This is a midterm assignment for my project management course due today at 12 am
INF 305 Midterm Instructor: Name: Results: Class: INF 305 Period: Midterm Date: 11/3/2021 Part I – Multiple Choice Chose the best answer. If the requirements have been signed off, and the Vice President asks you for additional scope to be added to the project, your response should be the following: “Please submit a change request to the change board.” “Adding change at this point can be very risky. Let’s talk about this in detail before deciding if a change request is really necessary.” “Whatever you say, we will make it happen!” “No go.” The following quote comes relates to what project management approach: “Those who cannot remember the past are condemned to repeat it.” Project-Management Proposition-Management Communications-Management Knowledge-Management Which of the following statements are true? The people side of a project is as important or more important than the technical side. If you have the wrong people or project management approach, your chances of failure are extremely high. The technical side will likely take care of itself if you get the people right. The technical aspects of a project are the most important part, if you can get that right, your chances of success are extremely high. People are less important. Both a and b are correct. Neither a and b are correct. The ______________________ are people who have specific knowledge about a particular project domain. Technical Experts Niche Experts Project Managers Subject Matter Experts The State of IT Project Management is very stable. Most projects are successful, a small minority of them fail or run over initial estimates. True False What is a technique to find non-value add time in your processes? is called Value Stream Mapping. Non-value Elimination Non-value Stratification Stream of the Value Value Stream Mapping The Project Lifecycle (PLC) dictates what the Systems Development Lifecycle (SDLC) will be. True False Everyone on a project should have accountability, also known as: Skin in the game Funding Expertise Knowledge Which one of the following statements about the Systems Development Lifecycle (SDLC) are true? Agile is superior to Waterfall. Waterfall is superior to Agile. They each have their place depending on the project. They are exactly the same. We define the MOV and the projects alternatives in: The Requirements The Test Plan The Business Case The RAID Log A plan for risk should be documented in a: IDP & CPP IPP & MRD BCP & DR PSC & PFF I told John I want a 37% ROI on the estimates or else the project is a no go. “Prove it to me in a business case John. Then we’ll run with your idea.” The numbers are as follows (show all work): Projected Benefits = $20 per product sold Products Produced = 2,100 Products Sold = 1,850 Costs (Including everything) = $31,000 What is the ROI and is the project a go? a. 28.21%, yes b. 24.23%, yes c. 21.48%, no 19.35%, no Diane approaches you with a plan for a project. She says, “You are going to make a killing off this thing! You will make $400,000 in revenues in the next four years!” This isn’t your first rodeo. You know you want to see the Net Present Value (NPV) of those future cash flows before you decide the investment is worth it. So you say “I’m going to run the NPV on the figures with a discount rate of 10%, if it comes back positive we will move forward.” What do you find? (Select closest answer, rounding issues may occur) Total Investment = 400,000 Annual Cash Flows = 125,000 Discount Rate = 10% Time Periods = 4 a. No go, -4,965 b. No go, -3,457 c. We are moving forward, +3,457 d. We are moving forward, +4,965 What is the following picture called? a. Business Case b. Project Infrastructure c. Project Architecture d. Prince II The following document contains information about the MOV, Project Objectives, and Controls that will be in place during the project. e. Business Case f. Project Charter g. Position Paper h. BCP/DR ______________________ is a major advantage to outsourcing a project. i. Optimization j. Response Time k. Relationships l. Seeking expertise you don’t have Your boss comes up to you and says, “Hey, I need you to shorten you project timeline by 5 months, you can do that, right?” Your (best) next move is: m. “Crash” the project. n. Agree and say “We’ll make it happen!” o. Show them the Business Continuity Plan (BCP) and discuss risk avoidance. p. Talk about the triple constraints triangle and discuss the best ways to pare back scope. When collecting and designing requirements, it’s not important to engage users, customers, SMEs, & TEs to make sure your requirements are comprehensive. q. True r. False After you have socialized the project plan and gotten everyone to agree, what do you need to do? s. Finalize the Plan t. Validate Scope u. Throw a Kick-off Party v. Baseline the Plan Please look at the picture below and answer the following question. If it is determined task B will only take 5 days, H 20 days, and G 11 days, what is the critical path? w. A,F,G,E x. A,B,C,D,E