AIMA Solved Assignments for FM09
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Assignment Name: FM09
Component Name: Assignment 1
Question 1:- A Gantt chart is useful in determining __________
a) The level of effort for a task
b) When a task starts and stops
c) Who is assigned to do a task
d) How tasks are related to each other
Question 2:- A key aspect of managing a project involves:
a) defining which operational systems to put in place.
b) identifying routine tasks.
c) ensuring ongoing operations are maintained.
d) planning to achieve defined objectives.
Question 3:- A project is generally defined in terms of scope, time, cost and which other parameter?
a) Benefits
b) Quality
c) Tolerance
d) Controls
Question 4:- In project management, the term quality is best defined as:
a) inspection, testing and measurement.
b) reviews and audits.
c) fitness for purpose of deliverables.
d) professionally-bound project reports.
Question 5:- Project risk management is best described as:
a) managing responses to threats.
b) identifying and acknowledging threats and opportunities.
c) planning responses to threats.
d) minimizing threats and maximizing opportunities.
Question 6:- Project selection criteria are typically classified as:
a) Financial and non-financial
b) Short-term and long-term
c) Strategic and tactical
d) Cost and schedule
Question 7:- Scheduling can best be defined as the process used to determine:
a) overall project duration.
b) project cost estimating.
c) the project management plan.
d) sub-contractor’s responsibilities.
Question 8:- The assessment of the external and internal environments is called _______ analysis
a) Industry
b) Competitive
c) SWOT
d) Economic
Question 9:- The main purpose of the Project Management Plan is to:
a) provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternative options.
b) ensure the project sponsor has tight control of the project manager’s activity.
c) document the outcome of the risk, change and configuration management processes.
d) document the outcomes of the planning process and provide the reference document for managing the project.
Question 10:- The phases of a project life cycle are:
a) starting, planning, control and closing.
b) concept, definition, development, handover and closure.
c) initiation, definition, planning, monitoring and operations
d) concept, definition, implementation and operations.
Question 11:- The three key levels at which responsibility can be defined is at the ____ level, at the ____ level and at the ____ level.
a) Project, Strategic, Activity
b) Project, Activity, WBS
c) Project, Organization, Team
d) Team, Organization, Contractor
Question 12:- Which of the following does not constitute the role of a project manager:
a) Integrator and coordinator
b) Business case approval
c) Project delivery
d) Project planning and controlling
Question 13:- Which of the following is NOT a project constraint?
a) The budget
b) The customer requirements
c) The technical specifications
d) The schedule
Question 14:- Which of the following permits planners to outline their ideas on paper before implementing them?
a) Project Proposal
b) Scope statement
c) Feasibility Study
d) Work Breakdown Structure
Question 15:- Which one of the following is captured in the Work Breakdown Structure (WBS)?
a) The life cycle phases.
b) The logical order of tasks.
c) The scope of the project.
d) Project costs.
Question 16:- Which one of the following statements best defines procurement?
a) A technique to establish the best approach for obtaining the resources for the project.
b) A group of interrelated resources and activities that transform inputs into outputs.
c) The description of the purpose, form and components to support delivery of a product.
d) The process by which products and services required for the project are acquired.
Question 17:- Which one of the following statements best describes a project?
a) A project is a set of tools and techniques often used when delivering organizational change.
b) A project is the sum of activities needed to remove uncertainty from a unique piece of work.
c) A unique transient endeavour undertaken to achieve a desired outcome.
d) A project is a method of planning work.
Question 18:- Which one of the following statements is true?
a) An increase in project scope is likely to increase project cost.
b) A decrease in the project time is likely to increase project quality.
c) An increase in the project quality requirements is likely to decrease project cost.
d) A decrease in the project cost is likely to decrease project time.
Question 19:- Which statement best describes a responsibility of the project manager:
a) to be the sole source of expertise for estimating techniques on cost and time.
b) to deliver the project objectives to enable benefits to be realized.
c) to take ultimate accountability for the delivery of the business benefits.
d) to delegate all accountability for managing time, cost and quality to team leaders.
Question 20:- Who owns the Project Management Plan (PMP)?
a) The project team.
b) The chief executive.
c) The project manager.
d) The project support office.
