OMGT 5783 PROJECT MANAGEMENT
MIDTERM EXAM
Define a Project - Correct Answers -A temporary endeavor undertaken to create a
unique product, service, or result.
Major Characteristics of a Project - Correct Answers -- Has an established objective.
- Has a defined life span with a beginning and an end.
- Requires across-the-organizational participation.
- Involves doing something never been done before.
- Has specific time, cost, and performance requirements.
Project Life Cycle - Correct Answers -1. Defining
2. Planning
3. Executing
4. Closing
Project Governance - Correct Answers -Applying a set of knowledge, skills, tools, and
techniques to a collection of projects in order to move the organization towards its
strategic goals
Project Strategic Planning - Correct Answers -Of upmost importance to ensure scare
resources are not wasted. Selection criteria must ensure projects are prioritized and
meet strategic goals. The process must be open, consistent, and balanced.
Portfolio Management - Correct Answers -Ensures that projects are aligned with
strategic goals and prioritized correctly. System includes classification of project type,
selection criteria for the types, evaluating proposals, and managing portfolio
Payback (Financial Selection Criteria) - Correct Answers -Measures time it will take to
recover project investment. Payback = Cost/Annual Savings
Phase estimating - Correct Answers -This estimating method begins with a macro
estimate for the project and then refines estimates for phases of the project as it is
implemented.
Forward Pass - Correct Answers -A critical path method technique for calculating the
early start and early finish dates by working forward through the schedule model from
the project start date or a given point in time.
MIDTERM EXAM
Define a Project - Correct Answers -A temporary endeavor undertaken to create a
unique product, service, or result.
Major Characteristics of a Project - Correct Answers -- Has an established objective.
- Has a defined life span with a beginning and an end.
- Requires across-the-organizational participation.
- Involves doing something never been done before.
- Has specific time, cost, and performance requirements.
Project Life Cycle - Correct Answers -1. Defining
2. Planning
3. Executing
4. Closing
Project Governance - Correct Answers -Applying a set of knowledge, skills, tools, and
techniques to a collection of projects in order to move the organization towards its
strategic goals
Project Strategic Planning - Correct Answers -Of upmost importance to ensure scare
resources are not wasted. Selection criteria must ensure projects are prioritized and
meet strategic goals. The process must be open, consistent, and balanced.
Portfolio Management - Correct Answers -Ensures that projects are aligned with
strategic goals and prioritized correctly. System includes classification of project type,
selection criteria for the types, evaluating proposals, and managing portfolio
Payback (Financial Selection Criteria) - Correct Answers -Measures time it will take to
recover project investment. Payback = Cost/Annual Savings
Phase estimating - Correct Answers -This estimating method begins with a macro
estimate for the project and then refines estimates for phases of the project as it is
implemented.
Forward Pass - Correct Answers -A critical path method technique for calculating the
early start and early finish dates by working forward through the schedule model from
the project start date or a given point in time.
