ENCE 320 Midterm 1 UPDATED ACTUAL Exam Questions and CORRECT Answers

MGRADES


ENCE 320 Midterm 1 UPDATED ACTUAL
Exam Questions and CORRECT Answers
What's a project? - CORRECT ANSWER - -Temporary
-Unique Deliverables
-Progressive
-Structured
-Constrained
-Risky


How does a project differ from process or operations? - CORRECT ANSWER - Project
has defined start and end and produces unique deliverable


An operation is ongoing and produce repetitive products, services, etc.


Project vs. Portfolio vs. Program - CORRECT ANSWER - Project - beggining and end,
unique product
Program - groups of projects in a coordinated management
Portfolio - collection of projects/programs that are grouped together


Triple Constraint - CORRECT ANSWER - -Time (scheduling)
-Cost (budgeting)
-Scope (monitoring & controlling)


Project Life Cycle - CORRECT ANSWER - 1. Initiate - > preliminary scope , project
charter, SOW


2. Plan - > Stakeholder Analysis, PMP, WBS & Schedule,
Risk Management, Communications,

, MGRADES



3. Perform/ Monitor -> Deliver executables, WBS updates, update schedule , risk management,
cost management


4. Close -> closeout, lesson learned


How do you select a project? - CORRECT ANSWER - Comparative Approach
- Cost - Benefit Analysis
- Economic Model
- NPV
- Scoring Models
- Discounted Cash Flow
- Internal Rate of Return


Mathemetical Approach
- Constrained Optimization Methods


Non Numeric Methods - CORRECT ANSWER - The Sacred Cow - higher official
Operating Necessity - required for organization
Competitive Necessity - required to stay competitive
Product Line Extension - fills gap or strengthens link


Usually just scoring critereas


Measurement Scales - CORRECT ANSWER - 1. Nominal - Grouping
2. Ordinal - Ranking
3. Interval - Differences
4. Ratio - Multiplication