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Project Management Question Bank
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Question:

You are new to project management, but you have been managing a small project successfully. Now, management has given you another project to manage, something you are excited about. However, the new project is growing exponentially every day. You have also learned that a project manager you work with managed a similar project last year. What should you do?
  1. Wait to see if the scope of the project continues to grow
  2. Get the project assigned to the PM who managed the similar project
  3. Obtain historical records and get guidance from the project manager
  4. Speak to the other project manager to develop your project plans






Q2. You are currently managing an urban development project for a municipal authority. You and your team are managing the project and have outsourced most of the project work to specialist contractors. All the contracts awarded were FFP contracts. The project is almost 50 percent complete, and most of the contractors have requested amendments to their contacts. Work specifications were not clear at the time of contract awards, and as a result, new work requirements have come up. What is your lesson learned?

  1. Never award FFP contracts in the future since they usually result in disputes and contests
  2. Cost-plus contracts are ideal types of contracts for construction projects
  3. Do not award FFP contracts unless the scope of work and specifications are precisely articulated.
  4. Good and credible contractors were not selected for the project at the time of award
Correct Answer

Q3. What is the difference between expected monetary value and net present value?

  1. Expected value is the estimated value of the work actually accomplished and net present value is the value of the work to be done.
  2. Expected value is the value it takes to recover your investment and net present value is the value of money.
  3. Expected value is the probability times impact of an opportunity and net present value is the benefits less costs over many time periods.
  4. Expected value is the estimated value of risk response plans and net present value helps determine the value of investments.
Correct Answer

Q4. Scope decomposition involves subdividing the major project deliverables into smaller pieces to:

  1. Improve the accuracy of estimates, define a baseline for performance and assist with responsibility assignments.
  2. Provide more activities to assign to resources
  3. Provide the project duration, provide project control, and assign control charts.
  4. Assist in stakeholder assignment to project activities.
Correct Answer

Q5. You are a project manager for the construction of a major new manufacturing plant that has never been done before. The project cost is estimated at US $30,000,000 and will make use of three sellers. Once begun, the project cannot be cancelled, as there will be a large expenditure on plant and equipment. As the project manager, it would be MOST important to carefully:

  1. Review all cost proposals from the sellers.
  2. Examine the budget reserves.
  3. Complete the project charter.
  4. Perform an identification of risks.
Correct Answer

Q6. Which of the following processes belong to the planning process group?

  1. Identify Stakeholders
  2. Manage Stakeholder Engagement
  3. Plan Stakeholder Engagement
  4. Monitor Stakeholder Engagement
Correct Answer

Q7. You are beginning a new project that has been attempted, but unsuccessfully, several times in the past few years. Previous projects were cancelled because e of “politics” (differing views and direction by key stakeholders on the project). This is an example of:

  1. Stakeholder analysis.
  2. Scope management.
  3. Historical information.
  4. Risk identification
Correct Answer

Q8. Senior management asks the project manager how the project would be affected if two resources were removed from the project. To calculate a response, the project manager should complete:

  1. Resource leveling
  2. What-if scenario analysis
  3. Schedule compression
  4. Fast tracking
Correct Answer

Q9. Your company has signed up to build a high-tech machine in collaboration with ABC Corp in Japan. ABC Corp will provide the expert, technical know-how and any spare parts you may need. This is a very high-tech machine, the exact description of work is not yet clear, and you are building it for the first time. In this scenario what kind of contract will you select?

  1. FPIF
  2. CPAF
  3. T&M
  4. FFP
Correct Answer

Q10. As a project manager, you are concerned with both prevention and inspection of errors in a work product. The difference between prevention and inspection is:

  1. Inspection is work the Quality Control (QC) team does; the Quality Assurance (QA) team does Prevention.
  2. Inspection refers to keeping errors out of the process; prevention refers to keeping errors out of the customer’s hands.
  3. Prevention refers to keeping errors out of the process; inspection refers to keeping errors out of the customer’s hands.
  4. Inspection and prevention refer to the same activity depending on what stage of the project the activity is done.
Correct Answer








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