Product Development Exam Solutions
Course Introduction
Product Development is a comprehensive course that explores the processes and methodologies involved in bringing new products from concept to market. Students will learn about identifying customer needs, designing innovative solutions, prototyping, testing, and refining products based on feedback. The course covers essential topics such as market analysis, product lifecycle management, cross-functional teamwork, and the integration of technological, financial, and strategic considerations. Through case studies and hands-on projects, students gain practical experience in developing products that meet user demands while aligning with business objectives.
Recommended Textbook
Project Management Achieving Competitive Advantage 4th Edition by Jeffrey K. Pinto
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14 Chapters
1421 Verified Questions
1421 Flashcards
Source URL: https://quizplus.com/study-set/415
Page 2
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) 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
Q2) The degree of risk associated with the project is typically at its highest during the:
A) Conceptualization phase.
B) Planning phase.
C) Execution phase.
D) Termination phase.
Answer: A
Q3) Project management is a useful training ground for:
A) Interns.
B) Recent graduates
C) Employees of recently acquired companies.
D) Senior executives.
Answer: D
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Page 3
Chapter 2: The Organizational Context:
Strategy,Structure,and Culture
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103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/7272
Sample Questions
Q1) The manager of the Super Burrito Project is in the midst of an important project team meeting but Fred Fromage,the representative from the Cheese department,is nowhere to be found.After a brief investigation it is determined that Fred's manager in the Cheese department has other plans for Fred's time and efforts over the next several days and he simply won't be available for Super Burrito Project work.The organizational structure being used here is unquestionably a:
A) Strong matrix.
B) Weak matrix.
C) Project organization.
D) Chevre organization.
Answer: B
Q2) A strategic element that contains formally titled initiatives such as the Customer Survey Project,the Small Business Alliance Project,and the Employee Relations Project is most likely a:
A) Mission.
B) Strategy.
C) Goal.
D) Program.
Answer: D
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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 present value of money is lower the further out in the future I expect to spend it.
A)True
B)False
Answer: False
Q2) How can a payback period approach be used to evaluate potential projects?
Answer: The project payback period approach estimates the amount of time that will be necessary to recoup the investment in a project; that is,how long will it take the project to pay back its initial budget and begin to generate positive cash flow for the company.The discounted cash flow method is used to estimate cash outlays and inflows resulting from investment in a project,and these positive and negative flows are compared using the ratio:
Payback Period = 11ea19f5_2360_595b_ab61_cb0099f374fc_TB5361_11
Shorter paybacks are preferable to longer paybacks.
Q3) Multiple project environments thrive on:
A) Multi-layered bureaucracy.
B) Rigid development processes.
C) Narrow communication channels.
D) Improvisation by project teams.
Answer: D
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Page 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 can a project manager do to motivate project team members?
Q2) Friendliness with a purpose describes:
A) Empathy.
B) Self-regulation.
C) Obsequiousness.
D) Social skill.
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) Give two examples each of traditional and nontraditional project champion duties.Which set of duties is more important? Why?
Q5) The facet of partnership that describes the requirement that every worker be responsible for defining the project's vision and goals is called:
A) Exchange of purpose.
B) A right to say no.
C) Joint accountability.
D) Absolute honesty.
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Chapter 5: Scope Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) A project manager can identify personnel who will be directly responsible for each task in the project's development by using a(n):
A) Responsibility assignment matrix.
B) Milestone designation chart.
C) Merrill report.
D) Work package report.
Q2) The windmills of Mykonos were lovely,so Lisa contracted with an architectural firm to build one in the west pasture.Once the windmill had been built and was operational,the project team looked back at how they had managed to stay on schedule and what budget variances existed along the way.The windmill was pumping as promised,an honest two gallons per minute just as they had design it.Closeout documentation of this type is considered:
A) Historical records.
B) Financial closeout.
C) Hierarchy reporting.
D) Post-project analysis.
Q3) List any five important points to remember when defining work packages.
Q4) What are two common reasons that project or specification changes must be made?
Q5) How should the project closeout step be planned?
Page 7
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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) Administrative conflict arises through management hierarchy,organizational structure,or company philosophy.
A)True
B)False
Q2) Productive interdependencies hinge upon:
A) The project manager's role as the hub of the team with all team members as spokes.
B) The degree of knowledge the team members have and the importance they attach to interrelatedness of efforts.
C) The cohesiveness of the project team's supply chain and the degree of assistance they render the project team.
D) The support the key stakeholders offer to the overall project success.
Q3) A key determinant of project success is a:
A) Rapidly assembled team.
B) Slowly assembled team.
C) Project leader voted on by the team.
D) Clear project mission.
Q4) What are three practical steps that project managers can take so that teamwork can emerge?
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8
Chapter 7: Risk Management
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102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/7277
Sample Questions
Q1) What are the four alternatives a project organization can adopt in deciding how to address their risks? What are the advantages and disadvantages of each? Which is best and why?
Q2) The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:
A) Mentoring.
B) Cross-training.
C) Supervising.
D) Interning.
Q3) The European Association for Project Management has developed an integrated program of risk management based on efforts to extend risk management to cover a project's entire life cycle.This program is known as:
A) EAPM-RM.
B) RMEAPM.
C) ERM.
D) PRAM.
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) Top-down budgeting,where input is gathered directly from the organization's top management,is often quite accurate.
A)True
B)False
Q2) "If the weather holds and the utility service has correctly marked the location of the gas,telephone,and electric lines zigzagging across my property,I should be able to install the accent lighting in my back yard in an afternoon's time," the do-it-yourselfer commented to his jealous (and skeptical)neighbor.The only reply he received was his neighbor's,"Good luck with all that,I remember reading somewhere that:
A) Project scope is fixed once the planning period is completed."
