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1. what is the PMBOK?

a. Professional membership body of knowledge


b. project Management by organisational knowledge
c. project Management body of knowledge
Answer: c
2. what is the AIPM?
a. Australian Institute of project Management
b. Accounting Institute of Professional membership
c. Associations involved in project Management
Answer: a
3. what does RegPM mean?
a. Regarding process management
b. Registered Project Manager
c. Recognised Project Manager
Answer: b
4. A project is best defined as?
a. A process by which one gets things done
b. A temporary endeavour to create a unique product or service
c. An operation to construct a building
Answer: b
5. In project context, temporary mean?
a. Finite duration - defined commencement and conclusion time
b. only around for a short time
c. The product or service is only transient
Answer: a
6. Which of the following is not generally associated with an operation?
a. Repetitive in nature
b. On going, no defined duration
c. Unique in nature
Answer: c
7. what is project management?
a. the means & techniques used to run a project to achieve its objectives
b. the process for running a business
c. the person looking after a series of processes
answer: a
8. why use project management?
a. to give people something to do
b. increase likehood of achieving project objectives
c. so the operation is well managed
answer: b
9. what are the 3 keys project objectives?
a. finish dates, stakeholder satisfaction and safety
b. time, cost and preformance
c. scope, quality and communications
answer: b
10. how many discipline/functions are involved in project management?
a. 9
b. 3
c. 8
answer: a
11. list 4 main project management discipline/functions (choose ?)
a. scope management
b. time management
c. cost management
d. quality management
answer: a, b, c, d
12. what is a stakeholder?
a. The person funding the project
b. The client for whom the project is being delivered
c. Any individual or group with an interest in the project
Answer: c
13. which of the following may be stakeholders in a project:
a. client
b. management
c. government
d. puplic
e. all of the above
answer: e
14. there are 5 recognised level of PM maturity organisations, the lowest being
classed as initial; what term best describes this level?
a. Regimented processes
b. Ad Hoc, unplanned
c. Planned and disciplined
answer: b
15. Approximate what % of organisations are classified as being at the initial s
tage of PM maturity?
a. 15%
b. 40%
c. 75%
answer: c
16. what is project contingency?
a. an allowance of time or cost to cover uncertainly
b. a project manager slush fund
c. the close-out phase of a project
answer: a
17. what is the project lifecycle
a. the anverage life expectancy of the project
b. the phases a project goes through from start to finish
c. the planning stage of a project
answer: b
18. which of the following are typical phases of a project lifecycle?
a. concept, development, implementation, finalisation
b. feasibility, planning, construction, handover
c. conceive, define, execute, finish
d. all of the above
answer: d
19. why is it preferable to identify cost savings at the feasibility, concept or
preliminary phases of the project lifecycle
a. this is the point where the project manager has most authority
b. it is the phase they are generally the least expensive to implement
c. the external stakeholders will approve the changes
answer: b
20. in which phase of a typical construction project's lifecycle would most of t
he effort be expected to be expended?
a. feasibility
b. planning and desing
c. production and development
d. finalisation and handover
answer: c
21. strategic fit in regard to project selection - refers to?
a. alignment with organisation's vision, mission and values
b. project pricing strategy
c. project benefits realisation
answer: a
22. an organisaton's strategic objectives could include which of the following?
a. develop new product line
b. increase market share
c. increase brand equity
d. all of the above
answer: d
23. Why is it important for a business to select the right projects?
a. it is crucial to the long term success of the business
b. a business only has limited funds available to invest and must make the most
of each opportunity
c. a single poor project selection has resulted in business disasters
d. all of the above
answer: d
24. why should business use project selection models?
a. because numeric models are very accurate in predicting success of a project
b. to aid management in making informed decisions when selecting projects
c. because models accurately reflect real life
d. all of the above
answer: b
25. which of the following would Not be a good criterion for a project selection
model?
a. capable of simulating key situations
b. realistic assessment of objectives and limitaitons
c. cost effective
d. complex and difficult to use
answer: d
26. what are the two main categories of project selection model?
a. net present value and internal rate of return
b. sacred cow and competitive necessity
c. numberic and non-numberic
answer: c
27. highlight the non-numberic project selection models below? (choose 3)
a. sacred cow
b. operating necessity
c. NPV
d. IRR
e. competitive necessity
answer: a, b, e
28. highlight the numberic project selection models below? (choose 3)
a. comparative benefit model
b. pay back
c. product line extension
d. return on investment
e. discounted cash flow
answer: b, d, e
29. what is the major limitation of the payback period and ROI models?
