Enhance your Project Management and Contract Administration exam preparedness with our comprehensive MCQ practice set and quiz. Test your knowledge, master key concepts, and boost your confidence for success. Get ready to excel in your studies with expertly crafted questions. Start practicing today!
Q1. Select the most appropriate option
Most software project managers practice a lot of management techniques that are of doubtful authenticity are called
A) Project management tools
B) Project management myths
C) Project management thumb rules
D) Project management fundamentals
Answer
Ans: B) Project management myths
Q2. Select the most appropriate option
While doing risk response planning, you realize that there is a very critical risk which may have a high impact on the project completion. So, you create a fallback plan which could include any of the following conditions EXCEPT
A) Subcontracting the project to an outside Vendor
B) Developing Alternative Options
C) Allocation of Contingency Reserves
D) Allocation of Contingency Reserves
Answer
Ans: C) Allocation of Contingency Reserves
Q3. Select the most appropriate option
Earned value analysis can be used for measuring the project performance. Project managers use this analysis to plan for risks based on the actual cost, schedule, and progress of the work. During the executing phase, if a project has negative values for the cost variance and the schedule variance, which of the following would most accurately represent the project’s status
A) The project is ahead of schedule and under budget
B) The project is behind schedule and under budget
C) The project is over budget and behind schedule
D) The project is ahead of schedule and over budget
Answer
Ans: C) The project is over budget and behind schedule
Q4. Select the most appropriate option
During the schedule development process, the Project Manager may have to go through several iterations of the schedule before establishing the schedule baseline. All of the following are tools and techniques that may be used during this process
A) Critical Path Method, GERT, Resource Requirements
B) Resource Levelling Heuristics, Mathematical Analysis, Calendars
C) Duration compression, Resource Levelling Heuristics, PERT
D) GERT, PERT, Leads and Lags
Answer
Ans: A) Critical Path Method, GERT, Resource Requirements
Q5. Choose the right option – The question may have more than one correct answer.
Home Office costs include the following
A) Salaries and benefits of home office personnel
B) Home office overheads for accommodation, facilities and no chargeable support staff
C) Maintenance cost of Plant
D) Recruitment cost
Answer
Ans: B) Home office overheads for accommodation, facilities and no chargeable support staff
Q6. Select the most appropriate option
A comprehensive project procedure is necessary for effective
A) Project Management
B) Profit Management
C) Loss Management
D) Client Management
Answer
Ans: A) Project Management
Q7. State whether the given statement is true or false
A major project is cut down into a number of activities and these activities are arranged in a logical sequence of operation.
A) true
B) false
Answer
Ans: A) true
Q8. Select the most appropriate option
The first step in the development of the procurement schedule is to establish ?
A) Design cycle
B) Procurement cycle
C) Engineering cycle
D) Control cycle
Answer
Ans: B) Procurement cycle
Q9. State whether the given statement is true or false
The approved bidders list is set up by using project procedures for each category of equipment, material, and service.
A) true
B) false
Answer
Ans: A) true
Q10. Select the most appropriate option
Risks because of implementing a risk response are called
A) Unidentifiable Risks
B) Residual Risks
C) Secondary Risks
D) Accepted Risks
Answer
Ans: B) Residual Risks
Q11. Select the most appropriate option
An order of magnitude estimate is also known as
A) Control estimate
B) A ball park estimate
C) Conceptual estimate
D) Preliminary estimate
Answer
Ans: B) A ball park estimate
Q12. State whether the given statement is true or false
A suitable contingency or management reserve needs to be included in the capital cost estimates.
A) true
B) false
Answer
Ans: A) true
Q13. Select the most appropriate option
EVA stands for
A) Economic value addition
B) Earned Value Analysis
C) Economic value addiction
D) Economic vulnerability addition
Answer
Ans: B) Earned Value Analysis
Q14. Select the most appropriate option
The basic areas to which the project numbering system and procedures are applied are:
a Tagging and identification of equipment and materials
b Numbering of technical documents, specifications, data sheets, drawings, requisitions, and purchase orders
c Procurement commodity codes
d Scheduling activities in engineering, procurement, and construction
A) All are correct
B) a,b,d
C) b,candd
D) b,d
Answer
Ans: B) a,b,d
Q15. State whether the given statement is true or false
Nowadays, both “PERT” and “CPM” are used and these techniques can be generalized as Network Planning.
