OMGT 5783 Project Management Midterm Actual Exam Newest 2025/2026 Complete Questions And
Correct Detailed Answers (Verified Answers) |Brand New Version!!
Define a Project - (ANSWER)A temporary endeavor undertaken to create a unique product, service, or
result.
Major Characteristics of a Project - (ANSWER)- 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 - (ANSWER)1. Defining
2. Planning
3. Executing
4. Closing
Project Governance - (ANSWER)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 - (ANSWER)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 - (ANSWER)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
Correct Detailed Answers (Verified Answers) |Brand New Version!!
Define a Project - (ANSWER)A temporary endeavor undertaken to create a unique product, service, or
result.
Major Characteristics of a Project - (ANSWER)- 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 - (ANSWER)1. Defining
2. Planning
3. Executing
4. Closing
Project Governance - (ANSWER)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 - (ANSWER)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 - (ANSWER)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
