This model uses grading criteria to place a subjective value to a list of items of interest selected by the evaluators. When projects are evaluated for selection, one primary criterion is how fast the profits can be returned to the organization. Separated by machine types. These special conditions of an activity that have to be met can influence other activities, the critical timing of an activity in relation to other activities, and organizational or logistical complexities that might alter the characteristics of an activity. The primary tool used in graphically illustrating a PDM network of project activities is the _______. Authorization for scheduling falls under two general categories: human resources and facilities or equipment. Why is this approach important in today's environment? Information Technology Project Management: Providing Measurable Organizational Value, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Operations Management: Sustainability and Supply Chain Management, *Factor the trinomial. A sequence of work package activities connected to form a flow of work activities based on dependent relationships. product or service, produced or provided as part of a project. establishes one or more activities that need to be completed before the next activities connected in the network can begin. A method of calculating the expected net monetary gain or loss from a project by discounting all future cash inflows and outflows to the present point in time. Leading warehousing project for 1 of the . The latest point uncompleted work can finish on an individual work package activity. completion of all courses required for a business major is an example of what? Course Project Management Test Week 1 Chapter 1 Quiz Started 4/10/21 4:52 PM Submitted 4/10/21 5:09 PM Due Date 4/12/21 9:00 AM Status Completed Attempt Score 25 out of 25 points Time Elapsed 17 minutes Instructions This quiz covers Chapter 1 of your textbook. Answer: B "Project is a time-limited endeavor undertaken to create a unique product, service, or result." What is a Project Triple Constraint? People involved in or affected by project activities. After the project manager is selected and all information gathered during the initial process has been passed to the project manager, the management staff needs to create a master plan of the project; this is called the_____. School Florida Institute of Technology Course Title BUS 5113 Type Test Prep Uploaded By terrydean1127 Pages 19 Ratings 100% (26) In the first part of the project life cycle, during the conceptual phase, the initial activities required to create a project are conducted; this step is called the ____. * is usually a much larger-scale compilation of project documentation, environmental factors, organizational processes, and all other documentation required to establish boundaries around the processes performed during the project life cycle. ______ defining a _____ can be both specific and generalized in nature. Chapter 1: Advance project management quiz Chapter 2: Advance project strategic management quiz Chapter 3: Contemporary organizations design quiz Chapter 4: Negotiation and conflict management quiz Chapter 5: Strategic management quiz Chapter 6: Project activity planning quiz Chapter 7: Project auditing quiz These work package activities have been identified to have no distinguishable dependency between them and therefore have no requirement to be connected in the network in succession. 0% What is the purpose of identifying milestones? This value helps an organization better understand what the present value of future money looks like to give more refinement in the project selection process. The featured exercises and quizzes will facilitate your vocabulary and process concepts. Question 8) Fill in the blank: A ______ has a clear outcome and a clearly-defined start and end date. Which cash flow technique was used to determine this? Costs that organizations must fund to stay in business. Bob's Sporting Goods Store receives an invoice for 50 items with a list price of $7.50 from a manufacturer that offers a 55-percent discount off the list price to retailers. Project A temporary endeavor undertaken to create a unique product, service or result. Within some organizations, internal departments have the resources to produce unique deliverables that can be used or will be required by other departments within the organization; these are called _____. $$. This process starts at the beginning of the network and moves through all paths to the completion of each path. Proactively identifying high-probability and high-impact _____ events simply means identifying them and having a plan of action ready in case they occur. The ______ does not represent The longest duration activities All activities critical to the project All activities with the highest cost Activities with the highest risk potential. What does this mean? In-house technology 2. A person who provides leadership and direction for the project managers heading the projects within the program. The calculation for ______ is SLK = LS ES, and for finish is SLK = LF EF. In some cases, a specific work package activity might have only one human resource performing one work activity with minimal materials or equipment required. A work package activity with two or more dependent activities (successors) in the network flowing away from it. A compilation of completed work activities to form a final product identified by the customer as accomplishing a project objective. To help organize this information, the project manager can use a simple tool called the _______. What has been the effect of these forces on the management of projects? A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The project manager's ambition is to get as much done as possible within a specific time frame with a limited budget. is simply the expected profit from a project investment. Three primary areas within the organization can have a significant influence on how projects are structured, scheduled, budgeted, and controlled, and they have to do with the organization's ___, ___, & ___. Organizations that conduct business with a combination of projects and other business services or manufacturing may have project managers overseeing projects with a level of authority predetermined by upper management. \text{ } & \text{Activity}\\ responsibility, accountability, consultative, and informative (RACI) matrix. is simply a reminder of what information will be gathered for each work activity so the project managers have all the information needed to properly define, sequence, schedule, and budget work