OPMA 317 - Project Management || 100% Verified Solutions.
What is the current project management environment? correct answers The project economy has
displaced operations as the main economic engine
What is the role of operations vs. projects? correct answers Operations run organizations,
Projects change organizations
How do operations and projects do what they do? correct answers Operations exploit current
capabilities, while Projects explore new capabilities
What are the priorities of operations vs. projects? correct answers Operations want to find
efficiency and productivity, while projects want to find innovations and transformations
What are the objectives of operations vs. projects? correct answers Operations want
performance, projects want strategies
What is the timescale/focus of operations vs. projects? correct answers Operations are short term
and projects are medium to long term
What is the organizational structure of operations vs. projects? correct answers Operations use a
hierarchical structure and projects use a flat structure
What is the culture of operations vs. projects? correct answers Operations are command/control
based and projects are innovation/entrepreneurial
What is the typical project success rate? correct answers 35%
How can AI help project management? correct answers - prioritize projects that will be
successful
- analyze and monitor projects, automate
- faster project definition, planning, real time reporting
- virtual project assistants
- advanced testing of systems and software integration
- project managers shift from doing admin to leadership
What are virtual project assistants? correct answers Apps that schedule things based on verbal
commands using past data for better forecasting
What are Portfolios? correct answers - Top level, encompass programs and projects
- strategic value of programs and projects, investment benefit with risk optimization
Success = deliver balanced strategic value
What are programs? correct answers - Groups of related projects with consolidated resources
Success = projects successfully executed
, What is project management? correct answers - Managing resources within a project
Success = time + budget + quality
What is the best practice for organizational innovation? correct answers Have a pool of
"innovation" project funding
- a 10% chance of 100x payout is a risk you should take
What are Type 2 investments? correct answers most time it is killed before it wastes too much
money, but sometimes it hits big
low risk, cheap, potential high reward
What is a Gambler project manager? correct answers For projects where a reliable business case
CANNOT be made but IS inline with the company's existing strategy
What is a Prophet project manager? correct answers For projects where a reliable business case
CANNOT be made and is NOT in line with the company's current strategy
What is an Expert project manager? correct answers For projects where a reliable business case
CAN be made but the project is NOT in line with the company's existing strategy
What is an Executor project manager? correct answers For projects where a reliable business
case CAN be made and the project IS in line with the company's existing strategy
What kind of project manager do you need the most of? correct answers Executors
What are the two project management types? correct answers Waterfall (traditional) and Agile
(scrum)
How does waterfall project management work? correct answers Defined next steps, project
implemented once it is complete
How does scrum project management work? correct answers Iterative process with
feedback/changes incorporated, project gradually implemented
Small teams in time boxed increments, meet daily to track progress and re-plan
Which project management type delivers more value faster? correct answers Agile delivers more
value faster, but will return the same amount of value eventually as traditional
What attributes of a project require agile management? correct answers Iterative delivery, high
uncertainty, changing requirements, business value, product focus
app development
What attributes of a project require waterfall management? correct answers Delivered at end, low
uncertainty, known requirements, scope-time-budget, project focus
building construction
What is the current project management environment? correct answers The project economy has
displaced operations as the main economic engine
What is the role of operations vs. projects? correct answers Operations run organizations,
Projects change organizations
How do operations and projects do what they do? correct answers Operations exploit current
capabilities, while Projects explore new capabilities
What are the priorities of operations vs. projects? correct answers Operations want to find
efficiency and productivity, while projects want to find innovations and transformations
What are the objectives of operations vs. projects? correct answers Operations want
performance, projects want strategies
What is the timescale/focus of operations vs. projects? correct answers Operations are short term
and projects are medium to long term
What is the organizational structure of operations vs. projects? correct answers Operations use a
hierarchical structure and projects use a flat structure
What is the culture of operations vs. projects? correct answers Operations are command/control
based and projects are innovation/entrepreneurial
What is the typical project success rate? correct answers 35%
How can AI help project management? correct answers - prioritize projects that will be
successful
- analyze and monitor projects, automate
- faster project definition, planning, real time reporting
- virtual project assistants
- advanced testing of systems and software integration
- project managers shift from doing admin to leadership
What are virtual project assistants? correct answers Apps that schedule things based on verbal
commands using past data for better forecasting
What are Portfolios? correct answers - Top level, encompass programs and projects
- strategic value of programs and projects, investment benefit with risk optimization
Success = deliver balanced strategic value
What are programs? correct answers - Groups of related projects with consolidated resources
Success = projects successfully executed
, What is project management? correct answers - Managing resources within a project
Success = time + budget + quality
What is the best practice for organizational innovation? correct answers Have a pool of
"innovation" project funding
- a 10% chance of 100x payout is a risk you should take
What are Type 2 investments? correct answers most time it is killed before it wastes too much
money, but sometimes it hits big
low risk, cheap, potential high reward
What is a Gambler project manager? correct answers For projects where a reliable business case
CANNOT be made but IS inline with the company's existing strategy
What is a Prophet project manager? correct answers For projects where a reliable business case
CANNOT be made and is NOT in line with the company's current strategy
What is an Expert project manager? correct answers For projects where a reliable business case
CAN be made but the project is NOT in line with the company's existing strategy
What is an Executor project manager? correct answers For projects where a reliable business
case CAN be made and the project IS in line with the company's existing strategy
What kind of project manager do you need the most of? correct answers Executors
What are the two project management types? correct answers Waterfall (traditional) and Agile
(scrum)
How does waterfall project management work? correct answers Defined next steps, project
implemented once it is complete
How does scrum project management work? correct answers Iterative process with
feedback/changes incorporated, project gradually implemented
Small teams in time boxed increments, meet daily to track progress and re-plan
Which project management type delivers more value faster? correct answers Agile delivers more
value faster, but will return the same amount of value eventually as traditional
What attributes of a project require agile management? correct answers Iterative delivery, high
uncertainty, changing requirements, business value, product focus
app development
What attributes of a project require waterfall management? correct answers Delivered at end, low
uncertainty, known requirements, scope-time-budget, project focus
building construction
