Top Project Management Quiz Questions and Answers

Project management is a field of study that is applicable across many different fields. Project management is essentially the management of time, resources and people to achieve a specific goal. It is often undertaken by a project manager and the result of this management is typically a deliverable. This blog will look at different ways of studying project management by looking at different project management tools.

So, let’s get started with some project management quiz questions and their exact answer in 2023.

Q1. All of the following factors should be assessed to determine an organization’s ability to perform projects EXCEPT:

a. Do we monitor and understand our external environment?
b. Do we have have a teamwork attitude, free and open communication, creativity, and empowered decision making?
c. Do we have a clearly defined project management process?
d. Do teams and individuals follow instructions well?

Q2. Which of the following statements best describes the contemporary use of financial models and scoring models for project selection?

a. Financial methods are preferred because they ensure alignment with the organization’s strategic goals.
b. One of these techniques is typically used to the exclusion of the other, due to time demands
c. Scoring models are unreliable because they fail to consider financial factors
d. These methods are often used together to ensure financial and non-financial factors are both considered

Q3. All of the following may be negotiated between a client company and a contractor EXCEPT:

a. quality standards
b. selection criteria for scoring models
c. personnel assignments
d. the amount of money to be paid

Q4. Which of the following responses most accurately depicts the correct sequence of activities in the strategic planning process?

a. strategic analysis – guiding principles – strategic objectives – flow-down objectives
b. guiding principles – strategic analysis – strategic objectives – flow-down objectives
c. strategic objectives – strategic analysis – guiding principles – flow-down objectives
d. guiding principles – strategic objectives – flow-down objectives – strategic analysis

Q5. This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis for authorizing further project management activities:

a. guiding principle
b. SWOT analysis
c. business case
d. program management plan

Q6. All of the following represent appropriate sources to identify new potential projects EXCEPT:

a. lessons learned from previous projects
b. industry and trade journals
c. the operations staff within the organization
d. existing and potential customers

Q7. Which of the following statements correctly describes a weakness associated with the financial project selection model?

a. The Internal Rate of Return (IRR) method is difficult to use when a project has conventional cash flows.
b. The benefit-to-cost models favor projects which generate the smallest absolute return over a specified period.
c. The Net Present Value (NPV) method does not consider the time value of money
d. Payback period models do not consider the profit to be realized after the costs are paid.

Q8. Strategic analysis is often called SWOT – Start With Objectives Template (SWOT).

a. True
b. False

Q9. Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them

a. True
b. False

Q10. Strategic analysis is an important first step in setting strategic direction.

a. True
b. False

Q11. The vision statement should present a positive, inspiring and vivid description of the organization as it currently exists.

a. True
b. False

Q12. When a contractor seeking external projects prepares to submit a proposal, it is really conducting a small project with the primary deliverable of the project being a compelling and complete proposal

a. True
b. False

Q13. To accomplish portfolio management, executives need to identify, select, prioritize, resource and govern an appropriate portfolio of projects and other work

a. True
b. False

Q14. When a client company decides to engage an external contractor to perform project work, it must be prepared to submit a proposal and prepare a bid.

a. True
b. False

Q15. Strategic objectives describe both short- and long-term results that are desired, along with measures to determine their achievement.

a. True
b. False

Q16. The organization’s leadership should establish the flow-down objectives to set the stage for establishing the guiding principles such as the vision and mission.

a. True
b. False

Q17. Once the SWOT analysis is complete, the organization’s leadership should establish guiding principles such as the vision and mission before setting strategic objectives

a. True
b. False