A) true
B) false
Answer
Ans: A) true
Q16. State whether the given statement is true or false
Time flows from left to right of an arrow, therefore, an arrow joins a lowered numbered event to a higher number event.
A) true
B) false
Answer
Ans: B) false
Q17. Select the most appropriate option
The major process in project integration does not include :
A) Project plan development
B) Integrated change control
C) Activity sequencing
D) Project plan execution
Answer
Ans: C) Activity sequencing
Q18. Select the most appropriate option
On completion of Project engineering when final drawings and bills of materials have been completed and all material has been purchased, What percentage of accuracy is required in a detailed estimate-
A) 5 to 10
B) 10 to 20
C) 30 to 40
D) 40 to 50
Answer
Ans: B) 10 to 20
Q19. Select the most appropriate option
What is one of the ways that a contract typically does not end?
A) Successful performance
B) Mutual agreement
C) Breach
D) Extension
Answer
Ans: D) Extension
Q20. Select the most appropriate option
In a Weak Matrix organization, the role of a project manager is that of a –
A) Coordinator and expeditor
B) Project manager with considerable authority
C) Support person
D) Functional manager
Answer
Ans: C) Support person
Q21. Select the most appropriate option
What is the reason for Crashing of a network ?
A) To find out means to complete the project at a later time schedule than planned or reworked time while updating.
B) To find out means to complete the project at an earlier time schedule than planned or reworked time while updating.
C) To find out means to complete the project at a possible time schedule than planned or reworked time while updating.
D) To find out means to complete the project at the required time schedule than planned or reworked time while updating.
Answer
Ans: B) To find out means to complete the project at an earlier time schedule than planned or reworked time while updating.
Q22. Select the most appropriate option
Administrative closure includes all the following expert:
A) Documentation of lesson learned
B) Verifying records including final specifications
C) Formal written notice to the contractor of project completion.
D) A collection of project reports
Answer
Ans: B) Verifying records including final specifications
Q23. Select the most appropriate option
Determining and delivering the required levels of quality is the responsibility of
A) Project Sponsor
B) Project Manager / Project Management Team
C) Project Team
D) All Stakeholders in the project
Answer
Ans: B) Project Manager / Project Management Team
Q24. Select the most appropriate option
Which of the following is an indirect cost?
A) Units of production
B) Sum of years digit
C) Declining balance
D) Straight line
Answer
Ans: D) Straight line
Q25. Select the most appropriate option
Managers responsible for ensuring that quality and methods are compatible with the schedule and cost objectives established in the project plan are
A) Departmental manager
B) Committee manager
C) Line manager
D) Supervisor
Answer
Ans: C) Line manager
Q26. Select the most appropriate option
All these statements about the project charter are correct except
A) Project charter includes or references the business need and product description
B) Project Charter provides authority to the project manager
C) Project charter formally authorizes a project.