a. only accountants understand them
b. they do not consider the time value of money
c. the managers fail to see the value in them
answer: b
30. which of the following best describes the discount factor used in NPV analys
is?
a. a combination of the effect of interest and inflation over time
b. project escalation costs
c. compound interest
answer: a
31. what is one of the major limitation of discounted cash flow analysis?
a. only useful on really long run projects
b. difficulty in accurately forecasting cash flow and interest rates
c. it does not consider the total project cash flow
answer: b
32. which of the following best describes NPV analysis?
a. a highly accurate non-numberic project selection tool
b. a way of assessing the impact on non financial data on project preformance
c. a measure of the value added to the company by undertaking the project
answer: c
33. two alternative projects have the same NPV, but differ in the timing of cash
flow select the project that should proceed:
a. the option with significantly more income associated with it in the early yea
rs
b. the project that delays income until as late in the project lifecycle as poss
ible
c. it would depend on the internal rate of return of each project
answer: a
34. if a project has negative NPV what does this indicate?
a. that the company must undertake the project to fix the problem
b. that stakeholders will support the project going ahead
c. that the company would lose money undertaking the project
answer: c
35. would an organisation proceed with a project that delivered a negative NPV?
a. there are no suitable circumstances that it should proceed
b. if there were compelling strategic reasons for doing so
c. if there was a surplus of cash in the business that had to be spent
answer: b
36. in regards to DCF analysis, IRR stand for what?
a. internal revenue recognition
b. internal rate of return
c. internal realisation rate
answer: b
37. IRR is also commonly know as what terms?
a. DCF yield
b. DFC return
c. DCF base rate of interest
answer: a
38. IRR is the discount factor when NPV is:
a. Maximised
b. Minimised
c. Zero
answer: c
39. in general, all other things being equal, which project would the company se
lect?
a. the one with the highest IRR
b. the one with the lowest IRR
c. the one equivalent to the current interest rate
answer: a
40. IRR is a measure of what?
a. the project s return on investment
b. the project impact on the business personal
c. the ability of a business to run successful project
answer: a
41. when considering whether to bid on a project or not, which would be the most
important consideration?
a. do we have a competitive advantage
b. is the project technically challenging enough
c. is the client well regarded by our staff
answer: a
42. when bidding on work it si often important to have which of the following?
a. a workforce that likes undertaking project work
b. a strategy to differentiate yourself from the competition
c. an attitude that it doesn t matter whether you win or not
answer: b
43. when assessing whether to proceed and bid on a project or not, an important
initial gate is to determine whether the project is consistent with:
a. the organisation s vision
b. the organisation s mission
c. the organisation s values
d. all of the above
answer: d
44. an organisations Vision is best described as
a. the way a business goes about its day to day operations
b. the way a business plans for the next business period
c. the aspirations of what the business would ultimately like to achieve
answer: c
45. an organisations mission is best described as.
a. the issues that are currently mission critical to the business
b. the core purpose of the business, how it wants to operate for the next 2-3 ye
ars
c. the business s values
answer: b
46. are there any circumstances where it would be appropriate for a business to
bid on a project that would be inconsistent with its Vision, Mission and Values?
a. yes
b. no
answer: a
47. a bid manager is best described as:
a. the project manager appointed to prepare the bid
b. the person who has to approve the bid within the organisation
c. the client s representative who assesses the bids when they are received
answer: a
48. which of the following best describes the client s key buying reasons (KBR)
a. the cost of the bid
b. the reasons why the project has been initiated
c. the factors against which they will assess the bid s submitted
answer: c
49. does the lowest cost bid always win?
a. yes
b. no
answer: b
50. in preparing a bid it is important to spend sufficient time and money such t
hat?
a. you win the bid because of the very high standard of your bid
b. the bid costs are commensurate with the expected revenue and margin the proj
ect will generate for the bidder
c. the minimum amount of the time possible to ensure that you can provide the lo
west price
answer: b
51. which of the following are important considerations on preparing a bid?
a. number of competitions
b. success rate
c. expected margin
d. a differentiation strategy
e. all of the above
answer: e
52. why is bid success rate important?
a. because winning bids ultimately have to cover the cost of losing bids
b. because it is important to be able to tell the client that you are very good
and win a lot of work
c. because if you are being successful you can afford to spend less time and mon
ey on bid preparation
answer: a
53. when bidding on a commodity type of product or service which is generally th
e most important criteria?
