Entrepreneurship Exam Questions
Course Introduction
Entrepreneurship is a dynamic course that explores the process of identifying, developing, and launching new business ventures. Students will examine the characteristics of successful entrepreneurs, learn how to assess market opportunities, develop business models, and create detailed business plans. The course covers key topics such as innovation, financing, risk management, and growth strategies, providing practical insights through case studies and real-world examples. By the end of the course, students will acquire essential skills and knowledge needed to start and manage their own enterprises or to drive innovation within existing organizations.
Recommended Textbook
Project Management Achieving Competitive Advantage 4th Edition by Jeffrey K. Pinto
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1421 Verified Questions
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Chapter 1: Introduction: Why Project Management?
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Sample Questions
Q1) Where in the project life cycle are the intensity level of resources and client interest at their highest? Why is this the case?
Answer: The intensity level of resources peaks during the execution phase of the project life cycle.The actual work is performed during this phase,so the commitment of financial,human,and technical resources peaks at this time.The level of enthusiasm or concern expressed by the project's intended customer peaks in both the conceptualization and termination phases.The client is initially very interested because they provide input on the goal and specifications of the project.Project work moves out of the conceptual phase to a more internal mode and the client's interest wanes until the project nears delivery.At this point the client's interest peaks again as they prepare to receive the completed project and all the associated benefits.
Q2) Studies of IT projects reveal that:
A) Initial cost estimates are overrun by an average of 15%.
B) Over 66% of IT projects were delivered to customers but not used.
C) About 25% of all IT projects become runaways by overshooting budgets and timetables.
D) Up to 75% of software projects are cancelled.
Answer: D
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Chapter 2: The Organizational Context:
Strategy,Structure,and Culture
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Sample Questions
Q1) The weather station model performs the invaluable function of:
A) Keeping an eye on project status without influencing the project.
B) Establishing standards for managing projects.
C) Enforcing the adherence to accepted protocols for project management.
D) Improving the current state of project management procedures.
Answer: A
Q2) Sketch the Cleland project stakeholder management cycle and discuss the salient elements.
Answer: The Cleland Project Stakeholder Management Cycle (below)stresses that all stakeholder management functions are interlocked and repetitive.As time and the project progress,and as investigation work is done,new stakeholders are discovered and must,in turn,be managed.As the environment changes,the project team must cycle through the model again to verify that existing strategies are effective.
11ecf53c_5712_def8_b4a1_c5ce20ac2fcd_TB5361_11
\[\text { FIGURE 2.4 Project Stakeholder Management Cycle }\]
Q3) One element of strategic management is cross-functional decision making.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Project Selection and Portfolio Management
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Sample Questions
Q1) One facet of risk in project screening is:
A) The change in manufacturing operations resulting from the project.
B) The initial cash outlay.
C) The potential for lawsuits or legal obligation.
D) The strategic fit of the project with the company.
Answer: C
Q2) The simple scoring model has this advantage over a checklist model for screening projects.
A) Scaling from 1 to 5 is extremely accurate.
B) Scaling models ensure a reasonable link between the selected and weighted criteria and the business objectives that motivated their selection.
C) Scaling models allow decision makers to treat one criterion as more important than another.
D) Scaling models have been proven to make correct decisions better than 95% of the time while checklists only achieve 80% accuracy.
Answer: C
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Chapter 4: Leadership and the Project Manager
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Sample Questions
Q1) What can a project manager do to motivate project team members?
Q2) Recent research in organizational leadership declares that the new project leader should be adept at:
A) Analytics regarding project team performance.
B) Recognizing and rewarding talent.
C) Managing the progressive discipline process.
D) Analytics regarding the project's performance.
Q3) The task-oriented behavior of summarizing accomplishes which specific outcome?
A) Check on understanding and assess progress.
B) Guide and sequence discussion.
C) Check on agreement.
D) Increase comprehension.
Q4) Which of these is more characteristic of a manager?