D) Project charter is issued by the project sponsor
Answer
Ans: D) Project charter is issued by the project sponsor
Q27. Select the most appropriate option
Raw material to supply or fuel a machine or industrial process is known as
A) Feedstock
B) Operating stock
C) Supply stock
D) Industrial stock
Answer
Ans: A) Feedstock
Q28. Select the most appropriate option
Important business benefits for establishing a contract compliance system
A) More revenue
B) Control ensures adherence to contracting best practices through a centralized, searchable contract storage repository
C) More resources
D) More profits
Answer
Ans: B) Control ensures adherence to contracting best practices through a centralized, searchable contract storage repository
Q29. Select the most appropriate option
Advantages related to technology, products, your operations, your capabilities, and/or your people that lead to the potential for a sustainable competitive advantage
A) Organizational capability
B) Strategic Advantage
C) Technological Advantage
D) Operational advantage
Answer
Ans: B) Strategic Advantage
Q30. Select the most appropriate option
What does project plans usually prepared by the project managers define
A) Objectives and priorities
B) Objectives, Priorities, and philosophy
C) Philosophy
D) Objectives
Answer
Ans: D) Objectives
Q31. Select the most appropriate option
What is true about accuracy of estimates related to project definition at stage 1
A) A preliminary or factored estimate from equipment costs may be prepared with an accuracy of between 20 to 25 percent
B) A preliminary or factored estimate from equipment costs may be prepared with an accuracy of between 15 to 25 percent
C) A preliminary or factored estimate from equipment costs may be prepared with an accuracy of between 15 to 20 percent
D) A preliminary or factored estimate from equipment costs may be prepared with an accuracy of between 25 to 30 percent
Answer
Ans: B) A preliminary or factored estimate from equipment costs may be prepared with an accuracy of between 15 to 25 percent
Q32. Select the most appropriate option
According to the Chartered Institute of Purchasing and Supply by what percentage the organization should control their purchasing activity to achieve the greatest effectiveness
A) 60 percent
B) 70 percent
C) 80 percent
D) 90 percent
Answer
Ans: B) 70 percent
Q33. Select the most appropriate option
The first step in the development of the procurement schedule is to establish
A) Procurement cycle
B) Operating cycle
C) Maintenance cycle
D) Construction cycle
Answer
Ans: A) Procurement cycle
Q34. Select the most appropriate option
Diagram of the most important contract elements is known as
A) Coordinative map
B) Contract map
C) Consultation map
D) Negotiation map
Answer
Ans: B) Contract map
Q35. Select the most appropriate option
A basic “S” curve is drawn on a grid with a horizontal axis showing percentage calendar time from
A) 0 to 100 percent
B) 0 to 50 percent
C) 0 to 80 percent
D) 0 to 90 percent
Answer
Ans: A) 0 to 100 percent
Q36. Select the most appropriate option
The third phase of the project management process, in which the plans created in the prior phases (project initiation and planning) are put into action
A) Project scheduling
B) Project execution
C) Procurement cycle
D) Operating cycle
Answer
Ans: B) Project execution
Q37. Select the most appropriate option
Crashing of a network is to find out means to complete the project at an earlier time schedule than planned or reworked time while updating. This can be achieved through
A) Reducing the time for activities yet to be done by employing additional resources with inevitable additional cost
B) Adding the time for activities yet to be done by employing additional resources with inevitable additional cost
C) Adding the time for activities yet to be done by employing additional resources with no cost
D) Adding the time for activities done in the past by employing additional resources with inevitable additional cost
Answer
Ans: A) Reducing the time for activities yet to be done by employing additional resources with inevitable additional cost
Q38. Select the most appropriate option
The technique developed as a management control system by a research team for Polaris Atomic Submarine Project by the U.S. Navy in 1957–59.
A) PERT
B) Decision theory
C) CPM
D) Queuing theory
Answer
Ans: C) CPM
Q39. Select the most appropriate option
Necessary for effective project management is
A) Comprehensive design of the project
B) Comprehensive outline of the procedure
C) Comprehensive guideline of the project
D) Comprehensive project procedure
Answer
Ans: D) Comprehensive project procedure
Q40. Select the most appropriate option
How can the average contingency be determined
A) Examining the project definition stage for each code of accounts and applying average estimating accuracy factors appropriate for the specific project
B) Examining the project growth stage for each code of accounts and applying average estimating accuracy factors appropriate for the specific project
C) Examining the project definition stage for each code of accounts and applying total estimating accuracy factors appropriate for the specific project
D) Examining the project definition stage for each code of accounts and applying average estimating profitability factors appropriate for the specific project
Answer
Ans: A) Examining the project definition stage for each code of accounts and applying average estimating accuracy factors appropriate for the specific project
Total Views: 10
