Chapter 1 - Review Questions - 1 Define a project What are...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1.) Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization? The Project Management Institute defines a Project as a temporary endeavor undertaken to create a unique product, service, or result. The five characteristics that help differentiate Projects from other functions carried out in the daily operations of an organization are as follows 1. An established objective: this singular purpose is often lacking in daily organization life 2. A defined life span with beginning and end: because of the specific purpose of Projects they have beginnings and ends 3. Usually has the involvement of several departments and professionals: requires the combined efforts from multiple disciplines in order to achieve the required outcome 4. Typically doing something that has never been done before: is non-routine 5. Specific time, cost, and performance requirements: These “triple constraints” bind a Project to a higher degree of accountability 2.) What are some of the key environmental forces that have changed the way projects are managed? What has been the effect of these forces on the management of projects? Some of the key environmental forces that have changed the way projects are managed are: 1.) Compression of the life cycle: life cycles have been shortened dramatically in the last 20-30 years and speed is an advantage in the marketplace. More and more organizations are relying on cross-functional project teams to get new products and services to market quickly. 2.) Global Competition: Increases customer service, processes, and organization structure by improving supply chains and identifying the best warehouses to ship to. Enabling companies to respond to consumer/retail feedback and create more compelling promotions to increase sales.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern