OMIS 4350 Exam 1 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (71)
Project a temporary endeavor undertaken to create a unique product, service, or result.
complex, non-routine, one-time effort limited by time, budget, resources, and
performance specification
Characteristics of Projects 1.) has an established objective
2.) has a defined life span with a beginning and an end
3.) involves several departments and professionals
4.) involves doing something never been done before
5.) has a specific time, cost, and performance requirements
Program a group of related projects designed to accomplish a common goal over an
extended period of time (ex: completion of a required course in project
management)
Program Management a process of managing a group of ongoing, independent, related projects in a
coordinated way to achieve strategic objectives. art and science of doing
something never done before by predicting unknown and developing a plan to
deal with it (ex: completion of all courses required for a business major)
Project Life Cycle 1.) defining: goals, specifications, tasks, responsibilities
2.) planing: schedules, budget, resources, risks, staffing
3.) executing: status reports, changes, quality, forecasts
4.) closing: train customer, transfer documents, release resources, evaluation,
lessons learned
Project Manager manages temporary, non-repetitive activities and frequently acts independently of
the formal organization. marshals resources for the project. direct link to the
customer. works with diverse troupe of characters. provides direction,
coordination, and integration to the project team. is responsible for performance
and success of project.
Agile Project Management employs an incremental, iterative process sometimes referred to as a "rolling
wave" approach to complete projects. focuses on active collaboration between
the project and customer representatives, breaking projects into small functional
pieces, and adapting to changing requirements.
The Technical Dimension Consists of the formal, disciplined, purely logical parts of the process. Includes
planning, scheduling, and controlling projects
The Sociocultural Dimension Involves the contradictory and paradoxical world of implementation. Centers on
creating a temporary social system within a larger organizational environment that
combines the talents of a divergent set of professionals working to complete the
project
, Why do project managers need to understand their 1.) so they can make appropriate decisions and adjustment
organization's mission and strategy? 2.) so they can be effective project advocates
Strategic Management process of assessing "what we are" and deciding and implementing "what we
intended to be and how we are going to get there." continuous, iterative process
aimed at developing an integrated and coordinated long-term plan of action
Major Dimensions of Strategic Management 1.) responds to changes in the external environment and allocates the firm's scare
resources to improve its competitive position
2.) internal responses to new action programs aimed at enhancing the competitive
position of the firm
Activities of Strategic Management Process 1.) review and define the organizational mission
2.) analyze and formulate strategies
3.) set objectives to achieve strategies
4.) implement strategies through projects
The Need for a Project Priority System Problem 1: The Implementation Gap- lack of understanding and consensus of
organization strategy among top and middle level managers
Problem 2: Organization Politics- project selection may be based not so much on
facts and sound reasoning as on the persuasiveness and power of people
advocating projects
Problem 3: Resource Conflicts and Multitasking- multi-project environments
create project interdependency and the need to share resources. Resource
sharing leads to multitasking (starting and stopping work on one task to begin
work on another).
Benefits of Project Portfolio Management builds discipline into project selection project. links project selection to strategic
metrics. prioritizes project proposals across a common set of criteria, rather than
on politics or emotion. allocates resources to projects that align with strategic
direction. balance risk across all projects. justifies killing projects that do not
support organizational strategy. improves communication and supports
agreements on project goals.
Types of Project Classifications 1.) Compliance- must do
2.) Strategic
3.) Operational
Phase Gate Model series of gates that a project must pass through to be completed. ensures the
organization is investing time and resources on worthwhile projects that
contribute to mission and strategy. each gate=project phase/decision point.
Possible Outcomes of Phase Gate Model 1.) go (proceed)
2.) kill (cancel)
3.) recycle (revise and resubmit)
Selection Criteria 1.) Financial
2.) Nonfinancial
3.) 2 Multi-Criteria Selection Model
C
Terms in this set (71)
Project a temporary endeavor undertaken to create a unique product, service, or result.
complex, non-routine, one-time effort limited by time, budget, resources, and
performance specification
Characteristics of Projects 1.) has an established objective
2.) has a defined life span with a beginning and an end
3.) involves several departments and professionals
4.) involves doing something never been done before
5.) has a specific time, cost, and performance requirements
Program a group of related projects designed to accomplish a common goal over an
extended period of time (ex: completion of a required course in project
management)
Program Management a process of managing a group of ongoing, independent, related projects in a
coordinated way to achieve strategic objectives. art and science of doing
something never done before by predicting unknown and developing a plan to
deal with it (ex: completion of all courses required for a business major)
Project Life Cycle 1.) defining: goals, specifications, tasks, responsibilities
2.) planing: schedules, budget, resources, risks, staffing
3.) executing: status reports, changes, quality, forecasts
4.) closing: train customer, transfer documents, release resources, evaluation,
lessons learned
Project Manager manages temporary, non-repetitive activities and frequently acts independently of
the formal organization. marshals resources for the project. direct link to the
customer. works with diverse troupe of characters. provides direction,
coordination, and integration to the project team. is responsible for performance
and success of project.
Agile Project Management employs an incremental, iterative process sometimes referred to as a "rolling
wave" approach to complete projects. focuses on active collaboration between
the project and customer representatives, breaking projects into small functional
pieces, and adapting to changing requirements.
The Technical Dimension Consists of the formal, disciplined, purely logical parts of the process. Includes
planning, scheduling, and controlling projects
The Sociocultural Dimension Involves the contradictory and paradoxical world of implementation. Centers on
creating a temporary social system within a larger organizational environment that
combines the talents of a divergent set of professionals working to complete the
project
, Why do project managers need to understand their 1.) so they can make appropriate decisions and adjustment
organization's mission and strategy? 2.) so they can be effective project advocates
Strategic Management process of assessing "what we are" and deciding and implementing "what we
intended to be and how we are going to get there." continuous, iterative process
aimed at developing an integrated and coordinated long-term plan of action
Major Dimensions of Strategic Management 1.) responds to changes in the external environment and allocates the firm's scare
resources to improve its competitive position
2.) internal responses to new action programs aimed at enhancing the competitive
position of the firm
Activities of Strategic Management Process 1.) review and define the organizational mission
2.) analyze and formulate strategies
3.) set objectives to achieve strategies
4.) implement strategies through projects
The Need for a Project Priority System Problem 1: The Implementation Gap- lack of understanding and consensus of
organization strategy among top and middle level managers
Problem 2: Organization Politics- project selection may be based not so much on
facts and sound reasoning as on the persuasiveness and power of people
advocating projects
Problem 3: Resource Conflicts and Multitasking- multi-project environments
create project interdependency and the need to share resources. Resource
sharing leads to multitasking (starting and stopping work on one task to begin
work on another).
Benefits of Project Portfolio Management builds discipline into project selection project. links project selection to strategic
metrics. prioritizes project proposals across a common set of criteria, rather than
on politics or emotion. allocates resources to projects that align with strategic
direction. balance risk across all projects. justifies killing projects that do not
support organizational strategy. improves communication and supports
agreements on project goals.
Types of Project Classifications 1.) Compliance- must do
2.) Strategic
3.) Operational
Phase Gate Model series of gates that a project must pass through to be completed. ensures the
organization is investing time and resources on worthwhile projects that
contribute to mission and strategy. each gate=project phase/decision point.
Possible Outcomes of Phase Gate Model 1.) go (proceed)
2.) kill (cancel)
3.) recycle (revise and resubmit)
Selection Criteria 1.) Financial
2.) Nonfinancial
3.) 2 Multi-Criteria Selection Model
