Project management is usually restricted to specialists. Answer I I Unlike their functional counterparts, project managers generally possess only rudimentary technical knowledge. I * Question 7 I In the current trends, Project managers are typically required to manage many diverse systems such as; networks, bar charts, Job costing, task forces, partnering and schedule, to manage projects. Answer I I Project managers must shape a project culture that stimulates teamwork and high levels of personal motivation as well as a capacity to quickly identify and resolve problems that threaten project work.
This dimension also involves managing the interface between the project and external environment. Project managers have to assuage and shape expectations of customers, sustain the political support of top management, negotiate with their functional counterparts, monitor subcontractors, and so on. Overall, the manager must build a cooperative social network among a divergent set of allies with different standards, commitments, and perspectives.
I See list on page 49. | * Question 9 I Project selection criteria are typically classified as:Answer I I I Correct Answer: I Financial and non-financial I Although there are many criteria for selecting projects, selection criteria are typically identified as financial and nonofficial. * Question 10 I Which of the following is a main reason why project managers need to understand their organization’s mission and strategy? Answer Answer: I Both B and C are correct I Correct I There are two main reasons why project managers need to understand their organization’s mission and strategy.
The first reason is so they can sake appropriate decisions and adjustments. For example, how a project manager would respond to a suggestion to modify the design of a product to enhance performance will vary depending upon whether his company strives to be a product leader through innovation or to achieve operational excellence through low cost solutions. The second reason project managers need to understand their organization’s strategy is so that they can be effective project advocates. Project managers have to be able to demonstrate to senior management how their project contributes to their firm’s mission.
I * Question 11 I The textbook indicated that is the major dimension of strategic management. Answer I I I Correct Answer: I Both a and b are correct I I Two major dimensions of strategic management are responding to changes in the external environment and allocating scarce resources of the firm to improve its competitive position. I * Question 12 I The assessment of the external and internal environments is called analysis. Answer I I I Correct Answer: I SOOT analysis I I The keys are to attempt to forecast fundamental industry changes and stay in a proactive mode rather than a reactive one.
This assessment of he external and internal environments is known as the SOOT analysis (strengths, weaknesses, opportunities, and threats). I * Question 13 I Which of the following is not one of the requirements for successful implementation of strategies through projects? Answer I Answer: I All of these are requirements I I First, completing tasks requires allocation of resources. Resources typically represent funds, people, management talents, technological skills, and equipment. Frequently, implementation of projects is treated as an “addendum” rather than an integral part of the strategic management process.
However, multiple objectives place conflicting demands on organizational resources. Second, implementation requires a formal and informal organization that complements and supports strategy and projects Au nor TTY, responsibility, and performance all depend on organization structure and culture. Third, planning and control systems must be in place to be certain project activities necessary to ensure strategies are effectively performed. Fourth, motivating project contributors will be a major factor for achieving project success. Finally, an area receiving more attention in recent years is retrofitting projects.
I * Question 14 I Competing in a global market is influenced banners I Answer: I A, B, and C are all true I I Competing in a global market influenced by rapid change, innovation, and time to market meaner organizations manage more and more projects. I * Question 15 I In the Snapshot from Practice, Intel’s CEO has concentrated Intel’s strategy toward? Answer I I I Correct Answer: I Creating chips to support the digital device market I Response Feedback: I Barrett wants INTEL chips to be the guts of every digital device on the planet”especially in the communications, nonuser electronics, and entertainment industries.
Think”cell phones, wireless home networks, video players, flat panel TV’S”INTEL’s expertise fits right in. I * Question 16 I Which of the following choices is not one of the driving forces behind the increasing demand for project management? Answer I Answer: I More emphasis on the product and less on the customer I Response Feedback: I Increased customer attention has prompted the development of customized products and services. I * Question 17 I Which of the following characteristics is not typical of a project manager?
I Correct Answer: I Possesses in-depth technical knowledge I Response Feedback: I Increased competition has placed a premium on customer satisfaction. Customers no longer simply settle for generic products and services. I * Question 18 2 out tot 2 points I Strategy formulation ends with cascading objectives or projects assigned to lower divisions, departments, or individuals. Answer I Correct Answer: I True I I Strategy formulation includes determining and evaluating alternatives that support the organization’s objectives and selecting the best alternative.
The first step is a realistic evaluation of the past and current position of he enterprise. I * Question 19 I A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a loss of product revenue share of percent. The waste on failed projects and cost overruns is estimated in the neighborhood offenders I I I Correct Answer: 1 331 I A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a 33 percent loss in product revenue share.