a. high quality
b. very high performance requirements
c. low cost
answer: c
54. in a market scenario where you are a very successful service provider with g
ood forward orders-you have a niche high end expertise that is in high demand fr
om clients and in short supply which of the following would be the most appropri
ate bidding strategy?
a. loss leader, you need to get your foot in the door and then you can really ma
ke some good margins
b. lowest cost, with the future very uncertain it is important to keep the busin
ess rolling in
c. price commensurate with market dynamic and value add to client
answer: c
55. differentiation as a bidding strategy is best described as?
a. endeavouring to take a highly scientific approach and analyse all the data an
d price bid on a qualitative basis
b. where a bid with very high price is submitted because you don t really need to
work
c. bids are focussed on demonstrating the value add and benefits that set it apa
rt form the competition
answer: c
56. when submitting a bid, an important part of the proposal is the executive su
mmary
a. true
b. false
answer: a
57. who is generally most interested in the executive summary of a bid
a. the decision makers in the business who are not necessarily technical in natu
re
b. the technical people who use it to gain an understanding of the important tec
hnical concepts in the bid
c. the accountants who use the data to analyse costs and see if the bid is a goo
d low cost option
answer: a
58. when preparing bid submissions it is important for the writer to use I , as it
shows that you are personally committed to the project
a. true
b. false
answer: b
59. an important component of the conditions of engagement is defining how the p
roject risks shall be allocated between the parties
a. true
b. false
answer: a
60. is it acceptable for a bidder to do whatever is required to win a bid?
a. as long as it is not illegal
b. as long as it is not unethical
answer: a
61. determining which risks are likely to affect the project and documenting the
characteristics of each is a definition of which risk management process?
a. risk Identification
b. risk Quantification
answer: a
62. all other things being equal which of the following would one reasonably exp
ect to involve more risk?
a. projects that involve proven technology
b. projects that involve innovation or invention
answer: b
63. how often should risk identification be performed throughout the project?
a. not necessary at all
b. only required at the commencement of the project
c. regularly
answer: c
64. internal risks are best characterised as?
a. risks that the project manager can control or influence
b. risks beyond the control of the project manager
answer: a
65. which of the following are possible sources of project risk?
a. design errors
b. poor estimates
c. Staff skill gaps
d. all the above
answer: d
66. in relation to risk quantification, expected monetary value is the product
which 2 numbers?
a. source of risk and cost estimate
b. risk event probability and risk event value
c. potential risk events and duration estimate
answer: b
67. which of the following represents the greatest threat to project?
a. a small loss with high probability
b. a large loss with a small probability
answer: b
68. project schedule simulations are often performed using what technique?
a. Monaco
b. Method of Moments
c. Monte Carlo
answer: c
69. responding to changes in risk over the course of the project is a definition
of which risk management process?
a. risk response development
b. risk response control
answer: b
70. what is the major limitation of critical path technique and program evaluati
on and review technique
a. they are too complex to be used by average project managers
b. they do not take external risks into account
c. they tend to underestimate project durations
answer: c
71. eliminating a risk event that could affect a project would be an example whi
ch risk response?
a. avoidance
b. mitigation
c. acceptance
answer: a
72. taking out insurance to lessen the financial impact if a risk event occurs w
ould be an example of which risk response?
a. avoidance
b. mitigation
c. acceptance
answer: b
73. risk response control is best described by which of the following?
a. determining which risks are likely to affect the project and documenting the
characteristics of each
b. evaluating risks and risk interactions to assess the range of possible projec
t outcomes
c. executing a risk management plan in order to respond to risk events over the
course of a project
answer: c
74. the risk that remains to a project after implementing a risk treatment or re
sponse (eg mitigation) is termed?
a. probability
b. consequence
c. residual risk
answer: c
75. is it prudent for an organisation to have a risk management policy
a. yes
b. no
answer: a
76. which of the following would characterise a good risk management process?
a. identify, quantify, develop responses, response controls
b. avoid, mitigate, accept
answer: a
77. is it prudent for a project manager to accept risk that is able to be avoide
d or transferred?
a. yes
b. no
answer: b
78. evaluating risks and risk interactions to access the range of possible proje
ct outcomes is a definition of which risk management process?
a. risk quantification
b. risk identification
answer: a
79. if an organisation has a risk management policy, at which level of managemen
t should it be developed?