B) Normal conditions are rarely encountered."
C) There are no truly external factors in project execution."
D) Activity based costing shouldn't be used in a project of this scale."
Q3) Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type.
Q4) Explain the difference between normal and expedited costs,fixed and variable costs,and recurring or nonrecurring costs.Create a 2 × 2 × 2 matrix and provide one example each (8 total examples)of each combination of these costs.
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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) An activity has an optimistic time estimate of 25 days,a most likely estimate of 29 days,and a pessimistic estimate of 34 days.What is the expected duration of the activity?
A) Less than 31 days but greater than or equal to 29 days
B) Less than 29 days but greater than or equal to 27 days
C) Less than 27 days but greater than or equal to 25 days
D) Less than 25 days
Q2) Activity float is the difference between the late finish and early finish for the activity in question.
A)True
B)False
Q3) Activities C,D,and E in the project represented by the network are to be hammocked.What are the early start and late finish times of the hammock activity?
A) 6, 20
B) 6, 26
C) 9, 20
D) 9, 26
Q4) What does a network diagram illustrate and why are they important in project management?
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Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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96 Verified Questions
96 Flashcards
Source URL: https://quizplus.com/quiz/7280
Sample Questions
Q1) Use the Gantt chart and activity list to determine which resource is released from this project for use in another project the earliest. \[\begin{array} { | l | l | l | l | }
\hline \text { Activity } & \text { Resources } & \text { Activity } & \text { Resources } \\
\hline \text { R } & 3,5 & \text { M } & 1,2 \\
\hline \text { H } & 1 & \text { K } & 4 \\
\hline \text { G } & 2,5 & \text { T } & 3 \\
\hline \text { F } & 4,1 & \text { P } & 1 \\
\hline \text { B } & 2 & \text { S } & 3,4 \\
\hline T & 4 & \text { W } & 3 \\
\hline
\end{array}\]
A) Resource 2
B) Resource 4
C) Resource 1
D) Resource 3
Q2) How might a project manager alter a straightforward PERT network to accommodate an inordinately large and complex project?
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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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Which of these is a drawback for Agile Project Management?
A) Final outcomes are well-defined since Agile requirements are clearly articulated at the start of the design phase.
B) The users of the project deliverable tend to be uninformed as to project status until the delivery phase once the initial bid process has ended.
C) The project team will be unsure the deliverable works since testing is delayed to the very end of the project.
D) The frequent rescoping of a predictable project becomes wasted expense as it won't deliver added benefits.
Q2) Agile Project Management is well-suited for instances where
A) Customer needs are well-defined.
B) Time constraints exist.
C) Customer needs change quickly.
D) Budget constraints exist.
Q3) What is the motivation for programming in pairs using one terminal? How can this approach be more productive than having each of the two programmers at his own terminal?
Q4) What is aggregated buffer and how can the appropriate amount be determined?
Page 13
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Chapter 12: Resource Management
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Use this activity precedence table to create a resource loading profile.Activity lengths are given in days and an 8-hour day is assumed. \[\begin{array} { | l | l | l | }
\hline \text { Activity } & \text { Time } & \text { Predecessor } \\
\hline \text { A } & 2 & \\
\hline \text { B } & 3 & \text { A } \\
\hline \text { C } & 6 & \text { B } \\
\hline \mathrm { D } & 5 & \text { A } \\
\hline E & 3 & \text { C } \\
\hline \text { F } & 2 & \text { D } \\
\hline G & 2 & \text { E,F } \\
\hline
\end{array}\]
Q2) All that is needed to create a resource loading calendar is the work breakdown structure and the activity network.
A)True
B)False
Q3) What are any three common heuristics that can be used to schedule resources in a multi-project environment? Comment on their advantages and disadvantages.
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14
Chapter 13: Project Evaluation and Control
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Use the information in the table regarding this seven-month project to calculate the SPI in terms of dollars and compare it with the SPI calculated in terms of time.Perform both calculations for months 1 through 6.Then use the SPI(t)to provide the Estimate at Completion for Time (EACt). \(\begin{array}{|l|l|l|l|l|l|l|l} & \text { Month } 1 & \text { Month } 2 & \text { Month } 3 & \text { Month 4 } & \text { Month } 5 & \text { Month } 6 & \text { Month } 7 \\
\hline \text { PV (\$) } & \$ 125 & \$ 275 & \$ 500 & \$ 875 & \$ 1,485 & \$ 2,325 & \$ 2,670 \\
\hline \text { EV (\$) } & \$ 150 & \$ 320 & \$ 510 & \$ 850 & \$ 1425 & \$ 2280 & \$ 0 \\ \hline \end{array}\)
Q2) Sketch the project control cycle and discuss the activities that take place in each step.
Q3) Positive variance on an S-curve represents significant project progress. A)True B)False
Q4) What are the problems with milestones as a project control mechanism?
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Page 15
Chapter 14: Project Closeout and Termination
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) What are the major types of paperwork that must be closed out at the end of a project? What are some elements of each type?
Q2) A research study on the critical success factors for projects found that an important determination of whether the project is successful is the element of:
A) Putting it all to bed.
B) Reviewing how it all went.
C) Disbanding the team.
D) Gaining acceptance for the product.
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 is a lessons-learned meeting with regards to project management? Describe the benefits and behaviors of such a meeting.
Q5) What is arbitration,how does it work,when is it used and what are the two different types?
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