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Short answer questions – write one or two paragraphs (no bullet points) 1. Project managers frequently face competing constraints. Identify these common constraints and describe approaches that project managers can use to make the trade-offs required to succeed The time constraint refers to the amount of time available to complete a project. The cost constraint refers to the budgeted amount available for the project. The scope constraint refers to what must be done to produce the project’s end result. These three constraints are often competing constraints: increased scope typically means increased time and increased cost, a tight time constraint could mean increased costs and reduced scope, and a tight budget could mean increased time and reduced scope. Fast good and cheap, pick any two
2. Contrast project management with operations management. How do these differences impact the approach required to manage a project successfully? Operations management is an ongoing function that performes activities to produce product or supply services. Projects are temporary and help business meet function goals quickly and easily to external environment. Project management is used to change operation management
3. Describe the relationship between the strategic planning process and portfolio management in an organization.
Portfolio management is tactical. Strategic planning is proactive. Strategic outlines major compnents and portfolio utilizes select info from all project requests large and small.
4. Describe the advantages and limitations of financial models in project selection. 5. Briefly discuss the importance of the project charter, and compare the roles played by the project sponsor and the project manager with respect to the preparation of this document. Stakeholders
6. What are risks, and why is it important to identify them in the project charter? 7. Describe the importance of project communications, and the essential factors to be considered when creating a project communications plan.