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54 Cards in this Set
- Front
- Back
TRUE/FALSE:
Project scope management includes the processes involved in defining and controlling what is only included in a project |
False |
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TRUE/FALSE:
Initiation involves committing the organization to begin a project or continue to the next phase of a project. |
True. |
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TRUE/FALSE:
SWOT analysis is used to aid in strategic planning. |
True. |
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TRUE/FALSE:
Payback analysis is used to determine and rank project risks. |
False. |
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TRUE/FALSE:
A weighted scoring model is a tool that provides a systematic process for selecting projects based on one criteria. |
False. |
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TRUE/FALSE:
A work package is a deliverable or product at the highest level of the WBS. |
False. |
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TRUE/FALSE:
A unit of work should appear at only one place in the WBS. |
True. |
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TRUE/FALSE:
JAD uses highly organized and intensive workshops to bring together project stakeholders. |
True. |
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TRUE/FALSE:
Scope creep is the tendency for project scope to keep getting bigger and bigger. |
True. |
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The project charter does these (3) things. |
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What are the (3) selection criteria for choosing a new project? |
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The project's scope should include (3). |
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Reasons for investing in Information Technology projects (3). |
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Scope definition is necessary to (3). |
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What are the 3 characteristics of a "work package"? |
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Scope verification is _______________________. |
The formal acceptable of the project scope by stakeholders. |
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Project _______________ management includes the processes involved in defining and controlling what is or is not included in a project. |
scope. |
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A project ______________ is a key document for formally recognizing the existence and providing a broad overview of a project. |
charter. |
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Scope __________________ involves formalizing acceptance of the project scope. |
verification. |
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Scope ________________ involves subdividing the major project deliverables into smaller, more manageable components. |
definition. |
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Scope _________________ involves developing documents to provide the basis for future decisions. |
planning. |
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Only projects with a ___________________ net present value should be considered if financial value is a key criterion for project selection. |
positive. |
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A discount rate is the ______________ acceptable rate of return on an investment. |
minimum. |
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A weighted scoring model is a tool that provides a _________________ process for selecting projects based on many criteria. |
systematic. |
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A WBS is often depicted as a task-oriented family tree of ______________. |
activities. |
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A work package is a deliverable or product at the ___________ level of the WBS. |
lowest. |
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What is the main reason why firms invest in information technology projects? |
to support explicit business objectives. |
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If you have three independent projects with NPVs of $100, $400, and -$100, which project(s) would you recommend based solely on the NPV? |
Recommend the project with an NPV of $100 and the one with an NPV of $400. Both are profitable. If you must choose one project, recommend the project with the highest NPV - $400 in this example. |
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What document formally recognizes the existence of a project? |
a project charter |
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What is the main output of the scope definition process and is also an outcome-oriented analysis of the work involved in a project that defines the total scope of the project? |
a WBS. |
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What is scope? |
Scope refers to all the work involved in creating the products of the project and the processes used to create them. |
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What is project scope management? |
Project scope management includes the processes involved in defining and controlling what is or is not included in the project. |
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What are the 5 processes of Project Management Control? |
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What is scope planning? |
Developing documents to provide the basis for future project decisions. |
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What is scope definition? |
Subdividing the major project deliverables into smaller, more manageable components. |
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What is scope verification? |
Formalizing acceptance of the project scope. |
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What are the three important criteria for projects? |
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What are the three primary methods for determining the projected financial value of projects? |
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What does NPV stand for? |
Net present value. |
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What does ROI stand for? |
Return on investment. |
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What is NPV analysis? |
Is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time. |
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Is a high NPV good, or a low one? |
The higher the NPV, the better. |
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What is return on investment (ROI)? |
ROI is income divided by investment. |
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What is the formula to calculate ROI? |
ROI = (total discounted benefits - total discounted costs) / discounted costs |
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What's better, a high or a low ROI? |
The higher the ROI, the better. |
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What is a payback period? |
Is the amount of time it will take to recoup, in the form of net cash inflows, the net dollars invested in a project. |
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What is a project charter? |
A project charter is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management. |
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What is a scope statement? |
A scope statement is a document used to develop and confirm common understanding of the project scope. |
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What 4 things should a scope statement include? |
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A good scope definition does (3) things. |
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What does WBS stand for? |
Work breakdown structure. |
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What is a WBS? |
A WBS is an outcome-oriented analysis of the work involved in a project that defines the total scope of the project. |
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What is the top-down approach to developing WBSs? |
Start with the largest items of the project and keep breaking them down. |
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What is the bottoms-up approach to developing WBSs? |
Start with the detailed tasks and roll them up, |