.

a. future potential

b. business success

c. impact on the customer

d. efficiency

8. The dimension of project success that is measured by both an internal and external criterion is ____________.

a. future potential

b. business success

c. impact on the customer

d. efficiency

9. A strategic element that contains formally titled initiatives such as the Customer Survey Project, the Small Business Alliance Project and the Employee Relations Project is most likely a _____________.

a. mission

b. strategy

c. goal

d. program

10. The management department at the university decides to add a new program in restaurant, hotel and institutional management. As part of the development process, they hold focus groups consisting of area business leaders, current and former students and restaurant and hotel owners. These groups can be described as _____________.

a. project leaders

b. project workers

c. stakeholders

d. clients

11. Which statement about stakeholders is most appropriate?

a. Stakeholders wield considerable power.

b. Stakeholders can potentially impact project development.

c. Stakeholders are external to a company.

d. By definition, clients are not stakeholders, they are customers.

12. A functional organization structure is a plus for project management because _____________.

a. functional siloing often exists

b. it allows for standard career paths

c. there is high customer focus

d. commitment to project success is high and unwavering

13. A functional organization structure is a weakness for project management because _____________.

a. in-depth knowledge and intellectual capital development are enabled

b. no disruption or changes to a firm’s design are necessitated by projects developed within this structure

c. priorities among functional departments may be different and competing

d. standard career paths are enabled so team members only perform their duties as needed

14. The tendency of employees in a functionally organized company to become fixated on their own concerns and work assignments to the exclusion of the needs of other departments is known as _____________.

a. layering

b. myopia

c. nepotism

d. siloing

15. Centralized units within an organization or department that oversee or improve the management of projects are called _____________.

a. project management offices

b. PERT units

c. tiger teams

d. central clearinghouses

16. A PMO is not used ______________.

a. as a resource center

b. to replace the project manager as being responsible for the project

c. to act as a central repository for project documentation

d. as the place where project management improvements are identified and then disseminated to the rest of the organization

17. The PMO is used as a tracking and monitoring device under the _______________ model.

a. control tower

b. weather station

c. resource pool

d. radar

18. A proactive project portfolio is ______________.

a. as simple as moving from one project opportunity to another project opportunity

b. an integrated family of projects with a common strategic goal

c. a collection of projects under the umbrella of single project manager carrying the title of portfolio manager

d. developed with respect to short-term operational concerns

19. Which of these is not a factor in successful project portfolio management?

a. flexible structure and freedom of communication

b. low-cost environmental setting

c. emphasis on quality

d. time-paced transition

20. Multiple project environments thrive on _______________.

a. multi-layered bureaucracy

b. rigid development processes

c. narrow communication channels

d. improvisation by project teams

21. The efficient frontier in project management is the set of portfolio options that offer a ______________ return for a _______________ risk.

a. minimum; minimum

b. minimum; maximum

c. maximum; minimum

d. maximum; maximum

22. Which statement about the use of the profile model is most accurate?

a. The profile model requires careful calculation of the percentage risk for each possible project.

b. The scale used for the profile model can be any two numerical variables that a company deems important.

c. The efficient frontier in the profile model is where return is 100% (or greater) and risk is 0%.

d. For a given level of risk, a positive move on the return axes would indicate a superior project.

23. Which statement regarding project selection is best?

a. Decision models must contain either objective or subjective factors.

b. Organizational reality can be perfectly captured by most decision-making models.

c. Before selecting any project, the team should identify all the relevant issues that play a role in project selection.

d. Every decision model has both objective and subjective factors.

24. 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 roll in project selection.

c. Decision models are either objective or subjective.

d. For many projects, more than 80% of the decision criteria are vital.

25. 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