y. A,H,E z. A,B,C,G,E Before a project plan can be administered to a project, the resources must be__________________. aa. Accounted for ab. Allocated ac. Leveled Funded You need a resource for 3 weeks. Please tell me what their cost will be. Salary = $150,000 Workweek = 4 days ad. $4,923 ae. $5,769 af. $6,936 ag. $8,654 There are two interdependent tasks in a project. One is scheduled in May (Task A) and the following in June (Task B). You are looking at the task in June and want to set up its relationships correctly. So you make Task A a: Linked task Predecessor Successor Phase Let’s say you are contemplating acquiring a vendor to help with a major transformational project. What is the order of things you need to do? RFP>RFI>Orals Orals>RFI>RFP RFI>Orals>RFP RFI>RFP>Orals There are many ways to measure financial return from a project, but one is the most sophisticated because it deals with inflation and the value of cash flows over time. Which one is it? Net Present Value Payback Period Breakeven Point Return on Investment Your direct report comes to you and says “I’ve done the analysis, it’s going to cost us $120,000 to buy, and should generate $200,000 in revenue a year.” You tell them: “We need to consider the Total Costs of Ownership (TCO) and the Total Benefits of Ownership (TBO), this is only part of the story.” “This is great, even with a high hurdle rate we will make turn a profit.” “I need to see an explicit MOV.” “Sounds sketch.” A Learning Cycle has five phases which include: Understand>Evaluate>Plan>Act>Reflect and Learn. True False The focus of every project should be the ___________________. We don’t do projects for the sake of doing projects. Project Governance Project Charter Design Phase MOV You have just found out the guy you secured to do Task E is going on a one week vacation during the first week of that task, so you will have a one week delay. Task D is a predecessor. What do you do? Re-baseline the project plan Build in some lag time Build in some lead time Add another task to the plan You are getting beat-up by the competition and you know you need a serious transformation. You have your best people do a 3 day workshop and they come back to you with a business case for a high risk, large scope transformation that will put you at the head of the pack. You love the value proposition, but you are worried about the risks. What do you do? Move forward with it because you have to Decline and hope things get better Look for opportunities to break the scope up into Phases Perform financial analysis Crashing a project is superior to Fast tracking a project because it is less disruptive and lower risk. True False You own a business and you are bringing in a consultant to help weed out the non-value add processes that are killing your bottom line. You tell them you will only agree to a ____________________ contract. Incentive Based Fixed Fee Time and Materials Cost Plus Fee So, the plan has been baselined, what do you do right before work begins? ah. Issue a 0 Tolerance Policy ai. Hold a Workshop Meeting aj. Initiate the Delphi process ak. Hold a Kickoff Meeting A non-critical path task is such because it has ___________________, which is the amount of extra time it can take before it hits the critical path. A critical path task has 0 _________________. Duration Drag Float Lag What is this? Project Network Diagram Activity on the Node Pert Chart Gantt Chart A project is a ____________________ endeavor to create a _____________________ product, service, or result. al. long term, quality am. risky, value-added an. temporary, unique ao. wasted, meaningless It’s important to have ______________________ teams so that you can build credibility, accountability, and ownership across your organization. Monolithic Small Cross-Functional Large As a project manager, you must memorize every tool and technique and use it on every project, no matter the size and scope. True False All projects must have a framework called _______________________ to guide all the project decisions and define the structure, authority, and decision making. ap. Project Governance aq. A Steering Committee ar. MOV as. Socio-Technical Approach There are four areas of potential failure in a project, what are they? People, Methods, Protocols, Organization People, Process, Technology, Organization Process, Protocols, Organization, People Methods, Technology, Process, Techniques A project manager is a luxury on a project and not really all that important. If you have the right technical experts, you have a high chance at success. True False Your subordinate Ellen comes up to you and tells you she’s got a great idea! She wants to invest $100,000 and she guarantees you will make a bundle! You say you want the payback period. Investment = 100,000 Annual Cash Flow = 25,000 a. 1 Year b. 2 Years c. 4 Years d. 6 Years 43. You are faced with a difficult choice of building a new solution or buy a COTS solution. You know that you need to use the concept of expected value to determine the right answer. Well, what