BUS 395 - Midterm - Ewais Questions With Verified Answers

Operation - Answer work done to sustain a business. Continues Project - Answer a temporary endeavor undertaken to create a unique product, service, or result. Projects end when their objectives have been reached or the project has been terminated Project Attributes - Answer A project: -has a unique purpose -is temporary -drives change and enable value creation -is developed using progressive elaboration -requires resources, often from various areas -should have a primary customer or sponsor -involves uncertainty Project Constraints (Triple Triangle) - Answer Scope: what work will be done as part of the project? Time: How long should it take to complete the project? Cost: What should it cost to complete the project? Project Management Framework - Answer Project stakeholders Project management knowledge areas, project management tools and techniques The contribution of successful project to the enterprise Project sponsor - Answer the person who provides direction and funding for a project Project manager - Answer the person responsible for working with the project sponsor, the project team, and the other people involved to meet project goals. Project Stakeholders - Answer Stakeholders are the people involved in or affected by project activities Stakeholders include: -the project sponsor -banks and other financial institutions -the project manager -the project team -support staff -suppliers -opponents to the project Project team - Answer a team created to complete specific, one-time projects or tasks within a limited time. they are stakeholders Gantt Chart - Answer a standard format for displaying project schedule information by listing project activities and their corresponding start and finish dates in a calendar format Project's Success - Answer -The project met scope, time, and cost goals -The project satisfied the customer/sponsor -The results of the project met its main objective, such as making or saving a certain amount of money, providing a good return on investment, or simply making the sponsors happy. Program Manager - Answer a person who provides leadership and direction for the project managers heading the projects within a program Program - Answer a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits and control not available from managing them individually Project Management - Answer the application of knowledge, skills, tools and techniques to project activities to meet project requirements Portfolio - Answer projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives Portfolio Management - Answer organizations group and manage projects and programs as a portfolio of investments that contribute to the entire enterprise's success Portfolio Manager - Answer help their organizations make wise investment decisions by helping to select and analyze projects from a strategic perspective Tactic goals - Answer the intermediate goals of the firm, which are designed to stimulate actions necessary for achieving the strategic goals generally are more specific and short term that strategic goals (project management) Strategic goals - Answer emphasize long-term goals for an organization (portfolio management) Role of Project Manager - Answer Ethics - Answer the principles of right and wrong that guide an individual in making decisions System View - Answer projects must operate in a broad organizational environment systems thinking: taking a holistic view of carrying out projects within the context of the organization Structure Frame - Answer A frame that deals with how the organization is structured (usually depicted in an organization chart) and focus on different groups' roles and responsibility to meet the goals and policies set by top managers Human Resource Frame - Answer A frame that focuses on producing harmony between the needs of the organization and the needs of people Political Frame - Answer A frame that addresses organizational and personal politics Symbolic Frame - Answer A frame that focuses on the symbols, meanings, and culture of an organization Project Management Office - Answer (PMO) an organizational group responsible for coordinating the project management functions throughout an organization Functional Stucture - Answer an organizational structure that groups people by functional areas such as IT, manufacturing, engineering, and HR functional managers report to the CEO Project Structure - Answer an organizational structure that groups people by major projects project managers report to the CEO Matrix Structure - Answer an organizational structure in which employees are assigned to both functional and project managers personnel often report to two managers Project Life Cycle - Answer a collection of project phases that defines: -what work will be performed in each phase -what deliverables will be produced and when -who is involved in each phase -how management will control and approve work produced in each phase Product Life Cycle - Answer a process used to define, create, and deliver products The Systems Development Life Cycle (SDLC) is a framework for describing the phases of developing information systems Predictive Life Cycle - Answer A form of project life cycle in which the project scope, and the time and cost required to deliver that scope, are determined as early in the life cycle as possible. Include: -Waterfall model Spiral model Prototyping model RAD model Iterative Life Cycle - Answer the scope is determined early, but time and cost estimates are modified as the understanding of the product increases. iterations are used to develop the product through a series of repeated cycles to add to the functionality of the product Incremental Life Cycle - Answer deliverables are produced through a series of iterations that add functionality within a set time frame. the deliverable is not complete until after the final iteration, this approach works best when there is a low degree of change and a high frequency of delivery