OPRE 3330 Exam 1 – Alborz Questions And Correct Detailed Answers 100% Verified.

Projects are - - Correct Answers temporary and unique Project characteristics - - Correct Answers temporary, defined beginning and end, requires coordination, unique Project classifications - - Correct Answers industry, size, project scope and application 5 process groups - Correct Answers1. Initiating 2. Planning 3. Executing 4. Monitoring and Controlling 5. Closing PMO (project management office) - Correct Answers An organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain Business value is - Correct Answershighly subjective measure because it involves estimating the value of intangible assets like trade secrets, trademarks, public benefit, and recognition Triple Constraint - Correct Answersschedule, cost, scope AKA project management triangle Project management plan - Correct AnswersAPPROVED document about project execution, delivery and closing Stakeholder - Correct Answerscould be affected by decision, activity or outcome of a future project As a project manager you must - - Correct Answers- identify share holders as soon as you can - determine stakeholders expectations - communicate w/ stakeholders regularly Project manager characteristics - - Correct Answers- Knowledgable - Preformes well - Personable PV - Correct AnswersPresent Value IRR - Correct AnswersInternal rate of return BCR - Correct AnswersBenefit cost ratio PP - Correct AnswersPayback period Payback period = - Correct Answersbreak even point PV formula - Correct AnswersFV / (1+r) ^t NPV formula - Correct AnswersPV - cost BCR formula - Correct Answersbeneft / cost ROI formular - Correct Answers(benefit - cost) / cost Project charter characteristics - - Correct Answers- formally authorizes project - shows approved project scope - project sponsor is suposed to prepare but its usually done by project manager Functional organization - Correct AnswersFunctional manager in charge Projectized organization - Correct AnswersProject manager in charge Matrix organization - Correct AnswersBoth FM and PM share equal power Strong matrix - Correct AnswersPower rests with the project manager Weak matrix - Correct AnswersPower rests with the functional manager Balanced matrix - Correct AnswersPower rests with PM and FM equally Project governance - Correct Answers- Authority - Responsability - Accountability Change requests... - Correct Answers- corrective actions - preventive actions - defect repairs Project mangers spend - Correct Answers90% of their time communicating 3 communication methods - Correct Answers- interactive - push - pull Communication formula - Correct Answers(n * (n-1)) / 2 Project scope - Correct Answerslist of specific project goals, tasks, costs and deadlines Scope statement - Correct Answersclearly defines what required resources and actions are + sets the project boundaries