Midterm - BUSN 330

Question 1

Portfolio

Answer 1

collection of projects, programs, subportfolios and operations managed as a group

Question 2

Project Management Processes

Answer 2

1. Initiating
2. Planning
3. Executing
4. Monitoring and Controlling
5. Closing

Question 3

Program

Answer 3

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

Question 4

Supportive (Project Management Office)

Answer 4

provide a consultative role to projects by supplying templates, best practises and training. The degree of control is low

Question 5

Controlling (Project Management Office)

Answer 5

provide support and require compliance through various means. Degree of control is moderate

Question 6

Directive (Project Management Office)

Answer 6

take control of the project by directly managing the projects. The degree of control is high.

Question 7

Operations Management

Answer 7

area of management concerned with ongoing production of goods and/or services.

Question 8

Functional Organization

Answer 8

a hierarchy where each employee has a a superior. Staff is grouped by specialty

Question 9

Matrix Organization

Answer 9

Mix of functional and projectized organization.

Question 10

Projectized Organization

Answer 10

PM has full control over resources and budget of project

Question 11

Enterprise Environmental Factors

Answer 11

conditions not under control of the project team that influence constrain or direct the project

Question 12

Project Life Cycle

Answer 12

a series of phases that a project passes through from its initiation to its closure

Question 13

Project management Proceses

Answer 13

ensure the effective flow of a project through its life cycle

Question 14

Product oriented processes

Answer 14

specifies and creates the projects product

Question 15

product lifecycle (stages)

Answer 15

1) Introduction
2) Growth
3) Maturity
4) Decline

Question 16

five project management process groups

Answer 16

1. Initiating
2. Planning
3. Executing
4. Monitoring and Controlling
5. Closing

Question 17

Project charter

Answer 17

formal authorization of the project by the project sponsor.

Question 18

Project scope statement

Answer 18

details what work is to be accomplished and what deliverables need to be produced

Question 19

Work breakdown structure (WBS)

Answer 19

the subdivision of major deliverables into smaller components called work packages.

Question 20

Project management plan

Answer 20

A formal, approved document that defines how the project is executed, monitored and controlled

Question 21

Projects have three main characteristics

Answer 21

1) Temporary
2) Unique
3) Progressively elaborated

Question 22

Project Management Definition

Answer 22

the application of knowledge, skills, tools, and techniques to project activities to meet project requirements

Question 23

The Triple Constraints of Projects

Answer 23

1) time
2) Cost
3) Scope

Question 24

Projects

Answer 24

Temporary and unique. Once a project has accomplished its objectives, it is terminated

Question 25

Operations

Answer 25

Ongoing and repetitive. Ongoing operations sustain businesses.

Question 26

scope creep

Answer 26

Uncontrolled changes to the project scope

Question 27

Scope management includes five processes

Answer 27

1. Scope planning outlines how the project scope will be defined 2. Scope definition details what is and what is not included in the project scope. 3. WBS creation subdivides major project deliverables into smaller components. 4. Scope verification validates that the project has delivered or accomplished the stakeholders’ requirements. 5. Scope control ensures that the project remains within the approved scope

Question 28

Rolling wave Planning

Answer 28

elaboration planning where work to be accomplished in the near term is planned in detail at a low level of the WBS, while work far in the future is planned at a relatively high level of the WBS

Question 29

Resource estimating

Answer 29

involves comparing alternatives

Question 30

Bottom-up estimating

Answer 30

Estimation of the most detailed work level, aggregated into a total quantity of work

Question 31

Top-down estimating

Answer 31

gives a total estimate of a factor such as time and cost. Quick but not accurate

Question 32

Parametric Estimating

Answer 32

Parametric estimating is quick and accurate. It involves estimating based on a parameter.

Question 33

analogous estimating

Answer 33

basing activity duration estimates on duration times of similar activities (also called top-down estimating)

Question 34

Cost aggregation

Answer 34

is when the schedule activity costs are aggregated by work packages.

Question 35

Reserve Analysis

Answer 35

establishes contingency reserves for unplanned changes (unknown unknowns) to the scope and cost.

Question 36

CV > 0

Answer 36

Under Budget

Question 37

CV < 0

Answer 37

Over Budget

Question 38

SV > 0

Answer 38

Ahead of Schedule

Question 39

SV < 0

Answer 39

Behind schedule