MBA 742 EXAM 1 2025 QUESTIONS AND
ANSWERS
Project - ANS a temporary endeavor undertaken to create a unique product, service, or
result
project management - ANS the application of knowledge, skills, tools, and techniques to
project activities to meet the project requirements
program - ANS a group of related projects managed in a coordinated way to obtain benefits
(and control) not available managing them individually
1. initiation
2. planning
3. executing
4. monitoring and controlling
5. closing - ANS what are the five project management process groups
program management - ANS what term focuses on doing programs and projects the "right"
way
portfolio management - ANS what term focuses on doing the "right" programs and projects
1
Page
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, 1. common language
2. common processes
3. singular methodology and training
4. benchmarking
5. continuous improvement - ANS what are the 5 benefits of standardizing project
management within an organization
1. what is the financial benefit of the project? ROI?
2. market need
3. market competition
4. market future positioning
5. operations and maintenance costs
6. regulation - ANS what are 6 examples of governance criteria
1. predictive
2. iterative
3. incremental
4. adaptive (also known as change-driven or agile) - ANS what are the 4 major categories of
project life cycles
progressive elaboration (or rolling wave planning) - ANS what term is the iterative process of
increasing the level of detail in a project management plan as greater amounts of information
and more accurate estimates become available
initiating - ANS what processes are used at the start of a project or life-cycle phase
planning - ANS what processes are used to further elaborate the information in the initiating
processes; help ensure the project will achieve the project's objective
2
Page
executing - ANS what processes are used to complete the project work
@COPYRIGHT @THEBRIGHT 2025/2026
ANSWERS
Project - ANS a temporary endeavor undertaken to create a unique product, service, or
result
project management - ANS the application of knowledge, skills, tools, and techniques to
project activities to meet the project requirements
program - ANS a group of related projects managed in a coordinated way to obtain benefits
(and control) not available managing them individually
1. initiation
2. planning
3. executing
4. monitoring and controlling
5. closing - ANS what are the five project management process groups
program management - ANS what term focuses on doing programs and projects the "right"
way
portfolio management - ANS what term focuses on doing the "right" programs and projects
1
Page
@COPYRIGHT @THEBRIGHT 2025/2026
, 1. common language
2. common processes
3. singular methodology and training
4. benchmarking
5. continuous improvement - ANS what are the 5 benefits of standardizing project
management within an organization
1. what is the financial benefit of the project? ROI?
2. market need
3. market competition
4. market future positioning
5. operations and maintenance costs
6. regulation - ANS what are 6 examples of governance criteria
1. predictive
2. iterative
3. incremental
4. adaptive (also known as change-driven or agile) - ANS what are the 4 major categories of
project life cycles
progressive elaboration (or rolling wave planning) - ANS what term is the iterative process of
increasing the level of detail in a project management plan as greater amounts of information
and more accurate estimates become available
initiating - ANS what processes are used at the start of a project or life-cycle phase
planning - ANS what processes are used to further elaborate the information in the initiating
processes; help ensure the project will achieve the project's objective
2
Page
executing - ANS what processes are used to complete the project work
@COPYRIGHT @THEBRIGHT 2025/2026
