DNSC 4404 Midterm Khamooshi GWU

Characteristics of a project - correct answer 1. An established objective 2. A defined life span with a beginning and an end 3. Usually, the involvement of several departments and professionals 4. Typically, doing something that has never been done before 5. Specific time, cost, and performance requirements program - correct answer A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. Project Life Cycle - correct answer The series of phases that a project passes through from its initiation to its closure. Defining Stage - correct answer Stage during which Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned. planning stage - correct answer Stage during which 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. Executing Stage - correct answer A major portion of the project work takes place—both physical and mental. The physical product is produced (a bridge, a report, a software pro- gram). Time, cost, and specification measures are used for control. Is the project on schedule, on budget, and meeting specifications? What are the forecasts of each of these measures? What revisions/changes are necessary? (high effort) Closing Stage - correct answer This stage includes three activities: delivering the project product to the customer, redeploying project resources, and post-project review. (low effort) Compression of the product life cycle - correct answer Major change in project management that has driven demand - averages from 1 to 3 years today when it used to be 10 to 15 years. Knowledge explosion - correct answer This has increased complexity of projects because they encompass the latest advances in many fields Triple Bottom Line - correct answer recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth corporate downsizing - correct answer A popular project management technique designed to eliminate layers of hierarchy and reduce the number of employees in general and managers in particular Increased customer focus - correct answer This has placed a premium on customer satisfaction; increases need for PM because we can no longer settle for generic products and services. strategy - correct answer A project must be linked to an organizations's _____________ Four Activities of the Strategic Management Process - correct answer 1. Review and define the organizational mission 2. Set long-range goals and objectives 3. Analyze and formulate strategies to reach objectives 4. Implement strategies through projects. scenario planning - correct answer identifies alternative future scenarios and makes plans to deal with each Priority system - correct answer The process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives. Implementation gap - correct answer The lack of consensus between the goals set by top management and those independently set by lower levels of management. This lack of consensus leads to confusion and poor allocation of organization resources. Project portfolio management - correct answer The management and selection of projects that support an organization's vision and mission. It is the balance of project priority, risk, reward, and return on investment. This is a senior management process. Sacred Cow - correct answer refers to something that cannot be interfered with or harmed in any way.... a type of project that a very senior ranking official is advocating Organization Politics - correct answer Project selection is based on the persuasiveness and power of people advocating the projects. Resource Conflicts and Multitasking - correct answer Multiproject environment creates interdependency relationships of shared resources which results in the starting, stopping, and restarting projects. Project Classification - correct answer Deciding how well a strategic or operations project fits the organization's strategy. compliance, operational, strategic - correct answer Usually organizations have these three types of projects Financial Criteria - correct answer These models in project selection are appropriate when there is a high level of confidence with estimates of future cash flows. Payback Period - correct answer the amount of time required for an investment to generate cash flows sufficient to recover its initial cost Net Present Value - correct answer the present value of current and future benefits minus the present value of current and future costs Nonfinacial Criteria - correct answer Criteria decided to select a project that may be more relevant to developing a core competency or strategic advantage Checklist Model - correct answer 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 to allow for comparison with other potential projects. Multi-Weighted Scoring Model - correct answer Uses several weighted qualitative and/or quantitative selection criteria to evaluate project proposals. Allows for comparison of projects with other potential projects RFP (Request for Proposal) - correct answer A type of bidding solicitation in which a company or organization announces that funding is available for a particular project or program, and companies can place bids for the project's completion Functional Organization - correct answer Departmentalization around specialized activities such as production, marketing, and human resources. Advantages of using functional organization - correct answer 1. No Change 2. Flexibility 3. In-depth expertise 4. Easy post-project transition Disadvantages of using functional organization - correct answer 1. Lack of focus 2. Poor integration 3. Slow 4. Lack of ownership Dedicated project team - correct answer An organizational structure in which all of the resources needed to accomplish a project are assigned full time to the project. Projectized Organization - correct answer Any organizational structure in which the project manager has full authority to assign priorities, apply resources, and direct the work of persons assigned to the project. Strengths of projectized organization - correct answer 1. Simple 2. Fast 3. Cohesive 4. Cross-Functional Integration Weaknesses of projectized organization - correct answer 1. Expensive 2. Internal Strife 3. Limited technological expertise 4. Difficult post-project transition matrix management - correct answer an organization system in which people have responsibility to both a task or project and to their department Weak Matrix - correct answer A matrix structure in which functional managers have primary control over proje