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Project Management C783 Questions And Answers Solved.
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Project Management C783 Questions And Answers Solved.
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Project Management C783 Questions AndAnswers Solved
IRR (internal rate of return) - answer-The discount rate when the present value of the
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b cash inflows equals the original investment. Projects with higher IRR values are generally
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b considered better than projects with lower IRR values. IRR assumes that cash inflows are
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b reinvested at the IRR value. b b b b
Operation - answer-Operation is a function that performs ongoing taks and constitutes an
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b organization's on-going, repetitive activities such as accounting or production. It is used
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b to run regular business models and is performed to achieve business goal and sustain the
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b business
Organization - answer-Organization is a process of dividing work into sections and
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b departments. It involves allocation of authority, responsibility, and duties among all the
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b members of an enterprise. It is a group of individuals organized to work for some
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b purpose or mission. b b
Payback period - answer-The length of time it takes a company to recover the initial cost
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b of producing a product or service of a project
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Performing organization - answer-performing organization is referred to as the specific
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b enterprise or group that is viewed by all parties to be the one that is most directly and
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b explicitly involved in all phases and aspects of doing any and all work of the given and
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b respective project. It is the organization that is performing the project.
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Portfolio management - answer-Portfolio management is the centralized management of
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b one or more portfolios that help in identifying, authorizing, prioritizing, managing, and
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,b controlling projects, programs, and other related work for attaining particular business
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b objectives in the strategic plan of the organization
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Process - answer-A process is defined as a set of related tasks performed for managing a
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b certain aspect of a project, such as cost.
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program - answer-in management terms, a program is a group of related projects. these
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b projects are grouped to obtain benefits and control that is not available from managing
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b them individually. Programs are a means of achieving organizational goals and objectives
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Program management - answer-program management is the centralized, coordinated
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b management or a program to achieve the program's strategic objectives and benefits.
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b Program management involves the management
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Project Management knowledge areas - answer-ten project management groups that bring
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b together common or related processes:
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-Project Integration Management
b b
-Project Scope Management
b b
-Project Schedule Management
b b
-Project Cost Management
b b
-Project Quality Management
b b
-Project Resource Management
b b
-Project Communications Management
b b
-Project Risk Management
b b
-Project Procurement Management
b b
-Project Stakeholder Management
b b
Project phase - answer-combination of associated activities that represent a distinct stage
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b within a project. A project phase can have distinct start and finish dates and include
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b several stages of planning and work. It is a set of logically related activities that usually
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b complete one or more major deliverables of the project
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,Closing process group - answer-final stage of a project. It includes the formal acceptance
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b of the project and the ending thereof
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Executing process group - answer-the executing process group is a stage or phase of a
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b project. It starts after the planning phase of a project is over. It consists of the processes
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b used to complete the work defined in the project management plan to accomplish the
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b project's requirements b
Initiating - answer-Initiating is a process group or stage that occurs at the beginning of the
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b project. It determines the nature and scope of the development. If this stage is not
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b performed well, it is unlikely that the project will be successful in meeting the business
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b needs
Monitoring and Controlling Process group - answer-Monitoring and controlling consists of
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b those processes that are performed to observe project execution, so that potential
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b problems can be identified in a timely manner and corrective action can be taken, when
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b necessary, to control the execution of the project
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Project management process groups - answer-the project management process groups
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b progress from initiating activities to planning activities, executing activities, monitoring
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b and controlling activities, and closing activities. The process groups are linked by the
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b results they produce, I.e, the result or outcome of one becomes an input to another
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NPV (net present value) - answer-net present value evaluates the cash inflows using the
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b discounted cash flow technique, which is applied to each period the inflows are expected.
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b The total present value of the cash flows is deducted from the initial investment to
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b determine NPV. It assumes that cash inflows are reinvested at the cost of capital. This is
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b similar to discounted cash flow
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, Project Processes - answer-A process is a sequence of interdependent and linked
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b procedures consuming one or more resources to convert inputs into outputs. These
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b outputs then serve as inputs for the next stage until a known goal or end result is reached
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Project Life Cycle - answer-The project life cycle is a group of sequential and related
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b project phases that are defined by the organization and control needs of the management
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b or organizations concerned with the project, the nature of the project itself, and the
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b application area. b
Project - answer-In PM, a project consists of a temporary endeavor undertaken to create a
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b unique product, service, or result. Another definition is a management environment that
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b is created for the purpose of delivering one or more business products according to a
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b specified business case. b b
Program Management Office - answer-A program management office is an organizational
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b entity that is structured for applying program management practices to the needs of a
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b particular program. It is responsible for providing centralized coordinated support to the
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b program managers managing programs and unrelated projects
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Functional Organization - answer-In a functional organization, team members are loyal to
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b their department and report only to their functional manager. The project manager is
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b part-time on the project and reports to a functional manager; the team members are part-
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time as well. The project manager has only limited control over team members because
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b they report to the functional manager
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Matrix Organization - answer-In a matrix organization, team members maintain a home in
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b their department and report to both the functional manager and the project manager. The
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b project manager is full-time on the project, while team members are part-time. Overall, a
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b matrix organization constitutes a complex and costly but reasonably effective project
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b organization
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