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MNO 4361 Exam Bank Questions and Answers Latest Update Rated 100%

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MNO 4361 Exam Bank Questions and Answers Latest Update Rated 100% Project - Answers - Temporary endeavor with a definite beginning and end - Describes the process to create a product Total project spending - Answers $2.5 Trillion/year in the US Projects - Answers Purpose: Attain objectives and...

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  • October 24, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MNO 4361 Exm sol
  • MNO 4361 Exm sol
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TutorJosh
MNO 4361 Exam Bank Questions and Answers Latest Update Rated 100%

Project - Answers - Temporary endeavor with a definite beginning and end

- Describes the process to create a product

Total project spending - Answers $2.5 Trillion/year in the US

Projects - Answers Purpose: Attain objectives and terminate

Time: Temporary

Outcome: Unique product, service, result

People: Dynamic, temporary teams generally not aligned with structure

Operations - Answers Purpose: Sustain the organization

Time: Ongoing

Outcome: Non-unique outcome

People: Functional teams generally aligned with structure

Product - Answers Purpose: Generate new value

Time: Ongoing until retirement

Outcome: Maximum value product

People: functional permanent teams

Functional Manager - Answers - Manages set process

- Supervises set team

- Holds power

- Repetitive activites

Project Manager - Answers - Puts together a new project team

- Temporary activity which team will be disolved

Socio-Technical Approach (yin and yang) - Answers (Sociocultural and Technical)

Projects must balance people with technical skills

Project Management Institute (PMI) - Answers - Founded in 1969

, - Professional certifications offered

- Must meet requirements for the exam

Project Challenges - Answers 1. Inadequate resources

2. Unrealistic deadlines

3. Unclear goals

4. Communication breakdowns

5. Inadequate planning

6. Changes in resources or goals

Project Steps - Answers 1. Conception & Initiation

2. Definition & Planning

3. Launch/Execution

4. Performance & Control

5. Project Close

Project Constraint Triangle - Answers 1. Scope

2. Time

3. Resources

Sequence of strategic management - Answers 1. Define organizational mission <- CRITICAL

2. Analyze and formulate strategies

3. Set objectives to achieve strategies

4. Implement strategies through projects

Project classificaiton - Answers - Compliance/Emergency: must do

- Operational: supports current

- Strategic: long term growth

Selection Criteria: Financial - Answers Payback period or NPV

Payback Period - Answers - est proj cost/annual savings

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