1|Page
EBTM 343 QUESTIONS WITH COMPLETE
SOLUTIONS GRADED A+
Project - ....ANSWER ....✔✔ A temporary endeavor
undertaken to create a unique product, service, or result.
What are the five major characteristics of a project? -
....ANSWER ....✔✔ 1. Has an established objective.
2. Has a defined life span with a beginning and an end
(finite).
3. Involves several departments and professionals.
4. Involves doing something never been done before.
5. Has specific time, cost, and performance
requirements.
Difference between project and regular
operations/business as usual. - ....ANSWER ....✔✔
Project is finite (defined start and defined end), does not
go on forever, typically used to create unique product
or service, there is a deliverable.
Examples of routine, repetitive work. - ....ANSWER
....✔✔ Taking class notes, daily entering sales
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receipts into the accounting ledger, responding to a
supply-chain request, maintenance of a building.
Examples of projects. - ....ANSWER ....✔✔ Writing a
term paper, setting up a sales kiosk for a professional
accounting meeting, developing a supply-chain
information system, construction of a new building or
road, renovation of a building, advertisement, film
making.
What are the project management dimensions? -
....ANSWER ....✔✔ Scope, schedule, cost.
Program - ....ANSWER ....✔✔ A group of related
projects designed to accomplish a common goal over an
extended period of time.
Program Management - ....ANSWER ....✔✔ A process
of managing a group of ongoing, interdependent,
related projects in a coordinated way to achieve
strategic objectives.
Example of a project vs program. - ....ANSWER
....✔✔ Project: completion of a required course in
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project management. Program: completion of all courses
required for a business major.
Project Life Cycle phases. - ....ANSWER ....✔✔
Defining, planning, executing, closing (start to end).
Waterfall/Traditional Project Management: Life Cycles
- ....ANSWER ....✔✔ All life cycle phases get done
one by one.
Agile Project Management: Life Cycles - ....ANSWER
....✔✔ Doing all life cycle phases basically at the
same time and quickly.
Project Life Cycle: Defining - ....ANSWER ....✔✔ 1.
Goals
2. Specifications
3. Tasks
4. Responsibilities
Project Life Cycle: Planning - ....ANSWER ....✔✔ 1.
Schedules
2. Budgets
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3. Resources
4. Risks
5. Staffing
Project Life Cycle: Executing - ....ANSWER ....✔✔ 1.
Status reports
2. Changes
3. Quality
4. Forecasts
Project Life Cycle: Closing - ....ANSWER ....✔✔ 1.
Train customer
2. Transfer documents
3. Release resources
4. Evaluation
5. Lessons learned
Project Manager - ....ANSWER ....✔✔ •Manages
temporary, non-repetitive activities and frequently acts
independently of the formal organization.
•Marshals resources for the project.
•Is the direct link to the customer.
EBTM 343 QUESTIONS WITH COMPLETE
SOLUTIONS GRADED A+
Project - ....ANSWER ....✔✔ A temporary endeavor
undertaken to create a unique product, service, or result.
What are the five major characteristics of a project? -
....ANSWER ....✔✔ 1. Has an established objective.
2. Has a defined life span with a beginning and an end
(finite).
3. Involves several departments and professionals.
4. Involves doing something never been done before.
5. Has specific time, cost, and performance
requirements.
Difference between project and regular
operations/business as usual. - ....ANSWER ....✔✔
Project is finite (defined start and defined end), does not
go on forever, typically used to create unique product
or service, there is a deliverable.
Examples of routine, repetitive work. - ....ANSWER
....✔✔ Taking class notes, daily entering sales
,2|Page
receipts into the accounting ledger, responding to a
supply-chain request, maintenance of a building.
Examples of projects. - ....ANSWER ....✔✔ Writing a
term paper, setting up a sales kiosk for a professional
accounting meeting, developing a supply-chain
information system, construction of a new building or
road, renovation of a building, advertisement, film
making.
What are the project management dimensions? -
....ANSWER ....✔✔ Scope, schedule, cost.
Program - ....ANSWER ....✔✔ A group of related
projects designed to accomplish a common goal over an
extended period of time.
Program Management - ....ANSWER ....✔✔ A process
of managing a group of ongoing, interdependent,
related projects in a coordinated way to achieve
strategic objectives.
Example of a project vs program. - ....ANSWER
....✔✔ Project: completion of a required course in
,3|Page
project management. Program: completion of all courses
required for a business major.
Project Life Cycle phases. - ....ANSWER ....✔✔
Defining, planning, executing, closing (start to end).
Waterfall/Traditional Project Management: Life Cycles
- ....ANSWER ....✔✔ All life cycle phases get done
one by one.
Agile Project Management: Life Cycles - ....ANSWER
....✔✔ Doing all life cycle phases basically at the
same time and quickly.
Project Life Cycle: Defining - ....ANSWER ....✔✔ 1.
Goals
2. Specifications
3. Tasks
4. Responsibilities
Project Life Cycle: Planning - ....ANSWER ....✔✔ 1.
Schedules
2. Budgets
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3. Resources
4. Risks
5. Staffing
Project Life Cycle: Executing - ....ANSWER ....✔✔ 1.
Status reports
2. Changes
3. Quality
4. Forecasts
Project Life Cycle: Closing - ....ANSWER ....✔✔ 1.
Train customer
2. Transfer documents
3. Release resources
4. Evaluation
5. Lessons learned
Project Manager - ....ANSWER ....✔✔ •Manages
temporary, non-repetitive activities and frequently acts
independently of the formal organization.
•Marshals resources for the project.
•Is the direct link to the customer.