A) Develop new processes
B) Originate
C) State their position
D) Focus on people
Q5) What are any four key differences between managers and leaders?
Q6) What is a project champion and why is it important to have one?
Q7) Why are projects often underfunded in the concept stage?
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Chapter 5: Scope Management
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Sample Questions
Q1) Any measurable,tangible,verifiable outcome,result,or item that must be produced to complete a project or part of a project is a:
A) Product.
B) Deliverable.
C) Tangible.
D) Work product.
Q2) Develop a responsibility assignment matrix for your semester project.Provide a brief (two or three sentence)description of your project and its current state.
Q3) The statement of work is a detailed narrative description of the work required for a project.
A)True
B)False
Q4) Provide an example of work breakdown structure and indicate what purpose WBS serves.
Q5) What is hierarchy among the deliverable,work package,subdeliverable,and project? Create an example starting with the most macro element,cascading through to the lowest element.
Q6) How should the project closeout step be planned?
Q7) What is work authorization?
7
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Chapter 6: Project Team Building,Conflict,and Negotiation
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Sample Questions
Q1) Principled negotiation is the art of:
A) Getting agreement with the other party while maintaining a win-win attitude.
B) Refusing to compromise your principles for the sake of a business deal.
C) Creating conflict to test for an adversary's weakness and reducing conflict once the weakness has been exposed.
D) Dividing your resources in the face of superior numbers.
Q2) The design team's location in one centralized cube farm made it convenient for them to interact with each other and overhear conversations that they had something to contribute to,proving once again the value of:
A) Accessibility.
B) Rules and procedures.
C) Superordinate goals.
D) Physical proximity.
Q3) The punctuated equilibrium model of team development says that:
A) Cataclysmic events promote growth after long periods of no change.
B) Change occurs as the team leader insists upon it.
C) There can be no equilibrium until suffering has occurred.
D) If team members are punctual, the project can achieve equilibrium.
Q4) How can project managers promote a sense of enthusiasm within the project team?
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Chapter 7: Risk Management
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Sample Questions
Q1) What are any four common categories of risk? What is an element of each category?
Q2) The period of highest risk impact for a project risk exists primarily in the:
A) Development stage of the project life cycle.
B) Concept stage of the project life cycle.
C) Implementation stage of the project life cycle.
D) Termination stage of the project life cycle.
Q3) Twenty-thousand dollars was budgeted for the office renovation that had a task contingency multiplier of 1.3.The estimated cost of the task must be:
A) About $15,400.
B) About $26,000.
C) About $22,800.
D) About $18,600.
Q4) How do mentoring and cross-training mitigate risk?
Q5) Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.
A)True
B)False
Q6) What is the PRAM methodology and what are its salient features?
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Chapter 8: Cost Estimation and Budgeting
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Sample Questions
Q1) A contingency rate of 10% on a building project budgeted at $20 million means the project organization is hoping to bring the project in for around:
A) $22 million.
B) $2 million.
C) $18 million.
D) $200 million.
Q2) Provide examples and discuss the differences between direct and indirect costs.
Q3) An activity with a learning rate of 0.85 takes 25 hours for the first iteration.How long will it take to complete this task for the 15th time?
A) 12.55 hours
B) 12.85 hours
C) 13.15 hours
D) 13.25 hours
Q4) Contingency money is:
A) The money that must be received before any project work can begin.
B) Money that is spent first to lock-in all contract guarantees.
C) Not usually a part of the activity-based costing process.
D) Valued at a higher rate than non-contingency money when determining project costs.
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Chapter 9: Project Scheduling: Networks,Duration
Estimation,and Critical Path
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Sample Questions
Q1) What is the early start time for Activity D given the activity times and precedence requirements shown in the table? \[\begin{array} { | l | l | l | }
\hline \text { Activity } & \text { Time } & \text { Predecessor } \\
\hline A & 5 & - \\
\hline \text { B } & 6 & A \\
\hline \text { C } & 4 & A \\
\hline D & 5 & \text { B, C } \\
\hline
\end{array}\]
A) 7
B) 9
C) 11
D) 13
Q2) Which technique would accelerate the completion of a project?
