Portfolio and Operations Management Quiz

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What is the main difference between a project and operations?

A project is temporary with a definite beginning and ending, while operations are ongoing and repetitive.

Define project management.

Project management is the application of knowledge, skills, tools, and techniques to satisfy project requirements.

How is a program different from a project?

A program is a group of related projects managed together to obtain benefits and control, while a project is a standalone temporary endeavor.

What is the goal of portfolio management?

Portfolio management aims to align projects and programs with an organization's strategic objectives. Signup and view all the answers

Why is it important to manage projects as part of a program?

Managing projects as part of a program can provide added value and benefits that may not be achievable when managing them individually. Signup and view all the answers

What are some key activities involved in project management?

Key activities in project management include preparing a business case, estimating resources, developing a management plan, leading the project team, managing risks, monitoring progress, and closing the project. Signup and view all the answers

What are the key concepts covered in the introduction to project management?

Project life cycle, project management tools and techniques, processes and actors in project management, project stakeholders, project initiation, project planning, project execution, project monitoring and controlling, project closing Signup and view all the answers

What are some examples of project management methodologies mentioned in the text?

Waterfall methodology, Agile methodology, PRINCE 2 methodology, PMBOK methodology Signup and view all the answers

What are some common project bottlenecks and potential solutions discussed?

Resource bottlenecks, scope creep bottlenecks, communication bottlenecks, technical bottlenecks, risk-related bottlenecks Signup and view all the answers

What tools are recommended for project management tasks like creating Gantt charts and communication?

Project management software, project communication tools, collaboration and file sharing tools Signup and view all the answers

What ground rules should be followed during project management sessions?

Arrive on time, avoid flimsy excuses, refrain from using cell phones and laptops unless instructed, no eating or drinking in class, no restroom breaks during class, avoid rushing to the back rows Signup and view all the answers

What is the recommended textbook for project management studies?

‘’Principles and Practice of Project Management’’ by Bayo Adeola Signup and view all the answers

What is the main difference between portfolio management and operations management?

Portfolio management focuses on achieving strategic objectives through a collection of projects, programs, and subsidiary portfolios, while operations management deals with the ongoing production of goods and services. Signup and view all the answers

How are projects, programs, and subsidiary portfolios related within portfolio management?

Projects, programs, and subsidiary portfolios are all components of a portfolio managed as a group to achieve strategic objectives. Signup and view all the answers

In the context of operations management, what functions are considered as part of operations?

Operations in operations management involve the day-to-day functions such as sales, marketing, finance, accounting, human resources, and IT. Signup and view all the answers

How does portfolio management differ from project management?

Portfolio management involves managing a collection of projects, programs, and subsidiary portfolios to achieve strategic objectives, while project management focuses on the management of individual projects. Signup and view all the answers

What is the overarching goal of portfolio management?

The overarching goal of portfolio management is to achieve strategic objectives through the coordinated management of projects, programs, and subsidiary portfolios. Signup and view all the answers