Chapter 1: The Power of Markets What are the two basic assumptions that economists make about individuals and firms? Economists have two basic assumptions which keeps the economy in check. One is that people try to make themselves as versatile as possible maximizing their overall potential. The other is that a firm would do what it needs to make the most profit possible. What is the role and significance of prices in the market economy? Prices in a market economy are very important. Price allows
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Project Management: Project management Project management is the discipline of planning‚ organizing‚ motivating‚ and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained‚ and often constrained by funding or deliverables) undertaken to meet unique goals and objectives‚ typically to bring about beneficial change or added value. The primary challenge of project management is to achieve all of the project goals
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Principals of Management Assessment Correct Answers are in RED I Scored 64% ( 33/51 ) 1. A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer A. Outsourcing or insourcing B. Supply and demand C. Delivery of products or services D. Operations and logistics C 2. What happens when an effective value chain is created? Choose 1 answer A. Total quality management is not required
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PROJECT SCOPE DEFINITION & WORK BREAKDOWN STRUCTURE 1.1 Project Scope: Project scope is defined as "The bounded set of verifiable end products‚ deliverables‚ or outputs that the project team undertakes to provide to the stakeholders of the project" Success of a project is highly dependant on achieving the right results i.e. scope objective. Meeting the scope objective is also the primary test of effective performance by project management. It may be noted that unless the project is completed as
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1. What network topology has the inherent weakness of a single point of failure The Star physical network 2. Define "networking standard" The details of what a networking topology does and how it does it 3. "De facto standards" No particular standards‚ they are established as a matter of practice 4. About how many bytes are in a kilobyte (KB) 1000 bytes 5. Convert to decimal "00101011" 43 6. A single hexadecimal digit is equivalent to ______ binary digits 4 7. How are "Voice
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contained in the Project Charter? b) What phase is the Project Scope produced? What are some of the items contained in this document? c) What phase is the WBS produced? A; a) The project charter is the planning team’s concise statement of core goals‚ values‚ and intent in order to provide the ultimate policy direction for everything that comes next. Items contained in project charter are; 1. Project title should be concise and create a vision for the end result of the project. 2. Purpose summarizes
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1. Discuss the reasons why IT projects fail. Although there are many contributing factors to project failure‚ there are six common factors. 1. Undeveloped Project Goals: Poor project planning will almost always lead to failure. One main reason for this failure is the inability to agree on the missions‚ goals‚ or objectives that the project is attempting to undertake. It is necessary that specific plans and requirements for the project are instituted in the development phase. Failure to do this
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Journal of Project Management 27 (2009) 435–446 www.elsevier.com/locate/ijproman Analyzing project management research: Perspectives from top management journals Young Hoon Kwak *‚ Frank T. Anbari 1 Department of Decision Sciences‚ Funger Hall 411‚ School of Business‚ The George Washington University‚ 2201 G Street‚ NW‚ Washington‚ DC 20052‚ USA Received 7 June 2008; received in revised form 10 August 2008; accepted 14 August 2008 Abstract This paper examines project management research
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Project Integration Management S. Kenneth Merrill‚ PMP November 21‚ 2007 Project Management Tutorial Series Project Management Tutorial Series Scope Time Cost Quality Human Resource Communication Risk Procurement Project Success Knowledge Areas Initiating Planning Executing Monitor & Control Closeout Project Life Cycle Process Groups Eastern Idaho Chapter - PMI Project Management Tutorial Series Project Integration Management Discussion Outline: Introduction
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Introduction Project management has come a long way from its humble beginnings; it has change drastically to something that is useful and important in today’s business environment. From its quality‚ delivery and cost control are taking precedence in businesses‚ government organizations to nonprofit organizations. Project management allows managers an extra hand in planning‚ creating and executing strategic initiatives that will result in generating new revenues and at the same time find new clients
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