MAN 4583 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
What is a project?
Answer:
Temporary endeavor: beginning and end
Creates a unique product
Not a continuous operation!
Question:
What is a project manager?
Answer:
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
Question:
What are stakeholders?
Answer:
persons or organizations
actively involved in the project
have interests that may be positively or negatively affected
may influence the project and its deliverables
Question:
What is a sponsor?
Answer:
Person or group
Provides financial resources
High interest in project success
Could be internal or external
Question:
What are team members?
Answer:
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!
Question:
,What is a project?
Answer:
A non-routine, one-time effort limited by time, budget, resources, and
performance specifications designed to meet customer needs.
Question:
What are the major characteristics of a project?
Answer:
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
Question:
How do you keep track of projects?
Answer:
Programs
Portfolios
Question:
What does the project management office (PMO)
provide?
Answer:
overview of all project management activities
big picture of how organizational resources are used
tracking of risks and performance metrics
Question:
What are some problems that result from the
uncoordinated PM systems?
Answer:
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
Question:
What are the different knowledge areas?
Answer:
Integration, scope, time, cost, quality, human resources, communications, risk,
procurement, stakeholders
Question:
What do internal projects do?
Answer:
Internal projects help companies implement internal initiatives that serve their
strategy and don't directly make money
, Question:
What are the functions of portfolio management?
Answer:
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.
Question:
Why do project managers need to understand strategy?
Answer:
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
Question:
What can a project priority system help you avoid?
Answer:
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)
Question:
What is involved in the portfolio management system?
Answer:
Project Classification
Selection Criteria
Sourcing/Solicitation of proposals
Evaluating proposals
Managing the portfolio of projects
Question:
What is involved with project classification?
Answer:
Compliance (must do) projects
Strategic projects
Operational projects
Question:
What can the selection criteria be based off of?
Answer:
CORRECT ANSWERS
Question:
What is a project?
Answer:
Temporary endeavor: beginning and end
Creates a unique product
Not a continuous operation!
Question:
What is a project manager?
Answer:
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
Question:
What are stakeholders?
Answer:
persons or organizations
actively involved in the project
have interests that may be positively or negatively affected
may influence the project and its deliverables
Question:
What is a sponsor?
Answer:
Person or group
Provides financial resources
High interest in project success
Could be internal or external
Question:
What are team members?
Answer:
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!
Question:
,What is a project?
Answer:
A non-routine, one-time effort limited by time, budget, resources, and
performance specifications designed to meet customer needs.
Question:
What are the major characteristics of a project?
Answer:
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
Question:
How do you keep track of projects?
Answer:
Programs
Portfolios
Question:
What does the project management office (PMO)
provide?
Answer:
overview of all project management activities
big picture of how organizational resources are used
tracking of risks and performance metrics
Question:
What are some problems that result from the
uncoordinated PM systems?
Answer:
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
Question:
What are the different knowledge areas?
Answer:
Integration, scope, time, cost, quality, human resources, communications, risk,
procurement, stakeholders
Question:
What do internal projects do?
Answer:
Internal projects help companies implement internal initiatives that serve their
strategy and don't directly make money
, Question:
What are the functions of portfolio management?
Answer:
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.
Question:
Why do project managers need to understand strategy?
Answer:
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
Question:
What can a project priority system help you avoid?
Answer:
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)
Question:
What is involved in the portfolio management system?
Answer:
Project Classification
Selection Criteria
Sourcing/Solicitation of proposals
Evaluating proposals
Managing the portfolio of projects
Question:
What is involved with project classification?
Answer:
Compliance (must do) projects
Strategic projects
Operational projects
Question:
What can the selection criteria be based off of?
Answer:
