GoCrackIt

Quiz 15 Project management Questions and Answers

Question No 1

1. Which of the below is not a project management tool?

  • FreshDesk
  • Canva
  • MS Project
  • Wrike

Answer: Canva

Canva is a tool used for making creatinves, while FreshDesk, MS Project and Wrike are project management tools, amongst several others.

Question No 2

2. Which of the below is one of the typical constraints of a project?

  • Time
  • Distance
  • Methodology
  • Approach

Answer: Time

Scope, Time, Cost, Quality, Benefits and Risks are typical constraints of a project

Question No 3

3. Which of the below are elements of Prince2?

  • Principles
  • Themes
  • Project Environment
  • All of the above

Answer: All of the above

Prince2 comprises of 4 integrated elements - Principles, Themes, Processes and Project Environment.
Read More:

Question No 4

4. Which of the following companies was involved in development of Critical Path Method (CPM)?

  • DuPont
  • GE
  • Toyota
  • GM

Answer : DuPont

DuPont alongwith Remington Rand Corporation developed the Critical Path Method

Question No 5

5. Which of the following project costs have to be borne by a project periodically?

  • Equipment costs
  • Planning costs
  • Interest costs
  • Material costs

Answer: Interest costs

Interest costs have to be borne periodically. Typically interest is incurred on large projects during the construction phase.

Question No 6

6. Which of the following was acquired by Altassian, the maker of Jira Software?

  • Slack
  • Trello
  • Basecamp
  • Proofhub

Answer: Trello

Altassian acquired Trello in 2017 for USD 424 Mn; however their target segments remain the same.

Question No 7

7. What does TQM stand for?

  • Total Quality Management
  • Total Quantity Measurement
  • Total Quality Metrics
  • None of the above

Answer: Total Quality Management

TQM stands for Total Quality Management. In project management, it is used as a strategy to ensure that awareness of quality is embedded at all stages of the project.

Question No 8

8. Your company has just been awarded the contract for an important consulting project. The MD of your company has asked you, as the project manager, to create the project charter for review and approval. To create the project charter, you need the project's statement of work (SOW). What should you do?

  • Create the SOW yourself since you are the project manager
  • Look for the SOW in your organizational process assets (OPAs)
  • Ask your customer to provide you with the SOW
  • Ask your CEO to provide you with the SOW

Answer: Ask your customer to provide you with the SOW

As a project manager, one of your key responsibilities is to ensure customer satisfaction. Thus, you should be at the forefront and reach out to the customer to get the SOW

Question No 9

9. How to calculate Schedule Performance Index (SPI)?

  • Schedule Performance Index is a quotient of Earned Value on Actual Cost CV = EV / AC
  • Schedule Performance Index is a quotient of Earned Value on Present Value CV = EV / PV
  • chedule Performance Index equals a difference between Earned Value and Actual Cost CV = EV - ACe
  • Schedule Performance Index equals a difference between Earned Value and Present Value CV = EV - PV

Answer: Schedule Performance Index is a quotient of Earned Value on Present Value CV = EV / PV

The schedule performance index (SPI) is a measure of the conformance of actual progress (earned value) to the planned progress

Question No 10

10. Which of the following measurement metrics should be lower for any project?

  • IRR
  • Payback Period
  • Profitability
  • All of the above

Answer: Payback Period

IRR and Profitability should be higher for any project, while the Payback period should be lower.