Entrepreneurship Exam Review
Course Introduction
Entrepreneurship explores the process of identifying, developing, and launching new business ventures, emphasizing creativity, innovation, and problem-solving. The course covers key concepts such as opportunity recognition, business model development, resource acquisition, risk management, and scaling operations. Students analyze real-world case studies, engage in hands-on projects, and cultivate an entrepreneurial mindset while learning how to assess market needs, craft value propositions, and pitch ideas to stakeholders. The course also addresses the challenges entrepreneurs face and highlights the impact of entrepreneurship on economic development and society.
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
Source URL: https://quizplus.com/quiz/7271
Sample Questions
Q1) One unique feature of projects is that they blend both:
A) Financial and behavioral challenges.
B) Technical and temporal challenges.
C) Technical and behavioral challenges.
D) Financial and temporal challenges.
Answer: C
Q2) The commitment of financial,human,and technical resources is highest during the:
A) Conceptualization phase.
B) Planning phase.
C) Execution phase.
D) Termination phase.
Answer: C
Q3) Project members may be from:
A) Different departments.
B) Other organizational units.
C) One functional area.
D) All of the above.
Answer: D
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3
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) One thing that organizational structure must include is:
A) The design of systems for effective communication.
B) The standards of performance for all employees.
C) The expected outcomes for all projects in the company portfolio.
D) The mission and vision statements.
Answer: A
Q2) Organizational structure identifies the grouping of individuals into:
A) Organizations.
B) Companies.
C) Silos.
D) Departments.
Answer: D
Q3) The belief that organizations can sometimes gain tremendous benefit from creating a fully dedicated project organization is captured by the term:
A) Heavyweight project organization.
B) Matrix organization.
C) Benevolent society.
D) Leveraged benefits.
Answer: A
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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) The pairwise comparison approach:
A) Is a method to split the weights assigned to subcriteria.
B) Is a method to compare pairs of hierarchies prior to any further analysis.
C) Is a means of achieving all project objectives within the allocated time frame.
D) May be used instead of AHP if time is limited.
Answer: A
Q2) If an organization that currently is managing a vast and well-balanced portfolio of projects decides on a new strategic direction,it will initially face the problem of:
A) Scarce resources.
B) A conservative technical community.
C) Out-of-sync projects and portfolios.
D) Unpromising projects.
Answer: C
Q3) The present value of money is lower the further out in the future I expect to spend it.
A)True
B)False
Answer: False
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5
Chapter 4: Leadership and the Project Manager
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) What are any three types of project champions and how are they different?
Q2) Which of these is the more meaningful measure of leadership effectiveness?
A) Subject matter knowledge
B) Emotional intelligence
C) Technical skill
D) Analytical ability
Q3) Risk taking can be encouraged in an organization by:
A) Seeking out projects that stand little chance of success.
B) Avoiding the inclination to punish failure.
C) Promotion of workers that are ill-equipped to lead projects.
D) Demoting project managers that are too conservative.
Q4) Which of these behaviors is BEST for managing an intercultural project team?
A) Learn alternative means of exchanging information.
B) Classify members of the project team in accordance with popular stereotypes.
C) Foster an atmosphere of inclusivity by ignoring cultural differences.
D) Enter the situation with no knowledge of the local culture and customs to avoid any appearance of bias.
Q5) Your author makes the statement that "Successful project managers must operate on the boundaries." Explain what is meant by this statement and provide an example.
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Chapter 5: Scope Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Organizational breakdown structure (OBS)allows companies to:
A) Assign the duties of tracking costs to the customer's accounting function.
B) Circumvent the onerous task of work breakdown structure.
C) Issue a preliminary TPS report.
D) Define the work to be accomplished.
Q2) The Project Management Research in Brief for Chapter 5 discusses Information Technology (IT)Project "Death Marches." What are the facts about such projects and what conclusions does the article present?
Q3) How should the project closeout step be planned?