Assignment Name: FM09
Component Name: Assignment 2
Question 1:- A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project, is called:
a) Project life cycle
b) Product life cycle
c) Project life event
d) Procurement life cycle
Question 2:- A project manager would like to manage his project in such a way that he will be able to identify specific tasks that should be watched and managed more closely than others. The project manager should use which method?
a) The PERT method
b) The critical path method
c) The GERT method
d) The PCDM method
Question 3:- A single, overall cost of capital is often used to evaluate projects because:
a) it avoids the problem of computing the required rate of return for each investment proposal.
b) it is the only way to measure a firm’s required return.
c) it acknowledges that most new investment projects have about the same degree of risk.
d) it acknowledges that most new investment projects offer about the same expected return.
Question 4:- After Initial feasibility analysis, the next step is to prepare :
a) Project Plan
b) Scope statement
c) System Proposal
d) Work Breakdown Structure
Question 5:- All of the following are kinds of resource constraints except
a) Materials
b) Equipment
c) Information
d) All of the above are resource constraints
Question 6:- Appraisal Cost is:
a) Prevention cost
b) The cost of evaluating processes to ensure they are error free
c) Cost of appraising the project’s viability
d) Cost of appraising rework
Question 7:- Break-even analysis assumes that:
a) total revenue is constant.
b) unit variable cost is constant.
c) unit fixed cost is constant.
d) all of the above.
Question 8:- How do VC companies monitor their investment?
a) Through representation on Board of Directors
b) Through monthly accounts
c) Through meetings with the entrepreneur
d) Through an annual report from the entrepreneur
Question 9:- In finance, “working capital” means the same thing as
a) total assets.
b) fixed assets.
c) current assets.
d) current assets minus current liabilities.
Question 10:- In the financial appraisal of a project the criterion which loan disbursing financial institutions consider most appropriate is
a) Net Present Value
b) Debt-service coverage ratio
c) Internal Rate of Return
d) Payback period
Question 11:- Net working capital refers to
a) current assets.
b) total assets minus fixed assets.
c) current assets minus inventories.
d) current assets minus current liabilities.
Question 12:- One of the reasons a project life cycle is split into phases is to:
a) facilitate formal go/no-go decision making during the project.
b) balance the costs of work in each phase of project development.
c) mirror the major deployments of resources throughout the project.
d) chunk work into time periods of similar durations.
Question 13:- Project risk management is best described as:
a) managing responses to threats.
b) identifying and acknowledging threats and opportunities.
c) planning responses to threats.
d) minimizing threats and maximizing opportunities.
Question 14:- Projected cash flow is typically defined to be
a) the best case expected cash flow
b) an average of the possible cash flows from the various scenarios
c) the largest possible cash flow
d) the cash flow that results in the lowest NPV but still allows the project to be accepted.
Question 15:- The main purpose of a _______________ is to function as a blueprint for the group’s business operations.
a) Business Plan
b) Scope statement
c) Feasibility Study
d) Work Breakdown Structure
Question 16:- The process that evaluates overall project performance to provide confidence is called:
a) quality assurance.
b) quality planning.
c) quality control.
d) quality audit.
Question 17:- The program evaluation and review technique (PERT) method of scheduling differs from the critical path method (CPM) because the PERT method:
a) Uses weighted averages of activity durations to calculate project duration.
b) Uses dummy activities to represent logic ties.
c) Uses free float instead of total float in the schedule calculations.
d) Uses bar charts instead of logic diagrams to portray the schedule.
Question 18:- The term “capital structure” refers to:
a) long-term debt, preferred stock, and common stock equity.
b) current assets and current liabilities.
c) total assets minus liabilities.
d) shareholders’ equity.
Question 19:- Which of the following is essentially a process for determining the viability of a proposed initiative or service and providing a framework and direction for its development and delivery?
a) Project Plan
b) Feasibility Study
c) Project Report
d) Work Breakdown Structure
Question 20:- Which of the following is involved in economic feasibility?
a) Benefit-cost analysis
b) Breakeven analysis
c) Tangible and intangible aspects
d) All of the above