MAN 4583 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MAN 4583 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 What is a project? - Answers Temporary endeavor: beginning and end Creates a unique product Not a continuous operation! What is a project manager? - Answers Assigned to achieve project objectives Leads project team Organizes project resources Can manage project at varying levels of complexity Can manage projects in different industries What are stakeholders? - Answers persons or organizations actively involved in the project have interests that may be positively or negatively affected may influence the project and its deliverables What is a sponsor? - Answers Person or group Provides financial resources High interest in project success Could be internal or external What are team members? - Answers Persons Report to project manager Perform the work Must be assigned specific and clear roles and responsibilities based on their skills and qualifications Must be rewarded and recognized! What is a project? - Answers A non-routine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs. What are the major characteristics of a project? - Answers established objective scope, deliverables defined life span duration across-the-organizational participation human resources never been done before unique, non-routine specific time, cost, and performance requirements constraints How do you keep track of projects? - Answers Programs Portfolios What does the project management office (PMO) provide? - Answers overview of all project management activities big picture of how organizational resources are used tracking of risks and performance metrics What are some problems that result from the uncoordinated PM systems? - Answers Projects that do not support the organization's strategic plan Independent managerial decisions that create imbalances, conflicts, and confusion Failure to prioritize projects results in waste of resources What is the product life cycle? - Answers Introduction, growth, mature, decline What is the project life cycle? - Answers Example: Research Design Code Test Release What is the project management process? - Answers Initiation Planning Executing Monitoring and Controlling Closing What are the three project constraints? - Answers Time, Cost, Performance What are the different knowledge areas? - Answers Integration, scope, time, cost, quality, human resources, communications, risk, procurement, stakeholders What do internal projects do? - Answers Internal projects help companies implement internal initiatives that serve their strategy and don't directly make money What do external projects do? - Answers External projects serve clients and should be treated as profit centers What are the functions of portfolio management? - Answers Oversee project selection. Monitor aggregate resource levels and skills. Encourage use of best practices. Balance projects in the portfolio in order to represent a risk level appropriate to the organization. Improve communication among all stakeholders. Create a total organization perspective that goes beyond silo thinking. Improve overall management of projects over time. Why do project managers need to understand strategy? - Answers Because those who don't: Focus on low-priority or immediate problems or solutions and miss big picture Waste resources on things no one else cares about What can a project priority system help you avoid? - Answers The implementation gap (by clarifying communication) Organization politics (by using objective project selection and assessment systems) Conflicts in shared resources (by allocating resources based on project priority) What is involved in the portfolio management system? - Answers Project Classification Selection Criteria Sourcing/Solicitation of proposals Evaluating proposals Managing the portfolio of projects What is involved with project classification? - Answers Compliance (must do) projects Strategic projects Operational projects What can the selection criteria be based off of? - Answers Financial criteria (payback, NPV, IRR) Non-financial criteria (projects of strategic importance to the firm) Multi-weighted scoring models What is the net present value (NPV) model? - Answers Uses management's minimum desired rate-of-return (discount rate) to compute the present value of all net cash inflows. + NPV: project is eligible for further consideration - NPV: reject What is the internal rate of return (IRR) model? - Answers The discount rate at which a project's NET cash flows equal 0 The higher, the better Remember: the discount rate here is the rate of return management expects to receive from a given project What is the payback period model? - Answers The time the project cash flows will take to recover the project investment The shorter, the better What are the nonfinancial criteria? - Answers To capture larger market share To make it difficult for competitors to enter the market To develop an enabler product, which by its introduction will increase sales in more profitable products To develop core technology that will be used in next-generation products To reduce dependency on unreliable suppliers To prevent government intervention and regulation To restore corporate image or enhance brand recognition To demonstrate its commitment to corporate citizenship and support for community development. What is the checklist model for selection models? - Answers Uses a list of questions to review potential projects and to determine their acceptance or rejection. Fails to answer the relative importance or value of a potential project and doesn't allow for comparison with other potential projects. What is the multi-weighted scoring model for selection models? - Answers Uses several