Q4) The lowest level in work breakdown structure contains the:
A) Atoms.
B) Activities.
C) Finite elements.
D) Work packages.
Q5) Provide an example of work breakdown structure and indicate what purpose WBS serves.
Q6) What are three common elements in most work authorization contracts?
Q7) 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.
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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) Explain Gersick's model of punctuated equilibrium.
Q2) On the first day of class your professor distributed a syllabus that promised to base your course grade on a series of unannounced exams and a massive group project.As you scanned the room that day,you noted that many of your classmates did not share your enthusiasm for the subject and many were C students at best.You felt that your perfect 4.0 GPA was at stake if the professor's almost diabolical grading scheme were to be implemented.You decided right away that it was up to you to negotiate a grading scheme of equal parts class attendance,open book quizzes,and trivial homework assignments.How should you prepare for the negotiation and how should you proceed?
Q3) When negotiating,it is important to:
A) Focus on interests, not positions.
B) Focus on positions, not interests.
C) Focus on positions and interests.
D) Focus on neither interests nor positions.
Q4) What are the stages in group development and what project management behaviors are exhibited in each stage?
Q5) Sketch the two-stage model of cross-functional cooperation and describe all of the elements.
Q6) What are three consequences of poorly designed or unclear goals?
Page 8
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Chapter 7: Risk Management
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102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/7277
Sample Questions
Q1) The greatest project risk occurs when:
A) The probability of the event is high and the consequences of the event are high.
B) The probability of the event is high and the consequences of the event are low.
C) The probability of the event is low and the consequences of the event are high.
D) The probability of the event is low and the consequences of the event are low.
Q2) The mouse executive board meeting was drawing to a conclusion; the only way they would be able to detect the presence of the cat was to tie a bell around its tail.Under their risk management identification scheme,this would fall under:
A) Commercial risk.
B) Execution risk.
C) Financial risk.
D) Technical risk.
Q3) What is the PRAM methodology and what are its salient features?
Q4) What are the basic qualitative methods for identifying risk factors? What are the advantages and disadvantages of each method?
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Chapter 8: Cost Estimation and Budgeting
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) The 1974 model Eldorado is a three-ton behemoth with a 500-cubic-inch engine that is long on style but short on gas mileage.During its five-year development process no one could possibly have anticipated that gas prices would go through the roof in 1973,making it far more expensive to operate and subsequently less attractive to a gas-price-conscious public.Design engineers scrambled to change the car in the last few months leading up to its debut,adding a slimmed down version with a smaller engine.All of the design overtime meant that the project budget took a big hit though,thanks to:
A) The initial low estimate.
B) The unexpected technical difficulties.
C) This external factor.
D) The lack of definition.
Q2) 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
Q3) Describe any three reasons that cost overruns occur in project work.
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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) Ray's shipment of materials hit every red light and traffic jam on the way to the site.Upon arrival,half of the material was judged defective,necessitating a trip back to the supplier,and then the same arduous journey back to the site once the new materials were loaded.Traffic was a little better on the second round but the flat tire and subsequent repair caused as much if not more delay than the first trip.In the final analysis:
A) The project activity of Material Delivery was pretty close to the optimistic estimate.
B) The project activity of Material Delivery was pretty close to the most likely estimate.
C) The project activity of Material Delivery had a much higher variance than anticipated.
D) The project activity of Material Delivery was pretty close to the pessimistic estimate.
Q2) What does a network diagram illustrate and why are they important in project management?
Q3) Burst activities are those with two or more successor activities.
A)True
B)False
Q4) What are hammock activities and when should they be used?
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Page 11
Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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96 Verified Questions
96 Flashcards
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Sample Questions
Q1) The least common type of lag relationship occurs when a successor's finish is dependent upon a predecessor's start.
A)True
B)False
Q2) Research has shown that,in general:
A) There is a tendency to underestimate activity lengths.
B) There is a tendency to overestimate activity lengths.
C) The activity lengths are estimated correctly.
