Man 4583 - Study guides, Class notes & Summaries

MAN 4583 Exam 1 (elaborations) Questions & answers | latest update version 2024 | Verified 100% Correct Explations | Already Passed Graded A+| Actual Complete Solution - DISTINCTION GUARANTEED

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 p...

C. This is an example of using the previous project as a template. Rolling wave planning is incorrect because rolling wave planning describes the detailed planning of the imminent project work, and the high-level planning of work is further away in the project schedule. Analogous estimating describes the method of using a similar project to create the current project's time and/or cost estimate. Expert judgement is using an expert to provide needed info for the current project. Chapter 6 1. You...

Which PM knowledge area has legal ramifications? Procurement (contracts) You are planning procurements and considering your production capabilities, competencies and proprietary nature of work you are conducting a _____________or ______________ analysis. Make or buy analysis There is a risk your materials are damaged during shipment. therefore , you have decided to purchase insurance on your shipments. What risk response strategy are you using? Transfer (threat: damage to your shipment) you ar...

What is a Project Network - A flow chart that graphically depicts the sequence, interdependencies, and start and finish times of the project job plan of activities that is the critical path through the network. What are some of the things to be considered in the critical path? - scheduling labor and equipment communication project's duration budgeting cash flow Identifies critical activities What is an activity? - An element of the project that requires time. What is a merge activi...

-Monitor results -Take corrective action -Expedite activities -Solve technical problems -Serve as peacemaker -Make tradeoffs among time, costs, and project scope What is involved with leading change? -Recognize the need to change to keep the project on track -Initiate change -Provide direction and motivation -Innovate and adapt as necessary -Integrate assigned resources What are some things project managers typically say? You can't do it all and get it all done --Projects usually involve a va...

What is an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives? - Risk What are the 3 steps in understanding risks? - 1. Hold a brainstorming session 2. Industry specific risk categories 3. Look at WBS and identify risks by tasks or group of tasks What are the four ways to manage project risk? - Develop a risk management plan 1. Identify risks 2. Perform qualitative & quantitative risk analysis 3. Risk response plans 4. Risk regist...

Project success or failure often is reliant upon the contributions of all of the following groups of stakeholders EXCEPT A) Customers B) Suppliers C) Contractors D) Competitors E) Top management Competitors Managing a project and leading a project are two different things. Project leadership is about coping with A) Formulating plans and objectives B) Monitoring results against plans C) Change D) Taking corrective action when necessary E) Designing structures and procedures Change Which metapho...

What is a project? A temporary endeavor that has a specific and unique goal, and usually a budget Has an end goal: Product/Service/Outcome/Scheduling System Has a budget Operations Work that's the same day after day, producing the same results Ex: Admitting patients into the hospital What is project management? Answers several questions: What problem are you solving? How are you going to solve it? What's your plan for getting the project done? How can you tell when you are done? How well...

A You are in the process of creating cost estimates for your project activities. You start with a document that details all the activities that will be performed in the project, and you begin to estimate the cost of each of the activities listed. What is this document? A. Work Breakdown Structure B. Network Breakdown Diagram C. Critical Path Structure D. None of the above C While planning for a construction project, you realize that one of the project activities requires a crane. Your company ...