Product Management
Midterm Exam
Course Introduction
Product Management is a comprehensive course that explores the strategic and tactical aspects of developing, launching, and managing successful products in todays dynamic market environment. Covering the entire product lifecycle, students learn key concepts including market research, customer-centric design, product strategy, roadmap planning, agile methodologies, and cross-functional team leadership. Through case studies, real-world projects, and interaction with industry professionals, learners gain practical skills to define product visions, prioritize features, analyze competition, and drive product growth from ideation to retirement, preparing them to serve as effective product managers in a variety of industries.
Recommended Textbook
Contemporary Project Management 4th Edition by Timothy Kloppenborg
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15 Chapters
682 Verified Questions
682 Flashcards
Source URL: https://quizplus.com/study-set/2359
Page 2
Chapter 1: Introduction to Project Management
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49 Verified Questions
49 Flashcards
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Sample Questions
Q1) Top management leadership is often cited as a factor that is critical to project success.Describe the key project-related activities of the steering or leadership team,the PMO,and the sponsor.
Answer: Key concepts to be covered in the response include: Steering or Leadership Team - Often comprised of the CEO and direct reports.Responsible for selecting,prioritizing,and resourcing projects in accordance with the organization's strategic planning.As the project progresses,they also ensure that accurate progress is reported and adjustments made as necessary. They also evaluate projects and portfolios midstream to ensure they stay on track and produce expected results. Chief Projects Officer - The project management office (PMO), is "a ,management structure that standardizes the project-related governance processes and facilitates the sharing of resources,methodologies,tools and techniques." The PMO work can range from supporting project managers to controlling them by requiring compliance to directives in actually managing projects. Sponsor - A sponsor is "a senior manager serving in a formal role given authority and responsibility for successful completion of a project deemed strategic to an organization's success."
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Chapter 2: Project Selection and Prioritization
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) Strategic analysis is often called SWOT - Start With Objectives Template (SWOT).
A)True
B)False
Answer: False
Q2) The internal part of strategic analysis (elements within the project team's control)consists of asking what opportunities and threats are posed by competitors,suppliers,customers,regulatory agencies,technologies and so on.
A)True
B)False
Answer: False
Q3) Many writers have stated that for strategic objectives to be effective,they should be:
A) broad - to cover many dimensions of the business
B) measurable - to track progress
C) unachievable - to inspire maximum performance
D) resource based - to focus on the inputs
Answer: B
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Chapter 3: Chartering Projects
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) Project charters typically include all of the following elements EXCEPT:
A) negative and positive risks
B) project assumptions
C) detailed resource requirements
D) project constraints
Answer: C
Q2) The project master network is a high-level plan that indicates a few significant accomplishments that are anticipated over the life of the project.
A)True
B)False
Answer: False
Q3) A project charter can vary in its length from one-page to multiple pages,depending on the size and complexity of the project.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Organizational Capability: Structure, Culture and Roles
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) It is generally neither necessary nor useful to have every single function represented on the core project team,as that would make communications and scheduling meetings more difficult.
A)True
B)False
Q2) In agile projects,the individual who leads in a collaborative manner by guiding teams and removing obstacles to their progress is called the:
A) project manager
B) sponsor
C) scrum master
D) facilitator
Q3) When trying to understand a corporate culture,it is helpful to understand the types of power that are used.In "power cultures":
A) workers closely follow their appointed roles.
B) supervisors exert a great deal of economic and political power.
C) more deference is paid to knowledge than to formal authority.
D) display an attitude that collaboration is satisfying and stimulating.
Q4) Describe the role of the steering team with respect to projects.
Page 6
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Chapter 5: Leading and Managing Project Teams
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46 Verified Questions
46 Flashcards
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Sample Questions
Q1) Conflict over ideas on how to proceed with a project can lead to more creative approaches.
A)True
B)False
Q2) When many members of the project team disagree,then delaying the decision,gathering more data,or agreeing to let one person make the decision may be in order.
