BUS 395 Quiz 1 With Verified Answers

Advantages of Using Formal Project Management - Answer ◦Better control of financial, physical, and human resources ◦Improved customer relations ◦Shorter development times ◦Lower costs and improved productivity ◦Higher quality and increased reliability ◦Higher profit margins ◦Better internal coordination ◦Positive impact on meeting strategic goals ◦Higher worker morale Project - Answer a temporary endeavor undertaken to create a unique product, service, or result Project Ending - Answer when their objectives have been reached or the project has been terminated Operations - Answer work done to sustain the business Project Attributes - Answer ◦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 ◦The project sponsor usually provides the direction and funding for the project ◦involves uncertainty Project Constraints - Answer Scope, Time, cost Project Management - Answer the application of knowledge, skills, tools and techniques to project activities to meet project requirements Stakeholders - Answer people involved in or affected by project activities ◦the project sponsor ◦banks and other financial institutions ◦the project manager ◦the project team ◦support staff ◦suppliers ◦opponents to the project Knowledge Areas - Answer scope, schedule, cost, quality, resource, communications, risk, procurement, stakeholder, and project integration management Scope techniques - Answer Project charter, scope statement, and WBS Project Management Tools and Techniques - Answer ◦assist project managers and their teams in various aspects of project management Time Tools - Answer Gantt charts, network diagrams, critical path analysis, critical chain scheduling Cost Tools - Answer Cost estimates and earned value management Tools and Techniques - Answer ◦Data gathering ◦Data analysis ◦Data representation ◦Decision making ◦Communication ◦Interpersonal and team skills ◦Ungrouped Project 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 Top reasons of success - Answer ◦Adequate funding ◦Staff expertise ◦Engagement from all stakeholders Project Delivery Capability - Answer ◦Use an integrated toolbox ◦Grow project leaders ◦Develop a streamlined project delivery process ◦Measure project health using metrics, like customer satisfaction or return on investment