IFRS Operations and Process Management

Question 1

What are the five phases of project management?

Accepted Answer

Initiating, Planning, Executing, Monitoring and Controlling, Closing

Answer

Planning, Budgeting, Staffing, Implementing, Reviewing

Answer

Designing, Building, Testing, Deploying, Maintaining

Answer

Researching, Proposing, Approving, Performing, Reporting

Question 2

What is a critical path in project management?

Accepted Answer

The longest sequence of dependent tasks that determines project duration

Answer

The most expensive phase of the project

Answer

The shortest possible path to completion

Answer

The path requiring the most resources

Question 3

What is the purpose of a work breakdown structure (WBS)?

Accepted Answer

To decompose the project into smaller, manageable work packages

Answer

To assign blame for delays

Answer

To list all project team members

Answer

To track financial expenditures only

Question 4

What is scope creep?

Accepted Answer

Uncontrolled expansion of project scope without corresponding adjustments

Answer

A normal part of every project

Answer

The planned addition of new features

Answer

A type of project risk assessment

Question 5

Why is stakeholder management important in projects?

Accepted Answer

Because stakeholder support and engagement are critical to project success

Answer

Only to fulfill a documentation requirement

Answer

Stakeholders have no impact on projects

Answer

It is only important for government projects

Question 6

What is the triple constraint in project management?

Accepted Answer

Scope, time, and cost — changes to one affect the others

Answer

Quality, risk, and resources

Answer

Planning, execution, and monitoring

Answer

Budget, schedule, and staffing