A critical factor to ensure the success of integrating the strategic plan with projects lies in a process that
A) is open and published for all participants to review
B) starts with top management's directives
C) with projects first and integrates them with the strategic plan
D) both b and c are correct
E) a, b, and c are all correct
answer
A
question
Which of the following is a main reason why project managers need to understand their organization's mission and strategy?
A) They can better focus on the immediate customer.
B) They can make appropriate decisions and adjustments.
C) So they can be effective project advocates.
D) both B and C are correct
E) A, B, and C are all correct
answer
D
question
The textbook indicated that ________is the major dimension of strategic management.
A) responding to changes in the external market
B) allocating scarce resources of the organization
C) beating competition to the market
D) both a and b are correct
E) both a and c are correct
answer
D
question
Which of the following is the correct order for the strategic management process?
A) strategies, mission, goals, projects
B) goals, projects, mission, strategies
C) mission, goals, strategies, projects
D) goals, mission, strategies, projects
E) projects, mission, strategies, goals
answer
C
question
Which of the following is not one of the traditional components found in mission statements?
A) major products and services
B) profitability
C) target customers and markets
D) geographic domain
E) contribution to society
answer
B
question
Which of the following is not one of the characteristics of effective objectives?
A) Realistic
B) Assignable
C) Flexible
D) Specific
E) Measurable
answer
C
question
The assessment of the external and internal environments is called _______ analysis.
A) SWOT analysis
B) competitive
C) industry
D) market
E) strategic
answer
A
question
Which of the following is not one of the requirements for successful implementation of strategies through projects?
A) allocation of resources
B) prioritizing of projects
C) motivation of project contributors
D) adequate planning and control systems
E) all of these are requirements
answer
E
question
Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating?
A) sacred cow
B) pet project
C) political necessity
D) special undertaking
E) strategic ploy
answer
A
question
Which of the following financial models are typically included in project selection?
A) payback
B) net present value
C) Internal rate of return
D) both a and b are correct
E) a, b, and c are all correct
answer
E
question
Projects are usually classified into all but one of the following categories. Which one is not one of the typical classifications?
A) compliance and emergency
B) operational
C) strategic
D) political necessity
E) all of these are typical classifications
answer
D
question
Which of the following is not true of multi-weighted scoring models?
A) will include quantitative criteria
B) will include qualitative criteria
C) each criterion is assigned a weight
D) projects with higher scores are considered more desirable
E) All of the above are true
answer
E
question
a temporary endeavor undertaken to create a unique product or result is a
answer
project
question
define project characteristics
answer
unique
established objectives
defined lifespan
complex interdependencies
question
what is the goal of PM?
answer
to achieve the defined objectives for scope, time, and cost, and all with suitable quality, that have been identified for the project
question
_____________is the management of the portfolio, which involves prioritizing, managing, and controlling all of the items in the portfolio.
answer
portfolio management
question
______________is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
answer
program
question
________________is an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain.
answer
Project Management Office
question
what are the processes of PM?
answer
INITIATING
PLANNING
EXCUTING
MONITOR AND CONTROL
CLOSING
question
The work that needs to be accomplished to deliver the product, service, or result with the specified features and functions.
answer
scope
scope is the definition of what is to be delivered
The scope is the most important document and its most important part is the spec. While the SOW is a contractual document, and one cannot neglect it, it is much easier to write.
question
__________ are the features and functions that characterize the product, service, or result.
answer
specification
question
________is the document that formally authorizes a project.
answer
charter
The charter gives a very high level description of the project and its objectives, which are the quantifiable criteria that indicate completion of the project. The charter also grants to the project manager the authority to spend money and use the organization's resources to accomplish project activities.
question
____________is a description of the products and services to be supplied during the project.
answer
statement of work - sow
SOW is the basis of the contract between the customer and the organization doing the project
question
The __________ is a document that completely and precisely specifies the requirements for the project.
answer
specification
The SOW and Spec together define what the project is and how it will be developed.
question
is sometimes used to mean the extent of the project
answer
"scope"
As in, "scope creep" which is the tendency for the project to grow. The project may grow in any dimension: the spec content (usually), the SOW, the cost, the deliverables, the schedule, etc.
question
how does a project start?
answer
A project starts with an end deliverable.
question
________________ is a factor that limits the options for the project.
answer
constraint
question
when are specifications written?
