Embarking on a journey into the realm of project management requires more than just a checklist; it demands a keen understanding of methodologies, strategies, and the ability to navigate complex challenges. Whether you’re a seasoned project manager or a budding enthusiast, our Top 20 Project Management Questions with Answers promises an engaging exploration of your knowledge.
In this blog, we’ve curated a set of thought-provoking questions designed to test and enhance your project management prowess. From agile methodologies to risk management, join us on a quiz-filled adventure that not only challenges but also educates, helping you sharpen your skills and ensuring you’re well-equipped for the dynamic world of project management.
So, Now let’s move on to the Top 20 Project Management Quiz Questions With Answers.
Q1. The process of developing an approximation of monetary resources needed to complete project activities is known as:
Select one:
a. determine budget.
b. estimate resources.
c. estimate cost.
d. estimate activities.Q2. All of the following factors must be in place in order to develop an analogous estimate effectively EXCEPT:
Select one:
a. An organization must know how and to what extent the proposed project differs from the previous project.
b. An organization must know details behind the time value of money.
c. An organization must know how much previous projects actually cost.
d. An organization must have experience in performing similar projects.Q3. The documentation of a project cost estimate generally requires substantial supporting detail to include all of these EXCEPT:
Select one:
a. assumptions and constraints.
b. management reserve needs
c. a description of scope.
d. the estimating methods and a range of possible outcomes.Q4. Projects often include indirect costs that are necessary to keep the organization running, but are not associated with one specific project. Which of the following items are most typically considered to be indirect costs?
Select one:
a. travel cost for the project team
b. costs associated with material and purchased parts
c. executive salaries, utilities and insurance
d. the cost of labor provided by project team members, consultants and subcontractorsQ5. A milestone is a typical measuring point used when establishing cost control. Which of the following does NOT accurately describes the use of cost control milestones?
Select one:
a. Milestones are often identified in the project charter.
b. Milestones are developed during risk planning.
c. Project managers can use their cash flow projections to determine the funding needed to reach each milestone.
d. Project managers and sponsors often decide the number of milestones jointly.Q6. There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?
Select one:
a. Variation occurs in all work processes, and the novelty associated with most projects creates many opportunities for variation.
b. Special cause variation comes from many small causes that are inherent in a work process.
c. Normal cause variation is when something out of the ordinary occurs
d. Variation is generally greater on projects that use well-known technology and an experienced project team.Q7. The _________is the approved budget, usually in a time distribution format, that is used to estimate, monitor, and control the overall cost performance of the project.
Select one:
a. cost baseline.
b. management baseline.
c. control account
d. cost benchmarkQ8. The cost management plan provides guidelines to the project manager and other stakeholders and serves all of the following purposes EXCEPT:
Select one:
a. It documents how the project statement of work and business case should be created.
b. It provides feedback, thereby showing how the project's success is linked to the business objectives for which it was undertaken.
c. It helps all project stakeholders focus appropriately on schedule and cost performance.
d. It shows how to develop and share relevant, accurate and timely information on cost that the project manager, sponsor and other stakeholders can use to make intelligent and ethical decisions.Q9. Which estimating technique uses a statistical relationship to calculate cost or duration based on historical data and other project parameters?
Select one:
a. analogous estimating
b. parametric estimating
c. grassroots estimating
d. empirical estimatingQ10. “Unknown unknowns” are unexpected events which can occur when the project is underway. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:
Select one:
a. They need to be covered in the project budget.
b. They usually cause an increase in cost and / or schedule.
c. They usually require the use of management reserve.
d. They are usually discovered during risk identificationQ11. Value engineering is aimed at increasing the value or productivity of a work element while minimizing the cost.
Select one:
a. True
b. FalseQ12. Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.
Select one:
a. True
b. FalseQ13. Analogous estimating is the most detailed, time-consuming, and accurate way to estimate.
Select one:
a. True
b. FalseQ14. The project scope does not come into play when considering fixed and variable cost choices.
Select one:
a. True
b. FalseQ15. Both normal and special cause variation add to project cost and need to be considered by project managers.
Select one:
a. True
b. FalseQ16. The component of the project management plan that describes how project costs will be planned, structured and controlled is called the project financial plan.
Select one:
a. True
b. FalseQ17. Vendor bid analysis is used to determine whether the price being asked by the vendors appears to be reasonable.
Select one:
a. True
b. FalseQ18. Project managers should not lie to themselves or others regarding project costs.
Select one:
a. True
b. FalseQ19. Generally, parametric estimating requires less information and time than analogous estimating.
Select one:
a. True
b. FalseQ20. Typically, expedited costs are preferred over regular costs.
Select one:
a. True
b. False
Answers
- c
- b
- b
- c
- b
- a
- a
- a
- b
- d
- a
- a
- b
- b
- a
- b
- a
- a
- b
- b