MGT 367 Final

In August 2012, after twenty years in development, the combination heart monitor-ashtray for hospital intensive care patients was finally terminated, a victim of the change in the social acceptability of smoking in general and in particular, smoking by hospital patients. This is an example of natural termination.
A project that is terminated by extinction is not completed successfully.
Of the project closeout management steps listed, the first is to:
Finish the work
A tracking Gantt chart:
Identifies the stage of completion for each task.
Earned value management jointly considers the impact of:
Performance, cost, and time
Which of these tools allows a project team to make future projections of project status based on its current state?
The budget variance is calculated as:
Earned value minus actual cost
In the build-up stage of a successful project, it is important that:
Top management support exists.
Earned value management at the portfolio level requires:
Aggregation of all earned value measures across the firm’s entire project portfolio.
One strength of S-curve analysis is that it provides real-time tracking information.
A project manager that uses milestones as a project control device is using a:
Reactive Control system
The critical success factor that relates to the underlying purpose for the project is the:
Project mission
If an activity’s progress is defined as 0% until the activity is complete, the project manager is using:
The 0/100 rule.
Termination by addition occurs when:
The project is so successful that it becomes institutionalized.
The new dean was completely uninterested in international programs, so he selected the least competent faculty to serve on the committee and took away their doughnut budget, effectively terminating the project by starvation.
A behavioral issue that is crucial to maintaining the ongoing viability of a project is:
Worker commitment.
Systematic errors are not one-time incidents, but instead represent built-in components of the project management process.
A classic statement regarding project termination and closeout is, “The termination of a project is:
A project
Binding arbitration:
Can settle outstanding claims or disputes provided that all parties agree to its use.
In non-binding arbitration:
The judge can offer suggestions for dispute resolution but cannot enforce these opinions.
Of the project closeout management steps listed, the last is to:
Review how it all went
The project final report is fundamentally:
A Forward-looking document
Five weeks in the semester you have completed 0% of your project management class under the 0/100 rule.
The project control process is captured in the critical success factor of:
Monitoring and feedback
Funding problems are a key success inhibitor in the:
Formation Phase
The earned value to date divided by the planned value of work scheduled to be performed is the:
Schedule performance index
Earned value is:
The real budgeted value of the work that has actually been performed to date.
Termination by addition occurs when
The project is so successful that it becomes institutionalized.
Once the project was successfully concluded, the team members returned to their roles in the organization, occasionally congregating at the water cooler to relive their halcyon days of yore. No one could argue that their project was:
Terminated by intergration
Termination by addition and termination by integration both represent successful project completion.
The goal of a lessons-learned meeting is to recapitulate the series of events:
From all possible viewpoints
Loss of team identity is:
An emotional staff issue
Which two types of project termination can occur for unsuccessful projects?
Starvation and extinction
The classic S-curve is a plot of cumulative cost versus elapsed time in weeks.
Earned value management is also known as:
The golden triangle method (GTM).
Closeout activities are typically among the highest priority activities in a project.
The final items that are left to accomplish or correct at the end of a construction project are on the:
Punch list
In earned value management, schedule variance is defined as:
The difference between the earned value and the planned value.
The earned value divided by the actual, cumulative cost of the work to date is the:
Cost Performance Index
Knowing the correct steps to take once problems develop is a function of a team’s:
Technical task ability.
Since a project may get ahead of or fall behind schedule, a calendar date cannot be a milestone.
Once an activity is begun, it is assumed to be half done under the:
50/50 rule
The first step in the control cycle is:
Setting a goal
The project control cycle is continuous.
Earned value directly links all three primary project success metrics (cost, schedule, and customer satisfaction).
Arbitration refers to the formalized system for dealing with grievances and administering corrective justice to parties in a bargaining situation.
Which of these factors weighs heavily in the decision to terminate a project?
Low probability of return on investment
A significant challenge during the finishing the work element of project closeout management is to:
Maintain focus on the current project.
Some of the greatest challenges facing project teams during termination is:
Maintaining the energy and motivation to finish.
The least common type of lag relationship occurs when a successor’s finish is dependent upon a predecessor’s start.
Quite often the marginal gains in employee productivity decrease dramatically with the increased use of overtime.
Brook’s Law states that the typical crashing decision to add more resources to an activity only delays the activity further.
One reason for crashing a project is:
The project has slipped behind schedule.
Finish to start lags are the same as additional activity slack.
Most project management software employs AOA diagramming.
The most common method for shortening activity durations involves the decision to:
Increase project resources.
A basic Gantt chart:
Permits scheduling resources well before they are needed.
In order to accelerate completion of a project, the manager must crash critical path activities.
AON networks have an advantage over AOA networks:
Because they don’t need dummy activities.
Planned value is:
A cost estimate of the budgeted resources across the project’s life cycle.
Project control should be:
Tailored to the needs and culture for which an organization intends it.
The first step in earned value management is to:
Clearly define each activity that will be performed including its resource needs and budget.
Milestones are generally considered to be:
Key project review gates
The trailer had been reinforced, re-decked and had a fresh coat of paint. It was fully complete and finally ready for a run to Kansas City to pick up a rebounding son. This project has achieved natural termination.