OPMA 317 - PROJECT MANAGEMENT | QUESTIONS
WITH VERIFIED ANSWERS
What is the current project management environment? - Answers - The project
economy has displaced operations as the main economic engine
What is the role of operations vs. projects? - Answers - Operations run organizations,
Projects change organizations
How do operations and projects do what they do? - Answers - Operations exploit
current capabilities, while Projects explore new capabilities
What are the priorities of operations vs. projects? - Answers - Operations want to find
efficiency and productivity, while projects want to find innovations and transformations
What are the objectives of operations vs. projects? - Answers - Operations want
performance, projects want strategies
What is the timescale/focus of operations vs. projects? - Answers - Operations are short
term and projects are medium to long term
What is the organizational structure of operations vs. projects? - Answers - Operations
use a hierarchical structure and projects use a flat structure
What is the culture of operations vs. projects? - Answers - Operations are
command/control based and projects are innovation/entrepreneurial
What is the typical project success rate? - Answers - 35%
How can AI help project management? - 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? - Answers - Apps that schedule things based on
verbal commands using past data for better forecasting
What are Portfolios? - 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? - Answers - - Groups of related projects with consolidated
resources
Success = projects successfully executed
What is project management? - Answers - - Managing resources within a project
Success = time + budget + quality
What is the best practice for organizational innovation? - 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? - 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? - 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? - 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? - 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? - 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? - Answers - Executors
What are the two project management types? - Answers - Waterfall (traditional) and
Agile (scrum)
How does waterfall project management work? - Answers - Defined next steps, project
implemented once it is complete
How does scrum project management work? - 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? - 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? - Answers - Iterative delivery,
high uncertainty, changing requirements, business value, product focus
WITH VERIFIED ANSWERS
What is the current project management environment? - Answers - The project
economy has displaced operations as the main economic engine
What is the role of operations vs. projects? - Answers - Operations run organizations,
Projects change organizations
How do operations and projects do what they do? - Answers - Operations exploit
current capabilities, while Projects explore new capabilities
What are the priorities of operations vs. projects? - Answers - Operations want to find
efficiency and productivity, while projects want to find innovations and transformations
What are the objectives of operations vs. projects? - Answers - Operations want
performance, projects want strategies
What is the timescale/focus of operations vs. projects? - Answers - Operations are short
term and projects are medium to long term
What is the organizational structure of operations vs. projects? - Answers - Operations
use a hierarchical structure and projects use a flat structure
What is the culture of operations vs. projects? - Answers - Operations are
command/control based and projects are innovation/entrepreneurial
What is the typical project success rate? - Answers - 35%
How can AI help project management? - 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? - Answers - Apps that schedule things based on
verbal commands using past data for better forecasting
What are Portfolios? - 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? - Answers - - Groups of related projects with consolidated
resources
Success = projects successfully executed
What is project management? - Answers - - Managing resources within a project
Success = time + budget + quality
What is the best practice for organizational innovation? - 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? - 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? - 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? - 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? - 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? - 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? - Answers - Executors
What are the two project management types? - Answers - Waterfall (traditional) and
Agile (scrum)
How does waterfall project management work? - Answers - Defined next steps, project
implemented once it is complete
How does scrum project management work? - 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? - 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? - Answers - Iterative delivery,
high uncertainty, changing requirements, business value, product focus
