Project Management Major Elements and Activities

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Why do project managers need to understand changes in the organization's mission and strategy?

To ignore the organization's strategy

To align projects with the firm's mission (correct)

To delay project timelines

To resist any changes imposed by the organization

What does the Strategic Management Process require of every project?

To have its own independent strategy

To be clearly linked to the firm's strategy (correct)

To be disconnected from the firm's strategy

To focus on short-term goals only

How can project managers become effective advocates of projects within an organization?

By aligning projects with the firm's mission (correct)

By working in isolation from the firm's goals

By ignoring the organization's strategy

By resisting any changes in the organization's mission

What is the primary focus of a project priority system in portfolio management?

To link projects with the firm's strategy Signup and view all the answers

What role do multi-criteria models play in selecting projects?

They simplify the selection process Signup and view all the answers

What does the Project Management Body of Knowledge (PMBOK) refer to?

A framework for project management processes Signup and view all the answers

In the context of a project, what do 'major deliverables' refer to?

Specific outcomes or products to be delivered Signup and view all the answers

Which of the following is NOT a major deliverable of the sports stadium project?

Construction of a new road Signup and view all the answers

What is the role of stakeholders in a project?

To actively participate in the project Signup and view all the answers

If a project involves 'Design, Supply of materials, installation, Testing and Handing over of Top roof cover on Out-Fall channel of Sea Water,' what does this refer to?

Scope of work Signup and view all the answers

According to the PMBOK Guide, which individuals or organizations are considered stakeholders?

Those whose interests may be positively or negatively affected by the project Signup and view all the answers

What is one of the benefits of Project Portfolio Management?

Improves communication and supports agreement on project goals Signup and view all the answers

Which model measures the time it takes for a project to recover the initial investment?

Payback model Signup and view all the answers

What does the Payback Model in financial models measure?

The time to recover the project investment Signup and view all the answers

In a Portfolio Management System, what does a Multi-Criteria Selection Model do?

Evaluates project proposals based on multiple weighted criteria Signup and view all the answers

What does a Project Portfolio Management system do with projects that do not support the strategy?

Justifies killing them Signup and view all the answers

What is an essential feature of a portfolio management system design?

Classification of projects and selection criteria Signup and view all the answers

What is the main purpose of the Net Present Value (NPV) model?

To analyze the profitability of a projected investment Signup and view all the answers

How is a positive Net Present Value (NPV) interpreted in terms of project evaluation?

Project meets minimum desired rate of return Signup and view all the answers

What do Nonfinancial Strategic Criteria focus on?

Strategic goals beyond financial gains Signup and view all the answers

In Multi-Criteria Selection Models, what does the Checklist Model involve?

Using a list of questions to review potential projects Signup and view all the answers

What is the purpose of developing core technology according to the provided text?

To be used in next-generation products Signup and view all the answers

Which financial metric helps in determining whether an investment should be pursued or not?

Net Present Value (NPV) Signup and view all the answers

What is the first step in creating a Work Breakdown Structure (WBS)?

Identify the major elements of the project Signup and view all the answers

What is a key feature of the critical chain approach in project management?

The use of various buffers or time reserves Signup and view all the answers

Which of the following is NOT a part of good risk management in projects?

Ignoring risks that seem unlikely to occur Signup and view all the answers

What is a critical aspect of managing projects from an operations strategy perspective?

Devoting sufficient resources and attention to projects Signup and view all the answers

What should be done when a project fails?

Examine the probable reasons for failure Signup and view all the answers

What is a common issue in project management?

Managers are unaware when activities finish early Signup and view all the answers