Project Management

Question 1

What is a project?

Answer 1

Is a temporary undertaking intended to produce a unique service, product, or result.

Question 2

What is the definition of operations management?

Answer 2

OM pertains to the ongoing production of goods and services and ensuring that a company’s operations function efficiently by using the optimal resources necessary to meet the sales demand of its customers.

Question 3

What is the definition of project management?

Answer 3

Project management consists of 5 major processes carried out by a project manager tasked with balancing the needs and expectations of various stakeholders agains the organization’s constraints.

Question 4

What are the 5 major processes carried out by a project manager?

Answer 4

1. Initiating
2. Planning
3. Executing
4. Monitoring and controlling
5. Closing