Chapter 1

Question 1

Project

Answer 1

• Temporary endeavor
• Definite beginning/ending dates
• Results in a unique product, service or result

Question 2

Operations

Answer 2

• Are ongoing & repetitive. No start/end date unless you’re starting a new operation or closing an old one.

Question 3

Program

Answer 3

A group of related projects that are managed together using coordinated processes & techniques.

Question 4

PMO

Answer 4

project management offices

Question 5

Project Management

Answer 5

Brings together a set of tools & techniques - performed by people - to describe, organize, & monitor the work of project activities.

Question 6

Project Management Body Of Knowledge (PMBOK)

Answer 6

-

Question 7

Strong Matrix

Answer 7

• emphasizes project work over functional duties.

* project manager has power

Question 8

Weak Matrix

Answer 8

• emphasizes functional work over project work & operates more like a functional hierarchy.
• functional manager has power

Question 9

Balanced Matrix

Answer 9

• balanced matrix organization shares equal emphasis b/t projects & functional work.
• project manager & functional manager share power

Question 10

Benefit Measurement methods

Answer 10

• provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria.

Question 11

Co-located

Answer 11

• team members work together at the same physical location

Question 12

Constrained Optimization Methods

Answer 12

• Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.

Question 13

Cost-Benefit Analysis

Answer 13

• compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make as a result of executing the project.

Question 14

Decision Model

Answer 14

• A formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models.

Question 15

Discounted Cash Flow

Answer 15

• compares the value of the future worth of the project’s expected cash flow to today’s dollars.

Question 16

Economic Model

Answer 16

• a series of financial calculations, which provide data on the overall financials of the project.

Question 17

Expert Judgment

Answer 17

• relies on the expertise of stakeholders, subject matter experts, or others w/previous experience.

Question 18

Feasibility Study

Answer 18

• Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.

Question 19

Functional organization:

Answer 19

Classic organizational structure

• often work independently which can be annoying
• no accountability b/t departments
• Project Manager have LIMITED authority

Question 20

Internal Rate of Return (IRR)

Answer 20

• the discount rate when the present value of the cash inflows equals the original investment.

Question 21

Matrix organization

Answer 21

• must be clear which manager (project or functional)
• availability of resources
• allocate proper time constraints
• low/moderate authority for Project Manager

Question 22

Net Present Value (NPV)

Answer 22

• calculates the revenues or cash flows the organization expects to receive over the life of the project in today’s dollars.

Question 23

Operations

Answer 23

• are ongoing & repetitive.

- no start/end date unless you’re starting a new operation or closing old one.

Question 24

Payback Period

Answer 24

• cash flow technique that identifies the length of time it takes for the organization to recover all the costs of producing the project.

Question 25

Project-based organization

Answer 25

• focus is projects, rather than functional work units

- project managers usually hold power

Question 26

Project Management Institute (PMI)

Answer 26

• The world’s leading professional project management association.

Question 27

Project Management Knowledge Areas

Answer 27

• collections of individual processes that have elements in common.

Question 28

Project Managers

Answer 28

• The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.

Question 29

Scoring Model

Answer 29

• has a predefined list of criteria against which each project is rated.