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business
project management

Questions and Answers of Project Management

Understanding the role of portfolio management in relation to an organization’s structure and strategy
A government agency has a program for children’s services, which includes a project to provide pre-natal care for expectant mothers, a project to immunize newborns and young children, and a project
A clothing firm has a program to analyze customer-buying patterns. Projects under this program might include one to send out and analyze electronic surveys, one to conduct several focus groups in
Ensuring the project delivers a certain result, such as providing the home of the owners’ dreams or a good return on investment.
Satisfying other needs, such as communicating in a certain way
Meeting scope, time, and cost goals of the project to build the home
The 2013 CHAOS study also analyzed small projects (under $1 million) versus large projects (over $10 million). Not surprisingly, the success rate for small projects was much higher than large
The number of failed projects decreased from 31 percent in 1994 to 18 percent in 2012.
The number of successful projects has more than doubled, from 16 percent in 1994 to 39 percent in 2012.
Project stakeholder management focuses on identifying project stakeholders, understanding their needs and expectations, and engaging them appropriately throughout the project
Project procurement management involves acquiring or procuring goods and services for a project from outside the performing
Project risk management includes identifying, analyzing, and responding to risks related to the project.
Project communications management involves generating, collecting, disseminating, and storing project information.
Project human resource management is concerned with making effective use of the people involved with the project.
Project quality management ensures that the project will satisfy the stated or implied needs for which it was undertaken.
Project cost management consists of preparing and managing the budget for the project.
Project time management includes estimating how long it will take to complete the work, developing an acceptable project schedule given cost-effective use of available resources, and ensuring timely
Project scope management involves working with all appropriate stakeholders to define, gain written agreement for, and manage all the work required to complete the project successfully.
Project integration management is an overarching function that coordinates the work of all other knowledge areas. It affects and is affected by all of the other knowledge areas.
There may or may not be opponents to a project. In this example, there might be a neighbor who opposes the project because the workers are making so much noise that she cannot concentrate on her work
Additional stakeholders would include the city council and mayor, who would be interested in increasing revenues. They might suggest certain guidelines for the minimum value of the homes for
Building a house requires many suppliers. The suppliers would provide the wood, windows, flooring materials, appliances, and other items. Suppliers would expect exact details on what items they need
Support staff might include the employers of the homeowners, the general contractor’s administrative assistant, and other people who support other stakeholders. The employers of the homeowners
The project team for building the house would include several construction workers, electricians, carpenters, and so on. These stakeholders would need to know exactly what work they must do and when
The project manager in this example would normally be the general contractor responsible for building the house. He or she needs to work with all the project stakeholders to meet their needs and
They would also need a realistic idea of when they could move in and what type of home they could afford given their budget constraints. The new homeowners would have to make important decisions to
The project sponsors would be the potential new homeowners.They would be the people paying for the house and could be on a very tight budget, so they would expect the contractor to provide accurate
Cost: What should it cost to complete the project? What is the project’s budget? What resources are needed?
Time: How long should it take to complete the project? What is the project’s schedule?
Scope: What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project?
A project involves uncertainty. Because every project is unique, it is sometimes difficult to define the project’s objectives clearly, estimate exactly how long it will take to complete, or
A project should have a primary customer or sponsor. Most projects have many interested parties or stakeholders, but someone must take the primary role of sponsorship. The project sponsor usually
A project requires resources, often from various areas. Resources include people, hardware, software, or other assets. Many different types of people, skill sets, and resources are needed to build a
A project is developed using progressive elaboration or in an iterative fashion. Projects are often defined broadly when they begin, and as time passes, the specific details of the project become
A project is temporary. A project has a definite beginning and a definite end. For a home construction project, owners usually have a date in mind when they’d like to move into their new home.
A project has a unique purpose. Every project should have a welldefined objective. For example, many people hire firms to design and build a new house, but each house, like each person, is unique.
A government group develops a program to track child immunizations
The automobile industry develops standards for electric cars
A television network develops a system to allow viewers to vote for contestants and provide other feedback on programs
A pharmaceutical company launches a new drug
A group of musicians starts a company to help children develop their musical talents
A school implements new government standards for tracking student achievement
A medical technology firm develops a device that connects to smart phone.
A college campus upgrades its technology infrastructure to provide wireless Internet access
A retail store manager works with employees to display a new clothing line
A young couple hires a firm to design and build them a new house
Higher worker morale
Better internal coordination
Improved productivity
Higher profit margins
Higher quality and increased reliability
Lower costs
Shorter development times
Improved customer relations
Better control of financial, physical, and human resources
Project management is also a vital skill for personal success.Managing a family budget, planning a wedding, remodeling a house, completing a college degree, and many other personal projects can
The Apprentice, a popular reality television show, portrays the important role project managers play in business. Each week of the show, teams select a project manager to lead them in accomplishing
The U.S. spends $2.3 trillion on projects every year, and the world as a whole spends nearly $10 trillion on projects of all kinds. Projects, therefore, account for about one fourth of the U.S.and
Organizations waste $109 million for every $1 billion spent on projects, according to PMI’s Pulse of the Profession® report.Excelling at project management definitely affects the bottom line.3
In 2013, the average salary for someone in the project management profession in U.S. dollars was $108,000 per year in the United States; $134,658 in Australia, (the highest-paid country); and $24,201
Describe the project management profession, including suggested skills for project, program, and portfolio managers, the role of professional organizations like the Project Management Institute, the
Discuss the relationship between project, program, and portfolio management and their contributions to enterprise success
Describe project management and discuss key elements of the project management framework, including project stakeholders, the project management knowledge areas, common tools and techniques, and
Explain what a project is, provide examples of projects, list various attributes of projects, and describe project constraints
Understand the growing need for better project, program, and portfolio management
A company has four territories open, and four salesman available for the assignment. The territories are not equally rich in their sales potential; it is estimated that a typical salesman operating
G iven the following table of distances solve the traveling sales man problem?1 2 3 4 5 1 ∞ 2 14 8 6 2 4 ∞ 12 6 8 3 2 12 ∞ 4 2 4 2 10 8 ∞ 12 5 14 10 8 10 ∞
A machine operator processes 5 types of items on his machines each week and must choose a sequence for them. The setup cost per change depends on the item presently on the machine and the setup to be
Find the highest cost for the following matrix?5 6 7 7 2 2 5 2 3 3 6 3 7 8 8 9
S olve the minimal assignment problem?11 7 13 9 7 6 10 9 9 10 9 12 18 13 6 4 6 11 8 8 9 11 11 7 8
S olve the minimal assignment problem?A B C D E A 11 7 13 9 7 B 6 10 9 9 10 C 9 12 18 13 6 D 4 6 11 8 8 E 9 11 11 7 8
S olve the minimal assignment problem?5 6 7 7 2 2 5 2 3 3 6 3 7 8 8 9
S olve the minimal assignment problem?4 6 3 7 4 3 2 1 5 8 5 4 7 9 4 5
The assignment cost of assigning any operator to any machine is given in the following table. Solve the minimal assignment problem.Operators Machine A B C D I 10 5 13 15 II 3 9 18 13 III 10 7 3 2 IV
Find out the basic starting solution using (1) Northwest corner rule, (2) Least cost method, and (3)Vogel Approximation method Project 1 Project 2 Project 3 Supply (in 1,000)Brick source 1 5 1 8 12
In the simplex method, slack variables are added to(a) all equality constraints.(b) all inequality constraints.(c) only ≤ constraints(d) only ≥ constraints
