Chapter 1,2,3- Organizing

Question 1

What is the most important criteria for selecting a project?

Answer 1

It aligns with the strategic vision of the organization

Question 2

What is a project?

Answer 2

A temporary endeavor undertaken to create a unique product, service, or result

Question 3

What is a program?

Answer 3

A group of related projects designed to accomplish a common goal over an extended period of time

Question 4

What elements are in the project life cycle?

Answer 4

Defining, Planning, Executing, and Closing

Question 5

Execution is the project life cycle requires what?

Answer 5

The most effort

Question 6

Planning in the project life cycle requires what?

Answer 6

The most time

Question 7

What are the three sides to the PMI talent triangle?

Answer 7

1- Technical Project management
2-leadership
3-strategic and business management

Question 8

What are the SMART characteristics?

Answer 8

Specific
Measurable
Assignable 
Realistic 
Time related

Question 9

What is required by the routine manager?

Answer 9

• efficiency
• routines
• carries out tasks

Question 10

What is required of the project manager?

Answer 10

• effectiveness
• one off (unique)
• finishing the product

Question 11

What are resources?

Answer 11

Quality
Speed
Materials

Question 12

Productivity formula

Answer 12

Productivity-output/input

Question 13

What is project governance

Answer 13

Whose in charge of the project

Question 14

Examples of companies who change their strategic vision

Answer 14

Amazon
Wells Fargo
Netflix

Question 15

The four activities of the strategic management process

Answer 15

1-review and define the organizational mission
2-set long range goals and objectives
3-analyze and formulate strategies to reach objectives
4-implement strategies through projects

Question 16

In your college career what will be both tactical and strategic that you will put towards your strategic plan to graduate?

Answer 16

Reviewing your goals and signing up for the right classes

Question 17

What is the most important resource but it is limited?

Answer 17

Time

Question 18

Selection criteria

Answer 18

Financial models (NPV)
Non financial models

Question 19

Multi criteria selection models

Answer 19

Use several weighted selection criteria to evaluate project proposals

Question 20

Advantages of the payback model

Answer 20

• measures the time to recover the project investment

- infasizes cash flow (blood to your business)

Question 21

Disadvantages to the payback model

Answer 21

• ignores the time values of money (inflation)
• only looks at payback and not beyond
• doesn’t account profitability

Question 22

Time value of money

Answer 22

A dollar today is worth more than a dollar tomorrow

• inflation
• opportunity cost

Question 23

Advantages of the npv model

Answer 23

• account for the tmv
• accounts for required rate of return
• future cash flows are accounted for

Question 24

Disadvantages of NPV

Answer 24

• non financial criteria

- management must agree on the required rate of return

Question 25

What is organizational culture?

Answer 25

- this is the values and behaviors that contribute to the unique social and psychological environment of organization - its “personality” - must be aligned

Question 26

How does organizational culture affect project selection?

Answer 26

- practice and process->project selection | - a good system balances the needs of the project with he needs of the organization

Question 27

Functional organization is...

Answer 27

- The interest of the one functional are that dominates the project - functional manager is in charge

Question 28

Advantages of functional organization

Answer 28

- no structural change - flexibility - in depth expertise - easy post project transition

Question 29

Disadvantages of functional organization

Answer 29

- lack of focus - poor integration - slow - lack of ownership

Question 30

A dedicated project team is...

Answer 30

- focused on the project and nothing else (run by pm) - working in separate units - Ex: the Red Cross

Question 31

Advantages of a dedicated project team

Answer 31

- simple - fast - cohesive - cross functional integration

Question 32

Disadvantage of dedicated project team

Answer 32

Expensive

Question 33

What is the matrix structure?

Answer 33

A hybrid of functional organization and Projectized organization

Question 34

Advantages of a matrix structure

Answer 34

- efficient - strong project focus - easier post project transition - flexible

Question 35

Disadvantages of matrix structure

Answer 35

- dysfunctinal conflict - infighting - stressful - slow

Question 36

What is weak form

Answer 36

The authority of the functional manager predominates and the project manager has indirect authority

Question 37

What is balanced form?

Answer 37

The project manager sets the overall plan and the functional manger determines how the work to be done

Question 38

What is strong form?

Answer 38

The project manager has broader control and functional departments act as subcontractors to the project

Question 39

Weak form is what

Answer 39

Functional

Question 40

Balanced form is what

Answer 40

Matrix

Question 41

Strong form is what

Answer 41

Projectized