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Description
Flashcards by Lukas Berger, updated more than 1 year ago
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Created by Lukas Berger
over 7 years ago
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| Question | Answer |
| What are the advantages and disadvantages to using project management? 3 Advantages: | •Innovative, produce new ideas and new products •Geared toward accomplishing a specific goal •Aimed at customer satisfaction |
| 3 Disadvantages: | •Inaccurate cost estimates during initial stages may cause project to fail due to lack of resources •Low success rate in some industries •Requires heavy commitment by staff |
| What are the key characteristics all projects possess? | operations with a defined lifespan develop and execute organizational strategies and goals limited by resource and time constraints |
| Describe the basic elements of the project life cycle. Why is an understanding of the life cycle relevant for our understanding of projects? | concept planning execution termination |
| Life cycles: | Life cycles provide a guiding point for determining the scope and resource requirements of specific projects. By outlining a project’s life cycle, many challenges and potential pitfalls can be pinpointed. More generally, an understanding of life cycles lends itself to a better understanding of how projects function within an organization and how they differ from conventional forms of corporate process. |
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