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OMGT 5783 Midterm Exam Questions and
Correct Answers
Definition of a Project Ans: — a project is a temporary endeavor
undertaken to create a unique product, service, or result. Its major
goal is to satisfy a customer's need. A project must have: an
established objective; a defined life span with a beginning and an
end; involvement from several departments and professionals;
specific, time, cost and performance requirements
Project Life Cycle Ans: — defining stage (specifications are
defined, teams formed, responsibilities are assigned), planning
stage (plans are developed with schedule and budget), executing
stage (physical product is produced; time, cost, and other
specification measures are used for control), closing stage
(delivering, redeploying, and project review where performance is
assessed and notes taken for lessons learned)
Project Governance Ans: — centralization of project management
processes and practices; designed to improve project management
in the whole organization over the long haul
Project and Strategic Planning Ans: — project managers need to be
effective project advocates and make appropriate decisions and
adjustments; PMs have to be able to demonstrate to senior
management how their project contributes to their firm's mission
Portfolio Mangement Ans: — ensure that projects are aligned with
strategic goals and prioritized appropriately; "What is strategic to
our organization?"; it also provides information that allows people
to make better business decisions
Project Selection Criteria Ans: — Financial criteria is appropriate
when there is a high level of confidence associated with estimates
of future cash flows; Non-financial criteria is appropriate when
financial return does no always reflect strategic importance (for
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example, a firm may support projects that do not have high profit
margins for other strategic reasons including: to capture larger
market share; to make it difficult for competitors to enter the
market; to reduce dependency on unreliable suppliers)
Project Constraints Ans: — Cost, Scope, Time, Quality, Customer
Satisfaction, Benefits, Risk, Resources
Project Definition Ans: — The first stage. Defining the project
scope sets the stage for developing the project plan. Project scope
is a definition of the end result or mission of your project - a
product or service for your client/customer. The primary purpose
is to define as clearly as possible the deliverable(s) for the end
user and to focus project plans
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
Project Scope Ans: — Step 1 of defining the project; the keystone
interlocking all elements of a project plan. To ensure that scope
definition is complete, use the following checklist:
- Project Objective
- Deliverables
- Milestones
- Technical requirements
- Limits and exclusions
© 2025 All rights reserved
OMGT 5783 Midterm Exam Questions and
Correct Answers
Definition of a Project Ans: — a project is a temporary endeavor
undertaken to create a unique product, service, or result. Its major
goal is to satisfy a customer's need. A project must have: an
established objective; a defined life span with a beginning and an
end; involvement from several departments and professionals;
specific, time, cost and performance requirements
Project Life Cycle Ans: — defining stage (specifications are
defined, teams formed, responsibilities are assigned), planning
stage (plans are developed with schedule and budget), executing
stage (physical product is produced; time, cost, and other
specification measures are used for control), closing stage
(delivering, redeploying, and project review where performance is
assessed and notes taken for lessons learned)
Project Governance Ans: — centralization of project management
processes and practices; designed to improve project management
in the whole organization over the long haul
Project and Strategic Planning Ans: — project managers need to be
effective project advocates and make appropriate decisions and
adjustments; PMs have to be able to demonstrate to senior
management how their project contributes to their firm's mission
Portfolio Mangement Ans: — ensure that projects are aligned with
strategic goals and prioritized appropriately; "What is strategic to
our organization?"; it also provides information that allows people
to make better business decisions
Project Selection Criteria Ans: — Financial criteria is appropriate
when there is a high level of confidence associated with estimates
of future cash flows; Non-financial criteria is appropriate when
financial return does no always reflect strategic importance (for
© 2025 All rights reserved
, 2 | Page
example, a firm may support projects that do not have high profit
margins for other strategic reasons including: to capture larger
market share; to make it difficult for competitors to enter the
market; to reduce dependency on unreliable suppliers)
Project Constraints Ans: — Cost, Scope, Time, Quality, Customer
Satisfaction, Benefits, Risk, Resources
Project Definition Ans: — The first stage. Defining the project
scope sets the stage for developing the project plan. Project scope
is a definition of the end result or mission of your project - a
product or service for your client/customer. The primary purpose
is to define as clearly as possible the deliverable(s) for the end
user and to focus project plans
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
Project Scope Ans: — Step 1 of defining the project; the keystone
interlocking all elements of a project plan. To ensure that scope
definition is complete, use the following checklist:
- Project Objective
- Deliverables
- Milestones
- Technical requirements
- Limits and exclusions
© 2025 All rights reserved
