EBTM 343 MIDTERM EXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026
Project - Answers A temporary endeavor undertaken to create a unique product, service, or result.
What are the five major characteristics of a project? - Answers 1. Has an established objective.
2. Has a defined life span with a beginning and an end (finite).
3. Involves several departments and professionals.
4. Involves doing something never been done before.
5. Has specific time, cost, and performance requirements.
Difference between project and regular operations/business as usual. - Answers Project is finite
(defined start and defined end), does not go on forever, typically used to create unique product or
service, there is a deliverable.
Examples of routine, repetitive work. - Answers Taking class notes, daily entering sales receipts into
the accounting ledger, responding to a supply-chain request, maintenance of a building.
Examples of projects. - Answers Writing a term paper, setting up a sales kiosk for a professional
accounting meeting, developing a supply-chain information system, construction of a new building or
road, renovation of a building, advertisement, film making.
What are the project management dimensions? - Answers Scope, schedule, cost.
Program - Answers A group of related projects designed to accomplish a common goal over an
extended period of time.
Program Management - Answers A process of managing a group of ongoing, interdependent, related
projects in a coordinated way to achieve strategic objectives.
Example of a project vs program. - Answers Project: completion of a required course in project
management. Program: completion of all courses required for a business major.
Project Life Cycle phases. - Answers Defining, planning, executing, closing (start to end).
Waterfall/Traditional Project Management: Life Cycles - Answers All life cycle phases get done one by
one.
Agile Project Management: Life Cycles - Answers Doing all life cycle phases basically at the same time
and quickly.
Project Life Cycle: Defining - Answers 1. Goals
2. Specifications
3. Tasks
4. Responsibilities
Project Life Cycle: Planning - Answers 1. Schedules
2. Budgets
3. Resources
4. Risks
5. Staffing
Project Life Cycle: Executing - Answers 1. Status reports
2. Changes
3. Quality
4. Forecasts
Project Life Cycle: Closing - Answers 1. Train customer
2. Transfer documents
3. Release resources
4. Evaluation
5. Lessons learned
Project Manager - Answers •Manages temporary, non-repetitive activities and frequently acts
independently of the formal organization.
•Marshals resources for the project.
•Is the direct link to the customer.
•Works with a diverse troupe of characters.
•Provides direction, coordination, and integration to the project team.
•Is responsible for performance and success of the project.
•Must induce the right people at the right time to address the right issues and make the right
decisions.
Factors leading to the increased use of project management. - Answers •Compression of the product
life cycle
, •Triple bottom line (planet, people, profit)
•Increased customer focus
•Small projects represent big problems
Agile Project Management: Why it emerged. - Answers A methodology emerged out of frustration
with using traditional project management processes to develop software.
Agile Project Management: What is the ideal team size? - Answers Four to eight members.
When to use Agile Project management. - Answers - For projects that have high levels of uncertainty
(want feedback).
- To rush to market to beat competitors.
Is agile or waterfall project management welcoming to change? - Answers Agile
Rolling Wave Development: Goal - Answers Goal of each iteration is to make tangible progress such
as define a key requirement, solve a technical problem, or created desired features to demonstrate to
the customer.
Rolling Wave Development: How long do iterations last. - Answers Iterations typically last from one
to four weeks.
Competencies of project managers. - Answers Have to have technical aspect (documenting, report,
decision making) as well as the sociocultural (the art of it ) - (problem solve, manage difficult
teammates, motivate your team).
Project Management: The Technical Dimension - Answers (The "Science"). Consists of the formal,
disciplines, logical parts of the process. Including planning, scheduling, and controlling projects.
Project Management: The Sociocultural Dimension - Answers (The "Art"). Involves the contradictory
and paradoxical world of implementation. Centers on creating a temporary social system with a larger
organizational environment that combines the talents of a divergent set of professionals working to
complete the project.
Strategic Management - Answers - The process of assessing "what we are" and deciding and
implementing "what we intend to be and how we are going to get there".
- Is a continuous, iterative process aimed at developing an integrated and coordinated long-term plan
of action.
- Requires strong links among mission, goals, objectives, strategy, and implementation.
Two Major Dimensions of Strategic Management. - Answers 1. Responds to changes in the external
environment and allocates the firm's scare resources to improve its competitive position
2. Internal responses to new action programs aimed at enhancing the competitive position of the firm
Four Activities of Strategic Management Process. - Answers 1. Review and define the organizational
mission
2. Analyze and formulate strategies
3. Set objectives to achieve strategies
4. Implement strategies through projects
Two main reasons why project managers needs to understand strategy. - Answers 1. So they can
make appropriate decisions and adjustments.
2. So they can be effective project advocates.
Three problems of project implementation without a strong priority system. - Answers Problem 1:
The Implementation Gap
Problem 2: Organization Politics
Problem 3: Resource Conflicts and Multitasking
Sacred cow - Answers Used to denote a project that a powerful, high-ranking official is advocating.
Three Project Classifications - Answers 1. Compliance (must do) projects.
2. Strategic projects.
3. Operational projects.
Phase Gate Model - Answers A series of gates that a project must pass through in order to be
completed.
Phase Gate Model: Purpose - Answers To ensure that the organization is investing time and resources
on worthwhile projects that contribute to its mission and strategy.
What three possible outcomes can a gate lead to? - Answers Go (proceed)
Kill (cancel)
Recycle (revise and resubmit)
Selection Criteria - Answers 1. Financial Criteria (Payback and NPV)
2. Nonfinancial criteria (projects of strategic importance to the firm)
Project - Answers A temporary endeavor undertaken to create a unique product, service, or result.
