Project Management Study Set with 100% Correct Answers |Question and Answer| [UPDATED]

Project Management Study Set with 100% Correct Answers |Question and Answer| [UPDATED] Project *Answer* a temporary undertaking that has a definite beginning and an end and something that has a distinct and definitive purpose. It is undertaken to create a unique product, service or result. Gannt Chart *Answer* Created in 1910 Program Evaluation and Review Technique (PERT) *Answer* created in 1958 as part of the Polaris missile submarine program. Later extended to create WBS Project Management *Answer* The a methodical approach to planning and guiding project processes from start to finish to bring about the successful completion of specific project goals and objectives. The processes are guided through five stages: initiation, planning, execution, controlling and closing. 5 stages of project management *Answer* 1. Initiation 2. Planning 3. Execution 4. Controlling 5. Closing 5 Impacts of Project Management *Answer* 1. Business advantage 2. competitive advantage 3. accurate and timely information to keep competitive edge 4. clear roles and responsibilities helps minimize conflicts and confusion 5. Effective communication Scope *Answer* provides the parameters within which you do the project Process areas *Answer* First the project initiation state, the project planning or design stage, project execution or production stage, the project monitoring and controlling systems and project completion Reasons for initiating and approving a project *Answer* 1. Opportunity a. Market demands b. technological advances 2. Challenges - customer requests and social needs 3. Business Requirements Role of the PM *Answer* executing a vision through: Planning, Execution, Monitoring, Control, Closure. in Project planning: