Entrepreneurship Exam Questions
Course Introduction
Entrepreneurship is the study of how individuals identify opportunities, develop innovative ideas, and create new ventures in a dynamic business environment. This course covers the foundational principles of entrepreneurship, including opportunity recognition, business model development, resource acquisition, risk management, and the cultivation of an entrepreneurial mindset. Students will explore the processes involved in launching and managing start-ups, analyze case studies of successful entrepreneurs, and learn essential skills such as pitching, networking, and business planning. By the end of the course, participants will be equipped with the knowledge and tools to transform ideas into viable business opportunities.
Recommended Textbook
Project Management Achieving Competitive Advantage 4th Edition by Jeffrey K. Pinto
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14 Chapters
1421 Verified Questions
1421 Flashcards
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Chapter 1: Introduction: Why Project Management?
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Projects are typically ongoing,day-to-day activities that have goods and services as outputs.
A)True
B)False
Answer: False
Q2) What are project management maturity models used for?
Answer: Project management maturity models are used to allow organizations to benchmark the best practices of successful project management firms.Project maturity models recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects.
Q3) There is no such thing as a project team:
A) With a deliverable.
B) With an ongoing, non-specific purpose.
C) With a goal.
D) With a project manager.
Answer: B
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Chapter 2: The Organizational Context:
Strategy,Structure,and Culture
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Most companies are well suited to allow for successful completion of projects in conjunction with other ongoing corporate activities.
A)True
B)False
Answer: False
Q2) A PMO is NOT used:
A) As a resource center.
B) To act as a central repository for project documentation.
C) To replace the project manager as being responsible for the project.
D) As the place where project management improvements are identified and then disseminated to the rest of the organization.
Answer: C
Q3) What is strategic management and what role do projects play in it?
Answer: Strategic management is the science of formulating,implementing,and evaluating cross-functional decisions that enable an organization to achieve its objectives.Projects have been called "stepping stones" of corporate strategy because an organization's overall strategic vision is the driving force behind its project development.Many firms apply their vision statement or mission to evaluating new project opportunities as a first screening device.
Page 4
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Chapter 3: Project Selection and Portfolio Management
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) What are the advantages and limitations of simple scoring models?
Answer: The simple scoring model has some useful advantages as a project selection device.First,it is easy to tie to critical strategic goals for the company and second,it is easy to comprehend and use.The major limitation of simple scoring models is that the scaling is not very accurate and is often treated as if ratios and difference in scoring levels have real meaning.Another drawback of these models is that they depend on the relevance of the selected criteria and the accuracy of weight given them.
Q2) A project that is exceptionally risky might still be undertaken by a firm if they have several other projects underway that are considered more of a sure thing.This approach to project selection is BEST described by the criterion called: A) Strategic "fit."
B) Risk.
C) Desire for portfolio balance.
D) Top management pressure.
Answer: C
Q3) Choose any example from recent news media and explain why their project failed. Answer: Examples will vary and may include product launches,public programs,building projects,or any number of other projects.
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Chapter 4: Leadership and the Project Manager
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Classic project champions are often more comfortable:
A) Performing traditional project activities.
B) Avoiding their projects during the early stages.
C) Avoiding their projects through the final stages.
D) Performing nontraditional project activities.
Q2) Much research has been published regarding the important characteristics of effective leaders.What are five traits that surveys have found to be important and which of your five is most important?
Q3) Tim slapped together his first web page and proudly showed it to all his colleagues,pointing out what he thought were obvious and overwhelming advantages in simplicity and portability.His championing of web pages that he had read about in a trade journal ultimately shamed everyone else into adopting a web-based approach for all communication and cemented his status as a true:
A) Creative originator.
B) Entrepreneur.
C) Godfather.
D) Project manager.
Q4) What are the practical steps that organizations can take to begin developing a core of project management professionals?
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Chapter 5: Scope Management
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103 Flashcards
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Sample Questions
Q1) The PMBoK definition stating,"a process that sets a project's scope by breaking down its overall mission into a cohesive set of synchronous,increasingly specific tasks," is for the:
A) Project plan.
B) Work breakdown structure.
C) Deliverable statement.
D) Scope expansion.
Q2) A lump-sum contract requires the customer to pay for the full delivered price of the project before any work is done.
A)True
B)False
Q3) The statement of work is a detailed narrative description of the work required for a project.
A)True
B)False
Q4) What takes place at the project closeout step?
Q5) Provide an example of work breakdown structure and indicate what purpose WBS serves.
Q6) What is work authorization?
Q7) How should the project closeout step be planned?
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Chapter 6: Project Team Building,Conflict,and Negotiation
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Cross-functional cooperation directly affects both:
A) Superordinate goals and psychosocial outcomes.
B) Psychosocial outcomes and task outcomes.
C) Task outcomes and self-actualization.
D) Self-actualization and superordinate goals.
Q2) What are the steps in assembling a project team? Which is most critical? Why?
Q3) The number one predictor of project success is:
A) The absence of conflict among project team members.
B) Documentation that clearly articulates the consequences of failing to achieve the objectives.
C) A mission that is understood and accepted by all team members.
D) A well-prepared fallback position in case the project cannot be executed as imagined.
Q4) How can project managers promote a sense of enthusiasm within the project team?
Q5) Because conflict is perceptual in nature:
A) It is a state.
B) It is essentially static.
C) It often cannot be solved by any conventional means but must be refereed.
D) It doesn't really matter if one party has truly wronged another party.
Q6) What are the characteristics of effective project teams?
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Chapter 7: Risk Management
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102 Flashcards
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Sample Questions
Q1) Jim knew instinctively that his professor wouldn't appreciate it if he brought his single scoop of vanilla ice cream into the lecture hall with him.He could almost hear the inevitable question,"Did you bring enough for everyone?" To avert such an embarrassment,he practically inhaled his frozen confection as he raced down the hall.He had eaten ice cream in this fashion before and knew he would soon have an ice cream headache,which could be described as:
A) High in consequence and high in probability.
B) Low in consequence and low in probability.
C) Low in probability and high in consequence.
D) High in probability and low in consequence.
Q2) Project penalty clauses that initiate at mutually agreed-on points in the project's development and implementation are:
A) Liquidated damages.
B) Milestone adjustments.
C) Contingency clauses.
D) Penalty points.
Q3) The highest dollar value of reserves is typically task contingency.
A)True
B)False
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Page 9
Chapter 8: Cost Estimation and Budgeting
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Sample Questions
Q1) Material is an example of a cost that is recurring,variable and direct.
A)True
B)False
Q2) A common reason for cost overruns in a project is a low initial estimate of project cost.
A)True
B)False
Q3) Acme is exploring two locations for a new plant to supply product for a government contract.They dispatch a team of industrial engineers and cost estimators to the Minneapolis-St.Paul area of Minnesota and to Kennewick-Pasco-Richland area in Washington.After conducting some tests,the teams return with some unusual findings,the Minneapolis-St.Paul workers seem to obey classic learning effect rules; their learning rate is 80% and is based on a doubling of output.They are much slower than their counterparts at the other site; it is estimated that the first batch units they assemble will take them 700 hours.The workforce in the Kennewick-Pasco-Richland area is much faster; their first batch will take only 470 hours.Strangely,these workers also exhibit learning effects,but their learning is based on a tripling of output rather than the traditional doubling and their rate is 78%.How many batches must be made before Minneapolis-St.Paul's time falls below Kennewick-Pasco-Richland's?
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Page 10
Chapter 9: Project Scheduling: Networks,Duration
Estimation,and Critical Path
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Negative float exists when a project's critical path has been completed more quickly than anticipated.
A)True
B)False
Q2) Prior to creating a network,it is important to:
A) Identify all loops through activities.
B) Identify the party responsible for each activity.
C) Calculate the float for each activity.
D) Understand the activity precedence.
Q3) The overall effect of laddering activities is to:
A) Streamline the linkage and sequencing between activities and keep project resources fully employed.
B) Summarize some subsets of the activities identified in the overall project network.
C) Allow the project team to disaggregate the overall project network into logical summaries.
D) Allow the project manager to more fully deploy resources and complete the project with zero slack.
Q4) What are hammock activities and when should they be used?
11
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Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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Sample Questions
Q1) What are the three principal methods for accelerating a project and under what circumstances might these methods yield little gain?
Q2) The AOA network described by this table needs: \[\begin{array} { | l | l | }
\hline \text { Activity } & \text { Predecessor } \\
\hline \text { A } & - - \\
\hline \text { B } & - - \\
\hline \text { D } & \text { A } \\
\hline \mathbb { E } & \text { A, B } \\
\hline F & \text { C } \\
\hline
\end{array}\]
A) Zero dummy activities.
B) One dummy activity.
C) Two dummy activities.
D) Three dummy activities.
Q3) Gantt charts can display early start or late start logic.
A)True
B)False
Q4) What are the strengths and weaknesses of AOA and AON techniques?
Page 12
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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Sample Questions
Q1) A project consists of six consecutive tasks that have average duration and worst-case duration estimates (in weeks)as shown in the table.Use Newbold's method to determine the aggregated two sigma buffer for this project. \[\begin{array} { | l | l | l | }
\hline \text { Activity } & \text { Average } & \text { Worst-Case } \\
\hline \mathrm { A } & 10 & 14 \\
\hline \mathrm { B } & 2 & 4 \\
\hline \mathrm { C } & 6 & 12 \\
\hline \mathrm { D } & 8 & 13.5 \\
\hline \mathrm { E } & 9 & 12 \\
\hline \mathrm { F } & 5 & 7.5 \\
\hline
\end{array}\]
A) 5 days
B) 6 days
C) 7 days
D) 9 days
Q2) List any three criticisms of critical chain project management and rank them in order from the greatest to smallest threat to universal adoption of CCPM.
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Chapter 12: Resource Management
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Sample Questions
Q1) The project represented by this resource load chart has a maximum limit of 6 units of resource activity in any day.Which activity could be split to help the project team finish on time and meet the resource cap?
A) Activity A
B) Activities B and C
C) Activities D and E
D) Activity E and F
Q2) What are any three common heuristics that can be used to schedule resources in a multi-project environment? Comment on their advantages and disadvantages.
Q3) Which of the following would NOT typically be displayed in a resource loading table?
A) The project team members
B) The tasks the project team members have been assigned
C) The time the activities are expected to take
D) The expenses allocated to the activities
Q4) What are the trade-offs among schedule slippage,resource utilization,and in-process inventory for a project manager in a multi-project environment?
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Chapter 13: Project Evaluation and Control
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104 Flashcards
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Sample Questions
Q1) Use this earned schedule table to determine the schedule variance ($)for this project at the end of Month 6. \(\begin{array}{l|l|l|l|l|l|l|l}
& \text { Month } 1 & \text { Month 2 } & \text { Month 3 } & \text { Month 4 } & \text { Month } 5 & \text { Month 6 } & \text { Month } 7 \\
\hline \mathrm{PV}(\$) & \$ 125 & \$ 275 & \$ 500 & \$ 875 & \$ 1,485 & \$ 2,325 & \$ 2,670 \\
\hline \mathrm{EV}(\$) & \$ 50 & \$ 120 & \$ 255 & \$ 420 & \$ 715 & \$ 865 & \$ 0 \end{array}\)
A) -$1,460
B) -$865
C) $865
D) $2325
Q2) Earned value is:
A) The total budget for the project.
B) A cost estimate of the budgeted resources across the project's life cycle.
C) The real budgeted value of the work that has actually been performed to date.
D) The cumulative total costs incurred in accomplishing the various project work packages.
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Page 15
Chapter 14: Project Closeout and Termination
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Sample Questions
Q1) How do the four types of project termination differ?
Q2) Which two types of project termination are reserved for successful projects?
A) Addition and integration
B) Integration and starvation
C) Starvation and extinction
D) Extinction and addition
Q3) Which type of project termination can occur for a project that is successful and for a project that is unsuccessful?
A) Termination by addition
B) Termination by integration
C) Termination by extinction
D) Termination by starvation
Q4) What are the four major categories in the work breakdown structure for project termination? Provide examples of specific tasks within each of these four categories.
Q5) The PFI arrangement in the United Kingdom for projects is an acronym for:
A) Project Failure Insurance.
B) Profiterole Filling Inclusion.
C) Private Finance Initiative.
D) Primary Figure Investment.
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