MAN 4583 Exam 1 Questions and Answers Already Passed

MAN 4583 Exam 1 Questions and Answers Already Passed What is a project? Temporary endeavor: beginning and end Creates a unique product Not a continuous operation! What is a project manager? Assigned to achieve project objectives Leads project team Organizes project resources Can manage project at varying levels of complexity Can manage projects in different industries What are stakeholders? persons or organizations actively involved in the project have interests that may be positively or negatively affected may influence the project and its deliverables What is a sponsor? Person or group Provides financial resources High interest in project success Could be internal or external What are team members? Persons Report to project manager Perform the work Must be assigned specific and clear roles and responsibilities based on their skills and qualifications Must be rewarded and recognized! What is a project? A non-routine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs. What are the major characteristics of a project? established objective > scope, deliverables defined life span > duration across-the-organizational participation > human resources never been done before > unique, non-routine specific time, cost, and performance requirements > constraints How do you keep track of projects? Programs Portfolios What does the project management office (PMO) provide? overview of all project management activities big picture of how organizational resources are used tracking of risks and performance metrics What are some problems that result from the uncoordinated PM systems? Projects that do not support the organization's strategic plan Independent managerial decisions that create imbalances, conflicts, and confusion Failure to prioritize projects results in waste of resources What is the product life cycle? Introduction, growth, mature, decline What is the project life cycle? Example: Research > Design > Code > Test > Release What is the project management process? Initiation > Planning > Executing > Monitoring and Controlling > Closing What are the three project constraints? Time, Cost, Performance What are the different knowledge areas? Integration, scope, time, cost, quality, human resources, communications, risk, procurement,