What are the five major characteristics of a project? - Answers 1. Has an established objective.
2. Has a defined life span with a beginning and an end (finite).
3. Involves several departments and professionals.
4. Involves doing something never been done before.
5. Has specific time, cost, and performance requirements.
Difference between project and regular operations/business as usual. - Answers Project is finite
(defined start and defined end), does not go on forever, typically used to create unique product or
service, there is a deliverable.
Examples of routine, repetitive work. - Answers Taking class notes, daily entering sales receipts into
the accounting ledger, responding to a supply-chain request, maintenance of a building.
Examples of projects. - Answers Writing a term paper, setting up a sales kiosk for a professional
accounting meeting, developing a supply-chain information system, construction of a new building or
road, renovation of a building, advertisement, film making.
What are the project management dimensions? - Answers Scope, schedule, cost.
Program - Answers A group of related projects designed to accomplish a common goal over an
extended period of time.
Program Management - Answers A process of managing a group of ongoing, interdependent, related
projects in a coordinated way to achieve strategic objectives.
Example of a project vs program. - Answers Project: completion of a required course in project
management. Program: completion of all courses required for a business major.
Project Life Cycle phases. - Answers Defining, planning, executing, closing (start to end).
Waterfall/Traditional Project Management: Life Cycles - Answers All life cycle phases get done one by
one.
Agile Project Management: Life Cycles - Answers Doing all life cycle phases basically at the same time
and quickly.
Project Life Cycle: Defining - Answers 1. Goals
2. Specifications
3. Tasks
4. Responsibilities
Project Life Cycle: Planning - Answers 1. Schedules
2. Budgets
3. Resources
4. Risks
5. Staffing
Project Life Cycle: Executing - Answers 1. Status reports
2. Changes
3. Quality
4. Forecasts
Project Life Cycle: Closing - Answers 1. Train customer
2. Transfer documents
3. Release resources
4. Evaluation
5. Lessons learned
Project Manager - Answers •Manages temporary, non-repetitive activities and frequently acts
independently of the formal organization.
•Marshals resources for the project.
•Is the direct link to the customer.
•Works with a diverse troupe of characters.
•Provides direction, coordination, and integration to the project team.
•Is responsible for performance and success of the project.
•Must induce the right people at the right time to address the right issues and make the right
decisions.
Factors leading to the increased use of project management. - Answers •Compression of the product
life cycle
, •Triple bottom line (planet, people, profit)
•Increased customer focus
•Small projects represent big problems
Agile Project Management: Why it emerged. - Answers A methodology emerged out of frustration
with using traditional project management processes to develop software.
Agile Project Management: What is the ideal team size? - Answers Four to eight members.
When to use Agile Project management. - Answers - For projects that have high levels of uncertainty
(want feedback).
- To rush to market to beat competitors.
Is agile or waterfall project management welcoming to change? - Answers Agile
Rolling Wave Development: Goal - Answers Goal of each iteration is to make tangible progress such
as define a key requirement, solve a technical problem, or created desired features to demonstrate to
the customer.
Rolling Wave Development: How long do iterations last. - Answers Iterations typically last from one
to four weeks.
Competencies of project managers. - Answers Have to have technical aspect (documenting, report,
decision making) as well as the sociocultural (the art of it ) - (problem solve, manage difficult
teammates, motivate your team).
Project Management: The Technical Dimension - Answers (The "Science"). Consists of the formal,
disciplines, logical parts of the process. Including planning, scheduling, and controlling projects.
Project Management: The Sociocultural Dimension - Answers (The "Art"). Involves the contradictory
and paradoxical world of implementation. Centers on creating a temporary social system with a larger
organizational environment that combines the talents of a divergent set of professionals working to
complete the project.
Strategic Management - Answers - The process of assessing "what we are" and deciding and
implementing "what we intend to be and how we are going to get there".
- Is a continuous, iterative process aimed at developing an integrated and coordinated long-term plan
of action.
- Requires strong links among mission, goals, objectives, strategy, and implementation.
Two Major Dimensions of Strategic Management. - Answers 1. Responds to changes in the external
environment and allocates the firm's scare resources to improve its competitive position
2. Internal responses to new action programs aimed at enhancing the competitive position of the firm
Four Activities of Strategic Management Process. - Answers 1. Review and define the organizational
mission
2. Analyze and formulate strategies
3. Set objectives to achieve strategies
4. Implement strategies through projects
Two main reasons why project managers needs to understand strategy. - Answers 1. So they can
make appropriate decisions and adjustments.
2. So they can be effective project advocates.
Three problems of project implementation without a strong priority system. - Answers Problem 1:
The Implementation Gap
Problem 2: Organization Politics
Problem 3: Resource Conflicts and Multitasking
Sacred cow - Answers Used to denote a project that a powerful, high-ranking official is advocating.
Three Project Classifications - Answers 1. Compliance (must do) projects.
2. Strategic projects.
3. Operational projects.
Phase Gate Model - Answers A series of gates that a project must pass through in order to be
completed.
Phase Gate Model: Purpose - Answers To ensure that the organization is investing time and resources
on worthwhile projects that contribute to its mission and strategy.
What three possible outcomes can a gate lead to? - Answers Go (proceed)
Kill (cancel)
Recycle (revise and resubmit)
Selection Criteria - Answers 1. Financial Criteria (Payback and NPV)
2. Nonfinancial criteria (projects of strategic importance to the firm)
