OMGT 5783 Project Management Midterm Actual Exam Newest 2025/2026 Complete Questions And Correct Detailed Answers (Verified Answers) |Brand New Version!!

OMGT 5783 Project Management Midterm Actual Exam Newest 2025/2026 Complete Questions And
Correct Detailed Answers (Verified Answers) |Brand New Version!!




Define a Project - (ANSWER)A temporary endeavor undertaken to create a unique product, service, or
result.



Major Characteristics of a Project - (ANSWER)- Has an established objective.

- Has a defined life span with a beginning and an end.

- Requires across-the-organizational participation.

- Involves doing something never been done before.

- Has specific time, cost, and performance requirements.



Project Life Cycle - (ANSWER)1. Defining

2. Planning

3. Executing

4. Closing



Project Governance - (ANSWER)Applying a set of knowledge, skills, tools, and techniques to a collection
of projects in order to move the organization towards its strategic goals



Project Strategic Planning - (ANSWER)Of upmost importance to ensure scare resources are not wasted.
Selection criteria must ensure projects are prioritized and meet strategic goals. The process must be
open, consistent, and balanced.



Portfolio Management - (ANSWER)Ensures that projects are aligned with strategic goals and prioritized
correctly. System includes classification of project type, selection criteria for the types, evaluating
proposals, and managing portfolio