Podcast
Questions and Answers
In project management, what does a 'path' represent?
In project management, what does a 'path' represent?
- A sequence of activities from the starting node to the finishing node. (correct)
- The critical activities that must be completed on time.
- The allocation of resources to different activities.
- The slack time available for non-critical activities.
What is the significance of the 'critical path' in project management?
What is the significance of the 'critical path' in project management?
- It determines the expected project duration. (correct)
- It represents the path with the most resources allocated.
- It determines the shortest possible project duration.
- It indicates activities with the most slack time.
What are 'critical activities' in the context of project management?
What are 'critical activities' in the context of project management?
- Activities that require the most experienced personnel.
- Activities with the least amount of resources allocated.
- Activities on the critical path. (correct)
- Activities that are most prone to delays.
What does 'slack' represent in project management?
What does 'slack' represent in project management?
What characterizes 'deterministic time estimates' in project management?
What characterizes 'deterministic time estimates' in project management?
In probabilistic time estimates, what does the 'most likely time' (tm) represent?
In probabilistic time estimates, what does the 'most likely time' (tm) represent?
Using the PERT method, how is the expected time ($t_e$) of an activity calculated, given the optimistic ($t_o$), pessimistic ($t_p$), and most likely ($t_m$) time estimates?
Using the PERT method, how is the expected time ($t_e$) of an activity calculated, given the optimistic ($t_o$), pessimistic ($t_p$), and most likely ($t_m$) time estimates?
Which of the following formulas correctly calculates Slack Time (ST)?
Which of the following formulas correctly calculates Slack Time (ST)?
When communicating change to employees, what is the MOST crucial element to include beyond just the 'what' and 'how'?
When communicating change to employees, what is the MOST crucial element to include beyond just the 'what' and 'how'?
In the context of organizational change, what is the primary difference between 'management' and 'leadership'?
In the context of organizational change, what is the primary difference between 'management' and 'leadership'?
According to Kotter's eight-step process, what is the purpose of creating a 'sense of urgency'?
According to Kotter's eight-step process, what is the purpose of creating a 'sense of urgency'?
What is the MAIN purpose of building a 'guiding coalition' during organizational change?
What is the MAIN purpose of building a 'guiding coalition' during organizational change?
When forming a strategic vision for organizational change, why is it important to paint a picture of the future?
When forming a strategic vision for organizational change, why is it important to paint a picture of the future?
Why is 'enlisting volunteers' important for the effective implementation of organizational change?
Why is 'enlisting volunteers' important for the effective implementation of organizational change?
According to Kotter, what structural issues might act as a 'barrier' to change, and how can they be addressed?
According to Kotter, what structural issues might act as a 'barrier' to change, and how can they be addressed?
Why is it important to 'generate short-term wins' during organizational change?
Why is it important to 'generate short-term wins' during organizational change?
Which action best demonstrates creating a sense of urgency when leading organizational change?
Which action best demonstrates creating a sense of urgency when leading organizational change?
Which project management approach is best suited for projects with evolving requirements and a need for flexibility?
Which project management approach is best suited for projects with evolving requirements and a need for flexibility?
Which statement accurately distinguishes project management from capacity and operational structure management?
Which statement accurately distinguishes project management from capacity and operational structure management?
In a standard project life cycle, after initiating and planning, which phase typically follows?
In a standard project life cycle, after initiating and planning, which phase typically follows?
Within the project management triangle, which element is concerned with the degree to which the project fulfills its intended purpose and stakeholder needs?
Within the project management triangle, which element is concerned with the degree to which the project fulfills its intended purpose and stakeholder needs?
MOSBIUS DESIGNS is tasked to build a building for the GOLIATH NATIONAL BANK by planning the blueprint of the structure and implements the construction upon approval of the client. Which project management methodology is most suitable?
MOSBIUS DESIGNS is tasked to build a building for the GOLIATH NATIONAL BANK by planning the blueprint of the structure and implements the construction upon approval of the client. Which project management methodology is most suitable?
YELLOW UMBRELLA is constructing a railroad project and estimates completion in 345 days (optimistic), 548 days (pessimistic), and 489 days (most likely). Using the PERT formula, what's the expected time of completion?
YELLOW UMBRELLA is constructing a railroad project and estimates completion in 345 days (optimistic), 548 days (pessimistic), and 489 days (most likely). Using the PERT formula, what's the expected time of completion?
FARHAMPTON INDUSTRIES can complete a project in 15 days at its earliest and 25 days without delays. What is the project's slack time?
FARHAMPTON INDUSTRIES can complete a project in 15 days at its earliest and 25 days without delays. What is the project's slack time?
Which of the following scenarios would most likely increase the intensity of competitive rivalry within an industry, according to Porter's Five Forces model?
Which of the following scenarios would most likely increase the intensity of competitive rivalry within an industry, according to Porter's Five Forces model?
According to Porter's Five Forces, which condition would likely grant suppliers the least amount of bargaining power?
According to Porter's Five Forces, which condition would likely grant suppliers the least amount of bargaining power?
A new regulation significantly increases the capital required to start a business in an industry. According to Porter’s Five Forces, what is the most likely direct impact of this?
A new regulation significantly increases the capital required to start a business in an industry. According to Porter’s Five Forces, what is the most likely direct impact of this?
Which of the following scenarios indicates a high threat of substitutes based on Porter's Five Forces?
Which of the following scenarios indicates a high threat of substitutes based on Porter's Five Forces?
In Porter's Five Forces, which of the following factors best describes the 'Threat of New Entrants'?
In Porter's Five Forces, which of the following factors best describes the 'Threat of New Entrants'?
A major customer of a business declares that they are extremely price sensitive and can easily switch to other suppliers. Using Porter's Five Forces, how would you classify this?
A major customer of a business declares that they are extremely price sensitive and can easily switch to other suppliers. Using Porter's Five Forces, how would you classify this?
Which of the following actions would most likely decrease the bargaining power of customers, according to Porter's Five Forces?
Which of the following actions would most likely decrease the bargaining power of customers, according to Porter's Five Forces?
A company operates in an industry with high fixed costs and perishable goods. According to Porter's Five Forces, what is the most likely outcome?
A company operates in an industry with high fixed costs and perishable goods. According to Porter's Five Forces, what is the most likely outcome?
What primary benefit does LA FRAGRANCIA ILLUMINA hope to gain by winning the PARFUM EXPO?
What primary benefit does LA FRAGRANCIA ILLUMINA hope to gain by winning the PARFUM EXPO?
Why did LA FRAGRANCIA ILLUMINA's accountant, Christine Pierre, analyze the company's financial statements from 2016 to 2022?
Why did LA FRAGRANCIA ILLUMINA's accountant, Christine Pierre, analyze the company's financial statements from 2016 to 2022?
Which scent profile accurately represents the base notes for Christian Andre's fragrance, CUPID?
Which scent profile accurately represents the base notes for Christian Andre's fragrance, CUPID?
What is the intended target demographic for LA FRAGRANCIA ILLUMINA’s “THE BACHELOR” perfume?
What is the intended target demographic for LA FRAGRANCIA ILLUMINA’s “THE BACHELOR” perfume?
What is the purpose of the PARFUM EXPO, beyond just showcasing new fragrances?
What is the purpose of the PARFUM EXPO, beyond just showcasing new fragrances?
What is the significance of LA FRAGRANCIA ILLUMINA being located in Grasse, France?
What is the significance of LA FRAGRANCIA ILLUMINA being located in Grasse, France?
How does LA FRAGRANCIA ILLUMINA anticipate that winning the PARFUM EXPO will positively impact their business?
How does LA FRAGRANCIA ILLUMINA anticipate that winning the PARFUM EXPO will positively impact their business?
Which of the following correctly lists the top notes of "THE BACHELOR"?
Which of the following correctly lists the top notes of "THE BACHELOR"?
LA ILLUMINA FRAGRANCIA charges a premium for THE BACHELOR's PARFUM variant. Which generic strategy aligns with this pricing approach?
LA ILLUMINA FRAGRANCIA charges a premium for THE BACHELOR's PARFUM variant. Which generic strategy aligns with this pricing approach?
In 2027, THE BACHELOR's market demand declines due to increased competition. Which strategy should LA FRAGRANCIA ILLUMINA employ to regain market share effectively?
In 2027, THE BACHELOR's market demand declines due to increased competition. Which strategy should LA FRAGRANCIA ILLUMINA employ to regain market share effectively?
The PARFUM EXPO promotes fragrance as a means to encourage romance, believing it 'binds hearts and minds'. This statement best represents which of the following strategic elements?
The PARFUM EXPO promotes fragrance as a means to encourage romance, believing it 'binds hearts and minds'. This statement best represents which of the following strategic elements?
The PARFUM variant has a significantly shorter processing time than the EDT and EDP versions of THE BACHELOR. What strategy could explain this difference in processing time?
The PARFUM variant has a significantly shorter processing time than the EDT and EDP versions of THE BACHELOR. What strategy could explain this difference in processing time?
LA FRAGRANCIA ILLUMINA projects a 38% increase in global sales due to THE BACHELOR. This projection is best described as an example of:
LA FRAGRANCIA ILLUMINA projects a 38% increase in global sales due to THE BACHELOR. This projection is best described as an example of:
Considering the product lifecycle, in 2027, THE BACHELOR became 'one of LA FRAGRANCIA ILLUMINA’s greatest scents of all time,' two years after winning the PARFUM EXPO. What stage of the product lifecycle does this indicate?
Considering the product lifecycle, in 2027, THE BACHELOR became 'one of LA FRAGRANCIA ILLUMINA’s greatest scents of all time,' two years after winning the PARFUM EXPO. What stage of the product lifecycle does this indicate?
The nose behind THE BACHELOR believes 'love is strengthened in the seasons of droughts and lows.' How might this philosophy influence the marketing of the fragrance?
The nose behind THE BACHELOR believes 'love is strengthened in the seasons of droughts and lows.' How might this philosophy influence the marketing of the fragrance?
LA FRAGRANCIA ILLUMINA is considering launching THE BACHELOR as a commercial product, in addition to presenting it at the PARFUM EXPO. This decision primarily addresses which aspect of marketing strategy?
LA FRAGRANCIA ILLUMINA is considering launching THE BACHELOR as a commercial product, in addition to presenting it at the PARFUM EXPO. This decision primarily addresses which aspect of marketing strategy?
Flashcards
Communicate the 'Why'
Communicate the 'Why'
Explaining the 'why' behind a change, its benefits for the company, customers and employees.
Management + Leadership
Management + Leadership
Using both technical project management skills AND emotional intelligence to navigate organizational change.
Create Urgency
Create Urgency
Creating a compelling reason for change that inspires the team to act.
Guiding Coalition
Guiding Coalition
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Strategic Vision
Strategic Vision
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Enlist Volunteers
Enlist Volunteers
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Remove Barriers
Remove Barriers
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Short-Term Wins
Short-Term Wins
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Events (AOA)
Events (AOA)
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Path (Project Management)
Path (Project Management)
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Critical Path
Critical Path
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Critical Activities
Critical Activities
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Slack (Project Management)
Slack (Project Management)
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Deterministic Time Estimates
Deterministic Time Estimates
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Probabilistic Time Estimates
Probabilistic Time Estimates
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Slack Time (Calculation)
Slack Time (Calculation)
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Agile Project Management
Agile Project Management
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Project Management
Project Management
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Executing (Project Life Cycle)
Executing (Project Life Cycle)
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Project Management Triangle
Project Management Triangle
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Waterfall Project Management
Waterfall Project Management
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Slack Time
Slack Time
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Strategic Planning
Strategic Planning
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Porter's Five Forces
Porter's Five Forces
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Competitive Rivalry
Competitive Rivalry
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Threat of New Entrants
Threat of New Entrants
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Bargaining Power of Suppliers
Bargaining Power of Suppliers
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Bargaining Power of Customers
Bargaining Power of Customers
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Threat of Substitutes
Threat of Substitutes
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Economies of Scale
Economies of Scale
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Grasse, France
Grasse, France
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PARFUM EXPO
PARFUM EXPO
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PARFUM EXPO Prizes
PARFUM EXPO Prizes
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Christine Pierre
Christine Pierre
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Christian Andre
Christian Andre
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LOVESTRUCK perfume
LOVESTRUCK perfume
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CUPID perfume
CUPID perfume
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"THE BACHELOR" perfume
"THE BACHELOR" perfume
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Differentiation Strategy
Differentiation Strategy
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Regaining Market Share
Regaining Market Share
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Vision Statement
Vision Statement
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Mission Statement
Mission Statement
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Process Optimization
Process Optimization
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Cost Leadership
Cost Leadership
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Focused/Niche Strategy
Focused/Niche Strategy
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Goal
Goal
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Study Notes
- These handouts belong to the reviewer and should not be shared or uploaded without permission.
Learning Objectives:
- Define Organizational Structure (OS).
- Explain the importance of OS in an organization.
- Know the six elements of OS.
- Define Change Management (CM).
- Explain the importance of CM in an organization.
- Know the relationship of Internal Auditing (IA) with Change Management (CM).
- Identify, describe and apply Kotter's Four Change Management (CM) principles.
- Identify, describe and apply Kotter's Eight step process for leading Change Management (CM) in an organization.
- Define a project and understand the importance of a project in managing an Internal Audit Engagement (IAE).
- Enumerate and understand the Project Life Cycle.
- Understand the roles and duties of a Project Manager.
- Understand the Project Management Triangle.
- Enumerate, understand and apply the Project Management Methodologies.
- Enumerate, understand and apply the Project Management Techniques.
- Solve problems relating to PERT-CPM.
Organizational Structure (OS)
- A systematic arrangement of human resources within an organization to achieve shared business goals.
- Outlines roles and responsibilities for smooth workflow and information flow.
- Shows how different resources align to meet organizational goals.
- Defines employee functions for efficient, harmonious work, reducing waste and boosting productivity.
