QM 6655 MIDTERM (CHAPTERS 1, 2,
3, 4, 5, 10, 11, 16) WITH COMPLETE
SOLUTIONS
Project Management Institute (PMI) - ANSWER-An organization of project
management professionals from around the world, supporting and promoting the
careers, values, and concerns of project managers.
Project management professional (PMP) - ANSWER-An individual who has met
specific education and experience requirements set forth by the Project Management
Institute.
Project - ANSWER-A temporary endeavor undertaken to create a unique product,
service, or result..
Major characteristics of a project - ANSWER-1. An established objective.
2. A defined life span with a beginning and an end.
3. the involvement of several departments and professionals. Across-the-
organizational participation
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.
Program - ANSWER-a group of related projects designed to accomplish a common
goal over an extended period of time
Project life cycle - ANSWER-The stages found in all projects— definition, planning,
execution, and delivery.
Project Life Cycle - Defining Stage: - ANSWER-Specifications of the project are
defined; project objectives are established; teams are formed; major responsibilities
are assigned.
Goals, Specifications, Tasks, Responsibilities.
Project Life Cycle - Planning Stage: - ANSWER-The level of effort increases, and
plans are developed to determine what the project will entail, when it will be
scheduled, whom it will benefit, what quality level should be maintained, and what
the budget will be. Schedules, Budgets, Resources, Risks, Staffing.
Project Life Cycle - Executing Stage: - ANSWER-a major portion of the project
physical (and/or mental) work takes place the "deliverables" and end "product" of the
project are produced time, cost, and specification measures are used for control
,forecasts are used to gauge subpart and overall progress change/configuration
management takes place (if necessary). Status reports, changes, quality, forecasts
Project Life Cycle - Closing Stage: - ANSWER-Closing includes three activities:
delivering the project product to the customer, redeploying project resources, and
conducting a post-project review. Train customer, transfer documents, release
resources, evaluation, lessons learned.
Agile Project Management - ANSWER-Approach that focuses on adaptability to
rapid and unexpected change. (rolling wave)
Works best in small teams of 4-8
A 6 month project delay can result in a _____ percent loss in product revenue share.
- ANSWER-33%
What is the triple bottom line? - ANSWER-Planet, People, Profit
Organizations with many ____ projects going on concurrently face the most difficult
project management problems. - ANSWER-Small
What does sociocultural approach involve? - ANSWER-Leadership, Problem solving,
teamwork, negotiation, politics, customer expectations.
What does technical approach involve? - ANSWER-Scope, WBS, Schedules,
Resource allocation, baseline budgets, Status reports.
Two reasons project managers need to understand organization's mission and
strategy. - ANSWER-1. So they can make appropriate decisions and adjustments
2. So they can be effective project advocates.
Strategic management - ANSWER-The process of assessing "what we are" and
deciding and implementing "what we intend to be and how we are going to get
there."
Two major dimensions of strategic management: - ANSWER-responding to changes
in the external environment and allocating scarce resources of the firm to improve its
competitive position
Four Activities of the Strategic Management Process: - ANSWER-1. Review and
define the organizational mission.
2. Analyze and formulate strategies.
3. Set objectives to achieve strategy.
4. Implement strategies through projects.
Project priority system - ANSWER-The process used to select projects. The system
uses selected criteria for evaluating and selecting projects that are strongly linked to
higher level strategies and objectives.
Project portfolio - ANSWER-Group of projects that have been selected for
implementation balanced by project type, risk, and ranking by selected criteria.
, Implementation gap - ANSWER-The lack of consensus between the goals set by top
management and those independently set by lower levels of management. This lack
of consensus leads to confusion and poor allocation of organization resources.
Organization Politics - ANSWER-Actions by individuals or groups of individuals to
acquire, develop, and use power and other resources to obtain preferred outcomes
when there is uncertainty or disagreement over choices.
Sacred Cow - ANSWER-A project that is a favorite of a powerful management figure
who is usually the champion for the project.
Functional organization project structure - ANSWER-The organization's staff
members are grouped by specialty
Department will have its own projects
The functional manager has the highest authority
The role and authority of a project manager is little to none
Functional organization project structure advantage: - ANSWER-- No change:
Projects are completed within the basic functional structure of the parent
organization.
- Flexibility: There is maximum flexibility in the use of staff. Appropriate specialists in
different functional units can temporarily be assigned to work on the project and then
return to their normal work.
- In-Depth Expertise: If the scope of the project is narrow and the proper functional
unit is assigned primary responsibility, then in-depth expertise can be brought to
bear on the most crucial aspects of the project.
- Easy Post-Project Transition: Normal career paths within a functional division are
maintained.
Project sponsor - ANSWER-Typically a high-ranking manager who champions and
supports a project.
Resource conflicts and multitasking - ANSWER-Resource sharing leads to
multitasking. Multitasking involves starting and stopping work on one task to go and
work on another project, then returning to the work on the original task.
Project Classificatoin - ANSWER-Compliance, strategic project, operational projects
Compliance projects: - ANSWER-Those needed to meet regulatory conditions
required to operate in a region - "must do" - also includes emergency projects.
Operational projects: - ANSWER-Those needed to support current operations.
Designed to improve efficiency, reduce costs, and improve performance.
Strategic projects: - ANSWER-Directly supports the organization's long run mission.