A)True
B)False
Q3) Synergy results in a team having a collective capability that exceeds the sum of individual capabilities.
A)True
B)False
Q4) Leadership within a project team should be consistently demonstrated only by the project manager.
A)True
B)False
Q5) All project teams progress uniformly through five stages of team development. A)True
B)False
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Chapter 6: Stakeholder Analysis and Communication Planning
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46 Verified Questions
46 Flashcards
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Sample Questions
Q1) Common purposes for project communications include status reporting and efforts to obtain approval of project outputs.
A)True
B)False
Q2) ________ is the process of the project team communicating and working with stakeholders to satisfy their needs (and additional desires,when possible),handle issues quickly and encourage active stakeholder participation throughout.
A) Manage Stakeholder Engagement
B) Plan Stakeholder Engagement
C) Identify Stakeholders
D) Analyze Stakeholders
Q3) Establishing a positive relationship with all key stakeholders early in the project helps to create a desire among those stakeholders to support the project,and builds the communications foundation for the project.
A)True
B)False
Q4) Describe how you would use the plan-do-check-act model to plan,conduct and improve project meetings.
8
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Chapter 7: Scope Planning
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44 Flashcards
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Sample Questions
Q1) Plan scope management is the process of creating a project scope statement.
A)True
B)False
Q2) The project scope statement establishes the project boundaries by stating what features and work elements are included (in scope)and which are excluded (out of scope).
A)True
B)False
Q3) It is helpful to list requirements and supporting information in a requirements traceability matrix.When requirements are complete,they should meet all of these criteria EXCEPT:
A) Identified with the stakeholder(s) who needs it
B) Assigned to a team member who will be the requirement owner
C) Qualified by measurable conditions
D) Prioritized according to value, cost, time, risk, or mandate so trade-off decisions can be made if needed
Q4) A WBS component is a work element that is part of the WBS at any level.
A)True
B)False
Q5) Explain how scope is defined on agile projects.
Page 9
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Chapter 8: Scheduling Projects
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Sample Questions
Q1) A Gantt chart is a horizontal bar chart that shows each work activity on a separate line with the bar placed from the early start date to the early finish date for each activity on a timescale.
A)True
B)False
Q2) Creating a realistic schedule is often an iterative process because several factors can limit how fast a project can be completed.All of the following factors can limit how fast a project can be scheduled and completed EXCEPT:
A) Logical order
B) Imposed dates
C) Resource availability
D) Quality metrics
Q3) The sequencing of activities is often based upon dependencies between the activities.The dependencies that should guide activity sequencing can be either:
A) critical or non-critical
B) opportunities or threats
C) mandatory or discretionary
D) interior or exterior
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10
Chapter 9: Resourcing Projects
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Consider the software programmer loading chart presented in Figure 8-2.What percent of available time is the software programmer assigned to work activities on Thursday?
A) 80 percent
B) 100 percent
C) 150 percent
D) 200 percent
Q2) The components (principles)of Critical Chain Project Management include which of the following?
A) Estimate activity durations generously
B) Avoid multi-tasking.
C) Adhere strictly to completion deadlines - rather than finishing early or late.
D) Add a comfortable buffer to every project activity
Q3) Critical chain project management is an alternate scheduling technique that modifies the project schedule by taking resource constraints into account.
A)True
B)False
Q4) What should a project manager's considerations be when resourcing projects?
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11
Chapter 10: Budgeting Projects
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Sample Questions
Q1) Direct costs typically include the cost of direct labor as well as other direct costs for items such as material,travel,subcontracts and computer time.
A)True
B)False
Q2) Fixed costs remain the same regardless of the size or volume of work,while variable costs vary directly with volume of use.
A)True
B)False
Q3) A contingency reserve is money assigned to the project and allocated for identified risks for which contingent responses are developed.
A)True
B)False
Q4) Early in a project when very little detail is known about a project,it is impractical to render even a rough estimate of the final project cost.
A)True
B)False
Q5) Discuss how the accuracy of cost estimates becomes more precise during a project.