D) The activity lengths are estimated correctly but the networks are drawn incorrectly.
Q3) The most common type of logical sequencing between tasks is referred to as the:
A) Finish to start relationship.
B) Finish to finish relationship.
C) Start to start relationship.
D) Start to finish relationship.
Q4) An activity on an arrow network:
A) Cannot have more arrows than nodes.
B) Cannot have more nodes than arrows.
C) Has one more node than arrows.
D) Has one more arrow than nodes.
12
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Subcontractor deliveries are difficult to schedule with the critical chain project methodology because:
A) The project manager cannot force subcontractors to use this project management approach.
B) The feeder buffers for a subcontractor are as much as 50% shorter than for an employee or internal team.
C) Subcontractors routinely operate according to calendar delivery dates.
D) The corporate culture of "no blame" does not naturally extend to subcontractors.
Q2) Which statement about critical chain methodology is BEST?
A) Activity durations estimated at a 50% level of successful completion are shorter than those estimated at a 90% level of successful completion.
B) Aggregated activity durations at a 90% level of successful completion are shorter than aggregated activity durations at a 50% level of successful completion.
C) The total safety buffer for aggregated activity durations is smaller than the sum of safety buffers for individual activity durations at any likely level estimate.
D) None of these statements is correct.
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13
Chapter 12: Resource Management
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Use the information in the table and assume that a worker is expected to devote half-time (four hours per day)to this project with work taking place on a 5-day-per-week basis.Which week has the highest resource usage? \[\begin{array} { | l | l | l | }
\hline \text { Activity } & \text { Duration } & \text { Predecessor } \\
\hline \mathrm { A } & 5 \text { days } & - \\
\hline \mathrm { B } & 4 \text { days } & \mathrm { A } \\
\hline \mathrm { C } & 5 \text { days } & \text { A } \\
\hline \mathrm { D } & 6 \text { days } & \mathrm { B } \\
\hline \mathrm { E } & 6 \text { days } & \mathrm { C } , \mathrm { D } \\
\hline \mathrm { F } & 6 \text { days } & \mathrm { E } \\
\hline \end{array}\]
A) Week 6
B) Week 2
C) Week 4
D) Week 3
Q2) Describe resource leveling; its objectives and the basic five-step technique to perform it.
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Page 14
Chapter 13: Project Evaluation and Control
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Project goal setting includes setting a baseline plan,which is predicated on:
A) The progress measurement.
B) An accurate work breakdown structure.
C) The type of gap analysis the project team plans to use.
D) The budget and schedule limitations.
Q2) In earned value management analysis,the cumulative amount of the budget becomes the:
A) Planned value.
B) Scheduled value.
C) Cost basis.
D) Cost driver.
Q3) The first step in earned value management is to:
A) Create the activity and resource usage schedules.
B) Develop a time-phased budget that shows expenditures across the project's life.
C) Total the actual costs of doing each task to arrive at the actual cost of work performed.
D) Clearly define each activity that will be performed including its resource needs and budget.
Q4) What are drawbacks to a pure S-curve analysis?
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Chapter 14: Project Closeout and Termination
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Lessons-learned analysis is BEST described as:
A) A bookkeeping process.
B) A personnel reassignment process.
C) A pressure relief process.
D) An organizational learning process.
Q2) Of the project closeout management steps listed,the first is to:
A) Hand over the project.
B) Finish the work.
C) Gain acceptance for the product.
D) Review how it all went.
Q3) Research clearly indicates that when team members have experienced positive psychosocial outcomes from a project:
A) They are actually less likely to work collaboratively in the future.
B) They tend to fear future projects because they feel the law of averages will catch up with them.
C) Their enthusiasm level wanes due to mental and physical exhaustion.
D) They are more likely to work collaboratively in the future.
Q4) What are any four items that prevent effective project closeouts and how can each be avoided?
Q5) What are any two common mistakes in a post-project lessons-learned meeting?
Page 16
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