weighted qualitative and/or quantitative selection criteria to evaluate project proposals. Allows for comparison of projects with other potential projects Where are the sources and solicitation of project proposals? - Answers Within the organization Request for proposal (RFP) from external sources (contractors and vendors) What is the ranking proposals and selection of projects for project proposals? - Answers Prioritizing requires discipline, accountability, responsibility, constraints, reduced flexibility, and loss of power. How do you manage the portfolio system? - Answers Senior Management Input -Provide guidance in alignment with strategic goals and prioritization of resources The Governance Team (PMO) Responsibilities -Publish the priority of every project -Ensure that the project selection process is open and free of power politics -Evaluate the progress of current projects What is the functional organization? - Answers Different segments of the project are delegated to functional units Coordination through normal management channels Works when one functional area has a dominant interest in the project's success What are the advantages of the functional organization? - Answers No structural change In-depth expertise Easy post-project transition What are the disadvantages of the functional organization? - Answers Lack of focus Poor integration Slow Lack of ownership What is a dedicated project team? - Answers separate units led by full-time project manager What are the advantages of a dedicated project team/projectized structure? - Answers Simple Fast Cohesive Cross-Functional Integration What are the disadvantages of a dedicated project team/projectized structure? - Answers Expensive Internal Strife Limited Technological Expertise Difficult Post-Project Transition What is the matrix structure? - Answers Two chains of command (functional and project) Optimizes the use of resources. -Allows for participation on multiple projects while performing normal functional duties -Achieves a greater integration of expertise and project requirements What are the different matrix structure types? - Answers Weak -functional manager authority project manager authority Balanced -project manager sets the overall plan and functional manager determines how work is done Strong -project manager has more control and functional departments act as subcontractors to project What are the advantages of a matrix structure? - Answers Efficient Strong Project Focus Easier Post-Project Transition Flexible What are the disadvantages of a matrix structure? - Answers Dysfunctional Conflict Infighting Stressful Slow What are the inputs for developing a project character? - Answers Project Statement of Work Business Case Contract Enterprise Environmental Factors Organizational Process Assets What are the tools & techniques for developing a project character? - Answers Expert judgement What are the outputs for developing a project character? - Answers Project charter What are the inputs for plan scope management? - Answers Project Management Plan Project Charter Enterprise Environmental Factors Organizational Process Assets What are the tools & techniques for plan scope management? - Answers Expert Judgement Meetings What are the outputs for plan scope management? - Answers Scope Management Plan Requirements Management Plan What are the five steps to defining the project? - Answers Step 1: Defining the Project Scope Step 2: Establishing Project Priorities Step 3: Creating the Work Breakdown Structure Step 4: Integrating the WBS with the Organization Step 5: Coding the WBS for the Information System What is a project scope? - Answers A definition of the end result or mission of the project—a product or service for the client/customer—in specific, tangible, and measurable terms. What is the purpose of the scope statement? - Answers To clearly define the deliverable(s) for the end user. To focus the project on successful completion of its goals. To be used by the project owner and participants as a planning tool and for measuring project success. What are the six steps to a project scope checklist? - Answers Project objective Deliverables Milestones Technical requirements Limits and exclusions Reviews with customer What are the inputs for collecting requirements (planning)? - Answers Scope Management Plan Requirements Management Plan Stakeholder Management Plan Project Charter Stakeholder Register What are the tools & techniques for collecting requirements (planning)? - Answers Interviews Focus Groups Facilitated Workshops Group Creativity Techniques Group Decision-Making Techniques Questionnaires & Surveys Observations Prototypes Benchmarking Context Diagrams Document Analysis What are the outputs for collecting requirements (planning)? - Answers Requirements Documentation Requirements Traceability Matrix What are the inputs for defining a scope (planning)? - Answers Scope Management Plan Project Charter Requirements Documentation Organizational Process Assets What are the tools & techniques for defining a scope (planning)? - Answers Expert Judgment Product Analysis Alternative Generation Facilitated Workshops What are the outputs for defining a scope (planning) - Answers Project Scope Statement Project Documents Updates What are the project trade-offs? - Answers Scope, cost, and time will impact quality How do you manage the priorities of project trade-offs? - Answers Constrain: a parameter is a fixed requirement (performance) Enhance: optimizing a criterion over others (time) Accept: reducing (or not meeting) a criterion requirement (cost) What is a work breakdown structure (WBS)? - Answers Hierarchical outline (map) that identifies the products and work elements involved in a project.