a. project management
b. corporate management
c. program management
answer: b
80. defining enhancement steps for opportunities and responses to threats of eac
h is a definition of which risk management process?
a. risk quantification
b. risk response development
answer: b
81. the AIPM definition of risk is the chance of something happening that will h
ave an impact on objectives?
a. true
b. false
answer: b
82. the AS4360 definition of risk is: the art and science of identifying, analys
ing and responding to risk factors throughout the life of a project to meet proj
ect objectives?
a. true
b. false
answer: b
83. according to AS4360 what are the terms risks is measured in?
a. probability and likelihood
b. likelihood and consequence
c. consequence and effect
answer: b
84. which of the following are crucial factors to success of a project
a. functional organisational structure
b. a problem orientation rather than a discipline orientation
c. support by senior management
answer: b
85. in general which of the following are project management maxims?
a. the project manager should always ensure that there is sufficient budget to c
omplete the expected works
b. the project should not commence until there is an agreed and frozen scope of
works
c. the project manager should never allow senior management to be surprised
answer: a, b, c
86. in general, if it was your project, would you rather a project manager with
strong generalist skills or strong specialist technical skills?
a. generalist
b. specialist
answer: a
87. in general, if it was your project, would you rather have a project manager
with strong facilitation skill or strong supervisory skills?
a. facilitator
b. supervisor
answer: a
88. all other things being equal which of the following projects would be best f
or the business to undertake?
a. one delivering an NPV of $600k
b. one delivering an NPV of -$50k
c. one delivering an IRR of 54%
answer: c
89. with respect to NPV the IRR of a project is defined by which of the followin
g points?
Answer: where the project NPV = 0
90. Australian Standard AS4360 is the standard for which key project management
function?
a. risk management
b. quality management
c. contract management
answer: a
91. Australian Standard AS9000 is the standard for which key project management
function
a. risk management
b. quality management
c. contract management
answer: b
92. project management is generally accepted to have how many functions ______?
Answer: 9
93. in project management parlance what does CPM stand for?
a. competent Project management
b. Critical Path Method
c. Communications Project Methodology
answer: b
94. list the project management discipline/functions:
Answer: scope, time, cost, quality, HR, Procurement, communication, risk, irragr
ation
95. which of the project management discipline are considered core functions?
a. ______
b. ________
c. ________
d. __________
Answer: scope, time, cost, quality
96. list the 4 major processes involved in risk management
Answer: identification, qualitification, response development, response control
97. NPV is the three letter acronym (TLA) for what project analysis and evaluati
on method? ___________
Answer: Net present value
98. IRR is the TLA for what project analysis and evaluation method?__________
Answer: internal rate of return
99. what are the two major distinguishing differences between project and proces
ses/program?
Answer: temporary, unique
100. Pert is a quantitative risk analysis tool, what does Pert stand for?
Answer: Programme Evaluation & Review Technique
101. is accepting the risk a prudent / legitimate risk treatment option?
a. yes
b. no
answer: a
102. taking out insurance is an example of what risk treatment option?
Risk T____________
Answer: Risk Transfer
103. generally it is accepted that team communications struggle to remain effect
ive beyond how may people?
a. 10 15
b. 40 50
c. 100 150
answer: a
104. the need for organisational structural changes in a business are often trig
gered by what?
a. communications breaking down
b. new manager coming on
c. the need to keep staff on their toes
answer: a
105. a project is best defined as?
a. a process by which one gets things done
b. a temporary endeavour undertaken to create a unique product
c. an operate to construct a building
answer: b
106. in a project context, temporary means?
a. finite duration defined commencement time and defined time to conclude
b. only around for a short time
c. the product or service is only transient
answer: a
107. what is the major limitation of the payback period and ROI models?
a. only accountants understand them
b. they do not consider the time value of money
c. the managers fail to see the value in them
answer: b
108. which of the following best describes the discount factor in NPV analysis?
a. a combination of the effects of interest and inflation over time
b. project escalation costs
c. compound interest
answer: a
109. when considering whether to bid on a project or not, which would be the mos
t important consideration?
a. do we have a competitive advantage
b. is the project technically challenging enough
c. is the client well regarded by our staff
answer: a
110. when bidding on work it is often important to have which of the following?
a. a workforce that likes undertaking project work
b. a strategy to differentiate yourself from the competition
c. an attitude that it doesn t matter whether you win or not
answer: b
111. all other things being equal which of the following projects should be best
for the business to undertake?
