Exam 12: Project Management and Strategic Planning

A ________ refers to the tendency to underestimate the time it will take to complete a task. A) regression fallacy B) planning fallacy C) deductive fallacy D) continuum fallacy

________ refers to all the procedures, documentation, and resources an organization puts into place to prepare for a crisis situation and recover technical infrastructure.

Which of the following best defines a critical path in a project? A) the longest project path comprised of tasks that do not affect the finish date if they are delayed B) the longest project path that identifies tasks that cannot be delayed without affecting the finish date C) the path obtained by adding the time required for tasks of the shortest duration D) the shortest path undertaken in a monitoring process in which there is no fixed deadline

Every project is constrained by three fundamental, interrelated forces: time, cost, and scope.

Write a brief note on the executing processes for a project.

________ is a continuous process that oversees all the projects for an organization, selecting which projects to pursue and culling those projects that have a poor prognosis. A) Total quality management B) Business process outsourcing C) Project portfolio management D) Change management

Which of the following best describes a planning fallacy? A) the tendency to choose information supporting our existing position and ignore conflicting evidence B) the tendency to underestimate the time it will take to complete a task C) the tendency to rely on one piece of information, however irrelevant D) the tendency to believe that an actual event was predictable even if it was not

Which of the following activities should project managers spend more time on? A) planning and team building B) communicating with shareholders C) focusing on project execution D) delegating very few tasks to subordinates

Why is it a challenging task to calculate a project's return on investment (ROI)? A) It involves differentiating between the costs and savings, which are often hard to distinguish. B) Estimating ROI for projects that involve information systems involves specialized accounting knowledge. C) It is difficult to estimate ROI for projects where costs rise unexpectedly and revenue increases are hard to predict. D) When project costs remain stable throughout the duration of the project, they become hard to keep track of.

Which of the following best describes confirmation bias? A) the tendency to claim more responsibility for successes than failures B) the tendency of a person to overestimate how much other people agree with him or her C) the tendency to choose information that supports our existing position D) the tendency to view two options as more distinctive when evaluating them simultaneously than when evaluating them separately

One of the critical factors that contribute to the failure of projects is ________. A) the limited scope of the project B) the lack of executive support for the project C) the low requirement for customization D) the high stakeholder involvement in the project

In which of the following project management areas is a Gantt chart most likely to be used?

Which of the following statements is true of a project charter?

A ________ oversees all the projects going on throughout the organization and provides project management training, software, and support.

What is a project management plan? Explain its significance.

Business continuity refers to the willingness of an organization to pull the plug on a project in which huge sums and resources need to be invested.

Which of the following disclaimers would protect a firm from implied contract obligations in the event of an employee's email containing wording that implies a firm contract?

A difference between projects and processes is that processes are unique, whereas projects are recurring.

The term ________ refers to a common human tendency to make systematic mistakes when processing information or making judgments. A) negativity effect B) fuzzy-trace theory C) cognitive bias D) error of omission