Week 12 - Chat PDF

1. What is knowledge management (KM)? - A) A way to store financial information - B) The process of systematically creating, sharing, and applying knowledge for strategic decisions - C) A form of physical asset management - D) A method to track project expenses Correct Answer: B 2. What is the Kno...

1. What is knowledge management (KM)? - A) A way to store financial information - B) The process of systematically creating, sharing, and applying knowledge for strategic decisions - C) A form of physical asset management - D) A method to track project expenses Correct Answer: B 2. What is the Knowledge Management Paradox? - A) Having too much information can make it harder to understand and apply - B) Knowledge can only be valuable if stored securely - C) The more you keep knowledge to yourself, the more valuable it becomes - D) Knowledge should not be shared externally Correct Answer: A 3. Which of the following is true about knowledge as a strategic asset? - A) It decreases in value when shared - B) It should be treated like physical assets - C) The more knowledge is shared, the more valuable it becomes - D) It should be restricted to only senior management Correct Answer: C 4. What are the "Five C's" of knowledge management? - A) Communication, Control, Compliance, Computing, Content - B) Content, Context, Communities of Practice, Computing, Communications - C) Collaboration, Calculation, Communities, Cost, Compliance - D) Content, Calculation, Compliance, Collaboration, Communication Correct Answer: B 5. What is the first step in the Knowledge Transfer Life Cycle? - A) Applying knowledge - B) Capturing knowledge - C) Identifying knowledge - D) Assessing knowledge Correct Answer: C 6. What is a key characteristic of effective knowledge management strategy? - A) Restrict access to only top-level management - B) Invest in creating and using knowledge effectively - C) Reduce the emphasis on creating new knowledge - D) Store information without sharing it Correct Answer: B 7. Which of the following is NOT a consideration in knowledge transfer? - A) Accuracy - B) Relevance - C) Stakeholder analysis - D) Accessibility Correct Answer: C 8. What is the primary purpose of capturing lessons learned in a project? - A) To document challenges without solutions - B) To learn from previous experiences and improve future projects - C) To assign blame for project delays - D) To reduce the project team size Correct Answer: B 9. Which is a key benefit of documenting lessons learned? - A) Avoiding repeated mistakes - B) Increasing project budgets - C) Avoiding client feedback - D) Reducing communication among the team Correct Answer: A 10. Which of the following is a key question in a lessons learned review? - A) How much money did we spend? - B) What went right, what went wrong, and what needs to be improved? - C) Who was at fault for the delays? - D) How do we reduce stakeholder involvement? Correct Answer: B 11. What is the purpose of the lessons learned repository? - A) To reduce team interaction - B) To store useful insights for future projects - C) To document only positive outcomes - D) To keep project sponsors informed Correct Answer: B 12. Which knowledge management step focuses on assessing the benefits of knowledge transferred? - A) Capturing - B) Applying - C) Identifying - D) Assessing Correct Answer: D 13. What is the key question to start with during a lessons learned meeting? - A) What were the final budget numbers? - B) Who is responsible for the failures? - C) What went right, what went wrong, and what can be improved? - D) What were the stakeholder complaints? Correct Answer: C 14. What is an important consideration when archiving project documents for knowledge management? - A) Accuracy and retrievability - B) Privacy and confidentiality - C) Minimizing the number of documents - D) Avoiding project schedules Correct Answer: A 15. Which tool is used to organize and analyze lessons for future use? - A) Knowledge Repository - B) Gantt Chart - C) Financial Register - D) Stakeholder Matrix Correct Answer: A 16. What is the main purpose of conducting retrospectives in Agile? - A) To identify project sponsors - B) To focus on team issues and adapt their methods - C) To document budget changes - D) To assign new tasks to team members Correct Answer: B 17. Which of the following retrospective types involves "Liked, Learned, Lacked"? - A) Start-Stop-Continue - B) The 3 L's - C) Mad-Sad-Glad - D) Circle Celebration Correct Answer: B 18. Which activity helps set the stage for a productive retrospective? - A) Blaming individuals for issues - B) ESVP (Explorer, Shopper, Vacationer, Prisoner) - C) Avoiding participation from some team members - D) Ignoring feedback Correct Answer: B 19. Why are lessons learned important for organizations? - A) To provide project managers with an official project record - B) To create reusable knowledge for future projects - C) To justify higher project budgets - D) To increase project timelines Correct Answer: B 20. Which step in the lessons learned process involves storing the findings for future reference? - A) Analyzing lessons - B) Capturing comments - C) Storing findings - D) Sharing results Correct Answer: C 21. What is the difference between lessons learned and retrospectives? - A) Lessons learned focus on team dynamics; retrospectives on processes - B) Lessons learned focus on processes; retrospectives focus on team issues - C) Lessons learned are only for closing a project - D) Retrospectives are always conducted without management Correct Answer: B 22. What is the focus of the "Knowledge Transfer Life Cycle"? - A) To measure project timelines - B) To capture and distribute knowledge within the team - C) To reduce costs in project execution - D) To limit project documentation Correct Answer: B 23. What is the ultimate goal of knowledge management? - A) Increase data redundancy - B) Create an atmosphere where knowledge assets continue to increase in value and relevance - C) Limit sharing to specific individuals - D) Only share knowledge once a year Correct Answer: B 24. What type of lessons learned template uses the ten knowledge areas from PMBOK® Guide 6th Edition? - A) The Checklist Approach - B) The Knowledge Area Template - C) The CSF Matrix - D) The Retrospective Method Correct Answer: B 25. What is the key difference between "retrospectives" and "post-mortem reviews"? - A) Retrospectives are done mid-project, while post-mortem