Module 2 - ChatGBT.pdf

1. Which of the following is a step in the project strategy selection process? - A) Project completion - B) Project initiation - C) Project denial - D) Lessons learned Correct Answer: B --- 2. Which of the following project selection techniques evaluates projects based on Strengths, Weaknesses, O...

1. Which of the following is a step in the project strategy selection process? - A) Project completion - B) Project initiation - C) Project denial - D) Lessons learned Correct Answer: B --- 2. Which of the following project selection techniques evaluates projects based on Strengths, Weaknesses, Opportunities, and Threats? - A) Weighted Scoring - B) SWOT Analysis - C) Payback Analysis - D) Business Case Correct Answer: B --- 3. What is the purpose of the four-stage planning process in project selection? - A) Focus on resource allocation - B) Develop a project scope - C) Select the right project at the right time - D) Manage project risks Correct Answer: C --- 4. In a SWOT analysis, which factors are external to the organization? - A) Strengths and Weaknesses - B) Opportunities and Threats - C) Strengths and Threats - D) Weaknesses and Opportunities Correct Answer: B --- 5. In the weighted scoring method, what must the total weight of all criteria add up to? - A) 50% - B) 75% - C) 90% - D) 100% Correct Answer: D --- 6. Which of the following is not a financial method used to justify projects? - A) Net Present Value (NPV) - B) SWOT Analysis - C) Payback Analysis - D) Return on Investment (ROI) Correct Answer: B --- 7. In the payback analysis, when does payback occur? - A) When cumulative benefits exceed cumulative costs - B) When project costs are covered by loans - C) When project risks are mitigated - D) When project scope is defined Correct Answer: A --- 8. Which of the following is a common element in a business case? - A) Work Breakdown Structure (WBS) - B) Project Scope Statement - C) Budget estimate and financial analysis - D) Project Communications Plan Correct Answer: C --- 9. What is the purpose of a Benefits Management Plan? - A) To manage project risks - B) To define how and when project benefits will be delivered - C) To outline communication strategies for stakeholders - D) To identify resource needs Correct Answer: B --- 10. What type of analysis calculates the expected net monetary gain or loss by discounting future cash flows to the present time? - A) Net Present Value (NPV) - B) Payback Analysis - C) Return on Investment (ROI) - D) Expected Monetary Value (EMV) Correct Answer: A --- 11. Which of the following is used to make decisions under uncertainty by calculating the expected value of various outcomes? - A) SWOT Analysis - B) Decision Trees - C) Balanced Scorecard - D) Resource Allocation Correct Answer: B --- 12. Which of the following is an example of a strategic objective for project selection? - A) Increase in office supplies - B) Launch a new product - C) Optimize current payroll system - D) Complete routine maintenance Correct Answer: B --- 13. What is the typical format of a project charter? - A) A one-page summary document - B) A detailed plan outlining resource needs - C) A formal document that authorizes the existence of a project - D) A risk assessment report Correct Answer: C --- 14. Which of the following is not a component of a project charter? - A) Project manager’s name - B) Project success criteria - C) Stakeholder register - D) Project milestones Correct Answer: C --- 15. What does the product vision describe in adaptive project initiation? - A) The project schedule and cost - B) The future state achieved by deploying the product - C) The risk management strategy - D) The detailed work breakdown structure Correct Answer: B --- 16. Which of the following statements about payback analysis is true? - A) Payback period considers future time value of money - B) Payback period is typically required to be long - C) Payback occurs when cumulative benefits equal or exceed cumulative costs - D) Payback period includes interest earned on project investments Correct Answer: C --- 17. What is the main purpose of the project kickoff meeting? - A) To formally authorize the project - B) To introduce the core project team - C) To recap the project charter and discuss roles and responsibilities - D) To set a completion date for the project Correct Answer: C --- 18. In weighted scoring, what is done after criteria are assigned weights? - A) Develop the project charter - B) Rank the criteria based on risk level - C) Score each project option for each criterion - D) Perform a SWOT analysis Correct Answer: C --- 19. Which financial method evaluates how quickly a project can recover its initial investment? - A) Expected Monetary Value (EMV) - B) Payback Analysis - C) Return on Investment (ROI) - D) Net Present Value (NPV) Correct Answer: B --- 20. What does the "assumptions" section of a project charter contain? - A) A list of expected risks - B) Conditions believed to be true without proof - C) Key project milestones - D) Project performance measurements Correct Answer: B --- 21. What is the role of the project manager in developing the project charter? - A) Solely providing technical requirements - B) Taking a major role in developing the charter and seeking approval - C) Approving the charter without input from others - D) Setting project budget and stakeholder salaries Correct Answer: B --- 22. What is the goal of conducting a SWOT analysis in project selection? - A) To calculate project budgets - B) To identify both internal and external factors affecting the project - C) To assess financial investments only - D) To create the project risk register Correct Answer: B --- 23. Which of the following is an example of an opportunity in a SWOT analysis? - A) Highly experienced project team - B) No prior experience with the technology - C) New technology available for the project - D) Economic downturn Correct Answer: C --- 24. Which of the following is used to quantify and evaluate the financial benefits of a project over time? - A) Net Present Value (NPV) - B) Stakeholder Register - C) Resource Allocation Plan - D) Communication Plan Correct Answer: A --- 25. What is the main purpose of creating a business case for a project? - A) To justify the project's need and alignment with business goals - B) To calculate