GMS450 CLASS 2 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED GRADED A++
What is project selection
Since not every proposal turns into a project, project selection is evaluating projects an
picking the best one to meet the organization's goals
What are some good questions to ask yourself during project selection?
is it profitable?
is it needed?
do we have the skills to complete it?
can it carry out the project?
How do proposals come about
customers have a problem so an organization comes up with a product or service to
solve it
What are the five categories projects can be classified in?
compliance, emergency, mission-critical, operational, and strategic
What is a compliance project and example?
projects that are needed to meet new requirements forced by internal or external
parties. Must do projects if not may face penalties.
Ex: could be a government regulation
Whats an emergency project?
made to meet emergency conditions, if not done the business may not be fully
operational
, what is a mission critical project?
critical to the mission of the company. If not done it would cause immediate
unacceptably negative impact to the busniess
What is a operational project?
a project needed to support current operations to do things like: increase process
efficiency, reduce cost, improve performance.
what is strategic project
projects that are needed to support long-term missions such as increasing revenue or
increasing market share
Since there are many different methods for selecting projects there are two
groups it can be classified in which are the following:
non-numeric and numeric selection
what are the groups classified under non-numeric selection, along with their
definitions.
scared cow= term used to describe a project sponsored by a high ranking executive
they're feasible(possibly easy to do)
operating/competitive necessity= competitive edge that you need to have to keep up
with your other competitors. operating necessity is the completion of the project is
important to continue the overall goal of the business
comparative benefits(q-sorted method)
COMPLETE SOLUTIONS VERIFIED GRADED A++
What is project selection
Since not every proposal turns into a project, project selection is evaluating projects an
picking the best one to meet the organization's goals
What are some good questions to ask yourself during project selection?
is it profitable?
is it needed?
do we have the skills to complete it?
can it carry out the project?
How do proposals come about
customers have a problem so an organization comes up with a product or service to
solve it
What are the five categories projects can be classified in?
compliance, emergency, mission-critical, operational, and strategic
What is a compliance project and example?
projects that are needed to meet new requirements forced by internal or external
parties. Must do projects if not may face penalties.
Ex: could be a government regulation
Whats an emergency project?
made to meet emergency conditions, if not done the business may not be fully
operational
, what is a mission critical project?
critical to the mission of the company. If not done it would cause immediate
unacceptably negative impact to the busniess
What is a operational project?
a project needed to support current operations to do things like: increase process
efficiency, reduce cost, improve performance.
what is strategic project
projects that are needed to support long-term missions such as increasing revenue or
increasing market share
Since there are many different methods for selecting projects there are two
groups it can be classified in which are the following:
non-numeric and numeric selection
what are the groups classified under non-numeric selection, along with their
definitions.
scared cow= term used to describe a project sponsored by a high ranking executive
they're feasible(possibly easy to do)
operating/competitive necessity= competitive edge that you need to have to keep up
with your other competitors. operating necessity is the completion of the project is
important to continue the overall goal of the business
comparative benefits(q-sorted method)
