MGT 4330 EXAM 1 QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026
Project - Answers A temporary endeavor undertaken to create a unique product, service, or result.
Major characteristics of a project - Answers 1. specific scope
2. schedule
3. required resources
4. something that hasn't been done before
5. specific time, cost, performance requirements
Project life cycle - Answers 1. Defining
2. Planning
3. Executing
4. Delivering
Project vs. operation - Answers Operations are continuous and repetitive...a project is not routine or
repetitive work
Program vs. Portfolio - Answers program is a group of related projects, while portfolio is a singular
display of a related project
Standish Group: Successful Projects - Answers User involvement.
Executive management support.
Clear Statement of Requirements.
Proper planning.
Realistic expectations.
10 most important skills of project manager - Answers 1) People skills
2) Leadership
3) Listening
4) Good at verbal communication
5) Integrity, ethical behavior, consistency
6) Strong at building trust
7) Strong at building teams
8) Conflict resolution and conflict management skills
9) Understands and balances priorities
10) Critical thinking and problem solving skills
triple constraint - Answers time, cost, scope
Functional Project Management - Answers -no change in organization
-maximum flexibility in staff
-in-depth expertise
-easy post-project transition
-lack of focus, motivation, ownership
-poor integration across functional units
-conflicts over priorities
-slow
Dedicated Teams - Answers -simple/fast
-cohesive
-cross-functional
-expensive
-difficult post project transition
-limited technological expertise to that team
Matrix Management - Answers -flexible with a balance of objectives
-efficient
-stronger project focus
-easier post-project transition
-conflicts/infighting
-stressful
-slow
-cannot create a matrix structure overnight
Project - Answers A temporary endeavor undertaken to create a unique product, service, or result.
Major characteristics of a project - Answers 1. specific scope
2. schedule
3. required resources
4. something that hasn't been done before
5. specific time, cost, performance requirements
Project life cycle - Answers 1. Defining
2. Planning
3. Executing
4. Delivering
Project vs. operation - Answers Operations are continuous and repetitive...a project is not routine or
repetitive work
Program vs. Portfolio - Answers program is a group of related projects, while portfolio is a singular
display of a related project
Standish Group: Successful Projects - Answers User involvement.
Executive management support.
Clear Statement of Requirements.
Proper planning.
Realistic expectations.
10 most important skills of project manager - Answers 1) People skills
2) Leadership
3) Listening
4) Good at verbal communication
5) Integrity, ethical behavior, consistency
6) Strong at building trust
7) Strong at building teams
8) Conflict resolution and conflict management skills
9) Understands and balances priorities
10) Critical thinking and problem solving skills
triple constraint - Answers time, cost, scope
Functional Project Management - Answers -no change in organization
-maximum flexibility in staff
-in-depth expertise
-easy post-project transition
-lack of focus, motivation, ownership
-poor integration across functional units
-conflicts over priorities
-slow
Dedicated Teams - Answers -simple/fast
-cohesive
-cross-functional
-expensive
-difficult post project transition
-limited technological expertise to that team
Matrix Management - Answers -flexible with a balance of objectives
-efficient
-stronger project focus
-easier post-project transition
-conflicts/infighting
-stressful
-slow
-cannot create a matrix structure overnight