reviews are at the end - B) Post-mortem reviews focus on ongoing improvements - C) Retrospectives ignore team dynamics - D) Post-mortem reviews focus solely on team issues Correct Answer: A 26. Which activity is essential in closing a project? - A) Avoid documenting lessons learned - B) Collect and archive project documents - C) Ignore residual concerns - D) Minimize communication with clients Correct Answer: B 27. What is the purpose of the project closure phase? - A) To assign new tasks - B) To shift activities from the project team to operational teams - C) To reduce project budgets - D) To conduct initial project analysis Correct Answer: B 28. What should be part of the project closure checklist? - A) Only financial updates - B) Client satisfaction review, lessons learned, and final resource allocation - C) Marketing analysis - D) Risk analysis Correct Answer: B 29. Why is a decision matrix used in project recovery? - A) To evaluate cost vs. value of recovering or discontinuing the project - B) To avoid terminating projects - C) To document project expenses - D) To track team member activities Correct Answer: A 30. What is the significance of the project closure meeting? - A) To assign new tasks to team members - B) To formally close the project and review all deliverables - C) To ignore lessons learned - D) To create a new project charter Correct Answer: B 31. How are Key Performance Indicators (KPIs) used in measuring project success? - A) By setting financial targets only - B) By indicating progress towards project goals - C) By avoiding resource allocation issues - D) By reducing timelines without reviewing quality Correct Answer: B 32. What is a Critical Success Factor (CSF) in project management? - A) An indicator used only after project completion - B) A fundamental component needed to declare project success - C) A financial metric - D) A measure of team satisfaction Correct Answer: B 33. Which of the following can indicate project success? - A) Achieving the project within scope, time, cost, and quality constraints - B) Increased project delays - C) Adding new stakeholders mid-project - D) Ignoring stakeholder engagement Correct Answer: A 34. What is the purpose of a retrospective in Agile? - A) To improve processes and learn from team dynamics - B) To document project budgets - C) To assign new project sponsors - D) To ignore team performance Correct Answer: A 35. Which of the following helps capture the value of project management through knowledge transfer? - A) PMI’s Pulse of the Profession - B) CSF Tracking Guide - C) Budget Management Tool - D) RACI Matrix Correct Answer: A 36. Why is it important to capture lessons learned shortly after project completion? - A) To assign blame - B) To ensure details are still fresh and actionable - C) To reduce workload for the next project - D) To minimize stakeholder involvement Correct Answer: B 37. What should be included in the lessons learned summary shared with the team? - A) Team member salaries - B) Key successes, challenges, and areas of improvement - C) Only budget details - D) Marketing strategies Correct Answer: B 38. Which of the following is part of a lessons learned exercise? - A) Formal project kick-off - B) Reviewing and documenting what went right and wrong - C) Assigning future tasks to stakeholders - D) Ignoring past issues Correct Answer: B 39. Which knowledge management tool helps evaluate the effectiveness of the knowledge transferred? - A) Work Breakdown Structure - B) Knowledge Transfer Assessment - C) Risk Register - D) Gantt Chart Correct Answer: B 40. Why should lessons learned be documented consistently for future use? - A) To provide entertainment - B) To create a library of useful insights for similar projects - C) To avoid improving future projects - D) To reduce project transparency Correct Answer: B 41. How does knowledge management contribute to project success? - A) By creating knowledge silos - B) By enabling knowledge transfer across projects, reducing errors and redundancies - C) By limiting access to knowledge assets - D) By reducing the number of stakeholders Correct Answer: B 42. Which aspect of knowledge management ensures that captured knowledge is actionable? - A) Relevance - B) Materiality - C) Currency - D) Accessibility Correct Answer: A 43. What is the main goal of knowledge evaluation in the knowledge management cycle? - A) To assign new team members - B) To decide what knowledge is worth investing in and sharing - C) To reduce project timelines - D) To focus only on completed projects Correct Answer: B 44. Which of the following is a step in the project closure process? - A) Identifying project sponsors - B) Formal acceptance of deliverables by the client - C) Conducting a new project kick-off - D) Assigning team bonuses Correct Answer: B 45. How can retrospectives help increase the quality of the product? - A) By blaming individuals for issues - B) By enabling whole-team learning and driving changes to improve work processes - C) By focusing only on completed tasks - D) By ignoring team feedback Correct Answer: B 46. Which type of lessons learned meeting allows team members to document what they liked, learned, and lacked? - A) Start-Stop-Continue - B) Circle Celebration - C) The 3 L's - D) Mad-Sad-Glad Correct Answer: C 47. Why is documenting action items and minutes important in a lessons learned meeting? - A) To assign blame - B) To ensure accountability and future reference - C) To avoid repeating issues - D) To reduce the workload for project managers Correct Answer: B 48. What is a common misconception about retrospective meetings? - A) They are effective for improving team dynamics - B) They are only opportunities for pointing out failures - C) They generate actionable insights - D) They encourage whole-team learning Correct Answer: B 49. How should project leaders utilize project closure as an opportunity? - A) To assign new tasks to existing members - B) To review and ensure that all project deliverables meet client expectations - C) To reduce documentation - D) To avoid communicating with stakeholders Correct Answer: B 50. What is the relationship between the project life cycle and the product life cycle? - A) The project life cycle is separate from the product life cycle - B) The project life cycle ends when the product life cycle begins - C) The project life cycle is part of the product life cycle - D) There is no relationship between them Correct Answer: C