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MOST IMPORTANT QUESTION BANK MB049
PROJECT MANAGEMENT
Note: The bold words are the blanks or set of blanks for MCQ UNIT 1
1.A project is a set of activities which are networked in an order and aimed at achieving the defined goals for which the project is undertaken. Upon completion of all the activities, the goals of the project would have been achieved. 2.Management is the technique of understanding the problems and needs and controlling the use of resources, such as cost, time, manpower, and materials. 3.Project Management is an art of controlling the cost, time, manpower, and hardware and software resources involved in a project. 4.A project cycle basically consists of the various activities of operations, resources and the limitations imposed on them. 5 A process is part of the project which consists of simple and routine instructions to achieve a desired result of any activity of the project. A process is responsible to bring about the changes in the input fed to the process and to give out desired outputs as a result of the process. 6 Resource refers to manpower, machinery, money and materials required in the project. 7.Scope refers to the various parameters that affect the project in its planning, formulation and execution. 8 Project Cost is the budgeted expenditure of the project.

9 Project management is an art of controlling the cost, time, manpower, hardware and software resources involved in a project. 10 Need for Project Management
a) Preventing Project Failure: A project requires huge investments which should not go waste. A loss in any project would have direct or indirect impact on the society. Project management helps an organisation prevent failures in projects. b) Controlling Project Scope: Scope of the project activity may undergo a change. Project management helps an organisation define and control project scope. c) Improving understanding: Lack of understanding of the project among the participants leads to failure. Project management helps participants understand the project and its purpose. d) Managing Risks: A project is vulnerable to various risks. A project is affected if the technology used is changed during the course of project execution. Similarly changes in economic conditions may affect a project. Project management is very useful in assessing and mitigating such risks. e) Managing Project Problems: Consequences of ignoring project related problems can be very serious. Project management helps in identification and communication of problem areas. 11 Project management is necessary because Technology used may change during the course of project execution. 12 Project Management Knowledge Areas refer to various techniques needed to manage projects, the practical methodologies adopted in formulating a project and managing the resources which would affect the project completion. 13 The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. 14 A life cycle of a project consists of –

a) Understanding the scope and objectives of the project
b) Formulating and planning various activities
d) Executing the project
d) Monitoring the project and controlling the project resources 15 A project manager is a person who manages the project. The project manager is responsible for carrying out all the tasks of a project. 16 Responsibilities of the project manager include:

Budgeting and cost control
Scheduling tasks
Allocating resources
Tracking project expenditures
Ensuring technical quality
Managing relations with the customer and company
Life cycle of a project manager overlaps with the development life cycle in the middle. Duties of a project manager start before the development and continue even after delivery of the product. 17 There are nine knowledge areas consisting of integration, scope, time, cost, quality, risk, human resources, communications, and procurement. These areas group 44 Project Management Processes.

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