Directed toward increasing revenue or market share.
3, 4, 5, 10, 11, 16) WITH COMPLETE
SOLUTIONS
Project Management Institute (PMI) - ANSWER-An organization of project
management professionals from around the world, supporting and promoting the
careers, values, and concerns of project managers.
Project management professional (PMP) - ANSWER-An individual who has met
specific education and experience requirements set forth by the Project Management
Institute.
Project - ANSWER-A temporary endeavor undertaken to create a unique product,
service, or result..
Major characteristics of a project - ANSWER-1. An established objective.
2. A defined life span with a beginning and an end.
3. the involvement of several departments and professionals. Across-the-
organizational participation
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.
Program - ANSWER-a group of related projects designed to accomplish a common
goal over an extended period of time
Project life cycle - ANSWER-The stages found in all projects— definition, planning,
execution, and delivery.
Project Life Cycle - Defining Stage: - ANSWER-Specifications of the project are
defined; project objectives are established; teams are formed; major responsibilities
are assigned.
Goals, Specifications, Tasks, Responsibilities.
Project Life Cycle - Planning Stage: - ANSWER-The level of effort increases, and
plans are developed to determine what the project will entail, when it will be
scheduled, whom it will benefit, what quality level should be maintained, and what
the budget will be. Schedules, Budgets, Resources, Risks, Staffing.
Project Life Cycle - Executing Stage: - ANSWER-a major portion of the project
physical (and/or mental) work takes place the "deliverables" and end "product" of the
project are produced time, cost, and specification measures are used for control
,forecasts are used to gauge subpart and overall progress change/configuration
management takes place (if necessary). Status reports, changes, quality, forecasts
Project Life Cycle - Closing Stage: - ANSWER-Closing includes three activities:
delivering the project product to the customer, redeploying project resources, and
conducting a post-project review. Train customer, transfer documents, release
resources, evaluation, lessons learned.
Agile Project Management - ANSWER-Approach that focuses on adaptability to
rapid and unexpected change. (rolling wave)
Works best in small teams of 4-8
A 6 month project delay can result in a _____ percent loss in product revenue share.
- ANSWER-33%
What is the triple bottom line? - ANSWER-Planet, People, Profit
Organizations with many ____ projects going on concurrently face the most difficult
project management problems. - ANSWER-Small
What does sociocultural approach involve? - ANSWER-Leadership, Problem solving,
teamwork, negotiation, politics, customer expectations.
What does technical approach involve? - ANSWER-Scope, WBS, Schedules,
Resource allocation, baseline budgets, Status reports.
Two reasons project managers need to understand organization's mission and
strategy. - ANSWER-1. So they can make appropriate decisions and adjustments
2. So they can be effective project advocates.
Strategic management - ANSWER-The process of assessing "what we are" and
deciding and implementing "what we intend to be and how we are going to get
there."
Two major dimensions of strategic management: - ANSWER-responding to changes
in the external environment and allocating scarce resources of the firm to improve its
competitive position
Four Activities of the Strategic Management Process: - ANSWER-1. Review and
define the organizational mission.
2. Analyze and formulate strategies.
3. Set objectives to achieve strategy.
4. Implement strategies through projects.
Project priority system - ANSWER-The process used to select projects. The system
uses selected criteria for evaluating and selecting projects that are strongly linked to
higher level strategies and objectives.
Project portfolio - ANSWER-Group of projects that have been selected for
implementation balanced by project type, risk, and ranking by selected criteria.
, Implementation gap - ANSWER-The lack of consensus between the goals set by top
management and those independently set by lower levels of management. This lack
of consensus leads to confusion and poor allocation of organization resources.
Organization Politics - ANSWER-Actions by individuals or groups of individuals to
acquire, develop, and use power and other resources to obtain preferred outcomes
when there is uncertainty or disagreement over choices.
Sacred Cow - ANSWER-A project that is a favorite of a powerful management figure
who is usually the champion for the project.
Functional organization project structure - ANSWER-The organization's staff
members are grouped by specialty
Department will have its own projects
The functional manager has the highest authority
The role and authority of a project manager is little to none
Functional organization project structure advantage: - ANSWER-- No change:
Projects are completed within the basic functional structure of the parent
organization.
- Flexibility: There is maximum flexibility in the use of staff. Appropriate specialists in
different functional units can temporarily be assigned to work on the project and then
return to their normal work.
- In-Depth Expertise: If the scope of the project is narrow and the proper functional
unit is assigned primary responsibility, then in-depth expertise can be brought to
bear on the most crucial aspects of the project.
- Easy Post-Project Transition: Normal career paths within a functional division are
maintained.
Project sponsor - ANSWER-Typically a high-ranking manager who champions and
supports a project.
Resource conflicts and multitasking - ANSWER-Resource sharing leads to
multitasking. Multitasking involves starting and stopping work on one task to go and
work on another project, then returning to the work on the original task.
Project Classificatoin - ANSWER-Compliance, strategic project, operational projects
Compliance projects: - ANSWER-Those needed to meet regulatory conditions
required to operate in a region - "must do" - also includes emergency projects.
Operational projects: - ANSWER-Those needed to support current operations.
Designed to improve efficiency, reduce costs, and improve performance.
Strategic projects: - ANSWER-Directly supports the organization's long run mission.
Directed toward increasing revenue or market share.