answer
A specification statement is written during Scope planning. Specification planning encompasses the process of determining what the overall objectives of the project are and defining what deliverables will fall within those parameters.
question
what are the elements of a specification?
answer
description
justification or opportunity
goals/objectives
deliverables
risks/assumption/constraints
question
___________is the tendency of the requirements to grow over time.
Responding to changes in the external environment
Internal response to new action programs
question
what is the process of a project?
answer
mission, strategy, tactics, golas/objectives,
question
what are the characteristics of objectives
answer
SMART0
Specific - Detailed, thorough, comprehensive and meticulous
Measurable - If you can't measure it, it is irrelevant
Assignable - Who is responsible?
Realistic - Hard to define, but you know it when you see it
Time based - What is the schedule for it?
0- OPEN
question
WHAT IS THE wbs?
answer
deliverable-oriented hierarchical decomposition of the work to be executed by the project team
to accomplish the project objectives and create the required deliverables, with each descending level of the WBS representing an increasingly detailed definition of the project work.
question
The lowest level deliverables are called__________
answer
"work packages."
should be written as actions
question
is a point where scope, costs, and schedule are integrated and compared to the earned value performance measurement.
answer
control account
question
project structures
answer
Functional
Projectized
Matrix
Network
University
Construction
Defense Contracting
Fashion Apparel
question
functional structure
answer
the project is assigned to the functional department either that has the most expertise, or that can provide the most resources, or that can be the most supportive in implementing the project, or that can ensure the project's success.
question
projectized
answer
the project is separated from the parent organization and is a self-contained unit. In a projectized set-up, the project team tends to have much more freedom and may or may not use the administrative and financial resources of the parent organization.
question
matrix
answer
merges the functional and purely project organizational forms to combine their advantages and overcome their disadvantages. Since each organization is different, no two organizations will have the same matrix design.
question
network
answer
requires a "hub" or "core" firm with strong core competencies. The core firm outsources activities to a collaborative cluster of satellite organizations
question
___________ include the common knowledge regarding how to get the work done, what is acceptable, and who is influential.
answer
norms
question
________involves both duration and cost estimates. For _________, duration and cost estimates start at the lowest level of activity on the work breakdown structure (WBS), then work up toward the highest level of activity on the WBS.
answer
bottom up estimating
question
utilizes a previous project's scope to compute the effort based on the requirements stated in the scope and parameters the company has developed. When using ______, you assume that estimates for past projects accurately apply to the new project. It is important that the projects be very similar, or the estimate for the new project will be inaccurate.
answer
top down estimating
question
monte carlo analysis
answer
applied using specialized software, accounts for all of the positive and negative factors (risks) that could affect the duration of an individual activity. The tool uses the mathematical probability of the various factors occurring over the course of the project, and estimates the overall impact on the cost and schedule.
question
parametric estimating
answer
uses historical data and statistical relationships to estimate the duration, cost, or resource expenditures.
question
heuristic estimating
answer
base their estimates on historical data they have accumulated from past projects, as well as their own experience. "Rule of Thumb" and "expert judgment" are types of heuristic estimating.
question
________involves recognizing and articulating the need for change, and then motivating people to work together to realize the new objective.
answer
leadership
question
__________includes marshal resources, interface to customers, direct and coordinate the team, ensure that appropriate trade-offs are made, and orchestrate the completion of projects. These are "management" flavored activities.
answer
management
question
________is a situation where it is difficult to determine whether conduct is right or wrong.
answer
ethical dillema
Ethical dilemmas are those in which it is difficult to determine the right decision.
question
decisions based on what you regard as an inherent duty. You do it because you think it is "right".
answer
Deontological decisions
type: Self-Improvement
question
decisions based on the end justifying the means.
answer
Teleological decisions
type: Utilitarianism
question
________ are are well defined pathologies that can infect projects.
answer
Groupthink
Team Spirit becomes Team Infatuation
Bureaucratic Bypass Syndrome
Going Native
question
_is a tool that will help you choose the best project team available
answer
skills inventory
question
Project network times are not a schedule until resources have been assigned.
answer
Project network times are not a schedule until resources have been assigned.
question
How are risks analyzed?
answer
based on
Probability &
Consequences, or amount at stake
question
emv formula - lecture 11 mod 6
answer
EMV (Expected Monetary Value) = Sum of [ Probability (P) * Amount (A) ]
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