MPM-003 - Project Implementation and Control (Set 3)

1.  In a 6 month project, 50 open issues were identified during planning stage that needed to be resolved. In the midcourse review, it was found that only 10 issues had been resolved while another 5 new issues had been generated. What do you think will be the fate of this project at the end of 6 months?

 A  Will meet the time schedule in spite of number of issues

 B  Will encounter serious time and cost related problems

 C  Will only face problems related to time

 D  Will only face problems related to cost

 

2.  As risk is high in the early stages of a project, what approach should we use in managing potential risks?

 A  Risks should be fully identified in planning phase. No provision needs to be made in the project plan for new risks as they are unlikely to appear during implementation phase

 B  As risks in a project keep coming down as a natural process, there is no need to bother team members and waste time unnecessarily worrying about risks

 C  Risks should be identified and mitigation strategies should be formulated dynamically throughout the project life cycle

 D  Risks are temporary and so they need not be considered in the project strategy formulation

 

3.  Risk identification should be carried out:

 A  Only at the beginning of the project

 B  Throughout the project life cycle as the situation demands

 C  Only when we begin the execution phase

 D  At the time of lessons learned

 

4.  Risk identification uses ______ as the basic reference.

 A  PERT

 B  Budget

 C  WBS

 D  Triggers

 

5.  In my project I have two risks. There is a 40% probability that a risk event having a high risk impact will occur and a 80% probability that a risk event having a low impact will occur. Which risk event should I focus on and analyze further?

 A  The first risk as it will have a greater impact on the project

 B  On the second risk as it has a 80% probability of occurence so it will have a greater impact on the project

 C  Cannot say

 D  I need to focus on both risks as they will have the same impact

 

6.  There are two contracts - A and B. The chance of winning Contract A is 40% and this contract will give a net profit of $1 Million. The chance of winning Contract B is 50% and this contract will give a net profit of $2 Million. What would be the expected net profit if your company was trying to get both the contracts?

 A  $ 3 Million

 B  $2.4 Million

 C  $1.4 Million [(.4 * 1) + (.5 * 2)]

 D  $1 Million

 

7.  In which type of team are team members assigned tasks based on their functional expertise?

 A  Task force

 B  Task hierarchy

 C  Egoless

 D  Matrix

 

8.  A project team is made up of a group of __________ who have a common identity, values, norms and standard of behavior.

 A  Managers

 B  Individuals

 C  Personnel of contractors

 D  Teams

 

9.  What is not important for team building?

 A  Too much self orientation

 B  Cooperation

 C  Holding a kick off meeting

 D  Communication links

 

10.  Team development is the responsibility of the:

 A  Training department

 B  Consultant

 C  Project manager

 D  Functional manager