Embarking on a project management journey can be both exciting and challenging. Whether you’re a seasoned professional or a newcomer to the field, having a solid understanding of key project management concepts is crucial. In this blog post, we’ll explore the top 20 project management questions and provide clear, concise answers to demystify the complexities of project execution.
From defining project scope to mastering communication strategies and handling unforeseen challenges, we’ll cover it all. So, whether you’re looking to enhance your project management skills or seeking practical insights, join us as we unravel the intricacies of effective project management in this comprehensive Q&A session.
So, Now let’s move on to the Top 20 Project Management Questions With Answers.
Q1. Often a project team will start the selection process by establishing a list of potential suppliers. All of the following information sources are frequently used to identify these potential suppliers EXCEPT:
Select one:
a. sales personnel
b. supplier catalogs or websites
c. trade shows
d. stakeholder registerQ2. Under normal conditions, which of these contract types poses the greatest risk to the buyer?
Select one:
a. Fixed-Price-Incentive-Firm (FPIF)
b. Firm-Fixed-Price (FFP)
c. Cost-Plus-Fixed-Fee (CPFF)
d. Time and Material (T&M)Q3. Evaluations of prospective suppliers by project teams often involve all of the following approaches EXCEPT:
Select one:
a. facility visits
b. prototyping
c. supplier surveys
d. financial condition analysisQ4. Evaluation criteria used to rate proposals and other supplier characteristics might include all of these EXCEPT:
Select one:
a. personal relationships with senior management
b. replenishment lead time
c. supply quality
d. inbound transportation costQ5. All of the following statements accurately describe supply chain management EXCEPT:
Select one:
a. It is a closed-loop system solely within the project organization's boundaries.
b. It spans across suppliers and producers, resellers, project organizations and consumers.
c. It addresses the flow of material, service, monetary and information across supply chain partners.
d. It is a system's approach to managing the entire flow of physical products.Q6. Which of the following terms describes a method for transforming contractual arrangements into a cohesive, collaborative project team with a single set of goals and established procedures for resolving disputes in a timely and cost-efficient manner?
Select one:
a. partnering
b. arbitration
c. a contract unification plan
d. conflict resolutionQ7. Which of the following factors should be considered in a make-or-buy decision?
Select one:
a. advantages and disadvantages of outsourcing in terms of time, cost and performance control
b. project manager's or sponsor's preference
c. only the direct costs associated with the decision, excluding consideration of indirect costs
d. prevailing public opinion regarding the economic impact of outsourcingQ8. All of these are factors that could lead to a decision to buy or outsource rather than make or perform in-house, EXCEPT:
Select one:
a. Ability to utilize specialized suppliers
b. Inadequate capacity
c. More control over quality and time
d. Flexibility in procurementQ9. Which party to a contract absorbs the majority of cost risk when a Firm-Fixed-Price (FFP) contract is used?
Select one:
a. the buyer
b. the cost risk is equally shared.
c. the seller
d. the insurerQ10. 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?
Select one:
a. direct cost contract
b. cost-reimbursable contract
c. equitable adjustment contract
d. fixed-price contractQ11. Logistics is the work required to move and position inventory throughout a supply chain.
Select one:
a. True
b. FalseQ12. Supply chains use a combination of modes of transportation, including air, rail, water, pipeline, and truck.
Select one:
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.
Select one:
a. True
b. FalseQ14. 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.
Select one:
a. True
b. FalseQ15. 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.
Select one:
a. True
b. FalseQ16. Time & Materials refers to a manufacturing context where just-in-time (JIT) tools are used to ensure that every step in the supply process adds value while costs are kept to a minimum.
Select one:
a. True
b. FalseQ17. A contract is a unilateral, binding document that obligates the seller to furnish supplies or services to the buyer.
Select one:
a. True
b. FalseQ18. Among the disadvantages associated with outsourcing is the gradual loss of special skills for doing some specific activities that have been outsourced.
Select one:
a. True
b. FalseQ19. Buying from an outside supplier to meet project needs is a practice that is rarely used because it invariably proves to be more expensive than doing the work with resources internal to the organization.
Select one:
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.
Select one:
a. True
b. False
Answers
- d
- c
- b
- a
- a
- a
- a
- c
- c
- b
- a
- a
- a
- b
- a
- b
- b
- a
- b
- a