IME 456 Final Exam QUESTIONS AND ANSWERS
Project - CORRECT ANSWER✅✅A temporary endeavor undertaken to create a unique product, service,
or result.
-Clear objective
-Specific time frame
-Sponsor or customer
-series of interdependent tasks
-Various resources
-Degree of uncertainty
Ex: Designing a new car
Operations - CORRECT ANSWER✅✅ongoing and repetitive
Ex: assembly line
Project Sponsors - CORRECT ANSWER✅✅person or group that provides the financial resources, in cash
or in kind, for the project
-Unsatisfied customers have been known to withhold payments, to deny repeat business, and to spread
the word of their dissatisfaction
Scope - CORRECT ANSWER✅✅all the work that must be done in order to satisfy the customer that the
deliverables meet the requirements
Schedule - CORRECT ANSWER✅✅timetable that specifies when each activity should start and finish
Project Objective - CORRECT ANSWER✅✅states the time by which the project scope must be
completed in terms of a specific date agreed upon by the customer and the individual
Project Resources - CORRECT ANSWER✅✅people, materials, equipment, and facilities required to
perform the project
, Project Risks - CORRECT ANSWER✅✅An uncertain event or condition that, if it occurs, has a negative
effect on a project's objectives
Initiating Phase - CORRECT ANSWER✅✅-First phase
-Identify need, problem, or opporunity
-Determine if project "idea" will be selected to be done
-Should produce a project charter
Project charter - CORRECT ANSWER✅✅A document that formally recognizes the existence of a project
and provides direction on the project's objectives and management
Planning Phase - CORRECT ANSWER✅✅-Second phase
-Shows how project scope will be accomplished
-Plan the work
-Should produce a baseline plan
-create a resources plan the work or help in planning the work
Baseline Plan - CORRECT ANSWER✅✅What needs to be done? How it will get done? Who will do it?
How long it will take? How much it will cost? What the risks are?
-when funds will be spent over the duration of the project to ensure that everything is within budget
Performing Phase - CORRECT ANSWER✅✅-Third phase
-Working pahse
-Accomplish project objectives
-increase pace as more resources are added
-Monitor and control progress
-take corrective action as needed
Closing Phase - CORRECT ANSWER✅✅-Final phase
Project - CORRECT ANSWER✅✅A temporary endeavor undertaken to create a unique product, service,
or result.
-Clear objective
-Specific time frame
-Sponsor or customer
-series of interdependent tasks
-Various resources
-Degree of uncertainty
Ex: Designing a new car
Operations - CORRECT ANSWER✅✅ongoing and repetitive
Ex: assembly line
Project Sponsors - CORRECT ANSWER✅✅person or group that provides the financial resources, in cash
or in kind, for the project
-Unsatisfied customers have been known to withhold payments, to deny repeat business, and to spread
the word of their dissatisfaction
Scope - CORRECT ANSWER✅✅all the work that must be done in order to satisfy the customer that the
deliverables meet the requirements
Schedule - CORRECT ANSWER✅✅timetable that specifies when each activity should start and finish
Project Objective - CORRECT ANSWER✅✅states the time by which the project scope must be
completed in terms of a specific date agreed upon by the customer and the individual
Project Resources - CORRECT ANSWER✅✅people, materials, equipment, and facilities required to
perform the project
, Project Risks - CORRECT ANSWER✅✅An uncertain event or condition that, if it occurs, has a negative
effect on a project's objectives
Initiating Phase - CORRECT ANSWER✅✅-First phase
-Identify need, problem, or opporunity
-Determine if project "idea" will be selected to be done
-Should produce a project charter
Project charter - CORRECT ANSWER✅✅A document that formally recognizes the existence of a project
and provides direction on the project's objectives and management
Planning Phase - CORRECT ANSWER✅✅-Second phase
-Shows how project scope will be accomplished
-Plan the work
-Should produce a baseline plan
-create a resources plan the work or help in planning the work
Baseline Plan - CORRECT ANSWER✅✅What needs to be done? How it will get done? Who will do it?
How long it will take? How much it will cost? What the risks are?
-when funds will be spent over the duration of the project to ensure that everything is within budget
Performing Phase - CORRECT ANSWER✅✅-Third phase
-Working pahse
-Accomplish project objectives
-increase pace as more resources are added
-Monitor and control progress
-take corrective action as needed
Closing Phase - CORRECT ANSWER✅✅-Final phase