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Page 12
Chapter 11: Project Risk Planning
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Which of the following activities illustrates a risk response strategy designed to research a threat or an opportunity?
A) establish triggers and update them frequently
B) establish time or cost contingencies
C) construct a prototype to learn more about a candidate solution
D) identify a risk owner to each high priority risk
Q2) Which of the following describes the activities appropriately performed by the project team during Perform Qualitative Risk Analysis?
A) Team members assess the probability of occurrence and severity of impact for identified risks.
B) Team members develop contingency plans for all risks to avoid adverse impacts to project objectives.
C) Team members identify potential risk events.
D) Team members define how to conduct risk management activities for the project.
Q3) The purpose of risk management is to eliminate all project risk.
A)True
B)False
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13
Chapter 12: Project Quality Planning and Project Kick-Off
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45 Verified Questions
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Sample Questions
Q1) Which of the following activities are typically included in a project kick-off meeting?
A) The project manager evaluates team member performance.
B) The project team collects lessons learned for use on future projects.
C) The project manager outlines the project goals.
D) The project sponsor brings in a facilitator to conduct a brainstorming exercise
Q2) As part of the Control Quality process there may be recommended preventive actions,a proactive approach of making a change because a problem may occur otherwise.
A)True
B)False
Q3) All of the following items contribute to developing empowered performance in an organization EXCEPT:
A) setting an expectation for managers to encourage associates to treat risk events as learning opportunities
B) accepting the fact that the project manager has total decision making authority
C) training and equipping workers so that they're willing to take risks
D) helping develop specialists who can aid anyone in the organization
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Page 14
Chapter 13: Project Supply Chain Management
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Sample Questions
Q1) Traditional project procurement was characterized by win / lose adversarial relations between owner and contractor,whereas contemporary project partnering fosters a relationship of trust and collaboration.
A)True
B)False
Q2) All of the following accurately describe the features and characteristics of a contract
EXCEPT:
A) A contract binds both the seller and the buyer.
B) A contract obligates the seller to provide a specified product or service.
C) A contract obligates the buyer to pay for a specified product or service.
D) The project organization is always a buyer in a contract arrangement
Q3) A traditional buyer-seller relationship is defined as "a long-term relationship between an owner and a contractor in which the contractor acts as a part of the owner's organization for certain functions."
A)True
B)False
Q4) Compare and contrast traditional project procurement management with the more contemporary approach - project partnering.What are the conditions or sharing requirements for effective project partnerships?
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Chapter 14: Determining Project Progress and Results
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44 Flashcards
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Sample Questions
Q1) Consider the project performance report presented in figure 14.1.What valid conclusion can you draw regarding the project cost performance as of October 31,20XX?
A) The project is $8,000 over budget.
B) The project is $18,000 over budget.
C) The project is on budget.
D) The project is $26,000 under budget.
Q2) When using earned value techniques,Actual Cost (AC)refers to the total of costs incurred in accomplishing work on the activity during a given period.
A)True
B)False
Q3) Two types of control are used extensively on projects and both compare actual performance against the plan: steering control and go/no go control.
A)True
B)False
Q4) Describe the three different categories of risk events that occur during the Monitor Risks process,and some of the risk resolution strategies that might be used for each.
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Page 16
Chapter 15: Finishing the Project and Realizing the Benefits
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30 Verified Questions
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Sample Questions
Q1) Helping good workers to secure good follow-on work is one of the most important things a project manager must do near the end of the project.
A)True
B)False
Q2) Which of the following is true concerning lessons learned on a project?
A) Lessons learned can only be gathered from project team members.
B) Lessons learned are only identified at the end of the project after learning has occurred.
C) Lessons learned are the useful knowledge gained by project team members as they perform the project.
D) Lessons learned are always provided by the customer.
Q3) Some project sponsors will only approve a project charter if it includes and reflects lessons learned from other recently completed projects.
A)True
B)False
Q4) What is "validate scope" and why is it important to the project?
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Page 17