Project Management Exam 1
Exam #1 Study Guide
Chapter 1 1. Identify the five major characteristics of a project. a. An established objective b. A defined life span with a beginning and an end c. Usually, the involvement of several departments and professionals d. Typically, doing something that has never been done before e. Specific time, cost, and performance requirements 2. Identify and briefly describe the six factors that are increasing the demand for project management. f. Compression of the product life cycle i. Speed has become a competitive advantage; more and more organizations are relying on cross-functional project teams to get new products and services to the market as quickly as possible. g. Knowledge explosion ii. The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Project complexity has increased the need to integrate divergent technologies. h. Triple bottom line (planet, people, profit) iii. The threat of global warming has brought sustainable business practices to the forefront. The impact of this movement towards sustainability can be seen in changes in the objectives and techniques used to complete projects. i. Corporate downsizing iv. Downsizing and sticking to core competencies have become necessary for survival for many firms. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. j. Increased customer focus v. Increased competition has placed a premium on customer satisfaction. Increased customer attention has prompted the development of customized products and services. k. Small projects represent big problems vi. Sharing and prioritizing resources across a portfolio of projects is a major challenge for senior management. Many customers and
Chapter 1 1. Identify the five major characteristics of a project. a. An established objective b. A defined life span with a beginning and an end c. Usually, the involvement of several departments and professionals d. Typically, doing something that has never been done before e. Specific time, cost, and performance requirements 2. Identify and briefly describe the six factors that are increasing the demand for project management. f. Compression of the product life cycle i. Speed has become a competitive advantage; more and more organizations are relying on cross-functional project teams to get new products and services to the market as quickly as possible. g. Knowledge explosion ii. The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances. Project complexity has increased the need to integrate divergent technologies. h. Triple bottom line (planet, people, profit) iii. The threat of global warming has brought sustainable business practices to the forefront. The impact of this movement towards sustainability can be seen in changes in the objectives and techniques used to complete projects. i. Corporate downsizing iv. Downsizing and sticking to core competencies have become necessary for survival for many firms. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations. j. Increased customer focus v. Increased competition has placed a premium on customer satisfaction. Increased customer attention has prompted the development of customized products and services. k. Small projects represent big problems vi. Sharing and prioritizing resources across a portfolio of projects is a major challenge for senior management. Many customers and