Chapter 1 1) A __________ refers to ongoing, day-to-day da y-to-day activities in which an organization engages while producing goods and services. Answer: process
2) The goals of a proect are so!eti!es called __________. Answer: delivera"les #) $roects are __________-focused. Answer: custo!er %) $roect !anage!ent entails crossing __________ and __________ "oundaries. Answer: functional, organizational &) 'n general, product life cycles are "eco!ing __________ and product launch windows are "eco!ing __________. Answer: shorter shorter,, narrower () __________ serves as an ecellent training ground for future senior eecutives in !ost organizations. Answer: $roect !anage!ent *) The stages in a proect+s develop!ent are nown as the __________. Answer: proect life cycle ) etailed specifications, sche!atics, and schedules are all developed during the __________ stage. Answer: planning /) 0reativity is at its zenith during the __________ _________ _ stage of the proect life cycle. Answer: eecution 1) The degree of ris associated with the proect is at its highest during the __________ stage. Answer: conceptualization 11) The triple constraint of proect success is __________. Answer: ti!e, cost, perfor!ance 12) Atinson suggests that all groups that are affected "y a proect, otherwise nown as __________, should have a hand in assessing proect success. Answer: staeholders
1#) __________ are used to allow organizations to "ench!ar the "est practices of successful proect !anage!ent fir!s. Answer: $roect !anage!ent !aturity !odels
1%) The 0enter for usiness $ractices !aturity !odel stage that descri"es proect !anage!ent as an ad hoc process is __________. Answer: 3evel 1 or 'nitial $rocess 1&) 'n general, all proect !anage!ent !aturity !odels agree that an organization that has internalized all necessary proect !anage!ent principles and is ac tively seeing to !ove "eyond these in innovative ways is __________. Answer: 4proect) !ature Chapter 2 Chapter 3 1) A proect selection !odel that is "road enough to "e applied to !ultiple proects has the virtue of __________. Answer: co!para"ility
2) $roect selection !odel co!e in two general classes: __________ and __________. Answer: nu!eric, nonnu!eric #) The si!plest !ethod of proect screening and selection is develop ing a4n) __________ that contains criteria that pertain to a choice of proects. Answer: checlist %) A si!ple scoring !odel assigns __________ to the criteria used to evaluate proects. Answer: weights &) The __________ !ethod of proect screening generates overall proect scores that can "e co!pared !eaningfully against each other. Answer: Analytical 5ierarchy $rocess 4A5$) () 'n proect !anage!ent, the __________ is the set of proect portfolio options that offers either a !ai!u! return for every given level of ris or the !ini!u! ris for every level of return. Answer: efficient frontier *) 6inancial !odels are all predicated on the __________ principal. Answer: ti!e value of !oney ) The __________ screening !ethod !ay arrive at !ultiple solutions, which is one reason it is used less widely than the net present value techni7ue. Answer: internal rate of return 4'88) /) An organization that has so!e flei"ility in postponing a proect and !ight "e a"le to !ae a "etter decision with infor!ation that would "e availa"le at a later date !ight !ae use of a4n) __________ for proect screening. Answer: options !odel
1) __________ is the syste!atic process of selecting, supporting, and !anaging a fir!+s collection of proects. Answer: $roect portfolio !anage!ent 11) A fir! that offsets risy ventures with !ore secure proects or new develop!ent ventures with eisting product line cash cows is desirous of __________. Answer: 4proect portfolio) "alance 12) A principle cause of proect portfolio underperfor!ance is lac of __________. Answer: 4ade7uate) resources Chapter 5 1) 9or content and epected outco!es are called __________ in proect !anage!ent. Answer: scope
2) __________ are for!ally defined as any !easura"le, tangi"le, verifia"le outco!e, result, or ite! that !ust "e produced to co!plete a proect or part of a proect. Answer: elivera"les #) __________ are the lowest level in the wor "readown structure, co!posed of short duration tass that have a defined "eginning and end. Answer: 9or pacages %) The leader for tea! A isn+t sure offhand who needs to approve the net step in their wor pacage "ut he nows that if he consults the __________ he can deter!ine who has approval authority for the necessary purchase of that pair of weasels. Answer: responsi"ility assign!ent !atri 48A;) &) 9hen ;arge agreed to help !ove her "rother+s worldly possessions fro! &, effectively creating a4n) __________ contract "etween the two. Answer: cost-plus () The type of infor!ation that will "e reported regularly, who will receive it, and how the infor!ation will "e collected and disse!inated falls under the u!"rella of _ _________. Answer: scope reporting *) __________ includes procedures that !onitor e!erging proect scope against original "aseline scope. Answer: 0onfiguration control ) Three years and >2&, later, the ho!eowner+s si!ple two-"edroo! "ungalow proect had !orphed into a state-of-the-art sprawling ranch. The construction !anager was a"le to eep trac of all the changes along the way and eep all su"contractors up-to-date thans to !eticulous __________. Answer: configuration !anage!ent
