Fundamentals of Project Management Quiz

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Questions and Answers

What makes implementing an ERP System challenging?

It is less invasive, less complex, and less risky than other IS implementations

It is less risky and less expensive than other IS implementations

It is invasive, complex, time-consuming, and expensive (correct)

It is only complex and time-consuming, but not invasive or expensive

How does the implementation of 'another' IS compare to implementing an ERP System?

Less invasive, less complex, less risky (correct)

More invasive, more complex, more risky

Equally invasive, equally complex, equally risky

Equally invasive, less complex, less risky

What are the potential outcomes of ERP implementation?

Only success

Mainly success with minimal failure

Both success and failure (correct)

Only failure

What are the consequences of getting an ERP implementation wrong?

It can be catastrophic Signup and view all the answers

What led Lidl to replace its legacy system Wawi with SAP in 2011?

Complex integration and maintenance difficulties Signup and view all the answers

Why did Lidl decide to halt the SAP implementation in 2018?

Unachievable objectives Signup and view all the answers

What are some pain points of legacy systems mentioned in the text?

Data integration and growth limitations Signup and view all the answers

What is the primary purpose of Change Management during ERP implementation?

Supporting human aspects of organizational change Signup and view all the answers

What is the first step in the ERP system selection process?

Creating a formal business case Signup and view all the answers

How long does the ERP system selection process typically take?

3-6 months Signup and view all the answers

Which companies are the leading players in the ERP market?

SAP and Oracle Signup and view all the answers

How is ERP software categorized based on company size?

Corporate, Mid-market, and SME Signup and view all the answers

What are the phases involved in Risk Management for ERP System implementation?

Identification, assessment, response, and monitor Signup and view all the answers

What does Risk assessment involve in ERP System implementation?

Evaluating each risk's probability, impact, and net value for qualitative and quantitative analysis Signup and view all the answers

What is the main aim of Risk Management in ERP System implementation?

To decrease the possibility of risks and increase the possibility of opportunities Signup and view all the answers

What is the definition of risks in ERP System implementation?

The possibility of negative effects on objectives due to uncertainty in actions Signup and view all the answers

What are the 5 Process Groups in Project Management?

Initiating, Planning, Executing, Monitoring and Controlling, Closing Signup and view all the answers

What does the Project Triangle consist of?

Scope, time, and cost Signup and view all the answers

What is the purpose of the Work Breakdown Structure (WBS) in the Planning phase?

Hierarchical breakdown reflecting project requirements and listing all deliverables and activities Signup and view all the answers

What is the primary focus of the Control phase in Project Management?

Checking project timeliness and budget adherence Signup and view all the answers

Study Notes

Project Management Overview

Project Management involves the application of knowledge, skills, tools, and techniques to meet project requirements through the integration of 5 Process Groups: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.
Project Management resembles PDCA (Plan-Do-Check-Act) with a Planning phase, Executing phase, and Control phase, but substitutes the "Do" phase with an Initiating phase and a Closing phase, reflecting the temporary nature of projects.
The Initiating phase includes obtaining project authorization, identifying stakeholders, and issuing a Statement of Work (SOW) outlining project elements.
A project is characterized by three linked dimensions known as the Project Triangle: scope, time, and cost.
The Planning phase involves defining the Work Breakdown Structure (WBS) for scope, creating a Schedule for time, and establishing a Budget for cost.
The WBS is a hierarchical breakdown reflecting project requirements and listing all deliverables and activities.
In a Schedule, project activities are sequenced, assigned to resources, and placed in time, with the critical path representing the longest series of activities.
The Budget involves collecting project costs, summarizing them, and potentially undergoing top-down review if total costs exceed the project limit.
The Executing phase entails completing project work, consuming time and money, and collecting data for analysis in the next phase, with quality audits to verify deliverables.
The Control phase focuses on checking project timeliness and budget adherence, often utilizing Earned Value Management as a control tool based on planned cost versus achieved value.
The Closing phase involves archiving the project and drafting a Commissioning Report summarizing the project's accomplishments, whether the scope is reached or not.
Due to complexity, Project Management often requires software known as Project Management Systems (PMS), and it is essential for managing complex initiatives like implementing an ERP System in a company.

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Description

Test your knowledge of project management with this overview quiz. Explore the key concepts and phases, such as initiating, planning, executing, monitoring and controlling, and closing, as well as the Project Triangle, Work Breakdown Structure, and Earned Value Management. Ideal for those seeking to understand the fundamentals of project management.