- Establishes a company's workflow, requiring either a centralized or decentralized approach depending on needs.
- Aids data exchange, coordination, and collaboration among departments to achieve business goals.
- Ensures skilled employees hold suitable positions.
- Reveals accountability and authority, clarifying task performance and reporting.
- Enhances employee productivity by removing uncertainty.
- Involves defining objectives, grouping similar activities into departments, allocating resources, and creating an employee hierarchy.
- Forms the basis for employee reporting and relations.
- Determines employee positions within administrative divisions.
- Develops coordination and interdependence within the organization.
- Establishes a clear workflow to achieve organizational goals.
Key Elements of an OS
- Work design: Defines the nature and job description of a position.
- Administrative division: Groups jobs into departments for work coordination.
- Deputation: Power conferred to each employee and department.
- Management ratio: Number of employees reporting to a supervisor.
- Hierarchy: Various authority levels arranged by delegated powers.
- Centralization or decentralization: Mode of operation followed.
Change Management (CM)
- A structured process for planning and implementing new operating methods within an organization.
- The goal is to move an organization forward with the full support of everyone affected.
- The models recognize the change can't happen within one position or department without affecting the whole organization.
- Models prepare everyone for those effects and get everyone on board for the transition.
- There are change management models that an organization can choose from.
Kotter's Four Change Principles:
- Select few + diverse many: Involve a broad group ("diverse many") in change, not just a small group ("select few").
- Have to + want to: Motivate people to "want to" change, not just "have to."
- Head + heart: Use logic ("head") and emotions ("heart") to drive change.
- Management + leadership: Requires both technical management skills and emotional leadership qualities.
Kotter's Eight-Step Process for Leading Change:
- Create a sense of urgency to highlight the need for change.
- Build a guiding coalition of early adopters.
- Form a strategic vision and initiatives to chart the course.
- Enlist volunteers to support the change.
- Enable action by removing barriers to implementation.
- Generate short-term wins to maintain momentum.
- Sustain acceleration by learning into change harder after the first few small wins.
- Institute change and celebrate the achievement.
Project Management:
- Coordinates processes, tools, team members, and skills to meet project goals and requirements.
- Empowers teams by clarifying objectives, increasing transparency, streamlining communication, and defining the project scope.
- Projects are unique, one-time operations.
- Designed to achieve specific objectives within a limited timeframe.
Project Life Cycle:
- Projects vary in size, length, and scope based on their nature and purpose.
- All projects share a common life cycle with five phases:
- Initiating: Outlining costs, benefits, and risks.
- Planning: Defining deliverables, scope, budget, schedule, and resources.
- Executing: Conducting the actual work.
- Monitoring: Tracking progress and managing activities.
- Controlling: Comparing progress to the plan and taking corrective actions.
Duties of a Project Manager:
- Prepare a scope statement that spells out the deliverables and goals,.
- Determine required skills and resources needed.
- Develop a schedule and budget.
- Develop plans for managing the scope, the schedule, the budget, and quality and risk.
- The project manager bears the ultimate responsibility for the outcome.
- Manages work, human resources, communications, quality, time, costs, and scope.
Project Management Triangle (PMT):
- Key aspects are Cost, day-to-day Schedule, and Quality, leading to Performance Objectives.
Project Management Methodologies:
- Waterfall: Sequential phases with no overlap.
- Use: Requires it for single timeline projects and sequential order.
- Agile (APM): Iterative approach with short sprints, continuous reviewing and improvement.
- Use: Well suited for well-defined and adaptable projects.
- Lean (LPM): Increasing output and value by reducing waste.
- Kanban: Uses visual boards for task management like a checklist and improves visibility.
- Use: Projects that need to be done fast.
Project Management Techniques:
- Work Breakdown Structure (WBS):Hierarchical listing of project tasks.
- Gantt Chart: Visual tool for planning and scheduling.
- Project Evaluation Review Technique (PERT) / Critical Path Method (CPM): Planning and coordinating large projects.
PERT/CPM Benefits:
- Graphical display of activities.
- Project duration estimate.
- Identification of critical activities.
- Insight into potential delays without affecting the project timeline.
Definition of Terms:
- Activities: Project steps consuming resources/time.
- Events: Activity start/finish points in the AOA convention.
- Path: Activity sequence from start to finish.
- Critical Path: Longest path; determines project duration.
- Critical Activities: Activities on the critical path.
- Slack: Allowable path slippage.
Calculating Project Timelines:
- Deterministic Time Estimates: Time estimates with high certainty.
- Probabilistic Time Estimates: Averages three time estimates: optimistic (to), pessimistic (tp), and most likely (tm).
- Expected Time Calculation: te = (to + 4tm + tp) / 6
- Slack Time Calculation: ST = LS - ES or ST = LF - EF
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