/) __________ follows a for!al reporting structure, including study and docu!entation of the proect+s perfor!ance in ter!s of cost, schedule adherence, and technical specifications as part of proect closeout. Answer: $ost proect analysis Chapter 6 1) Tea! "uilding and conflict !anage!ent are two of the !ore i!portant and difficult __________ that proect !anagers can cultivate. Answer: people sills
2) The first step in asse!"ling a proect tea! is to study the wo r "readown structure in order to __________. Answer: identify sills #) The proect wouldn+t have "een possi"le without the co!"ined efforts of its !e!"ers fro! several different functional areas of the organization. ?ach !e!"er contri"uted what he could and left other pieces of the puzzle to other !e!"ers with the re7uisite sills. This reliance on the tea! was a classic ea!ple of __________. Answer: 4productive) interdependency %) A tea! that is fir!ly co!!itted to achieving the proect+s goals is said to have a4n) __________ orientation. Answer: results &) The unnecessary proect was a low priority for !any !e!"ers of the depart!ent. 9hy "other to attend !eetings or do anything if there was no opportunity for advance!ent. The tea! suffered a serious lac of __________ and there was little that could "e done to rectify it. Answer: !otivation () 0onflict "egins as tea! !e!"ers "egin to resist authority and de!onstrate hidden agendas during the __________ stage of group develop!ent. Answer: stor!ing *) A4n) __________ is an overall purpose that is i!portant to all functional groups involved, "ut whose attain!ent re7uires the resources and efforts of !ore than one group. Answer: superordinate goal ) __________ reflects the fact that different functional depart!ents develop their own !indsets and value syste!s that can conflict with those of other depart!ents. Answer: ifferentiation /) A4n) __________ encourages conflict in an organization "ecause it eeps an organization fro! stagnating. Answer: interactionist
1) 0onfrontation and defusion are two approaches to __________. Answer: !ediation Chapter 07 ##. The ________ i!pact of a ris event in a proect is less if the event occurs earlier rather than later. cost #%. The lielihood of a ris event occurring ________ as a proect goes through its life cycle. decreases #&. The first step in the 8is ;anage!ent process is ________. risk identification #(. 8is events such as inflation, !aret acceptance, and govern!ent regulations are referred to as ________. threats The sources of proect riss are unli!ited. There are sources eternal to the organization, such as inflation, !aret acceptance, echange rates, and govern!ent regulations. 'n practice, these ris events are often referred to as threats to differentiate the! fro! those that are no t within the proect !anager+s or tea!+s responsi"ility area. #*. A ________ is a list of 7uestions that address traditional areas of uncertainty on a proect. risk profile A ris profile is a list of 7uestions that address traditional areas of uncertainty on a proect. #. The easiest and !ost co!!only used techni7ue for analyzing riss is ________. scenario analysis =cenario analysis is the easiest and !ost co!!only used techni7ue for analyzing riss. #/. The ________ for! identifies each ris event, the lielihood of it occurring, the potential i!pact, when it !ay occur, and the degree of difficulty in detecting it. risk assessmen %. The ________ !atri is divided into red, yellow, and green zones representing !aor, !oderate, and !inor riss. risk severity The ris severity !atri provides a "asis for prioritizing which riss to address. 8ed zone riss receive first priority followed "y yellow zone riss. @reen zone riss are typically considered inconse7uential and ignored unless their status changes. %1. The vertical scale on the 8is =everity ;atri !easures the _________ of a potential ris event. likelihood %2. The horizontal scale on the 8is =everity ;atri !easures the _________ of a potential ris
