BUSI 682 Midterm Exam Solution

BUSI 682 MIDTERM EXAM SOLUTION

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BUSI 682 Midterm Exam Solution

• Question 1

4 out of 4 points

	Formal project planning begins after project signoff.

• Question 2

4 out of 4 points

	A cultural audit is a way to determine how culture may be an advantage or a challenge.

• Question 3

4 out of 4 points

	Project scope is the what of the project and the product scope is the how of the project.

• Question 4

4 out of 4 points

	Projects that aim to increase operational efficiency, capacity, and improved process quality provide tactical value.

• Question 5

4 out of 4 points

	Albeit anecdotal, most projects fail due to communication problems and lack of understanding.

• Question 6

4 out of 4 points

	Project leaders can talk about their projects and what they need to do next, but project managers need to be able to communicate how their projects deliver value.

• Question 7

4 out of 4 points

	In a low context culture, one must be prepared for rational, professional arguments, and presentations that push for agreements.

• Question 8

4 out of 4 points

	66% of projects fail because the team leaders and team members do not manage the interaction with global participants skillfully.

• Question 9

4 out of 4 points

	Formal project portfolio management tends to reside in companies that have a decentralized project management office (PMO) and an institutionalized project management organization.

• Question 10

4 out of 4 points

	Communication is defined as the process by which persons share information meanings and feelings through the exchange of verbal and nonverbal messages.

• Question 11

4 out of 4 points

	Communication always means understanding. Even when two individuals agree that they are communicating or talking to each other, it means that they understand each other.

• Question 12

4 out of 4 points

	In a predictability –oriented culture, one needs to be prepared for vagueness in communication.

• Question 13

4 out of 4 points

	Strategy, at its essence, is the process of formulating a set of objectives and then deciding on how we will achieve the objectives.

• Question 14

4 out of 4 points

	The project vision describes what’s in it for those who receive the benefits of the project deliverables and what’s in it for those who receive the benefits of the project deliverables and what’s in it for those doing the project work.

• Question 15

4 out of 4 points

	Transferring risk is more likely to protect financial interests that ensure the success of the project.

• Question 16

4 out of 4 points

	The ability to seek understanding by understanding cultural differences and being willing to view project interactions and communications through another’s lens separates global project leaders from otherwise highly capable project managers.

• Question 17

4 out of 4 points

	A strategic project manager’s mindset begins with the realization that we have too many people and not enough project ideas, and budget to act on every idea for new project or initiative.

• Question 18

4 out of 4 points

	Power distance indicates “the extent to which a society accepts that power in institutions and organizations is distributed equally”.

• Question 19

4 out of 4 points

	One of the goals in project risk management is to push more unknown unknowns to known unknowns.

• Question 20

4 out of 4 points

	Estimates carry uncertainty; therefore, it is essential to seek as much expertise and past data as possible when making schedule and cost estimates.

• Question 21

4 out of 4 points

	It is important to recognize that it may take longer to make decisions in uncertainty tolerant cultures.

• Question 22

4 out of 4 points

	The essence of the strategic project management mindset is to realize that emphasis on the project itself is more important than strategy.

• Question 23

4 out of 4 points

	Masculinity implies “the extent to which the dominant values in society are assertiveness, money and material things, not caring for others, quality of life, and people”.

• Question 24

4 out of 4 points

	In essence, all forms of value ultimately contribute to the strategic value of a firm.

• Question 25

4 out of 4 points

	Ultimately, the extend of risk management deployed depends on risk tolerance and awareness of the potential upside impacts of risks.

• Question 26

4 out of 4 points

	Financial data gathered during the execution of a project can be used to determine whether or not the project is within the budget and on schedule.

• Question 27

4 out of 4 points

	Successful organizations invest time in detailed project planning and spend a disproportionate amount of time rethinking project scope and reacting to events.

• Question 28

4 out of 4 points

	Projects for a bridge between strategy and results.

• Question 29

4 out of 4 points

	Professional or intentional project managers far outnumber accidental project managers. Most people managing projects and initiatives originally intended to be project managers.

• Question 30

0 out of 4 points

	Gathering data from prior similar projects and relying on experienced estimators will not go a long way toward avoiding schedule surprises.

• Question 31

4 out of 4 points

	Projects contributing to a great deal of strategic and financial value merit more risk assessment than those delivering little value.

• Question 32

4 out of 4 points

	Successful leaders of global projects must not be ethnocentric.

• Question 33

4 out of 4 points

	A project is a temporary endeavor aimed at achieving some unique set of outcomes that meet or exceed the needs and expectations of key project stakeholders.

• Question 34

4 out of 4 points

	Relationships are generally subordinate to schedules in polychromic cultures.

• Question 35

4 out of 4 points

	Executives, managers, and subject matter experts working in multinational organizations spend less than75% of their time working on a portfolio of large and small projects and initiatives with extensive cross-functional and cross-cultural collaboration.

• Question 36

4 out of 4 points

	There is a body of research that suggests that a person’s stereotypes “may contain an element of truth”.

• Question 37

4 out of 4 points

	Budget and human resources constrain most projects.

• Question 38

4 out of 4 points

	Net present value (NPV) is simply a number that takes into account the time value of discounted cashflows, both expenses and returns, over a given period of time such as 5 years.

• Question 39

4 out of 4 points

	Scope creep refers to the tendency to add to the scope of the project over time.

• Question 40

4 out of 4 points

	Constraints are any factors that limit our options in pursuing the project objectives.

• Question 41

4 out of 4 points

	Projects done for environmental and safety reasons or to comply with government regulations fall under the category of compliance value.

• Question 42

4 out of 4 points

	Doing some detailed risk assessment during scope planning is irrelevant and unbeneficial as thoughts about what could go wrong stem from what needs to be done and how it needs to be done.

• Question 43

4 out of 4 points

	When estimating how long any piece of work will take, availability of resources, skill levels, and the experience of those who provide the estimates are key factors to consider.

• Question 44

4 out of 4 points

	Six Sigma initiatives, new production plants, offshoring, shared services, and similar projects provide tactical value.

• Question 45

4 out of 4 points

	Low context cultures are characterized by respect for a person’s title, age, and background connections

• Question 46

4 out of 4 points

	Culture is learned and individuals from the same culture have exactly the same learning experiences.

• Question 47

4 out of 4 points

	Uncertainty avoidance indicates “the extent to which a society feels threatened by uncertain or ambiguous situations.

• Question 48

4 out of 4 points

	Leaders of global projects need to develop the skill of looking at important projects/issues through “multiple lens” not just their own lens.

• Question 49

4 out of 4 points

	In a monochromic culture, it is important to keep appointments strictly, schedule in advance, and not to run late.

• Question 50

4 out of 4 points

	A negative net present value (NPV) is generally unacceptable, especially in compliance projects in which the return of the project is penalty avoidance.