project resources - C) To outline the communication strategy - D) To document stakeholder responsibilities Correct Answer: A --- 26. What is a key consideration when using a weighted scoring approach? - A) Only cost-related criteria are used - B) Criteria must be weighted equally - C) The total weight of criteria must add up to 100% - D) The highest weighted score automatically wins Correct Answer: C --- 27. What is the primary purpose of the Benefits Management Plan? - A) To document assumptions about resources - B) To track risks throughout the project - C) To define how project benefits will be measured and delivered - D) To summarize communication needs Correct Answer: C --- 28. What is the expected monetary value (EMV) of a project based on? - A) Payback period - B) Discount rate - C) Weighted scores - D) Probability and potential outcomes Correct Answer: D --- 29. Which of the following is not part of a project brief in adaptive project management? - A) Team charter - B) Product vision - C) Acceptance criteria - D) Detailed project schedule Correct Answer: D --- 30. In a decision tree analysis, what is the expected monetary value of an outcome? - A) The net profit of the project - B) The outcome’s probability multiplied by its potential value - C) The weighted average of all project scores - D) The total value of all project investments Correct Answer: B --- 31. Which document is typically used to formally authorize the start of a project? - A) Project Charter - B) Business Case - C) Project Schedule - D) Stakeholder Register Correct Answer: A --- 32. In which project selection method do senior executives develop the strategic plan? - A) Balanced Scorecard - B) Four-stage planning process - C) SWOT Analysis - D) Business Case Correct Answer: B --- 33. Which document outlines the project’s goals, scope, deliverables, and stakeholders' approval? - A) Benefits Management Plan - B) Project Charter - C) Project Schedule - D) Payback Analysis Correct Answer: B --- 34. What does ROI stand for in project financial analysis? - A) Required Operating Income - B) Risk of Investment - C) Return on Investment - D) Reimbursement on Initiatives Correct Answer: C --- 35. Which of the following criteria would not be included in a weighted scoring matrix? - A) Project cost - B) Risk score - C) Stakeholder identification - D) Member benefits Correct Answer: C --- 36. What is a potential benefit of live streaming a conference as part of a project? - A) High cost savings - B) No requirement for equipment - C) Increased membership and sponsorship revenue - D) Low project risks Correct Answer: C --- 37. What is the purpose of the product roadmap in adaptive project management? - A) To break down the product vision into specific business goals and development priorities - B) To summarize the project's technical requirements - C) To identify key stakeholders and sponsors - D) To create a high-level budget for the project Correct Answer: A --- 38. Which financial metric looks at the time it will take to recover the investment made in a project? - A) Payback Analysis - B) Net Present Value - C) Expected Monetary Value - D) Return on Investment Correct Answer: A --- 39. Which of the following is typically included in the "assumptions" section of a project charter? - A) Project milestones - B) Conditions considered true without proof - C) Expected project risks - D) Stakeholder communication methods Correct Answer: B --- 40. What is a key difference between a predictive project and an adaptive project? - A) Predictive projects focus on continuous iterations - B) Adaptive projects follow a rigid, linear sequence of tasks - C) Predictive projects use a fixed plan, while adaptive projects are flexible - D) Adaptive projects avoid the use of project charters Correct Answer: C --- 41. What is a project vision typically used for in an adaptive project? - A) To explain how risks will be managed - B) To describe the future state of the product or service being developed - C) To identify key stakeholders - D) To develop the detailed project schedule Correct Answer: B --- 42. Which financial method involves discounting future cash flows to their present value? - A) Net Present Value (NPV) - B) Return on Investment (ROI) - C) Expected Monetary Value (EMV) - D) SWOT Analysis Correct Answer: A --- 43. What type of project typically uses an agile or adaptive approach? - A) Projects with clearly defined scopes - B) Projects that require flexibility and frequent stakeholder input - C) Projects that have a set, rigid timeline - D) Projects with minimal risk Correct Answer: B --- 44. Which of the following is an example of a "constraint" in a project charter? - A) Budget limitations - B) Project success criteria - C) Business need - D) Project assumptions Correct Answer: A --- 45. In the context of project selection, which of the following is an internal factor that can affect project success? - A) Strengths - B) Opportunities - C) Threats - D) Economic conditions Correct Answer: A --- 46. What type of project typically involves a high degree of uncertainty and requires flexibility? - A) Adaptive (Agile) project - B) Predictive project - C) Financial analysis project - D) Product lifecycle project Correct Answer: A --- 47. Which of the following tools is commonly used in predictive project management to manage tasks and track project progress? - A) Gantt Chart - B) Decision Tree - C) SWOT Analysis - D) Payback Analysis Correct Answer: A --- 48. What is the primary benefit of using a decision tree in project analysis? - A) It helps in resource allocation - B) It helps manage project schedules - C) It quantifies risks and calculates expected monetary value - D) It creates the project budget Correct Answer: C --- 49. In a project selection process, what is the purpose of resource allocation? - A) To select project stakeholders - B) To manage project costs - C) To allocate the appropriate resources to approved projects - D) To evaluate project risks Correct Answer: C --- 50. What is the main advantage of using a project brief in an adaptive project? - A) It outlines specific acceptance criteria and defines team collaboration - B) It defines the project budget in detail - C) It identifies the project manager's responsibilities - D) It sets out a fixed timeline for the project Correct Answer: A