A) Hammocking
B) Bursting
C) Laddering
D) Passing
Q3) What is laddering and what advantages can be gained from its use in project management?
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Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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Sample Questions
Q1) Use the Gantt chart and the activity list to determine which resource is used the least.
\[\begin{array} { | l | l | l | l | }
\hline \text { Activity } & \text { Resources } & \text { Activity } & \text { Resources } \\
\hline \text { A } & 1 & \text { F } & 2 \\
\hline \text { B } & 1 & \text { G } & 3 \\
\hline \text { C } & 4 & H & 4 \\
\hline \text { E } & 2 & \text { I } & 3 \\
\hline
\end{array}\]
A) Resource 1
B) Resource 3
C) Resource 4
D) Resource 2
Q2) The least common type of lag relationship occurs when a successor's finish is dependent upon a predecessor's start.
A)True
B)False
Q3) What are the strengths and weaknesses of AOA and AON techniques?
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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Sample Questions
Q1) An important element in critical chain scheduling is to change from a late-finish (procrastination)approach to an early-start approach.
A)True
B)False
Q2) CCPM advocates performing all non-critical activities:
A) As late as possible.
B) As early as possible.
C) Before starting the critical path.
D) After completing the critical path.
Q3) Agile project management is well-suited for the case where requirements change in the middle of project development.
A)True
B)False
Q4) What are the implications for due dates and milestones when project slack is reapplied to the aggregated level?
Q5) What takes place in the Scrum process?
Q6) A feeder buffer is a buffer that is created for a non-critical path activity.
A)True
B)False
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Chapter 12: Resource Management
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Sample Questions
Q1) Consider the project that is neatly summarized in this table.What are the highest priority activities when using the most resources required leveling heuristic?
\[\begin{array} { | l | l | l | l | }
\hline \text { Activity } & \text { Duration } & \text { Predecessors } & \text { Workers Required } \\
\hline \text { A } & 8 & - & 3 \\
\hline \text { B } & 2 & - & 4 \\
\hline \text { D } & 6 & \text { A } & 5 \\
\hline \text { E } & 7 & \text { B } & 6 \\
\hline
\end{array}\]
A) E and B
B) C and E
C) C and D
D) B and D
Q2) Describe resource leveling; its objectives and the basic five-step technique to perform it.
Q3) What are the three types of constraints that projects face; provide examples and suggest ways to address these constraints?
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Chapter 13: Project Evaluation and Control
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Sample Questions
Q1) Knowing the correct steps to take once problems develop is a function of a team's:
A) Communication ability.
B) Technical task ability.
C) Troubleshooting ability.
D) Client acceptance ability.
Q2) Which of these tools allows a project team to make future projections of project status based on its current state?
A) Tracking Gantt chart
B) Milestone chart
C) S-curve
D) Earned value management
Q3) Since a project may get ahead of or fall behind schedule,a calendar date cannot be a milestone.
A)True
B)False
Q4) What is the significance of the 0/100 rule and the 50/50 rule and why would each be used?
Q5) What is earned value management and how can it be used to monitor project status?
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Chapter 14: Project Closeout and Termination
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Sample Questions
Q1) A mainframe computer company decided to enter the personal computer market with its Floridian Project,but subsequently decided to leave the market to focus on the mainframe business.The decision rule that they probably applied was to get out:
A) When the project no longer meets strategic fit criteria.
B) When deadlines continue to be missed.
C) When project personnel turn over too rapidly.
D) When technology evolves beyond the project's scope.
Q2) Systematic errors are not one-time incidents,but instead represent built-in components of the project management process.
A)True
B)False
Q3) Of the project closeout management steps listed,the last is to:
A) Hand over the project.
B) Finish the work.
C) Gain acceptance for the product.
D) Review how it all went.
Q4) What are the two types of claims that can arise in the event of project closure and why would one be chosen over another?
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