Question 1

A commercial factor in project selection and screening might be:
A)A need to develop employees.
B)The likelihood that users of the project are injured.
C)The long-term market dominance.
D)The impact on the company's image.

Accepted Answer

The long-term market dominance is a commercial factor as it relates to the potential profitability and competitive advantage the project can provide.

Question 2

An effective project selection model must reflect organizational objectives,including a firm's strategic goals and mission.

Accepted Answer

An effective project selection model must align with the overall objectives of the organization, including its strategic goals and mission.

Question 3

Every decision model contains both objective and subjective factors.

Accepted Answer

Every decision model takes into account both objective factors, which can be empirically measured, and subjective factors, which are influenced by personal beliefs, values, and attitudes.

Question 4

Which statement regarding project selection is BEST?
A)Organizational reality can be perfectly captured by most decision-making models.
B)Before selecting any project,the team should identify all the relevant issues that play a role in project selection.
C)Decision models must contain either objective or subjective factors.
D)Every decision model has both objective and subjective factors.

Accepted Answer

The answer of Which statement regarding project selection is BEST?
A)Organizational...

Question 5

Souder's model selection criterion that encourages ease of adaptation to changes in tax laws,building codes,among others,is called:
A)Ease of use.
B)Cost.
C)Capability.
D)Flexibility.

Accepted Answer

The model selection criterion that encourages ease of adaptation to changes in tax laws, building codes, among others is called flexibility. Option D, flexibility, is the only choice that directly relates to this criterion. The other options, ease of use, cost, and capability, do not have a direct link to adaptability to changes in regulations or codes.

Question 6

Which statement regarding project selection and screening criteria is BEST?
A)The most complete model in the world is still only a partial reflection of organization reality.
B)It is possible,given enough time and effort,to identify all relevant issues that play a role in project selection.
C)Decision models are either objective or subjective.
D)For many projects,more than 80% of the decision criteria are vital.

Accepted Answer

The statement that "the most complete model in the world is still only a partial reflection of organization reality" acknowledges the inherent limitations of project selection and screening criteria, and the fact that no model can fully capture all relevant factors. This is a more realistic and accurate perspective than the other options presented, which suggest either that all relevant factors can be identified (B), or that decision models can be definitively classified as objective or subjective (C), or that most projects have a high proportion of vital decision criteria (D).

Question 7

If a model can be applied successfully by people in all areas and levels of an organization,it is said to possess the trait of:
A)Capability.
B)Ease of use.
C)Flexibility.
D)Realism.

Accepted Answer

Ease of use refers to the ability of a model to be easily understood and applied by people in all areas and levels of an organization.

Question 8

Quality risk refers to the chance that:
A)The project relies on developing new or untested technologies.
B)The firm's reputation may suffer when the product becomes available.
C)The well-being of the users or developers may decline dramatically.
D)The firm may face a lawsuit.

Accepted Answer

Quality risk specifically pertains to issues that could affect the perception or actual quality of the product or service being delivered, which in turn could harm the firm's reputation.

Question 9

Numeric project selection models,by their very nature,employ objective values.

Accepted Answer

The answer of Numeric project selection models,by their very nature,employ...

Question 10

One facet of risk in project screening is:
A)The change in manufacturing operations resulting from the project.
B)The initial cash outlay.
C)The potential for lawsuits or legal obligation.
D)The strategic fit of the project with the company.

Accepted Answer

The potential for lawsuits or legal obligation represents a facet of risk in project screening because it involves legal and financial uncertainties that can impact the project's viability and the company's reputation.

Question 11

A writer estimates it will take three months to generate spiffy documents to accompany a seminal work in operations management.He grossly underestimates the time required and misses his deadline by two months.This estimate was:
A)Objective and accurate.
B)Subjective and accurate.
C)Objective and inaccurate.
D)Subjective and inaccurate.

Accepted Answer

The estimate was subjective as it was made by the writer, but it was inaccurate as the writer grossly underestimated the time required.

Question 12

An expert's opinion on an issue may be subjective but very accurate.

Accepted Answer

An expert's opinion is based on their knowledge, experience, and analysis of the issue at hand. While their opinion may be influenced by their personal views and biases, it is likely to be more accurate than that of a non-expert. However, it is important to note that there can be differences of opinion among experts, and no one opinion should be taken as an absolute truth.

Question 13

An MBA redesign committee plans to spend a decade traveling the world to benchmark graduate programs at other universities.Regardless of the screening model being used,it will suffer from poor performance in the area of:
A)Flexibility.
B)Capability.
C)Comparability.
D)Cost.

Accepted Answer

The poor performance mentioned in the statement is related to cost, as traveling the world for a decade to benchmark graduate programs at other universities would require a significant amount of financial resources.

Question 14

An internal operating issue in project screening and selection is:
A)Expected return on investment.
B)Change in physical environment.
C)Patent protection.
D)The chance that the firm's goodwill will suffer due to the quality of the finished project.

Accepted Answer

The answer of An internal operating issue in project screening...

Question 15

One project factor that directly impacts a firm's internal operations is the:
A)Expected return on investment.
B)Financial risk.
C)Need to develop employees.
D)Impact on company's image.

Accepted Answer

The need to develop employees directly impacts the firm's internal operations as it involves providing training and development opportunities to employees, which leads to increased productivity, job satisfaction, and retention. It also helps in building a strong workforce that can adapt to changes in the industry and handle new challenges efficiently. The other options listed, such as expected return on investment, financial risk, and impact on company's image, although important, do not directly impact the firm's internal operations as much as the need to develop employees.

Question 16

Souder's project screening criterion of realism addresses the question:
A)How many workers will the project need?
B)Will the project work as intended?
C)Who are the stakeholders?
D)How often should the project team meet?

Accepted Answer

Souder's project screening criterion of realism primarily addresses the question of whether the project will work as intended. It involves assessing whether the project goals are achievable and realistic, and whether there are any major obstacles or challenges that may hinder successful project completion. Questions related to workers needed, stakeholders, and meeting frequency may be important considerations in project planning, but they are not directly related to the criterion of realism.

Question 17

A wedding planner allows $10,000 for flowers and three weeks to receive all RSVPs back from the list of 700 guests.Both estimates are correct within a fraction of a percent.We could describe this factoid as:
A)Numeric and subjective.
B)Numeric and objective.
C)Non-numeric and subjective.
D)Non-numeric and objective.

Accepted Answer

The answer of A wedding planner allows $10,000 for flowers...

Question 18

A selection model that is broad enough to be applied to multiple projects has the benefit of:
A)Ease of use.
B)Comparability.
C)Capability.
D)Flexibility.

Accepted Answer

A selection model that is broad enough to be applied to multiple projects allows for comparability across projects. This means that different projects can be evaluated using the same criteria, making it easier to identify strengths and weaknesses and make informed decisions. While ease of use, capability, and flexibility are also benefits of a broad selection model, comparability is the most relevant in this context.

Question 19

Souder's project screening criterion that indicates an effective model must reflect organization objectives,including a firm's strategic goals and mission is called:
A)Realism.
B)Capability.
C)Comparability.
D)Ease of use.

Accepted Answer

Souder's project screening criterion that indicates an effective model must reflect organization objectives, including a firm's strategic goals and mission is referred to as "realism." Therefore, option A is the correct choice. Options B, C, and D are not directly related to reflecting organizational objectives and hence do not apply to the given criterion.

Question 20

A project screening criterion that allows the company to compare long-term versus short-term projects,projects with different technologies,and projects with different commercial objectives is:
A)Flexibility.
B)Ease of use.
C)Capability.
D)Realistic.

Accepted Answer

Capability as a project screening criterion allows a company to compare projects of different scales, durations, technologies, and objectives by assessing whether the company has the resources, technology, and expertise to undertake them.

Quiz 3: Project Selection and Portfolio Management

A commercial factor in project selection and screening might be:

An effective project selection model must reflect organizational objectives,including a firm's strategic goals and mission.

Every decision model contains both objective and subjective factors.

Which statement regarding project selection is BEST?

Souder's model selection criterion that encourages ease of adaptation to changes in tax laws,building codes,among others,is called:

Which statement regarding project selection and screening criteria is BEST?

If a model can be applied successfully by people in all areas and levels of an organization,it is said to possess the trait of:

Quality risk refers to the chance that:

Numeric project selection models,by their very nature,employ objective values.

One facet of risk in project screening is:

A writer estimates it will take three months to generate spiffy documents to accompany a seminal work in operations management.He grossly underestimates the time required and misses his deadline by two months.This estimate was:

An expert's opinion on an issue may be subjective but very accurate.

An MBA redesign committee plans to spend a decade traveling the world to benchmark graduate programs at other universities.Regardless of the screening model being used,it will suffer from poor performance in the area of:

An internal operating issue in project screening and selection is:

One project factor that directly impacts a firm's internal operations is the:

Souder's project screening criterion of realism addresses the question:

A wedding planner allows $10,000 for flowers and three weeks to receive all RSVPs back from the list of 700 guests.Both estimates are correct within a fraction of a percent.We could describe this factoid as:

A selection model that is broad enough to be applied to multiple projects has the benefit of:

Souder's project screening criterion that indicates an effective model must reflect organization objectives,including a firm's strategic goals and mission is called:

A project screening criterion that allows the company to compare long-term versus short-term projects,projects with different technologies,and projects with different commercial objectives is: