Modern Project Management Answer Key free essay sample

Multiple Choice Questions 1. The advent of project management has been most profound in A. Automobile manufacturing B. Construction C. Information technology D. The U.S. Department of Defense E. Film making The impact of project management is most profound in the area of electronics industry, where the new folk heroes are young professionals whose Herculean efforts lead to the constant flow of new hardware and software products. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 2. A professional organization for project management specialists is the A. PMI B. AMA C. MIS D. IPM E. PMBOK The Project Management Institute (PMI), is a professional organization for project managers. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 3. Which of the following is not considered to be a characteristic of a project? A. An established objective B. A clear beginning and end C. Complex tasks D. Only for internal use E. Never been done before See List on Page 5. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Medium 4. Which of the following activities is not considered a project? A. Developing a new software program B. Designing a space station C. Preparing the site for the Olympic Games D. Production of automobile tires E. Developing a new advertising program A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed. AACSB: Analytic Blooms: Evaluation Learning Objective: What is a Project? Level: Medium 5. From among the following activities, which is the best example of a project? A. Processing insurance claims B. Producing automobiles C. Writing a term paper D. Completing a college degree E. All of these are good examples of projects See table 1.1 on Page 6. AACSB: Analytic Blooms: Analysis Learning Objective: What is a Project? Level: Medium 6. Which of the following constraints is not typically found in managing projects? A. Time B. People C. Cost D. Performance E. Both B and D are not typical constraints Specific time, cost, and performance requirements bind projects. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 7. Which of the following choices is not one of the stages of a project life cycle? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering See List on Page 7. AACSB: Analytic Blooms: Knowledge Learning Objective: What is a Project? Level: Medium 8. In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 9. In which of the following stages is a major portion of the physical and mental project work performed? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering A major portion of the project work takes place—both physical and mental. AACSB: Analytic Blooms: Application Learning Objective: What is a Project? Level: Medium 10. In which of the following stages are you more likely to find status reports, many changes, and the creation of forecasts? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering Time, cost, and specification measures are used for control. AACSB: Analytic Blooms: Application Learning Objective: What is a Project? Level: Medium 11. Which of the following characteristics is not typical of a project manager? A. Managing a temporary activity B. Possesses in-depth technical knowledge C. Managing a non-repetitive activity D. Manages independently of the formal organization E. Provides a direct link to the customer Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services. AACSB: Analytic Blooms: Analysis Learning Objective: The Importance of Project Management Level: Difficult 12. Which of the following choices is not one of the driving forces behind the increasing demand for project management? A. Compression of the product life cycle B. Knowledge explosion C. Development of third world and closed economies D. More emphasis on the product and less on the customer E. Corporate downsizing Increased customer attention has prompted the development of customized products and services. AACSB: Reflective Thinking Blooms: Application Learning Objective: The Importance of Project Management Level: Medium 13. Which of the following statements is true? A. Project management is becoming a standard way of doing business B. Project management is increasingly contributing to achieving organizational strategies C. Project management is being used at a consistent percentage of a firms efforts D. Both A and B are true E. A, B, and C are all true Project management is no longer a special-need management. It is rapidly becoming a standard way of doing business. The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: The Importance of Project Management Level: Difficult 14. Project management is ideally suited for a business environment requiring all of the following except A. Accountability B. Flexibility C. Innovation D. Speed E. Repeatability Competing in a global market influenced by rapid change, innovation, and time to market means organizations manage more and more projects. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 15. Which of the following is the number one characteristic that is looked for in management candidates? A. Overall intelligence B. Works well with others C. Experience D. Past successes E. Good references The phrase works well with others has long been a staple on grade school report cards; now, in the IT world, its the No. 1 criterion for management candidates.(See Research Highlight on page 16). AACSB: Communication Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 16. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a loss of product revenue share of ___ percent. The waste on failed projects and cost overruns is estimated in the neighborhood of A. 10 B. 20 C. 33 D. 45 E. 50 A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share. AACSB: Analytic Blooms: Comprehension Learning Objective: The Importance of Project Management Level: Medium 17. The waste on failed projects and cost overruns is estimated in the neighborhood of A. Under $100 Million B. Over $150 Billon C. Under $10 Billion D. Between $90-$100 Billion E. Between $125-$135 Billion The need for elevating performance continues to challenge the project management profession. The waste on failed projects and cost overruns is estimated in the neighborhood of over $150 billion! AACSB: Analytic Blooms: Knowledge Learning Objective: What is a Project? Level: Easy 18. Which of the following is the first step in developing a set of strategies designed to best meet the needs of customers? A. Market Research B. Define the Integrated Project Management System C. Environmental Analysis D. Project Selection E. All of the above are correct Project management is critical both to development of customized products and services and to sustaining lucrative relationships with customers. AACSB: Analytic Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Easy 19. Integration of project management with the organization takes place with the A. Master budget B. Strategy plan C. Process of managing actual projects D. Both b and c are correct E. A, B, and C are all correct Since projects are the modus operandi, strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals. AACSB: Analytic Blooms: Knowledge Learning Objective: Project Management Today An Integrated Approach Level: Medium 20. Two dimensions within the project management process are A. Technical and sociocultural B. Cost and time C. Planned and unexpected D. Established and new E. Unique and reoccurring There are two dimensions within the actual execution of projects (see Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15). AACSB: Analytic Blooms: Knowledge Learning Objective: Project Management Today An Integrated Approach Level: Easy 21. Which of these is not part of the technical dimension of project management? A. WBS B. Budgets C. Problem solving D. Schedules E. Status reports See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Blooms: Knowledge Learning Objective: Project Management Today An Integrated Approach Level: Medium 22. Which of these is not part of the sociocultural dimension of project management? A. Negotiation B. Resource allocation C. Customer expectations D. Leadership E. Politics See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 23. Corporate downsizing has increased the trend toward A. Reducing the number of projects a company initiates B. Outsourcing significant segments of project work C. Using dedicated project teams D. Shorter project lead times E. Longer project lead times Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. AACSB: Analytic Blooms: Comprehension Learning Objective: The Importance of Project Management Level: Medium 24. The importance of project management has increased due to A. The movement of manufacturing operations out of the U.S B. Time to market C. The movement toward flatter and leaner organizations D. Both a and b are true E. A, B, and C are all true One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. In todays flatter and leaner organizations, where change is a constant, project management is replacing middle management as a way of ensuring that things get done. Corporate downsizing has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. AACSB: Analytic Blooms: Synthesis Learning Objective: The Importance of Project Management Level: Difficult 25. Which of the following is not typically the responsibility of a project manger? A. Meeting budget requirements B. Meeting schedule requirements C. Meeting performance specifications D. Coordinates the actions of the team members E. All of these are typical responsibilities They must ensure that appropriate trade-offs are made between the time, cost, and performance requirements of the project. AACSB: Analytic Blooms: Knowledge Learning Objective: What is a Project? Level: Easy 26. A series of coordinated, related, multiple projects that continue over extended time intended to achieve a goal is known as a A. Strategy B. Program C. Campaign D. Crusade E. Venture A program is a group of related projects designed to accomplish a common goal over an extended period of time. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 27. In which of the following stages is it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 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. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 28. Competing in a global market is influenced by A. Rapid change B. Innovation C. Time to market D. Politics E. A, B, and C are all true Competing in a global market influenced by rapid change, innovation, and time to market means organizations manage more and more projects. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Easy 29. Integration of all project processes and practices to improve Project Management is due to A. Centralization B. Environmental analysis C. Customer Expectations D. Project management system E. The organizations environment and culture Centralization entails integration of all project processes and practices to improve project management. AACSB: Analytic Blooms: Application Learning Objective: Project Management Today An Integrated Approach Level: Easy 30. From 1994 to 2009 the trend for projects late or over budget was: A. Significantly better B. Slightly better C. About the same D. Slightly worse E. Significantly worse Failed projects also declined from 31 percent in 1994 to 18 percent in 2004. However, the CHAOS Summary 2009 report shows a small decrease in the numbers. AACSB: Analytic Blooms: Evaluation Learning Objective: What is a Project? Level: Medium Fill in the Blank Questions 31. Like most organizational effort, the major goal of a project is to __________. satisfy a customers need Like most organizational effort, the major goal of a project is to satisfy a customers need. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 32. The initial stage in the Project Life Cycle is the __________ stage. defining Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 33. The final stage in the Project Life Cycle is the __________ stage. closure Closure includes three activities: delivering the project product to the customer, redeploying project resources, and post-project review. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 34. The __________, a professional organization for project managers, has grown from 93,000 in 2002 to more than 230,000 currently. PMI The Project Management Institute (PMI), is a professional organization for project managers. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 35. In the __________ stage of the Project Life Cycle a major part of the project work, both physical and mental, takes place. executing A major portion of the project work takes place—both physical and mental. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 36. In the _________ stage of the Project Life Cycle what will be accomplished by the project is determined along with the projects schedule and budget. planning 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. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 37. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a __________ percent loss in product revenue share. thirty-three A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share. AACSB: Analytic Blooms: Comprehension Learning Objective: The Importance of Project Management Level: Medium 38. In todays high-tech industries the product life cycle is averaging _________ years. 1 to 3 Today in high-tech industries the product life cycle is averaging 1 to 3 years. Only 30 years ago, life cycles of 10 to 15 years were not uncommon. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Easy 39. The advent of many small projects has created the need for an organization that can support __________ management. multiproject This climate has created a multiproject environment and a plethora of new problems. Sharing and prioritizing resources across a portfolio of projects is a major challenge for senior management. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Easy 40. Increased competition has placed a premium on customer satisfaction and the development of __________ products and services. customized Customers want customized products and services that cater to their specific needs. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Easy 41. In some organizations, selection and management of projects often fail to support the broad-based _________ of the organization. strategic plan Today, projects are the modus operandi for implementing strategy. Yet in some organizations, selection and management of projects often fail to support the strategic plan of the organization. AACSB: Analytic Blooms: Knowledge Learning Objective: Project Management Today An Integrated Approach Level: Medium 42. WBS, schedules, and budgets are examples of the _________ dimension of the project management process. technical See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 43. Leadership, teamwork, and negotiation are examples of the _________ dimension of the project management process. sociocultural See Figure 1.3. The Technical and Sociocultural Dimensions of the Project Management Process on page 15. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 44. The ________ is a professional organization for project management specialists. Project Management Institute (PMI) The Project Management Institute (PMI), is a professional organization for project managers. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 45. One of the defining characteristics of a project is that it has a singular purpose, i.e., an established ________. objective Projects have a defined objective—whether it is constructing a 12-story apartment complex by January 1 or releasing version 2.0 of a specific software package as quickly as possible. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 46. Because projects have a defined beginning and end, the ________ is frequently used to manage the transition of a project from start to completion. Project Life Cycle The project life cycle typically passes sequentially through four stages: defining, planning, executing, and delivering. AACSB: Analytic Blooms: Synthesis Learning Objective: What is a Project? Level: Difficult 47. The development of schedules, budgets, and identifying risks are common elements to the ________ stage of the project life cycle. planning 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. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Medium 48. The establishment of project goals, specifications, and responsibilities usually occurs in the ________ stage of the project life cycle. defining Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Medium 49. Training the customer, reassigning staff, and releasing resources occurs in the ________ stage of the project life cycle. closure Includes three activities: delivering the project product to the customer, redeploying project resources, and post-project review. Delivery of the project might include customer training and transferring documents. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Medium 50. Project managers are expected to ensure that appropriate trade-offs are made between the time, cost, and __________ requirements of the project. performance Project managers are ultimately responsible for performance (frequently with too little authority). They must ensure that appropriate trade-offs are made between the time, cost, and performance requirements of the project. AACSB: Analytic Blooms: Analysis Learning Objective: What is a Project? Level: Medium 51. The growth in ________ has increased the complexity of projects because projects typically include the latest advances. new knowledge The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Product complexity has increased the need to integrate divergent technologies. Project management has emerged as an important discipline for achieving this task. AACSB: Analytic Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Medium 52. A _________ is a series of coordinated, related; multiple projects that continue over extended time intended to achieve a goal. program A program is a group of related projects designed to accomplish a common goal over an extended period of time. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 53. In the __________ stage, it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be. planning 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. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy True / False Questions 54. Because of the profitability motive, project management is nearly always limited to the private sector. FALSE Project management is not limited to the private sector. Project management is also a vehicle for doing good deeds and solving social problems. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 55. Ten years ago major universities offered only one or two classes in project management, primarily for engineers. TRUE Ten years ago major universities offered one or two classes in project management, primarily for engineers. Today, most universities offer multiple sections of project management classes, with the core group of engineers being supplemented by business students majoring in marketing, management information systems (MIS). AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 56. The professional certification for project managers is a Project Management Professional (PMP). TRUE PMI provides certification as a Project Management Professional (PMP)—someone who has documented sufficient project experience, agreed to follow the PMI code of professional conduct, and demonstrated mastery of the field of project management by passing a comprehensive examination. (See Snapshot on Page 4). AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 57. Because of its flexibility, project management is equally useful in ongoing, routine work as well as unique, one-time projects. FALSE A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 58. One of the defining characteristics of project management is that the projects are not confined to a single department but involve several departments and professionals. TRUE One of the major characteristics is the involvement of several departments and professionals. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 59. One of the characteristics that separate project management from other endeavors of the organization is that there are specific time, cost, and performance requirements. TRUE Major characteristics are specific time, cost, and performance requirements. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 60. The singular purpose of a project is often lacking in daily organizational life in which workers perform repetitive operations each day. TRUE This singular purpose is often lacking in daily organizational life in which workers perform repetitive operations each day. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 61. Since a construction company builds many buildings the projects after the first building do not fit the definition of a project. FALSE All projects are nonroutine and has some unique elements. AACSB: Reflective Thinking Blooms: Comprehension Level: Medium 62. The first stage in the Project Life Cycle is the Concept stage. FALSE The first stage is defining. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 63. A major portion of the project work, both physical and mental, takes place during the Production stage of the Project Life Cycle. FALSE A major portion of the project work, both physical and mental is done in the executing stage. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Medium 64. In practice, the amount of work accomplished in each stage of the Project Life Cycle will vary greatly depending on the department or work group. TRUE In practice, the project life cycle is used by some project groups to depict the timing of major tasks over the life of the project. AACSB: Reflective Thinking Blooms: Application Learning Objective: What is a Project? Level: Easy 65. Because of the requirement for in-depth expertise, project management is generally restricted to specialists. FALSE Unlike their functional counterparts, project managers generally possess only rudimentary technical knowledge. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: What is a Project? Level: Easy 66. On the project team, the Marketing manager is the primary, direct link with the customer. FALSE Project Managers are typically the direct link to the customer and must manage the tension between customer expectations and what is feasible and reasonable. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: What is a Project? Level: Easy 67. One of the most significant driving forces behind the demand for project management is the ever increasing expansion of the product life cycle. FALSE One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. AACSB: Reflective Thinking Blooms: Application Learning Objective: The Importance of Project Management Level: Easy 68. Unlike their functional counterparts, project managers generally possess only rudimentary technical knowledge to make trade-off decisions. TRUE Unlike their functional counterparts, project managers generally possess only rudimentary technical knowledge. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: What is a Project? Level: Medium 69. Because of the significant loss in potential product revenue, time to market has become one of the most critical factors in developing new products. TRUE Time to market for new products with short life cycles has become increasingly important. AACSB: Reflective Thinking Blooms: Application Learning Objective: The Importance of Project Management Level: Easy 70. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share. TRUE A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share. Speed, therefore, becomes a competitive advantage; more and more organizations are relying on cross-functional project teams to get new products and services to the market as quickly as possible. AACSB: Reflective Thinking Blooms: Application Learning Objective: The Importance of Project Management Level: Easy 71. Project management integration necessitates combining all of the major dimensions of project management under one umbrella. TRUE Project management integration necessitates combining all of the major dimensions of project management under one umbrella. Each dimension is connected in one seamless, integrated domain. Integration means applying a set of knowledge, skills, tools, and techniques to a collection of projects in order to move the organization toward its strategic goals. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Easy 72. Due to corporate downsizing significant segments of project work have been outsourced to other organizations. TRUE Corporate downsizing has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Easy 73. Smaller projects in larger organizations tend not to need project management skills. FALSE Many small projects can eat up the people resources of a firm and represent hidden costs not measured in the accounting system. Organizations with many small projects going on concurrently face the most difficult project management problems. AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: The Importance of Project Management Level: Medium 74. In the current trends, Project managers are typically required to manage many diverse systems such as; networks, bar charts, job costing, task forces, partnering and schedule, to manage projects. FALSE Project managers must shape a project culture that stimulates teamwork and high levels of personal motivation as well as a capacity to quickly identify and resolve problems that threaten project work. This dimension also involves managing the interface between the project and external environment. Project managers have to assuage and shape expectations of customers, sustain the political support of top management, negotiate with their functional counterparts, monitor subcontractors, and so on. Overall, the manager must build a cooperative social network among a divergent set of allies with different standards, commitments, and perspectives. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Easy 75. Project management is usually restricted to specialists. FALSE Unlike their functional counterparts, project managers generally possess only rudimentary technical knowledge. AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Easy 76. Project management is becoming a standard way of doing business. TRUE Project management is no longer a special-need management. It is rapidly becoming a standard way of doing business. AACSB: Reflective Thinking Blooms: Application Learning Objective: The Importance of Project Management Level: Easy Short Answer Questions 77. Compare and contrast the Product Life Cycle and the Project Life Cycle. Product Life Cycle deals with the time it takes to develop a product and the time it remains in the marketplace. The Project Life Cycle is the stages that a new product goes through while being developed. AACSB: Analytic Blooms: Analysis Learning Objective: The Importance of Project Management Level: Medium 78. Identify the five major characteristics of a project. see list on page 5 of your text AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 79. Identify and briefly describe the four stages of the Project Life Cycle. see list on page 1-7 AACSB: Reflective Thinking Blooms: Knowledge Learning Objective: What is a Project? Level: Easy 80. Project managers perform the same functions as other managers. Agree or Disagree and support your decision. Many of the same basic management functions are performed by project managers; however, there are aspects of the project managers job that make it unique. AACSB: Analytic Blooms: Analysis Learning Objective: What is a Project? Level: Medium 81. Identify and briefly describe the six factors that are increasing the demand for project management. 1. compression of the product life cycle, 2. knowledge explosion, 3. triple bottom line, 4. corporate downsizing, 5. increased customer focus, 6. small projects represent big problems AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: The Importance of Project Management Level: Difficult 82. What is meant by an Integrated Project Management Process? All efforts are focused toward the strategic plan. Piece meal tools are no longer accepted. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Difficult 83. Identify and briefly discuss the two key areas where project management need to be integrated within the organization. 1. with the Strategic Plan and 2. within the process of managing actual projects AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 84. Identify and briefly discuss the two key dimensions of managing actual projects. 1. Technical and 2. Sociocultural AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium 85. The success of individual projects is typically measured by performance compared to three constraints usually placed on all projects. Identify and briefly describe those three constraints. 1. time, 2. cost, and 3. performance AACSB: Reflective Thinking Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 86. Describe what it means that a Project Manager must work with a diverse troupe of characters? They are typically the direct link to the customer and must manage the tension between customer expectations and what is feasible and reasonable. Project managers provide direction, coordination, and integration to the project team, which is often made up of part-time participants loyal to their functional departments. They often must work with a cadre of outsiders—vendors, suppliers, subcontractors—who do not necessarily share their project allegiance. AACSB: Analytic Blooms: Analysis Learning Objective: What is a Project? Level: Medium 87. What is the difference between a project and a program? The terms are often used interchangeably in business, however, a program is considered to be a series of coordinated, related, and multiple projects that continue over extended time intended to achieve a goal. AACSB: Analytic Blooms: Comprehension Learning Objective: What is a Project? Level: Medium 88. Describe the connection between Project Management and an organizations Strategic Plan. Today the emphasis is on an integrated project management process that focuses all project effort toward the strategic plan of the organization. AACSB: Analytic Blooms: Comprehension Learning Objective: Project Management Today An Integrated Approach Level: Medium