LSUS MBA 742 EXAMS SET COMPLETE
SOLVED QUESTIONS AND CORRECT
ANSWERS CERTIFICATION REVIEW
●● Three defining characteristics of a project
Answer: 1. TEMPORARY - Projects have a defined beginning and end.
"Temporary" doesn't mean short-duration; some projects last years. It
means they're not ongoing operations.
2. UNIQUE - Every project produces something that didn't exist before.
Even if you're building your hundredth house, each one has unique
aspects (site, client requirements, team).
3. VALUE-DRIVEN - This emphasis is new in PMBOK v8. Projects
exist to deliver VALUE to stakeholders, not just to produce outputs. A
project that delivers all planned outputs but fails to achieve intended
benefits has not truly succeeded.
●● Projects typically yield:
Answer: A PRODUCT (tangible item or component)
- A SERVICE (capability to perform a function)
- A RESULT (outcome such as a document, decision, or knowledge)
,●● The v8 shift to "value delivery" is significant
Answer: Earlier editions focused on completing scope on time and
within budget. The 8th edition asks: "Did stakeholders receive
meaningful benefits?"
●● PMI Definition
Answer: Project management is the application of knowledge, skills,
tools, and techniques to project activities to meet project requirements
and deliver value
●● What Project Management Involves
Answer: IDENTIFYING requirements, constraints, and stakeholder
expectations
- ESTABLISHING clear and achievable objectives
- BALANCING competing demands (scope, time, cost, quality, risk)
- ADAPTING plans and approaches to stakeholder needs
- ENGAGING stakeholders throughout the project lifecycle
●● The Triple Constraint (and Beyond):
Answer: Traditionally, project managers balanced three primary
constraints: Scope, Time, and Cost. Change one, and the others are
affected. PMBOK v8 expands this view to include quality, resources,
and risk—all while maintaining focus on VALUE DELIVERY. This shift
emphasizes that successful project management isn't just about meeting
, the original plan, but about delivering meaningful benefits to
stakeholders.
●● The Project Management Office (PMO):
Answer: A PMO is an organizational structure that standardizes project-
related governance processes and facilitates sharing of resources,
methodologies, tools, and techniques across projects.
●● Benefits of Standardization (via PMO):
Answer: Common language - Consistent terminology across the
organization
- Common processes - Repeatable, proven approaches
- Unified methodology - Standardized training and expectations
- Continuous improvement - Lessons learned captured and applied
●● Do all companies have PMO's
Answer: Not all organizations have PMOs, but when they exist, they
significantly influence how projects are managed. PMOs can range from
supportive (providing templates and best practices) to controlling
(requiring compliance with specific methodologies).
●● PORTFOLIO:
SOLVED QUESTIONS AND CORRECT
ANSWERS CERTIFICATION REVIEW
●● Three defining characteristics of a project
Answer: 1. TEMPORARY - Projects have a defined beginning and end.
"Temporary" doesn't mean short-duration; some projects last years. It
means they're not ongoing operations.
2. UNIQUE - Every project produces something that didn't exist before.
Even if you're building your hundredth house, each one has unique
aspects (site, client requirements, team).
3. VALUE-DRIVEN - This emphasis is new in PMBOK v8. Projects
exist to deliver VALUE to stakeholders, not just to produce outputs. A
project that delivers all planned outputs but fails to achieve intended
benefits has not truly succeeded.
●● Projects typically yield:
Answer: A PRODUCT (tangible item or component)
- A SERVICE (capability to perform a function)
- A RESULT (outcome such as a document, decision, or knowledge)
,●● The v8 shift to "value delivery" is significant
Answer: Earlier editions focused on completing scope on time and
within budget. The 8th edition asks: "Did stakeholders receive
meaningful benefits?"
●● PMI Definition
Answer: Project management is the application of knowledge, skills,
tools, and techniques to project activities to meet project requirements
and deliver value
●● What Project Management Involves
Answer: IDENTIFYING requirements, constraints, and stakeholder
expectations
- ESTABLISHING clear and achievable objectives
- BALANCING competing demands (scope, time, cost, quality, risk)
- ADAPTING plans and approaches to stakeholder needs
- ENGAGING stakeholders throughout the project lifecycle
●● The Triple Constraint (and Beyond):
Answer: Traditionally, project managers balanced three primary
constraints: Scope, Time, and Cost. Change one, and the others are
affected. PMBOK v8 expands this view to include quality, resources,
and risk—all while maintaining focus on VALUE DELIVERY. This shift
emphasizes that successful project management isn't just about meeting
, the original plan, but about delivering meaningful benefits to
stakeholders.
●● The Project Management Office (PMO):
Answer: A PMO is an organizational structure that standardizes project-
related governance processes and facilitates sharing of resources,
methodologies, tools, and techniques across projects.
●● Benefits of Standardization (via PMO):
Answer: Common language - Consistent terminology across the
organization
- Common processes - Repeatable, proven approaches
- Unified methodology - Standardized training and expectations
- Continuous improvement - Lessons learned captured and applied
●● Do all companies have PMO's
Answer: Not all organizations have PMOs, but when they exist, they
significantly influence how projects are managed. PMOs can range from
supportive (providing templates and best practices) to controlling
(requiring compliance with specific methodologies).
●● PORTFOLIO:
