Chapter 4

Question 1

What is the definition of a project?

Answer 1

Temporary endeavor undertaken to create or produce required output / A sequence of tasks that need to be completed to attain a certain outcome within a timeframe

Question 2

What is the definition of project management?

Answer 2

Use of specific knowledge, skills, tools and techniques (Resources) to deliver something (Output) of value to people / Process of leading a team to hit goals or complete deliverable within a set timeframe (Time / Scope / Budget)

Question 3

What are the three constrains?

Answer 3

Cost, Time & Resources (CTR)

Question 4

What is the formula for a business?

Answer 4

Higher effectiveness = Higher efficiency = Higher productivity = Higher profitability

Question 5

State the entire process of project management.

Answer 5

Project initiate
Project planning
Project execution
Project monitoring & control
Project closure