Exam 1 MGT 325 || WITH COMPLETE SOLUTIONS.
What is a project? correct answers Definition: A complex, non-routine, one-time effort
limited by time, budget, resources, and performance specifications designed to meet customer
needs.
A project is a temporary endeavor undertaken to create a unique product, service, or result.
Major characteristics of a project correct answers - Has an established objective.
- Has a defined life span with a beginning and an end.
- Requires cross-organizational participation.
- Accomplishes non-routine tasks
- Has specific time, cost, and performance requirements.
What is Project Management? correct answers Project management is the application of
knowledge, skills, tools and techniques to project activities to meet project requirements.
Managing a project includes: correct answers - Identifying requirements
-Addressing the needs of stakeholders
- Balancing the competing project constraints of:
Scope
Quality
Schedule
Budget
Resources
Risk
Program defined correct answers A program is a group of related projects managed in a
coordinated way to obtain benefits and control not available from managing them
individually.
Primary difference between Program vs. Project correct answers Scale and Life-span
The project life cycle correct answers The life cycle recognizes that projects have a limited
life span and that there are predictable changes in level of effort and focus over the life of the
project.
The project life cycle typically passes sequentially through four stages: defining, planning,
executing, and delivering.
Defining stage correct answers Specifications of the project are defined; project objectives
are established; teams are formed; major responsibilities are assigned.
, Planning stage correct answers The level of effort increases, and plans are developed to
determine what the project will entail, when it will be scheduled, whom it will benefit, what
quality level should be maintained, and what the budget will be.
Executing stage correct answers A major portion of the project work takes place—both
physical and mental. The physical product is produced (a bridge, a report, a software
program).
Closing stage correct answers Closing includes three activities: delivering the project product
to the customer, redeploying project resources, and post-project review. Delivery of the
project might include customer training and transferring documents. Redeployment usually
involves releasing project equipment/materials to other projects and finding new assignments
for team members.
The project manager correct answers Typically perform the same functions as other
managers. That is, they plan, schedule, motivate, and control. However, what makes them
unique is that they manage temporary, nonrepetitive activities, to complete a fixed life
project. Unlike functional managers, who take over existing operations, project managers
create a project team and organization where none existed before. They must decide what and
how things should be done instead of simply managing set processes.
-Project managers are ultimately responsible for performance
Project managers must work with a diverse troupe of characters to complete projects. They
are typically the direct link to the customer and must manage the tension between customer
expectations and what is feasible and reasonable.
Question 1 - define a project. what are the five characteristics that help differentiate projects
from other functions carried out in the daily operations of the organization? correct answers
A project is a complex, no routine, off-time effort limited by time, budget, resources, and
performance specifications designed to meet customer needs. The five characteristics are
• A defined life span with a beginning and an end
• Involvement of several departments
• Doing something unique
• Time, cost , and performance requirements
• To serve customers needs
Why Project Managers Need to Understand Strategy correct answers -Changes in the
organization's mission and strategy:
--Project managers must respond to changes with appropriate decisions about future projects
and adjustments to current projects.
--Project managers who understand their organization's strategy can become effective
advocates of projects aligned with the firm's mission.
Two main reasons why project managers need to understand their organization's mission and
strategy correct answers The first reason is so they can make appropriate decisions and
adjustments. For example, how a project manager would respond to a suggestion to modify
the design of a product to enhance performance will vary depending upon whether his
company strives to be a product leader through innovation or to achieve operational
excellence through low cost solutions.
What is a project? correct answers Definition: A complex, non-routine, one-time effort
limited by time, budget, resources, and performance specifications designed to meet customer
needs.
A project is a temporary endeavor undertaken to create a unique product, service, or result.
Major characteristics of a project correct answers - Has an established objective.
- Has a defined life span with a beginning and an end.
- Requires cross-organizational participation.
- Accomplishes non-routine tasks
- Has specific time, cost, and performance requirements.
What is Project Management? correct answers Project management is the application of
knowledge, skills, tools and techniques to project activities to meet project requirements.
Managing a project includes: correct answers - Identifying requirements
-Addressing the needs of stakeholders
- Balancing the competing project constraints of:
Scope
Quality
Schedule
Budget
Resources
Risk
Program defined correct answers A program is a group of related projects managed in a
coordinated way to obtain benefits and control not available from managing them
individually.
Primary difference between Program vs. Project correct answers Scale and Life-span
The project life cycle correct answers The life cycle recognizes that projects have a limited
life span and that there are predictable changes in level of effort and focus over the life of the
project.
The project life cycle typically passes sequentially through four stages: defining, planning,
executing, and delivering.
Defining stage correct answers Specifications of the project are defined; project objectives
are established; teams are formed; major responsibilities are assigned.
, Planning stage correct answers The level of effort increases, and plans are developed to
determine what the project will entail, when it will be scheduled, whom it will benefit, what
quality level should be maintained, and what the budget will be.
Executing stage correct answers A major portion of the project work takes place—both
physical and mental. The physical product is produced (a bridge, a report, a software
program).
Closing stage correct answers Closing includes three activities: delivering the project product
to the customer, redeploying project resources, and post-project review. Delivery of the
project might include customer training and transferring documents. Redeployment usually
involves releasing project equipment/materials to other projects and finding new assignments
for team members.
The project manager correct answers Typically perform the same functions as other
managers. That is, they plan, schedule, motivate, and control. However, what makes them
unique is that they manage temporary, nonrepetitive activities, to complete a fixed life
project. Unlike functional managers, who take over existing operations, project managers
create a project team and organization where none existed before. They must decide what and
how things should be done instead of simply managing set processes.
-Project managers are ultimately responsible for performance
Project managers must work with a diverse troupe of characters to complete projects. They
are typically the direct link to the customer and must manage the tension between customer
expectations and what is feasible and reasonable.
Question 1 - define a project. what are the five characteristics that help differentiate projects
from other functions carried out in the daily operations of the organization? correct answers
A project is a complex, no routine, off-time effort limited by time, budget, resources, and
performance specifications designed to meet customer needs. The five characteristics are
• A defined life span with a beginning and an end
• Involvement of several departments
• Doing something unique
• Time, cost , and performance requirements
• To serve customers needs
Why Project Managers Need to Understand Strategy correct answers -Changes in the
organization's mission and strategy:
--Project managers must respond to changes with appropriate decisions about future projects
and adjustments to current projects.
--Project managers who understand their organization's strategy can become effective
advocates of projects aligned with the firm's mission.
Two main reasons why project managers need to understand their organization's mission and
strategy correct answers The first reason is so they can make appropriate decisions and
adjustments. For example, how a project manager would respond to a suggestion to modify
the design of a product to enhance performance will vary depending upon whether his
company strives to be a product leader through innovation or to achieve operational
excellence through low cost solutions.
