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Which of the following questions would not be addressed by project portfolio management? a. Are we working on the right projects? b. Are projects on time and on budget? c.Do we have the right resources to be competitive? d.Are we working in the right areas?

Are projects on time and on budget?

One method for selecting projects based on broad organizational needs is to first determine whether they meet three important criteria: need, ____, and will. a.ambition b.funding c.vision d.practicality

Funding

What is the purpose and the components of a project charter?

Purpose: document recognizing the existence of a project and provides summary of the project objective and management. Content: title, brief summary schedule of timeline; summary of estimated cost and budget; brief project objective; success criteria; managing approach; roles and responsibilities; sign-off part; comments. (at least 6-7)

What is the purpose of a business case? List and briefly explain the components of your team project business case.

Purpose: provides financial justification for a project. Components (contents): Intro/Background; business objective; current situation and problem/opportunity statement; critical assumptions and constrains; options and recommendations; preliminary requirements; budget estimate; schedule estimate; potential risks

Explain the four stages planning process for project selection.

Strategic planning; Business area analysis; Project planning; Resource allocation

Give an example of a project that you have been involved with. List the attributes of a project and illustrate it with examples from your project.

Unique purpose; temporary; progressive elaboration is used; requires resources; has a sponsor/customer; involves uncertainty

What section of a kick-off meeting agenda (or any other meeting agenda) helps you focus on results of the meeting? a. meeting objective b.meeting minutes c, signatures d.action items

action items

Some organizations initiate projects using a simple letter of ____, whereas others use much longer documents or formal contracts. a.recognition b.understanding c.concord d.agreement

agreement

Project portfolio management addresses ___________________________ goals of an organization, while project management addresses ________________ goals. a. tactical, strategic b. external, internal c. strategic, tactical d. internal, external

c. strategic, tactical

Because many projects fail due to unclear requirements and expectations, starting with a project ____ makes sense. a. vision statement b.charter c. contract d. compact

charter

. A ____ is a product or service produced or provided as part of a project. a.requirement b.process c. result d.deliverable

deliverable

Projects involve five project management process groups: initiating, planning, ____, monitoring and controlling, and closing. a. maintaining b.delivering c.designing d.executing

executing

Project integration management includes ____ processes, one for each project management process group. a. two b.four c. five d. nine

five

Explain what is the weighed scoring method and what are the steps in this method (remember your Assignment - the students' club

identify criteria; give weight to each criteria (total 100); evaluate each project against each criteria; calculate total score

Project ____ management is an overarching function that affects and is affected by all of the other knowledge areas a.human resource b.quality c.procurement d.integration

integration

Key elements of the project management framework include the project stakeholders, project management ____, project management tools and techniques, project success, and contribution of a portfolio of projects to the success of the entire enterprise. a.vision b.domain c.knowledge areas d.scope

knowledge areas

Which of the following is a not a potential advantage of using good project management? a. Higher worker morale b.Shorter development times d.Lower cost of capital c.Higher profit margins

lower cost of capital

Many organizations claim that using project management ____. a.diminishes customer relations b. reduces internal coordination c. lengthens development time d. lowers costs

lowers costs

Leadership and ____ are terms often used interchangeably, although there are differences a. organization b. management c. direction d. coordination

management

A stakeholder ____ provides information on key stakeholders to help manage relationships with them. a.management b.strategy c.guide d. study

management strategy

An organization should consider only projects with a ____ NPV if financial value is a key criterion for project selection. a. well-defined b. positive c.negative d.zero

positive

Differentiate between project, program and portfolio management. Give examples.

program: group of related projects managed in a coordinated way to obtain benefits not obtainable if managed individually. portfolio: collection of projects and programs grouped together to meet strategic business objectives.

Given a program for building one hundred residential single family homes in a particular neighborhood, each home is a separate ____ for a specific homeowner. a.project b.sponsorship c.scope d.program

project

What document formally recognizes the existence of a project and provides direction on the project's objectives and management? a. stakeholder register b.project charter c.stakeholder management strategy d. business case

project charter

Which of the following is considered to be a "super tool" or tool that has high use and high potential for improving project success? a. net present value b. fast tracking c. risk registers d. project management software

project management software

After a project is approved, senior managers should meet to determine the ____, time, and cost constraints for the project. a.boundary b. vision c. range d. scope

scope

Discuss the triple constraint of project management. Illustrate with your own example from your projects' experience (work or class projects)

scope, time, cost +quality

A crucial part of the project charter is the ____ section, where key project stakeholders sign the document to acknowledge their agreement on the need for the project. a.acknowledgement b. revision c.membership d.sign-off

sign-off

What is a crucial part of the project charter—a section in which key project stakeholders acknowledge their agreement on the need for the project? a.project objectives b.sign-off c.roles and responsibilities d. project approach

sign-off

The project ____ usually provides the direction and funding for the project. a. sponsor b.coordinator c.auditor d.planner

sponsor

Which project document should not be made available to all key project stakeholders due to its sensitive nature? a. project charter b.stakeholder management strategy c. business case d.stakeholder register

stakeholder management strategy

One of the main tasks normally involved in project initiation is to identify and understand project ____. a.stakeholders b.shareholder c.critics d.analysts

stakeholders

Project ____ may be defined as a test of whether a project has met scope, time, and cost goals a. depth b. clarity c. success d. vision

success

Part of creating and following a project management methodology includes the creation and use of___. a. templates b.outlines c.models d.prototypes

templates

Project managers and their teams must develop knowledge and skills in all ____ project management knowledge areas. a. five b.ten c. eleven d. fifteen

ten

According to the ____ value of money, a dollar today is worth more than a dollar tomorrow. a. financial b. time c.discretionary d. economic

time

If project managers have ____ management commitment, they will also have adequate resources and be able to focus on completing their specific projects. a.top b. middle c.low d.junior

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