a. one delivering an NPV of $0
b. one delivering an NPV of -$50K
c. one delivering an NPV of 54%
answer: c
112. in project management parlance what does CPM stand for?
a. competent Project management
b. critical path Method
c. communication Project methodology
answer: b
113. all other things being equal, which project would the company select?
a. the one with the highest IRR
b. the one with the lowest IRR
c. the one equivalent to the current interest rate
answer: d
114. IRR is a measure of what?
a. the project s return on investment
b. the project impact on the business personal
c. the ability of a business to run successful projects
answer: a
115. when undertaking projects conflict is:
a. to be avoided at all costs
b. always negative and destructive
c. inevitable and can be used to drive superior outcomes
answer: c
116. which of the following are desirable qualities in a project manager?
a. strong technical engineering skills
b. strong analytical skills
c. strong supervisory skills
answer: b
117. if pricing a commodity product or service which would be predominant in con
sideration
a. cost
b. time
c. quality
answer: a
118. what is the purpose of the pro plan
a. Establish a baseline from which variations to time and scope can be meas
ured
b. Establish the initial scope, schedule and budget from which the project
is commenced
Answer: a, b
119. why is project planning important
a. assist in achieving an outcome which satisfies the requirements of the c
lient, sponsors, stakeholders and project team.
b. Assists in more effective control during project execution, less surpris
es and less rework.
c. Projects that are well planned during concept and development phase of t
he project lifecycle are far better able to be controlled during the implementat
ion and finalization phase of the project lifecycle.
Answer: a, b, c
120. why is there a general reluctance to plan?
a. it takes time to plan adequately and there is a perception that nothing
is occurring no progress or action.
b. It requires discipline and commitment and in general there is a fear of
planning as one can then be held responsible
c. Plans are always incorrect and once produced require constant updating.
Answer: a, b, c
121. an important reason for planning is to ensure all major risks are identifie
d and a mitigation, control or contingency measure applied to each.
a. true
b. false
Answer: a
122. In terms of Project, management WBS is the Three Letter Acronym (TLA) for w
hat term?
a. work beakdown structure
b. work by Standards
c. work Breakdown Schedule
Answer: a
123. in terms of project plans, objective and task should be SMART; SMART stands
for what?
a. Started, Moved, Achieve, Realised, Titled
b. Started, Measurable, Agreed, Realistic, Timely
c. Strong, Meaningful, Achievable, Reasonable, Typical
Answer: b
124. a project plan should be written in complex technical language
a. true
b. false
answer: b
125. a project plan should identify all major risks and the associated response
a. true
b. false
answer: a
126. typically the executive summary should be?
a. a detailed summary of the project of about 4 -5 pages in length
b. a succinct overview of the project of about 1 page in length
c. a detailed summary of the project risk for business executives
answer: b
127. why is it important for the project plan to state objectives
a. to ensure that stakeholders are informed and agree on project objectives
prior to project commencement
b. to satisfy the requirements of the third party quality requirements
c. to allow the project to develop appropriate contingency plans
answer: a
128. a tool for sorting out the project is?
a. hierarchical planning system
b. programme evaluation and review technique
c. critical path network
answer: a
129. project resources include which of the following ?
a. budget and personnel
b. machinery and equipment
c. schedule and programme
answer: a, b
130. if a project needs to engage external services, the management of these wou
ld be detailed in the project plan via a :
a. quality management plan
b. contractor management plan
c. business management plan
answer: b
131. if a project has specific quality assurance and quality control requirement
s, these would be detailed in the project plan via a:
a. industrial relations plan
b. contractor management plan
c. quality management plan
answer: c
132. systems integration is concerned with what 3 major objectives?
a. performance, scope and quality
b. performance, effectiveness and cost
c. schedule, budget and scope
answer: b
133. hierarchical planning system is also know as?
a. event planning system
b. even planning system
c. estimating planning system
answer: b
134. hierarchical panning system is uesed to develop?
a. high level project estimates
b. project action plans
c. the project cost control procedure
answer: b
135. work breakdown structures are often used to develop?
a. responsibility matrix
b. risk matrix
c. cost matrix
answer: a
136. work breakdown structure are often created using what software?
a. primavera
b. Microsoft project
c. Matlab
Answer: a, b
137. work breakdown structures generally consist of?
a. phases, tasks and activities
b. resources, discipline, classifications
c. milestones, predecessors and successors
answer: a, c