31 Dec (TCO 5) A firm hosts

Question 1

5 / 5 pts

(TCO 1) A project is defined as a(n) _____ endeavor undertaken to create a(n) _____ product, service, or result.

challenging; new

temporary; unique

new; challenging

ongoing; unique

Question 2

5 / 5 pts

(TCO 1) Projects have specific attributes. Which of the following is not an attribute of a project?

It is an ongoing endeavor.

It has a defined objective.

It requires resources.

It has a defined start and stop.

Question 3

5 / 5 pts

(TCO 2) Which step of the project life cycle defines the project scope?

Initiation

Planning

Execution

Close out

Question 4

5 / 5 pts

(TCO 2) Which statement is an example of a project deliverable?

“If the parts arrive late, we will not finish on time.”

“We must get permits before we start work.”

“I believe the contracts will be signed by the 15th.”

“The paving of the parking is lot is major piece of work for this project.”

Question 5

5 / 5 pts

(TCO 3) The critical path in a project describes which of the following?

The path containing the most important pieces of work

The longest path in a project

The activities with the highest risk

The activities with the highest cost to the project

Question 6

5 / 5 pts

(TCO 3) Hammock activities are used to do which of the following?

Ensure critical path work is done on time.

Capture lessons learned on two or more activities.

Summarize duration and cost information on related activities.

Provide information on project slack.

Question 7

5 / 5 pts

(TCO 5) In which process of risk management are proactive and reactive strategies considered?

Plan risk management

Plan risk responses

Control risks

Qualitative risk analysis

Question 8

0 / 5 pts

(TCO 5) Contingency plans are created

to proactively address the risk.

to respond to the risk should the risk occur.

to gather information on vital risks.

to avoid red risks in the project plan .

Question 9

20 / 20 pts

(TCO 1) Before one can begin writing a charter, one must consider the most appropriate organization for the project. You are the project manager for a company that integrates custom data solutions for large corporate enterprises. This project will span two or three years and will cost tens of millions of dollars. This is a large, very involved project. Which of the five organization structures is most suitable? Why?

Question 10

20 / 20 pts

(TCO 2) You are reaching the end of your graduate school program and are planning a large party to celebrate your success! You have rented out the local forest preserve as the venue for your party. Applying your project management skills, you want to ensure you have everything planned out and you’ve asked your family and friends to be a part of your team to hold this party. At your party, you have made it clear to your team what you want to have delivered. After all, it’s your party— you can have whatever you want! Some of the key items you want at your party include

• graduation announcements;

• party invitations;

• live entertainment;

• games (for adults and for children);

• food;

• beverages; and

• convenience for all (parking, restroom facilities, etc.).

Part 1: To ensure you have a clear scope for your team, create a 2-level WBS. Don’t forget to include your WBS numbering (15 points).

Part 2: In your WBS, how many work packages have been created? (5 points)

b) As can be seen from above WBS, there are 21 work packages, the second level tasks under each main task

Question 11

20 / 20 pts

(TCO 3) Compare and contrast fast tracking and scope reduction as means of schedule compression.

Question 12

20 / 20 pts

(TCO 5) A firm hosts data-mining servers and performs data mining for other companies that do not desire the costs of hardware, software, or expertise to data mine their data. The firm is planning to roll out faster data-mining software that will reduce the time to sift through customers’ data by a fraction of the present time.

Part 1: List and discuss the major risk management functions from a project management perspective for the data-mining software project. (15 points)

Part 2: Describe a positive and negative risk event, the consequences, and the risk-response plans for the data-mining software project. (15 points)

Question 13

20 / 20 pts

(TCO 9) List and describe at least three key differences between risk management in an agile environment and risk management in a traditional project.