Navigating project management involves mastering numerous aspects, from team dynamics to meticulous planning. Understanding the breadth of inquiries in this field is key to success. In this compilation, we delve into the top 20 project management questions and offer comprehensive answers, shedding light on essential strategies, best practices, and problem-solving techniques. Whether you’re a seasoned project manager seeking new insights or someone stepping into this dynamic realm, this guide aims to unravel complexities, clarifying pivotal topics within the project management landscape. Explore these questions and answers to refine your skills, overcome challenges, and elevate your project management prowess.
Now, let’s move on to the Top 20 Project Management Questions with Answer
Q1. Contract types are often associated with two broad categories: fixed-price contracts and cost-reimbursable contracts. Briefly identify the factors to consider when determining which type is most appropriate for a planned contract.
Fixed price contracts would be most appropriate for a planned contract because it is an agreement that sets a fee that will be paid for a defined scope of work regardless of the cost or effort.
Q2. Which of the following factors should be considered in a make-or-buy decision?
a. prevailing public opinion regarding the economic impact of outsourcing
b. project manager's or sponsor's preference
c. only the direct costs associated with the decision, excluding consideration of indirect costs
d. advantages and disadvantages of outsourcing in terms of time, cost and performance controlQ3. The __ documents the portion of work to be purchased, in enough detail so potential suppliers can decide if they feel they are capable of and interested in providing it.
a. procurement statement of work
b. purchase order
c. request for quotation
d. request for informationQ4. Evaluation criteria used to rate proposals and other supplier characteristics might include all of these EXCEPT:
a. replenishment lead time
b. inbound transportation cost
c. supply quality
d. personal relationships with senior managementQ5. Which of the following is one of the PMBOK Guide's three project procurement management processes?
a. Conduct Make-or-Buy Analysis
b. Manage logistics
c. Plan supply chain management
d. Conduct procurementsQ6. All of the following statements accurately describe supply chain management EXCEPT:
a. It is a system's approach to managing the entire flow of physical products.
b. It addresses the flow of material, service, monetary and information across supply chain partners.
c. It is a closed-loop system solely within the project organization's boundaries.
d. It spans across suppliers and producers, resellers, project organizations and consumers.Q7. All of the following entities are typically included in the supply chain EXCEPT:
a. public relations
b. consumers
c. project team
d. suppliersQ8. _ is the PMBOK process that identifies those project needs that can be met by acquiring products and services from outside suppliers, determines what to purchase or acquire, and finalizes when and how to do so.
a. Define supply chain.
b. Schedule procurements.
c. Plan procurement management.
d. Negotiate contractsQ9. Which of the following types of contracts involves payment to the seller for the seller's actual approved costs of completed work, plus a fee typically representing the seller's profit?
a. fixed-price contract
b. cost-reimbursable contract
c. direct cost contract
d. equitable adjustment contractQ10. All of the following accurately describe the features and characteristics of a contract EXCEPT:
a. The project organization is always a buyer in a contract arrangement
b. A contract obligates the seller to provide a specified product or service.
c. A contract obligates the buyer to pay for a specified product or service.
d. A contract binds both the seller and the buyer.Q11. All of these are factors that could lead to a decision to buy or outsource rather than make or perform in-house, EXCEPT:
a. Flexibility in procurement
b. Inadequate capacity
c. More control over quality and time
d. Ability to utilize specialized suppliersQ12. On complex projects, despite the importance of factors such as technical capability, managerial capability and previous experience; the selection decision is made mostly or entirely on price.
a. True
b. FalseQ13. Project partnerships can be advantageous to both the client and the vendor, in terms of improved project execution, flexibility, and reduced bid administration.
a. True
b. FalseQ14. The project organization can be a seller in dealing with the project owner or customer and a buyer in a more prevalent procurement setting.
a. True
b. FalseQ15. In many cases, the proposal prepared by the vendor becomes a part of the final contract.
a. True
b. FalseQ16. During procurement planning, the project team determines which needs can best be met by acquiring products and services from an outside provider, and which can be accomplished by the team.
a. True
b. FalseQ17. Contract incentives are often used when the buyer wants the seller to meet some defined project metrics, such as finishing the project early, providing a higher level of quality or more features, or anything else that the buyer wants to maximize and is willing to pay for.
a. True
b. FalseQ18. A traditional buyer-seller relationship is defined as “a long-term relationship between an owner and a contractor in which the contractor acts as a part of the owner's organization for certain functions.”
a. True
b. FalseQ19. Among the disadvantages associated with outsourcing is the gradual loss of special skills for doing some specific activities that have been outsourced.
a. True
b. FalseQ20. Traditional project procurement was characterized by win / lose adversarial relations between owner and contractor, whereas contemporary project partnering fosters a relationship of trust and collaboration.
a. True
b. FalseQ21. A contract is a unilateral, binding document that obligates the seller to furnish supplies or services to the buyer.
a. True
b. False
Answers
- Below the question
- d
- a
- d
- d
- c
- a
- c
- b
- a
- c
- b
- a
- a
- a
- a
- a
- b
- a
- a
- b