Project Management Review Questions

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ETM 502 – Project Management in Engineering and Technology – Assignment 1

REVIEW QUESTIONS

P18, RQ1 - Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization?

As PMI have defined, a project is a temporary endeavor undertaken to create a unique product, service, or result.
The characteristics of a project help differentiate it from other endeavors of the organization. The major characteristics of a project are as follows:
1. An established objective.
2. A defined life span with a beginning and an end.
3. Usually, the involvement of several departments and professionals.
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.

P18, RQ3 - Why is the implementation of projects important to strategic planning and the project manager?

Today, projects are the modus operandi for implementing strategy, meaning that strategy plans of a company is delivered through the products of project results. Since projects are the modus operandi, strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals . Anything less is a waste of scarce organizational resources—people, capital, and equipment . Projects and project management play the key role in supporting strategic goals. It is vital for project managers to think and act strategically.

P50,RQ3 - How are projects linked to the strategic plan?
Strategy is implemented through projects. Every project should have a clear link to the organization’s strategy. Strategy is fundamentally deciding how the organization will compete. Organizations use projects to convert strategy into new products, services, and…...

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