Exam 12: Project Management and Strategic Planning

The tendency to continue investing in a project, despite mounting evidence that it is not succeeding, often comes about because people mistakenly let sunk costs affect decision making rather than weighing the value of further investment. This tendency is known as ________. A) zero-profit condition B) escalation of commitment C) progress trap D) zero-sum game

A(n) ________ is an initiating process where stakeholders meet one another, sometimes for the first and only time. A) kickoff meeting B) board meeting C) pre-bid meeting D) annual general meeting

The ________ process lays the groundwork for the project by clarifying the value it will bring to the organization, setting its objectives, and estimating the project's length, scope, and cost. A) controlling B) initiating C) planning D) executing

What is change management?

A company requires its employees to include a certain disclaimer in their emails that states that the company is not responsible if recipients of emails rely on the advice provided by the employees. What potential threat does such a disclaimer protect the company from?

Change management refers to a structured approach to the transition employees must make as they switch from their existing work processes to new ones.

The term ________ refers to products, documents, or services that will be handed over to the sponsor during the course of the project. A) resources B) standards C) deliverables D) benchmarks

Discuss the acceptable-use policy.

Briefly describe the phenomenon of "escalation of commitment."

The ________ process in project management focuses on devising how the project will be executed. A) monitoring B) planning C) controlling D) closing

Which of the following best describes an anchoring bias? A) the tendency to rely on one specific piece of information, irrespective of its irrelevance B) the tendency to judge the probability of an event based on how easily examples come to mind C) the tendency to underestimate the time it will take to complete a task D) the tendency to draw different conclusions from a wide range of information

The stage at which a project is conceived is known as the ________ process. A) initiating B) planning C) monitoring D) controlling

The ________ refers to the longest course through the project, which identifies those tasks that cannot be delayed without affecting the finish date. A) graph bandwidth B) critical path C) long tail D) degree sequence

Which of the following is true about work breakdown structure?

The human tendency to choose information to examine and support a view they already hold and ignore data that might refute their hypothesis is known as a ________. A) confirmation bias B) optimism bias C) choice-supportive bias D) distinction bias

Discuss the differences between processes and projects.

A ________ is a document that authorizes a project and includes a clear statement of objectives, estimated start and end dates, the names of the relevant people and their roles, a tentative budget, criteria for success, and other pertinent information. A) project charter B) burn down chart C) business case D) project proposal

Which of the following is a characteristic of a process? A) a specific, unique purpose B) elements of uncertainty C) temporary endeavor D) recurring in nature

Which of the following is a difference between projects and processes? A) Projects are permanent in nature, whereas processes are temporary. B) Projects are unique and one of a kind, whereas processes are recurring. C) Projects need to be tweaked so that the underlying activities are streamlined, whereas processes involve uncertainty. D) Project durations can be predicted easily, whereas process durations are difficult to predict.

Which among the following is the hardest task for an organization's program management office?