PM lecture 1
45. In which of the following stages is a major portion of the physical and mental project work performed? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
d A major portion of the project work takes place in the executing stage—both physical and mental.
28. Which of the following activities is not considered a project? a. Developing a new software program b. Designing a space station c. Preparing the site for the Olympic Games d. Production of automobile tires e. Developing a new advertising program
d A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed.
25. Which of the following is not typically the responsibility of a project manger? a. Meeting budget requirements b. Meeting schedule requirements c. Meeting performance specifications d. Coordinating the actions of the team members e. All of the answers are correct
e Project managers must ensure that appropriate trade-offs are made between the time, cost and performance requirements of the project.
68. A _________ is a series of coordinated, related projects that continue over an extended period of time intended to achieve a goal.
program Explanation: A program is a group of related projects designed to accomplish a common goal over an extended period of time.
74. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a __________ per cent loss in product revenue share.
33 Explanation: A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 per cent loss in product revenue share.
84. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a __________ per cent loss in product revenue share.
33 Explanation: A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 per cent loss in product revenue share.
36. Which of the following is not a benefit of the integrative approach to project management? a. Provides an overview of all project management activities b. Provides the big picture of how organizational resources are used c. Provides a linkage to actual project management execution d. Provides a focus on an individual project progression e. Provides an assessment of the portfolio of projects
D Full insight of all components of the organization is crucial for aligning internal business resources with the requirements of the changing environment. Integration enables management to have greater flexibility and better control of all project management activities.
102. The __________, a professional organization for project managers, has grown from 93 000 in 2002 to more than 700 000 today.
PMI Explanation: The Project Management Institute (PMI) is a professional organization for project managers.
92. The __________, a professional organization for project managers, has grown from 93 000 in 2002 to more than 700 000 today.
PMI Explanation: The Project Management Institute (PMI) is a professional organization for project managers.
53. Which of the following choices is not one of the stages of a project life cycle? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
a See the list under The Project Life Cycle.
9. Which of the following choices is not one of the stages of a project life cycle? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
a See the list under The Project Life Cycle.
10. A professional management professional (PMP) certification is offered by a. PMI b. AMA c. MIS d. IPM e. PMBOK
a The institute also offers Project Management Professional (PMP) and Certified Associate in Project Management (CAPM) certification.
20. A professional management professional (PMP) certification is offered by a. PMI b. AMA c. MIS d. IPM e. PMBOK
a The institute also offers Project Management Professional (PMP) and Certified Associate in Project Management (CAPM) certification.
5. Two dimensions within the project management process are a. technical and sociocultural b. cost and time c. planned and unexpected d. established and new e. unique and recurring
a There are two dimensions within the actual execution of projects (see Figure 1.3 The technical and sociocultural dimensions of the project management process).
48. Two dimensions within the project management process are a. technical and sociocultural b. cost and time c. planned and unexpected d. established and new e. unique and recurring
a There are two dimensions within the actual execution of projects (see Figure 1.3 The technical and sociocultural dimensions of the project management process).
14. A series of coordinated, related projects that continue over an extended period of time intended to achieve a goal is known as a a. strategy b. program c. campaign d. crusade e. venture
b A program is a group of related projects designed to accomplish a common goal over an extended period of time.
60. A series of coordinated, related projects that continue over an extended period of time intended to achieve a goal is known as a a. strategy b. program c. campaign d. crusade e. venture
b A program is a group of related projects designed to accomplish a common goal over an extended period of time.
26. Which of the following characteristics is not typical of a project manager? a. Manages a temporary activity b. Possesses in-depth technical knowledge c. Manages a non-repetitive activity d. Manages independently of the formal organization e. Provides a direct link to the customer
b Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services.
7. Which of the following characteristics is not typical of a project manager? a. Manages a temporary activity b. Possesses in-depth technical knowledge c. Manages a non-repetitive activity d. Manages independently of the formal organization e. Provides a direct link to the customer
b Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services.
17. Which of these is not part of the 'sociocultural dimension' of project management? a. Negotiation b. Resource allocation c. Customer expectations d. Leadership e. Politics
b See Figure 1.3. The technical and sociocultural dimensions of the project management process.
27. Which of these is not part of the 'sociocultural dimension' of project management? a. Negotiation b. Resource allocation c. Customer expectations d. Leadership e. Politics
b See Figure 1.3. The technical and sociocultural dimensions of the project management process.
12. A major function of portfolio management is to a. encourage use of the latest tools b. oversee project selection c. oversee customer selection d. improve customer service e. improve project services
b See list under Integration of Projects through Portfolio Management.
24. Which of the following constraints is not typically found in managing projects? a. Time b. People c. Cost d. Performance e. Both B and D are not typical constraints
b Specific time, cost and performance requirements bind projects.
40. Which of the following constraints is not typically found in managing projects? a. Time b. People c. Cost d. Performance e. Both B and D are not typical constraints
b Specific time, cost and performance requirements bind projects.
33. In which of the following stages are project objectives established, teams formed and major responsibilities assigned? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
b Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
56. The waste on failed projects and cost overruns is estimated to be a. under $100 million b. over $150 billon c. under $10 billion d. between $90-100 billion e. between $125-135 billion
b The need for elevating performance continues to challenge the project management profession. The waste on failed projects and cost overruns is estimated to be more than $150 billion!
59. The waste on failed projects and cost overruns is estimated to be a. under $100 million b. over $150 billon c. under $10 billion d. between $90-100 billion e. between $125-135 billion
b The need for elevating performance continues to challenge the project management profession. The waste on failed projects and cost overruns is estimated to be more than $150 billion!
4. Which of the following is the number one characteristic that is looked for in management candidates? a. Overall intelligence b. Works well with others c. Experience d. Past successes e. Good references
b The phrase 'works well with others' has long been a sought-after industry requirement; now, in the IT world, it's the number 1 criterion for management candidates. (See Research Highlight: 'Works Well With Others'.)
43. Which of the following is the number one characteristic that is looked for in management candidates? a. Overall intelligence b. Works well with others c. Experience d. Past successes e. Good references
b The phrase 'works well with others' has long been a sought-after industry requirement; now, in the IT world, it's the number 1 criterion for management candidates. (See Research Highlight: 'Works Well With Others'.)
2. Corporate downsizing has increased the trend toward a. reducing the number of projects a company initiates b. outsourcing significant segments of project work c. using dedicated project teams d. shorter project lead times e. longer project lead times
b Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations.
58. Corporate downsizing has increased the trend toward a. reducing the number of projects a company initiates b. outsourcing significant segments of project work c. using dedicated project teams d. shorter project lead times e. longer project lead times
b Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations.
30. A major function of portfolio management is to a. encourage use of the latest tools b. oversee project selection c. oversee customer selection d. improve customer service e. improve project services
b See list under Integration of Projects through Portfolio Management.
32. In which of the following stages are project objectives established, teams formed and major responsibilities assigned? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
b Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
22. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a loss of product revenue share of ___ per cent. a. 10 b. 20 c. 33 d. 45 e. 50
c A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 per cent loss in product revenue share.
49. A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a loss of product revenue share of ___ per cent. a. 10 b. 20 c. 33 d. 45 e. 50
c A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 per cent loss in product revenue share.
21. Which of the following is the first step in developing a set of strategies designed to best meet the needs of customers? a. Market research b. Define the integrated project management system c. Environmental analysis d. Project selection e. All of the answers are correct
c Project management is critical both to development of customized products and services and to sustaining lucrative relationships with customers.
38. Which of the following is the first step in developing a set of strategies designed to best meet the needs of customers? a. Market research b. Define the integrated project management system c. Environmental analysis d. Project selection e. All of the answers are correct
c Project management is critical both to development of customized products and services and to sustaining lucrative relationships with customers.
54. Which of these is not part of the 'technical dimension' of project management? a. WBS b. Budgets c. Problem solving d. Schedules e. Status reports
c See Figure 1.3. The technical and sociocultural dimensions of the project management process.
31. Which of these is not part of the 'technical dimension' of project management? a. WBS b. Budgets c. Problem solving d. Schedules e. Status reports
c See Figure 1.3. The technical and sociocultural dimensions of the project management process..
35. From among the following activities, which is the best example of a project? a. Attaching tags on a manufactured product b. Taking class notes c. Writing a new piano piece d. Responding to customer emails e. All of the answers are correct
c See Table 1.1 Comparison of routine work with projects.
50. From among the following activities, which is the best example of a project? a. Attaching tags on a manufactured product b. Taking class notes c. Writing a new piano piece d. Responding to customer emails e. All of the answers are correct
c See Table 1.1 Comparison of routine work with projects.
16. The advent of project management has been most profound in a. automobile manufacturing b. construction c. information technology d. departments of defense e. film making
c The impact of project management is most profound in the area of electronics industry, where the new folk heroes are young professionals whose Herculean efforts lead to the constant flow of new hardware and software products.
8. The advent of project management has been most profound in a. automobile manufacturing b. construction c. information technology d. departments of defense e. film making
c The impact of project management is most profound in the area of electronics industry, where the new folk heroes are young professionals whose Herculean efforts lead to the constant flow of new hardware and software products.
19. From among the following activities, which is the best example of a project? a. Processing insurance claims b. Producing automobiles c. Writing a semester paper d. Practicing scales on the piano e. All of the answers are correct
c See Table 1.1 Comparison of routine work with projects.
47. From among the following activities, which is the best example of a project? a. Processing insurance claims b. Producing automobiles c. Writing a semester paper d. Practicing scales on the piano e. All of the answers are correct
c See Table 1.1 Comparison of routine work with projects.
87. The final stage in the project life cycle is the __________ stage.
closing Explanation: Closing includes three activities: delivering the project product to the customer, redeploying project resources and post-project review.
96. The final stage in the project life cycle is the __________ stage.
closing Explanation: Closing includes three activities: delivering the project product to the customer, redeploying project resources and post-project review.
62. Training the customer, reassigning staff and releasing resources occurs in the ________ stage of the project life cycle.
closure Explanation: Includes three activities: delivering the project product to the customer, redeploying project resources and post-project review. Delivery of the project might include customer training and transferring documents.
95. Training the customer, reassigning staff and releasing resources occurs in the ________ stage of the project life cycle.
closure Explanation: Includes three activities: delivering the project product to the customer, redeploying project resources and post-project review. Delivery of the project might include customer training and transferring documents.
79. Increased competition has placed a premium on customer satisfaction and the development of __________ products and services.
customized Explanation: Customers want customized products and services that cater to their specific needs.
89. Increased competition has placed a premium on customer satisfaction and the development of __________ products and services.
customized Explanation: Customers want customized products and services that cater to their specific needs.
41. Which of the following activities is not considered a project? a. Developing a new software program b. Designing a space station c. Preparing the site for the Olympic Games d. Production of automobile tires e. Developing a new advertising program
d A project is not routine, repetitive work! Ordinary daily work typically requires doing the same or similar work over and over, while a project is done only once; a new product or service exists when the project is completed.
1. Which of the following is not a benefit of the integrative approach to project management? a. Provides an overview of all project management activities b. Provides the big picture of how organizational resources are used c. Provides a linkage to actual project management execution d. Provides a focus on an individual project progression e. Provides an assessment of the portfolio of projects
d Full insight of all components of the organization is crucial for aligning internal business resources with the requirements of the changing environment. Integration enables management to have greater flexibility and better control of all project management activities.
39. Which of the following choices is not one of the driving forces behind the increasing demand for project management? a. Compression of the product life cycle b. Knowledge explosion c. Triple bottom line d. Decreased customer focus e. Corporate downsizing
d Increased customer attention has prompted the development of customized products and services.
6. Which of the following choices is not one of the driving forces behind the increasing demand for project management? a. Compression of the product life cycle b. Knowledge explosion c. Triple bottom line d. Decreased customer focus e. Corporate downsizing
d Increased customer attention has prompted the development of customized products and services.
46. Which of the following statements is true? a. Project management is becoming a standard way of doing business b. Project management is increasingly contributing to achieving organizational strategies c. Project management is being used at a consistent percentage of a firm's efforts d. Both A and B are true e. A, B and C are all true
d Project management is no longer a special-need management. It is rapidly becoming a standard way of doing business. The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations.
52. Which of the following statements is true? a. Project management is becoming a standard way of doing business b. Project management is increasingly contributing to achieving organizational strategies c. Project management is being used at a consistent percentage of a firm's efforts d. Both A and B are true e. A, B and C are all true
d Project management is no longer a special-need management. It is rapidly becoming a standard way of doing business. The future promises an increase in the importance and the role of projects in contributing to the strategic direction of organizations.
11. Which of the following is not considered to be a characteristic of a project? a. An established objective b. A clear beginning and end c. Complex tasks d. Only for internal use e. Never been done before
d See list within the section What is a Project?.
44. In which of the following stages are you more likely to find status reports, many changes and the creation of forecasts? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
d Time, cost and specification measures are used for control.
55. In which of the following stages are you more likely to find status reports, many changes and the creation of forecasts? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
d Time, cost and specification measures are used for control.
57. In which of the following stages is a major portion of the physical and mental project work performed? a. Conceptualizing b. Defining c. Planning d. Executing e. Delivering
d A major portion of the project work takes place in the executing stage—both physical and mental.
51. Which of the following is not considered to be a characteristic of a project? a. An established objective b. A clear beginning and end c. Complex tasks d. Only for internal use e. Never been done before
d See list within the section What is a Project?.
61. The initial stage in the project life cycle is the __________ stage.
defining Explanation: Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
64. The initial stage in the project life cycle is the __________ stage.
defining Explanation: Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
80. The establishment of project goals, specifications and responsibilities usually occurs in the ________ stage of the project life cycle.
defining Explanation: Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
99. The establishment of project goals, specifications and responsibilities usually occurs in the ________ stage of the project life cycle.
defining Explanation: Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.
15. Project management is ideally suited for a business environment requiring all of the following except a. accountability b. flexibility c. innovation d. speed e. repeatability
e Competing in a global market influenced by rapid change, innovation and time to market means organizations manage more and more projects.
29. Project management is ideally suited for a business environment requiring all of the following except a. accountability b. flexibility c. innovation d. speed e. repeatability
e Competing in a global market influenced by rapid change, innovation and time to market means organizations manage more and more projects.
23. The importance of project management has increased due to a. the offshoring of manufacturing operations b. time to market c. the movement toward flatter and leaner organizations d. both A and B are true e. A, B and C are all true
e One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. In today's flatter and leaner organizations, where change is a constant, project management is replacing middle management as a way of ensuring that things get done. Corporate downsizing has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations.
42. The importance of project management has increased due to a. the offshoring of manufacturing operations b. time to market c. the movement toward flatter and leaner organizations d. both A and B are true e. A, B and C are all true
e One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. In today's flatter and leaner organizations, where change is a constant, project management is replacing middle management as a way of ensuring that things get done. Corporate downsizing has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations.
37. Which of the following is not typically the responsibility of a project manger? a. Meeting budget requirements b. Meeting schedule requirements c. Meeting performance specifications d. Coordinating the actions of the team members e. All of the answers are correct
e Project managers must ensure that appropriate trade-offs are made between the time, cost and performance requirements of the project.
3. Which of the following statements is true? a. Project managers must work with a diverse cast of characters to complete projects b. Project managers are ultimately responsible for performance c. Project managers provide direction, coordination and integration to the project team d. Both A and B are true e. A, B and C are all true
e Project managers must work with a diverse cast of characters to complete projects (see The Project Manager).
34. Which of the following statements is true? a. Project managers must work with a diverse cast of characters to complete projects b. Project managers are ultimately responsible for performance c. Project managers provide direction, coordination and integration to the project team d. Both A and B are true e. A, B and C are all true
e Project managers must work with a diverse cast of characters to complete projects (see The Project Manager).
13. The major functions of portfolio management are to a. improve communication among all stakeholders b. oversee project selection c. monitor aggregate resource levels and skills d. improve customer services e. A, B and C are all true
e See list under Integration of Projects through Portfolio Management.
18. The major functions of portfolio management are to a. improve communication among all stakeholders b. oversee project selection c. monitor aggregate resource levels and skills d. improve customer services e. A, B and C are all true
e See list under Integration of Projects through Portfolio Management.
69. In the __________ stage of the project life cycle a major part of the project work, both physical and mental, takes place.
executing Explanation: A major portion of the project work takes place—both physical and mental.
97. In the __________ stage of the project life cycle a major part of the project work, both physical and mental, takes place.
executing Explanation: A major portion of the project work takes place—both physical and mental.
66. The growth in new ________ has increased the complexity of projects because projects typically include the latest advances.
knowledge Explanation: The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Product complexity has increased the need to integrate divergent technologies. Project management has emerged as an important discipline for achieving this task.
73. The growth in new ________ has increased the complexity of projects because projects typically include the latest advances.
knowledge Explanation: The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Product complexity has increased the need to integrate divergent technologies. Project management has emerged as an important discipline for achieving this task.
65. The advent of many small projects has created the need for an organization that can support __________ management.
multiproject Explanation: This climate has created a multiproject environment and a plethora of new problems. Sharing and prioritizing resources across a portfolio of projects is a major challenge for senior management.
81. The advent of many small projects has created the need for an organization that can support __________ management.
multiproject Explanation: This climate has created a multiproject environment and a plethora of new problems. Sharing and prioritizing resources across a portfolio of projects is a major challenge for senior management.
72. One of the defining characteristics of a project is that it has a singular purpose, i.e. an established ________.
objective Explanation: Projects have a defined objective—whether it is constructing a 12-story apartment complex by 1 January or releasing version 2.0 of a specific software package as quickly as possible.
77. One of the defining characteristics of a project is that it has a singular purpose, i.e. an established ________.
objective Explanation: Projects have a defined objective—whether it is constructing a 12-story apartment complex by 1 January or releasing version 2.0 of a specific software package as quickly as possible.
103. Project managers are expected to ensure that appropriate trade-offs are made between the time, cost and __________ requirements of the project.
performance Explanation: Project managers are ultimately responsible for performance (frequently with too little authority). They must ensure that appropriate trade-offs are made between the time, cost and performance requirements of the project.
93. Project managers are expected to ensure that appropriate trade-offs are made between the time, cost and __________ requirements of the project.
performance Explanation: Project managers are ultimately responsible for performance (frequently with too little authority). They must ensure that appropriate trade-offs are made between the time, cost and performance requirements of the project.
78. The development of schedules, budgets and identifying risks are common elements to the ________ stage of the project life cycle.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained and what the budget will be.
83. The development of schedules, budgets and identifying risks are common elements to the ________ stage of the project life cycle.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained and what the budget will be.
86. In the __________ stage, it is determined what the project will entail, when it will be scheduled, whom it will benefit and what the budget will be.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained and what the budget will be.
91. In the __________ stage, it is determined what the project will entail, when it will be scheduled, whom it will benefit and what the budget will be.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained and what the budget will be.
82. In the _________ stage of the project life cycle what will be accomplished by the project is determined along with the project's schedule and budget.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be.
98. In the _________ stage of the project life cycle what will be accomplished by the project is determined along with the project's schedule and budget.
planning Explanation: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be.
85. A _________ is a series of coordinated, related projects that continue over an extended period of time intended to achieve a goal.
program Explanation: A program is a group of related projects designed to accomplish a common goal over an extended period of time.
88. Because projects have a defined beginning and end, the ________ is frequently used to manage the transition of a project from start to completion.
project life cycle Explanation: The project life cycle typically passes sequentially through four stages: defining, planning, executing and delivering.
94. Because projects have a defined beginning and end, the ________ is frequently used to manage the transition of a project from start to completion.
project life cycle Explanation: The project life cycle typically passes sequentially through four stages: defining, planning, executing and delivering.
67. Like most organizational effort, the major goal of a project is to __________.
satisfy a customer's need Explanation: Like most organizational effort, the major goal of a project is to satisfy a customer's need.
70. Like most organizational effort, the major goal of a project is to __________.
satisfy a customer's need Explanation: Like most organizational effort, the major goal of a project is to satisfy a customer's need.
101. Leadership, teamwork and negotiation are examples of the _________ dimension of the project management process.
sociocultural Explanation: See Figure 1.3. The technical and sociocultural dimensions of the project management process.
63. Leadership, teamwork and negotiation are examples of the _________ dimension of the project management process.
sociocultural Explanation: See Figure 1.3. The technical and sociocultural dimensions of the project management process.
100. In some organisations, selection and management of projects often fail to support the broad-based _________ of the organisation.
strategic plan Explanation: Today, projects are the modus operandi for implementing strategy. Yet in some organisations, selection and management of projects often fail to support the strategic plan of the organisation.
104. In some organizations, selection and management of projects often fail to support the broad-based _________ of the organization.
strategic plan Explanation: Today, projects are the modus operandi for implementing strategy. Yet in some organizations, selection and management of projects often fail to support the strategic plan of the organization.
71. WBS, schedules and budgets are examples of the _________ dimension of the project management process.
technical Explanation: See Figure 1.3 The technical and sociocultural dimensions of the project management process.
76. WBS, schedules and budgets are examples of the _________ dimension of the project management process.
technical Explanation: See Figure 1.3 The technical and sociocultural dimensions of the project management process.
75. In today's high-tech industries the product life cycle is averaging between one and _________ years.
three Explanation: Today in high-tech industries the product life cycle is averaging one to three years. Only 30 years ago, life cycles of 10 to 15 years were not uncommon.
90. In today's high-tech industries the product life cycle is averaging between one and _________ years.
three Explanation: Today in high-tech industries the product life cycle is averaging one to three years. Only 30 years ago, life cycles of 10 to 15 years were not uncommon.