activities. ___ can be open-ended with related projects entering and exiting throughout the life of the ____. \text{Activity Cost Pool (Activity Measure)} & \text{Total Cost} & \text{Total Activity}\\ A group of projects managed in a coordinated way to obtain benefits and control not available from managing them individually. If you choose to learn more about project management, look no further than this quiz. Authorization to perform work activity can fall within the tasks of any responsible person overseeing a work activity. Examples of more reliable _______ are as follows: Customer specification Project statement of work (SOW) Scope statement Subject matter experts (SME) Organization's database (archived projects and "lessons learned" documents) State and local regulatory documentation. Below is a project management exam test for students! Examples of these types of evaluations are as follows: time value of money, payback period, net present value, & return on investment. \begin{matrix} Project charter, Customer specifications, Statement of work, Stakeholder register, Stakeholder management plan, Subject matter expert, & Historical data. Design, implement and test complex software applications 2. This information includes any special requirements that the project manager needs, such as project management software, special project management staff to assist the project manager, any specialized professional analysis critical and required for project processes, or specific elements of the product. (A) What is the discount? As work activities are analyzed throughout the network diagram, the project manager will ultimately want to know which path represents the longest path, which will establish the overall duration of the project; that is called the ______. Project Management - Quiz 1 - Your test grade is 100% The professor has configured this test to allow students to: Show Questions Answered Project Management - Quiz 1 - Your test grade is 100% The. A labeling convention needs to be established to display information for each activity on the network. Compute the total activity costs that would be assigned to University and Memorial. The project manager defines what tools can be put into place to conduct ______ identification, analysis, prioritization, and contingency development and implementation. a method for software development that uses new approaches, focusing on close collaboration between programming teams and business experts. The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. ___ of the project occurs when acceptance of project deliverables is confirmed. When an organization has a change control process, an individual or team identified in the change control process must correctly analyze all information and authorize changes accordingly. Dynamic and Self-Motivated Project Manager (Prince 2 and ITIL Certified), Test Manager, Defect Manager, Change Manager, Environment Co-Ordinator with proven track record of leading and managing End to End delivery phases of projects, right from project kick-off, solution requirements analysis, design, test planning, execution, reporting, deployment and Operations support for large complex . Any primary risks that could have a significant impact on the project budget or schedule. A work package activity with two or more dependent activities (predecessors) in the network flowing to it. Many organizations find duplicate or unneeded projects after they perform which step in project portfolio management? SWOT analysis (external and internal) 3. formulate strategies 4. implement strategies 5. evaluate results. Microsoft AZ-104: Azure Administrator Exam Prep Test. $$ -Involves contradictory and paradoxical world of implementation. Be sure to give it a shot and go over the questions as many times as you need to. Which of the following activities is not considered a project? Q. Compute Worley's customer margin for University and Memorial. $0 $19.99. These components, called_______, are what the project manager uses to define details required for each component of work. Process or product improvements for the organization. Try our quick project management quiz to test your knowledge! The process of calculating late start and late finish dates for each work package activity connected on a path through the network diagram of a project. has to be designed at two levels: work package activity level and overall project level. Yes. Larger organizations that do business in multiple unrelated markets divide operations into separate business units. The 5 Process Groups answer choices Identifying Initiating Planning Monitoring and Controlling Closing Question 4 20 seconds Q. Strategic planning, Business area analysis, Project planning, Resource Allocation. Activities that cannot be started because they are dependent on prior activities connected in the network being completed. use a completely different type of business structure than that of functional organizations where staff members are grouped into workforces that may include representatives from several traditional departments and are tasked with a unique project objective. <br><br> . The SICC Review Course is designed to help prepare you for the certification exam using proven instructional design techniques and interactive learning tools. Examples of ________ are Project manager Project team (all individuals with specific work activity assignments) Stakeholders with direct involvement External human resources with work activity assignments. Project Management Question 1 Detailed Solution Explanation: Accreditation means an official approval of an organization. The return available by investing the capital elsewhere. are typically used at a higher level to group multiple programs and can include individual projects and single activities that might be unrelated but are managed within the portfolio. Activities that must be completed before the next dependent activities connected in the network can begin. Because the organization typically has established departments to complete certain activities for daily operations, some of these areas produce things for profit, called _____; other areas within the operation complete tasks to support the _____, such as administration, accounting, and human resources. A Non-parametric Test should be used if just one distribution is not Normal out of the two or more gathered. Provides reports to management, as required. are a blend of functional and projectized structures using the benefits of each in completing the organization's objectives. International professional society for project managers. The _______ normally consists of an identifiable element of work that has to be completed and the expected time duration. A person who deals with the day to day details of meeting specific goals. C. Have funding limits (if applicable). The model should take into account the overall strategic alignment of a potential project so as to ensure the benefits of the completed project built on the business strategy. We apologise for any inconvenience this may cause. __ is the earliest time an activity can begin (a) EFT (b) LST (c) LFT Categories. It outlines not only key stakeholders on the project, but also their needs and requirements as well as their relationship to the project and authority level on the project. Initiating, planning, monitoring and controlling and closing. 