Deck 8: Evaluating and Terminating the Project

Question 1

The project audit is typically broader than the traditional management audit.

Answer 1

True

Question 2

The original criteria for selecting and funding the project are largely irrelevant for project evaluation.

Answer 2

False

Question 3

Project evaluation appraises the performance of a project relative to the project's initial or revised plan.

Answer 3

True

Question 4

Early project audits usually focus on the project's budget and schedule.

Question 5

The general audit is usually performed by a person or team with special technical skills.

Question 6

The timing of an audit depends on the purpose of the audit.

Question 7

Measuring the project's performance against a planned budget and schedule is generally straightforward.

Question 8

According to research, future potential is an important dimension of project success.

Question 9

The formal audit is a special type of project evaluation.

Question 10

Project audits are typically very useful in the initiation project state.

Question 11

Project evaluation should be limited to an after-the fact analysis.

Question 12

Measuring a project's success on budget, schedule, and performance is typically more complicated than measuring revenues or qualitative, subjective factors.

Question 13

The primary purpose of project evaluation is to given feedback to senior management for decision and control purposes.

Question 14

Later project audits are typically of less value to the project team and of more interest to general management.

Question 15

The use of forms to collect data during a project audit is generally considered not to be good management practice since they can limit the audit team's flexibility.

Question 16

The project audit focuses its attention on the organization's management systems and operations.

Question 17

Project audits are typically very useful at the master schedule project state.

Question 18

Project evaluation should not be limited to an after-the-fact analysis.

Question 19

Project evaluation should only appraise the progress and performance of a project relative to the project's initial plan and not relative to a revised plan.

Question 20

The request for proposal may contain valuable information for a project audit.

Question 21

The project final report is a history of the project.

Question 22

In which of the following project states is the value of the project audit of rather limited usefulness?

A) master schedule
B) initiation
C) feasibility study
D) preliminary plan/schedule budget
E) The value of the project audit is very useful in all of the above project states.

Question 23

The term evaluate means to set the value or appraise.

Question 24

Poor up-front planning is a fundamental reason for project failure.

Question 25

Project termination should be treated as a mechanistic process.

Question 26

A special type of project termination characterized by its unexpected suddenness and initiated by events such as forced retirement of the projects champion or the merger of the firm conducting the project with another firm is referred to as termination by "murder'".

Question 27

According to research, which of the following is not an important dimension of project success?

A) project efficiency
B) project team cohesiveness
C) customer impact/satisfaction
D) business/direct success
E) future potential

Question 28

Organizational structure should be addressed in the project final report.

Question 29

Naming the wrong project manager is a fundamental reason for project failure.

Question 30

It is generally advisable to have the project manager serve as the termination manager.

Question 31

The way project termination is managed can impact the project's success.

Question 32

Termination-by-integration occurs when an "in-house" project is successfully completed and institutionalized as a new, formal part of the organization.

Question 33

A discussion of the potential for project failure and monetary loss should be included in the audit report.

Question 34

According to the text, which of the following is not an item to consider for project evaluation report recommendations?

A) communication with the client and senior management
B) locating opportunities for technological advances
C) locating opportunities to crash the project
D) improving the project-management process
E) improving the organization's used of projects

Question 35

Which of the following audits is typically performed by a person or team with special technical skills?

A) the general audit
B) the detailed audit
C) the aggregate audit
D) the quality audit
E) the technical audit

Question 36

It is best for the project manager and project team to make the termination decision.

Question 37

A general audit is usually constrained by time and cost and limited to a brief investigation of project essentials.

Question 38

Which of the following is concerned with appraising a project relative to its initial or revised plan?

A) project evaluation
B) project termination
C) project monitoring
D) project control
E) project planning

Question 39

Project evaluation is an appraisal for use by top management.

Question 40

According to the text, which of the following is not a common level of depth for an audit.

A) the general audit
B) the detailed audit
C) technical audit
D) aggregate audit
E) All of the above are common levels of depth for an audit.

Question 41

Briefly describe the four types of project termination.

Question 42

Four fundamental reasons for project failure include all of the following except;

A) Project was not required for this task in the first place
B) Insufficient support form senior management
C) Insufficient funds
D) Poor up-front funding
E) Naming the wrong project manager

Question 43

Which of the following is most closely associated with the output of a project becoming a standard part of the operating systems of the sponsoring firm or client?

A) termination-by-addition
B) termination-by-extinction
C) termination-by-integration
D) termination-by-starvation
E) termination-by-elimination

Question 44

What content should be included in the audit report?

Question 45

Which of the following is not a main duty of the termination manager?

A) Oversee the closing of the project's books
B) Complete the project final report
C) Ascertain any product support requirements
D) Ensure completion of work
E) Ensure that documentation is complete

Question 46

Briefly describe and contrast general audits, detailed audits, and technical audits.

Question 47

A data collection form to support a project audit would include data from all the following categories except

A) financial data
B) technical data
C) managerial data
D) risk management data
E) All of the above categories would be included in the data collection form.

Question 48

List several key items to consider for project evaluation report recommendations.

Question 49

What are the steps in a project audit?

Question 50

What criteria should be included in evaluating a project?

Question 51

Which of the following is not a typical step in a project audit?

A) familiarize the audit team with the requirements of the project
B) collect benchmark data from other similar projects
C) audit the project on-site
D) write-up the audit report in the required format
E) distribute the report

Question 52

Contrast termination-by-addition with termination-by-integration.

Question 53

Which of the following was not a major section listed in the text for the audit report?

A) current status
B) future project status
C) critical management issues
D) financial analysis
E) risk analysis and risk management

Question 54

Briefly describe the value of project audits for alternative project states.

Question 55

Which of the following information should not be contained in an audit report?

A) Introduction
B) final comments
C) Risk analysis
D) future project status
E) Project RACI matrix

Question 56

What are the main duties of the termination manager?

Question 57

Which of the following is not a type of project termination mentioned in the text?

A) project extinction
B) termination-by-addition
C) termination-by-integration
D) termination-by-starvation
E) termination-by-elimination

Question 58

Which of the following is typically not included in the project final report?

A) administrative performance
B) project performance
C) organizational structure
D) project teamwork
E) risk analysis and risk management

Question 59

The four important dimensions for measuring project success include the following except…

A) Efficiency in meeting the budget and schedule
B) Customer impact/satisfaction
C) Business/direct success
D) Future potential
E) Planning

Question 60

Which of the following was not mentioned in the text as a valuable source of information for a project audit?

A) the project's Request for Proposal
B) minutes from the project selection committee
C) benchmark data from other similar projects
D) minutes of senior management committees that initiated the project
E) All of the above were mentioned in the text as valuable sources of information for a project audit.

Question 61

What is the difference between financial audits and project audits?

Question 62

Explain when projects should be terminated

Question 63

Describe what type of information would be in the risk analysis and risk management section of the audit report?

Question 64

What kind of measurement models can we a PM use to measure the projects performance against a planned budget?

Question 65

Describe what type of information would be in the critical management issues section of the audit report?

Question 66

Describe what type of information would be in the future project status section of the audit report?

Question 67

What issues should be addressed in the project final report?