Project Management Week 2

Program management

Applying knowledge, skills, tools, and techniques to meet requirements into obtain predetermined benefits. It is a systematic approach of a lining multiple components of the program to achieve the program goals while optimizing the integrated cost, schedule, and effort required to execute the program

A business case typically contains information regarding the business need and a financial analysis. Which financial model divides the cash flow by the initial cash outlay?

Benefit-Cost Ratio (BCR)

The document that includes the necessary information to determine whether a project is worth the required investment, and is used for decision making by upper management, is called the:

Business Case

All projects should be aligned with their organization's strategic plan, which includes the organization's vision, goals, and objectives. What describes an organization's vision?

Conveys a larger sense of organizational purpose, and is both inspiring and guiding.

A project manager has the discretion to make trade-offs in regard to which programs to pursue.

F

Projects may be undertaken as a result of need to keep workers busy during slow times

F

Financial analysis is a common approach for determining which projects are selected. In which financial model does a person calculate how many years would be required to recover the initial project investment?

Payback Period (PP)

A collection of projects, programs, and operations managed

Portfolio

All of the following statements concerning project portfolios are true EXCEPT:

Portfolios cannot include operations and programs.

A narrative description of products, services or results to be delivered by the project is a:

Project statement of work

Portfolio

Projects, programs, sub portfolios, and operations manager as a group to achieve strategic business objectives

Contractor companies might determine which client projects to pursue by performing a quick

SWOT Analysis

What are the parts of the organization's Triple Bottom Line?

Social, Environmental, Economic

When preparing a project proposal, the contractor should understand the client's _______ criteria.

Source selection

(T/F) A portfolio is defined as "projects, programs, subportfolios, and operations managed as a group to achieve strategic business objectives"

T

(T/F) None of the financial project selection models ensure alignment of the project with an organization's strategic goals.

T

(T/F) Payback period models do not consider the amount of profit that may be generated after the costs are paid.

T

(T/F) Scoring models are most useful when there are multiple projects and several criteria to be considered.

T

Business case

The benefits of a selectic component uses a basis for the authorization of further project management activities

Portfolio management

The centralized management of one or more portfolios to achieve strategic objectives

An organization's ______ is a one-sentence statement describing the clear and inspirational long-term desired change resulting from an organization's or program's work.

Vision

The __________________ best describe(s) why a project is being undertaken.

business case

Portfolio management helps an organization achieve its strategic goals in all of the following ways EXCEPT:

managing ongoing projects

A clear and compelling vision will have all the following characteristics EXCEPT:

provides detailed roadmap for managing a project

An organization's vision often includes reference to its social, environmental, and economic health, collectively referred to as the:

triple bottom line

Which of the following statements concerning strategic analysis is true?

External analysis focuses on the threats and opportunities facing the organization.

(T/F) A business case is a brief narrative description of products, services, or results to be supplied by the project.

F

(T/F) Because the specific projects within them are of limited duration, programs themselves are temporary.

F

(T/F) The internal part of strategic analysis (elements within the project team's control) consists of asking what opportunities and threats are posed by competitors, suppliers, customers, regulatory agencies, technologies and so on.

F

(T/F) The vision statement should present a positive, inspiring and vivid description of the organization as it currently exists.

F

Source selection criteria

Financial and non-financial factors considered for selecting projects

Which of the following statements correctly describes a weakness associated with the financial project selection model?

Payback period models do not consider the profit to be realized after the costs are paid.

A ______ is a "group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually."

Program

This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis for authorizing further project management activities:

business case

Which of the following responses most accurately depicts the correct sequence of activities in the strategic planning process?

strategic analysis - guiding principles - strategic objectives - flow-down objectives

(T/F) Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them.

T

(T/F) When a contractor seeking external projects prepares to submit a proposal, it is really conducting a small project with the primary deliverable of the project being a compelling and complete proposal.

T

Strategic objectives

The means of achieving the mission and vision

Which of the following statements best describes the contemporary use of financial models and scoring models for project selection?

These methods are often used together to ensure financial and non-financial factors are both considered.

Cost benefit analysis

A financial analysis tool used to determine the benefits provided by a project against its costs

Program

A group of related projects, some programs, and program activities manage in a coordinated way to obtain benefits not available from managing them individually

Vision

A one sentence statement describing the clear an inspirational long-term, desired change resulting from an organization or programs work

Subproject

A part of a larger project organized as a project itself to make it easier to plan and manage

Mission statement

An organization's core purpose, core values, beliefs, culture, primary business, and primary customers

All of the following factors should be assessed to determine an organization's ability to perform projects EXCEPT:

Do teams and individuals follow instructions well?

Statement of work

Negative description of products, services, or results to be supplied

Which of the following is a financial analysis tool that an organization may use to determine the cost-value of potential projects?

Payback Period (PP), Internal Rate of Return (IRR), Net Present Value (NPV)

________ between a client company and a contractor company should aim at a win-win solution, and the outcome must benefit both the parties involved.

negotiations