Business 6: Operations Management - Project Management

Question 1

What is a project?

Answer 1

Temporary undertaking intended to produce a unique service, product, or result

Question 2

Project management consists of what five major processes carried out by a project manager tasked w/ balancing the needs and expectations of various stakeholders against the organization’s constraints?

Answer 2

IPEMC

1) Initiating
2) Planning
3) Executing
4) Monitoring and controlling
5) Closing

Question 3

What is the first step in project management?

Answer 3

Initiating

Question 4

What is the second step in project management?

Answer 4

Planning

Question 5

What is the third step in project management?

Answer 5

Executing

Question 6

What is the fourth step in project management?

Answer 6

Monitoring and controlling

Question 7

What is the fifth step in project management?

Answer 7

Closing

Question 8

What happens during the initiating process phase?

Answer 8

• project scope defined
• project authorized
• initial financial resources committed

Question 9

What is the document that contains a business justification to fulfill the needs and expectations of initial stakeholders by carrying out a statement of work that will achieve the project objectives?

Answer 9

Project charter

Question 10

What is the name of the document that formally establishes a partnership b/w the requesting organization and the receiving organization?

Answer 10

Project charter

Question 11

In which phase of the project management process is the project charter established?

Answer 11

Phase 1: Initiating

Question 12

What does the statement of work describe?

Answer 12

Describes the products or services the project must deliver at completion

Question 13

What does the planning process of project management involve?

Answer 13

Involves all the activities necessary to:

• further detail the scope of the project
• refine the project objectives
• define the course of action required to attain the project objectives

Question 14

Is planning a one-time thing?

Answer 14

NO (it’s an ongoing process)

Question 15

True or false.

You define and document stakeholders’ requirements in the initiating process phase.

Answer 15

False (in the PLANNING process phase)

Question 16

True or false.

One step in planning activities includes defining what a quality outcome is or defining the standard of quality for the project.

Answer 16

True

Question 17

What activities are associated w/ completing the work that has been specified in the project plan and producing the deliverables?

Answer 17

3) Execution activities

Question 18

What does monitoring and controlling consist of?

Answer 18

• procedures that are performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken to ensure the completion of the project

Question 19

Which process group verifies that all defined project phases are complete, closes the project, and closes all procurement relationships?

Answer 19

Closing process group

Question 20

Who is responsible for project admin on a day-to-day basis?

Answer 20

Project manager

Question 21

Who is responsible for achieving all of the project objectives while balancing the project constraints of budget, time and resources?

Answer 21

Project manager

Question 22

Who is responsible for id and managing internal and external stakeholder expectations?

Answer 22

Project manager

Question 23

Who performs the project tasks?

Answer 23

Project members

Question 24

Who carries out the work and produces the deliverables that have been defined by the project manager?

Answer 24

Project members

Question 25

Who is the individual or group who is responsible for providing resources and support to the project as well as enabling the success of the project?

Answer 25

Project sponsor

Question 26

Who chairs the steering committee?

Answer 26

Project sponsor

Question 27

Who is responsible for overall project delivery?

Answer 27

Project sponsor

Question 28

Who reviews the project work w/ the broader goals of the organization in mind?

Answer 28

Project sponsor

Question 29

An _____ _____ ______ is to a project what the BOD is to a company; both groups direct, but they do not manage on a daily basis.

Answer 29

Executive steering committee

Question 30

Who is charged w/ regular oversight of a project/

Answer 30

Executive steering committee