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BUAD 341 UTK Final Exam questions with correct solutions
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BUAD 341 UTK Final Exam questions with correct solutions
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BUAD 341 UTK Final ExamWhat is a project? - correct answer ✔✔A temporary endeavor undertaken to create a unique product,
service, or result.
How are projects different from day-to-day large volume operations? - correct answer ✔✔- projects are
on/ off activities (one time shot)
- projects have a clear beginning and ending with the goal of creating something
- whereas large volume manufacturing is ongoing/ continuous
- projects are unique
Unique project example - correct answer ✔✔buildings
- there are many other pyramids that may look very similar, but in terms of size and challenges they face
to build it in that location, is unique.
characteristics of a project - correct answer ✔✔- purpose: a one time activity with well-defined desired
end results.
Project has a CLEAR purpose
- temporary: has definite beginning and a definite end, hence a finite duration
- life cycle: projects evolve in steps- from a slow beginning they progress to a build-up of size, then peak,
begin a decline and then must be terminated
what was the purpose of UT building the student union? - correct answer ✔✔had to satisfy a higher
level of business objectives- increase profitability, improves the quality appeal of the product services
(make it more appealing to new/ potential students)
,Life Cycle Graph - correct answer ✔✔Conception: small # of staff get together to understand the need
for/ specifications of a potential new student union
Selection: this is our objective. we have 5 designs, which is the most effective/ which one should we
pursue?
Level of Effort: measured by manpower/ # of people involved in the project as a function of time- the
function of the phase of a project.
(in the planning, scheduling, monitoring, and control stage is when you have all of the construction
people on site working)
Evaluation: once building is almost complete, the # of people on project start to drop
characteristics of a project (cont'd) - correct answer ✔✔Interdependencies: projects can interact with
other projects within the same parent organization and most typically, with the functional departments
(marketing, finance, manufacturing, etc.) of the firm;
How are projects organized?
- as part of the functional organization
- matrix organization
- pure project
- people working on a project: a shared resource
- anytime there are shared projects, there are competing priorities
- project managers go from one project to another
uniqueness - correct answer ✔✔every project has elements that make it unique
- e.g., an office building has different owners, design, location, contractors, etc.
, conflict - correct answer ✔✔projects vs. functional dept. and project vs. project with respect to
resources and personnel
- a lot of negotiation when dealing with projects
- project managers tend to want the same resources (higher quality)
Examples of Projects - correct answer ✔✔- VW launches the Atlas
- Apple launches iOS 14
- construction of the new Student Union
- Disney (Lucasfilm) produces "Star Wars- The Rise of Skywalker"
- Pfizer launches COVID vaccine
any new product development is an example of a project
Clicker: which of the following is NOT a project example?
a. making cars on an assembly line
b. development of a new cancer drug
c. developing the prototype of a new car
d. composing a soundtrack for a new movie
e. creating an ad for a fund-raising campaign - correct answer ✔✔a. making cars on an assembly line
- you are replicating a prototype that has already been built. Therefore, not unique and not a project
Clicker: Which of the following IS a project characteristic?
1.Routine
2.Repetitive
3.Eternal
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