1. A temporary endeavor undertaken to create a unique product, service, or result, A group of related projects designed to accomplish a common goal over an extended period of time, A process of managing a group of ongoing, interdependent, related projects in a coordinated way to achieve strategic objectives. Depending on the information and communication structure of a project, some change requests may be informally introduced; because they are not controlled, they result in extra work activity that may or may not be approved. The team operates within many short blocks of time Project processes are repeated many times during the life cycle of the project \text{Electronic order processing (Number of electronic orders)} & \text{200.000} & \text{12.500 orders}\\ may find it more difficult because projects are not a fundamental component of the business and therefore require special effort to perform project selection processes. Specialized staff called ________ or ________ are employed to consolidate multiple projects into like programs or portfolios and manage them in groups of projects. This work package activity has been identified to have two or more immediate successor activities flowing away from it. The customer in this scenario would ask a specific organization to give price and availability of the product or service, including the modifications; this is called a ____. It is a act of granting approval to an organization by an official review board, after the organization has met specific written requirements or standards. Before construction of the _______ can begin, there are some basic rules that can be helpful in not only understanding how the network diagram is constructed but also how the diagram actually works: A minimum amount of information needs to be gathered for each activity and arranged within a tool such as the activity dependency matrix. The person responsible for working with the project sponsor, the project team and other people involved in a project to meet project goals. This process starts at the end of the network diagram and moves backward through all paths to the beginning of the network diagram. Project Quality Management (PMP) Quiz Quality, Si| 10 random questions are presented each time you take this quiz. A temporary endeavor undertaken to create a unique product, service or result. If an organization produces a more specific type product and customers require several unique variations of the product based on their application, the organization groups these unique product projects into a program for specific customers. $$ PSPO1 Practice Tests Scrum Product Owner certification-160Q. Worley sets its prices for all hospitals by marking up its cost of goods sold to those hospitals by 5%. one of many kinds of tangible by-product produced during the development of software. * \text{Total selling and administrative expenses} & \text{\$ 2.000.000}\\ This can also include milestones for periodic inspections or customer approval. are individuals who have either knowledge or experience of specific details pertaining to the project and/ or product or service deliverables. Where does the information come from? A technique that provides a systematic process for basing project selection on numerous criteria. the ___ is responsible for the following tasks: Overseeing the completion of each task Assessing potential risks and engaging in control activities that keep costs and expenditures on budget and completion on schedule Managing resource schedules to complete specified activities, the ___ generally is responsible for Selecting projects and activities to support the program objective Managing project managers Overseeing scheduling of resources and cash flow required for all projects and activities within the program Ensuring ongoing commitments of the program are met. Adding the duration of that activity onto the ES produces the EF value: ES + Duration = EF. The bubble diagram evaluation is also a non-numerical way to grade or "classify" projects based on criteria but in a different graphical form. The goal of project portfolio management is to help maximize business value to ensure ______. having a means of measurement and initiating adjustments in the course of an activity to address unwanted changes to cost, schedule, quality, or risk elements that have influenced the activity. -Governance signals to the project manager that decisions at a higher level can impact the management of an individual project. Sample Papers. Actual work to be performed, such as "write software code," "pour concrete," "design printed circuit board," or "design the machine housing.". A unique endeavor designed for a specific purpose to accomplish a single objective. Your project has expected cash inflows of $1.2 million in year 1, $2.4 million in year 2, and $4.6 million in year 3. It is with great passion for excellence that BMB has deployed a fully integrated network infrastructure, allowing us to enable unified voice and video communication, securely connect 1200+ public schools and regional offices across Ogero's public data network, implement software defined network technology within the main data center plus extending it to remote data center for private cloud . The _________ is created as an output of the charter process; it contains other stakeholder information such as needs and requirements of information and communication, specific involvement with the project and management strategy of involvement, and details and management of stakeholder expectations. \begin{matrix} +Sole British Nationality required. A technique that uses branches radiating out from a core idea to structure thoughts and ideas. Project management is the process of leading a team's work to achieve goals and achieve success criteria at a given time. Reveal Solution Discussion. 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