In converting a ≥ constraint into an initial simplex table(a) a slack variable is added.(b) a surplus variable is added.(c) a surplus variable is subtracted and an artificial variable is added.(d)
E ach of the following table is associated with a maximization model. One or more of the following descriptions applies to each table:(i) optimal, (ii) shows problem is unbounded, (iii) shows problem
S olve the following linear programming problem by dual simplex method M inimize x1 + 2x2 + 3x3 S ubject to:x1 + 3x2 + 5x3 ≥ 7 2x1 + 5x2 + 7x3 ≥ 10 x1, x2 and x3 ≥ 0
Find the dual of the linear program Min Z = 9X1 + 3X2 + 7X3 S ubject to, 5X1 + 2X3 ≥ 5 X1 + 3X2 + 2X3 ≥ 3 3X1 + X2 + 6X3 ≥ 10 A ll variables ≥ 0
Find the dual of the linear program Max Z = 5X1 + 3X2 + 10X3 S ubject to, 5X1 + X2 + 3X3 ≤ 9 3X2 + X3 ≤ 3 2X1 + 2X2 + 6X3 ≤ 7 A ll variables ≥ 0
Find the dual of the linear program M ax Z = 4X1 + 2X2 + 7X3 S ubject to, 2X1 + X2 + X3 ≤ 3 5X1 + 2X2 + 4X3 ≤ 2 A ll variables ≥ 0
Find the dual of the linear program M ax Z = 5X1 + 8X2 S ubject to, 4X1 + 2X2 ≤ 12 2X1 + 3X2 ≤ 8 X1 + X2 ≤ 3 A ll variables ≥ 0
Find the dual of the linear program M ax Z = 3X1 + X2 + 6X3 S ubject to, 2X1 + X2 + 2X3 ≤ 5 4X1 + X2 - 2X3 ≤ 3 X1 + 3X2 + 2X3 ≤ 4 A ll variables ≥ 0
S olve the following LP problem by Big-M method M aximize Z = 4x1 + x2 S ubject to:3x1 + x2 = 3 4x1 + 3x2 ≥ 6 x1 + 2x2 ≤ 4 x1, x2 ≥ 0
A construction project involves huge quantity of earth work and has 5 quarries to get the earth from and the details of the costs and times from each quarry are given below.T he owner of the first
A cement company blends clinker, fly ash and granulated blast furnace slag (gbfs) in two types of blended cements. The relative profit associated with per kg of clinker used in cement 1 and cement 2
A pply simplex algorithm to solve the following:M aximize 15x1 + 6x2 + 9x3 + 2x4 S ubject to 2x1 + x2 + 5x3 + .6x4 ≤ 20 3x1 + x2 + 3x3 + 0.25 x4 ≤ 24 7x1 + x4 ≤ 70 every xi ≥ 0
A small construction company has 3 employees A, B, and C and it manufactures wooden doors and windows. It makes a profit of ` 600 and ` 450 respectively for every door and window that it sells.
S olve the following linear program to determine the optimum values for x1 and x2:M inimize, W = 1x1 + 3x2 S ubject to, x1 + x2 ≥ 10 x1 + 2x2 ≥ 15 6x1 + x2 ≥ 18 x1 - x2 ≤ 12 x1, x2 ≥ 0
S olve the following linear optimization problem.M aximize, Z = 2x1 + x2 S ubject to, 4x1 + 3x2 ≤ 32 x1 ≤ 5 5x1 + 6x2 ≤ 18 x1, x2 ≥ 0 U se graphical analysis to solve the above problem. Label
S olve graphically the following linear optimization problem.M aximize Z = 5x1 + 6x2 S ubject to, 2x1 + 3x2 ≤ 18 2x1 + x2 ≤ 12 x1 + x2 ≤ 8 x1 ≥ 0, x2 ≥ 0
Maximize Z = 2x1 + x2 S ubject to, 3x1 + x2 ≤ 8 x1 + x2 ≤ 4 x1, x2 ≥ 0a. U se graphical analysis to identify all the corner point solutions for this model. Label each as either feasible or
Maximize Z = 2x1 + x2 S ubject to x1 ≤ 4 x2 ≤ 4 x1 + x2 ≤ 5 x1 ≥ 0, x2 ≥ 0a. Plot the feasible region and circle all the Corner Point Feasible (CPF)solutionsb. For each CPF solution, use
N ame some failure factors that are common across all the four project-performance parameters.
N ame three success factors that are common across all the four project-performance parameters.
What are the major success attributes for ensuring timely completion of a project?
What are the typical project success and failure attributes?
C an you suggest some methodology to measure project success?
What is meant by ‘iron triangle’? Discuss the different views held by researchers in the context of project performance measurement.

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