NCSU BUS 370 - EXAM 3 QUESTIONS AND ANSWERS 2026

NCSU BUS 370 - EXAM 3 LATEST
What is a project?
A temporary endeavor undertaken to create a unique product, service, or
result.
Examples:
Oil Refinery
New Software System
Olympics
Developing a website for your new internet business
How are project distinct from business activities?
- Non-Routine, significant impact
- Difficult to manage - new, complex, many tasks and interdependencies
- Requires a large amount of cross-functional and inter-organizational
coordination
- Clear starting and ending points with people and resources reassigned
when project is complete
Project Management Challenge
The Project Manager must meet (and hopefully exceed) customer
expectations while managing scope, time, and cost.
Project Management
the application of knowledge, skills, tools, and techniques to project
activities to meet project requirements.
5 Project Phases


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, NCSU BUS 370 - EXAM 3 LATEST
1. Concept Phase
2. Project Definition Phase
3. Planning Phase
4. Performance Phase
5. Post Completion Phase
Concept Phase
- Broad definition, scope, and feasibility analysis
- Budget estimates +/- 30%
- Identify key resources, required skills, and time considerations
- Get agreement and secure approval
Project Definition Phase
- If feasible and approved, identify how to accomplish the work and
organize the project
- Tentative schedules, budgets, organization (number of people, roles)
- Budget estimates +/- 5 to 10%
- Get agreement and secure approval
Planning Phase
- Detailed tasks, timing, budgets, milestones and resources (specific
names of people)
- Project management tools
- Get agreement and secure approval
Performance Phase



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