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MGMT5220 EXAM 1 QUESTIONS WITH CORRECT ANSWERS
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MGMT5220 EXAM 1 QUESTIONS WITH CORRECT ANSWERS
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MGMT5220 EXAM 1 QUESTIONS WITHCORRECT ANSWERS
Project - CORRECT ANSWER-a temporary endeavor undertaken to create a unique product, service or
result.
Elements of a Project - CORRECT ANSWER-- Projects are complex, one-time processes.
- Projects are limited by: budget, schedule, and resources.
- Projects are developed to resolve a clear goal or set of goals.
- Projects are customer focused.
General Characteristics of a Project - CORRECT ANSWER-1. Projects are ad hoc (done for a specific
reason) endeavors with a clear life cycle.
2. Projects are building blocks in the design and execution of organizational strategies.
3. Projects are responsible for the newest and most improved products, services, and organizational
processes. (Projects are tools for innovation!!)
4. Projects Provide Philosophy and Strategy for the management of change.
5. Project Management entails crossing functional and organizational boundaries.
6. The traditional management functions of planning, organizing, motivation, directing, and control
apply to project management.
7. The principal outcomes of a project are the satisfaction of customer requirements within the
constraints of technical, cost, and schedule objectives.
8. Projects are terminated upon successful completion of the performance.
- A project has breakthrough aspects,
rather than incremental change!!
MGMT5220 Exam 1 questions with correct answers
, Process - CORRECT ANSWER-ongoing day-to- day activities in which an organization engages while
producing goods or service.
- Use existing systems, properties, and capabilities in a continuous fairly repetitive manner.
Differences between Process and Project - CORRECT ANSWER-Repeat process or product
New Process or product
Several Objectives
One Objective
Ongoing
One-shot limited life
People are Homogenous
More homogenous
Well-established systems in place to integrate efforts
Systems must be created to integrate efforts
Greater certainty of performance, cost, schedule
Greater uncertainty, cost, schedule
Part of Organization
Outside of line organization
Bastions of Established Practice
Violates Established Practice
Supports Status Quo
MGMT5220 Exam 1 questions with correct answers
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