event. impact %#. 'n __________ the 8is =everity ;atri is etended "y including the ease of detecting a ris event occurring. Failure Mote and Effects nalysis !FME" 6ailure ;ode and ?ffects Analysis 46;?A) etends the ris severity !atri "y including ease of detection in the e7uation: '!pact $ro"a"ility etection 8is Balue. %%. 'n a ________, three different esti!ates of activity ti!es are used to statistically predict the ti!e an activity will tae to co!plete. pro#a#ility analysis There are !any statistical techni7ues availa"le to the proect !anager that can assist in assessing proect ris. ecision trees have "een used to assess alternative courses of action using epected values. =tatistical variations of net present value 4C$B) have "een used to assess cash flow riss in proects. 0orrelations "etween past proects+ cash flow and =-curves 4cu!ulative proect cost curveD"aselineDover the life of the proect) have "een used to assess cash flow riss. %&. The =napshot fro! $ractice case where ?llipsus =yste!s developed parallel prototype syste!s 49A$ and EABA) is an ea!ple of _________ a ris. avoidin$ 8is avoidance is changing the proect plan to eli!inate the ris or condition. Although it is i!possi"le to eli!inate all ris events, so!e specific riss !ay "e avoided "efore you launch the proect. 8iard Fell"erg+s solution was to have proects in his co!pany+s portfolio "ased on "oth standards. ?llipsus "uilt early prototypes of "oth syste!s and too the! to a trade show, with "oth syste!s sitting side "y side. 9e new within an hour which way to go, says ouglas avies, the 0<<. ?llipsus "egan securing !illion dollar contracts to supply its Eava-"ased syste! to leading G.=. operators. %(. Testing a new proect on a s!aller isolated area prior to installing it for the entire organization is an ea!ple of ________ a ris. miti$atin$ 8educing ris is usually the first alternative considered. There are "asically two strategies for !itigating ris: 41) reduce the lielihood that the event will occu r andH or 42) reduce the i!pact that the adverse event would have on the proect. ;ost ris tea!s focus first on reducing the lielihood of ris events since, if successful, this !ay eli!inate the need to consider the potentially costly second strategy. %*. $erfor!ance "onds, warranties, and insurance are ea!ples of ________ a ris. transferrin$ $assing ris to another party is co!!onI this transfer does not change ris. $assing ris to another party al!ost always results in paying a pre!iu! for this ee!ption. 6ied-price contracts are the classic ea!ple of transferring ris fro! an owner to a contractor. %. 9hen the entertain!ent industry for!ed a consortiu! to define a co!!on operating for!at for B it was ________ the ris. sharin$
This strategy involves allocating so!e or all of the ownership of an opportunity to another party who is "est a"le to capture the opportunity for the "enefit of the proect. ?a!ples include esta"lishing continuous i!prove!ent incentives for eternal contractors or oint ventures. %/. 'f a ris event is very unliely to occur the proect owner would pro"a"ly ________ the ris. retain =o!e riss are so large it is not feasi"le to consider transferring or reducing the ev ent 4e.g., an earth7uae or flood). The proect owner assu!es the ris "ecause the chance of such an event occurring is sli!. &. A ________ identifies what to do if a potential ris event actually occurs. risk response matri% =ee 6igure *.( on $age 22&. &1. ________ reserves are identified for specific wor pacages and cover riss that have a low pro"a"ility of occurring. &ud$et These reserves are identified for specific wor pacages or seg!ents of a proect found in the "aseline "udget or wor "readown structure. 6or ea!ple, a reserve a!ount !ight "e added to co!puter coding to cover the ris of testing showing a coding pro"le!. The reserve a!ount is deter!ined "y costing out the accepted contingency or recovery plan. The "udget reserve should "e co!!unicated to the proect tea!. &2. ________ reserves are controlled "y the proect !anager and used to cover !aor unforeseen riss to the entire proect. Mana$ement These reserve funds are needed to cover !aor unforeseen riss and, hence, are applied to the total proect. 6or ea!ple, a !aor scope change !ay appear necessary !idway in the proect. &#. A ____________ is an alternative that will "e used if a possi"le foreseen ris event "eco!es a reality. contin$ency plan A contingency plan is an alternative plan that will "e used if a possi"le foreseen ris event "eco!es a reality. &%. A ____________ is useful for su!!arizing how the proect tea! plans to !anage riss that have "een identified. 'isk 'esponse Matri% 8is response !atrices such as the one shown in 6igure *. on page 22& are useful for su!!arizing how the proect tea! plans to !anage riss that have "een identified.
