Business Management Study Guide
Questions
Course Introduction
Business Management is a comprehensive course designed to introduce students to the essential principles, concepts, and practices involved in managing a successful organization. The course covers key topics such as leadership, organizational structure, strategic planning, human resource management, decision-making, marketing, and financial management. Students will explore real-world business scenarios, analyze case studies, and develop practical skills necessary for effective planning, organizing, directing, and controlling business operations. This foundation helps prepare students for management roles and entrepreneurial ventures across a wide range of industries.
Recommended Textbook
Project Management A Managerial Approach 10th Edition by Jack R. Meredith
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13 Chapters
683 Verified Questions
683 Flashcards
Source URL: https://quizplus.com/study-set/2431
Page 2
Chapter 1: Projects in Contemporary Organizations
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46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/48288
Sample Questions
Q1) Projects are bound by the three objectives of scope,time,and cost.These are collectively referred to as the _______________________.
A)Triple Constraint
B)Triple Factors
C)Three Constraints
D)Triple Play
Answer: A
Q2) A ____ is responsible for the evaluation and improvement of an organization's project management skill and experience in managing projects.
A)vice president of project management
B)project management office
C)office of projects
D)project manager
Answer: B
Q3) What are some of the benefits of using project management?
Answer: Better control,better customer relations,shorter development times,lower costs,higher quality and reliability,higher profit margins,etc.are the benefits of using project management.
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3
Chapter 2: Strategic Management and Project Selection
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45 Verified Questions
45 Flashcards
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Sample Questions
Q1) Real options seek to reduce which of the following risks in projects?
A)political
B)environmental
C)technological and commercial
D)sociological
Answer: C
Q2) If a system is being updated due to operating necessity,the project was selected because__________.
A)the system is worth saving at any cost
B)the system is worth saving at the estimated cost of the project
C)the dimension of cost is not relevant to execution of the project
D)the cost overruns can be hidden in someone else's budget
Answer: B
Q3) A project selection criteria that focuses on how well new products would fit the firm's existing product line would be
A)sustainability
B)comparative benefit model
C)production line extension
D)operating necessity
Answer: C
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Chapter 3: The Project Manager
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55 Verified Questions
55 Flashcards
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Sample Questions
Q1) During the buildup phase,the project goals,in order of importance,are __________.
A)schedule,scope,cost
B)cost,schedule,scope
C)schedule,cost,scope
D)cost,scope,schedule
Answer: A
Q2) During the final or phaseout stage of the project lifecycle,__________ is the dominant goal of many project managers.
A)schedule
B)cost
C)scope
D)quality
Answer: C
Q3) Which of the following is not a phase in the Tuckman ladder?
A)forming
B)defining
C)norming
D)mourning
Answer: D
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Page 5
Chapter 4: Managing Conflict and the Art of Negotiation
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53 Verified Questions
53 Flashcards
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Sample Questions
Q1) Principled negotiation is defined by four points.Match each point with its description.
A)Separate the people from the problem
B)Focus on interests,not positions
C)Before trying to reach agreement,invent options for mutual gain
D)Insist on using objective criteria
1)Effort should be devoted to finding a wide variety of possible solutions-or elements thereof-that advance the mutual interests of the conflicting parties.
2)To minimize the likelihood that the conflict will become strictly interpersonal,the substantive problem should be carefully defined.Then everyone can work on it rather than each other.
3)Attention should be given to finding standards that can be used to determine the quality of an outcome.
4)Knowledge of the other party's interests allows a negotiator to suggest solutions that satisfy the other party's interests without agreeing with the other's position.
Q2) Describe the multistep process for building partnered projects.
Q3) Identify three basic causes for change in projects.
Q4) List and describe the three basic causes for change in projects.
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Chapter 5: The Project in the Organizational Structure
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61 Verified Questions
61 Flashcards
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Sample Questions
Q1) Identify the major reasons for the rapid growth of project-oriented organizations.
Q2) The key to conflict resolution is to turn a __________ into a __________.
A)win-lose situation,win-win situation
B)matrix organization; mixed organization
C)subcontract; work breakdown structure
D)functional division,projectized division
Q3) If both functional and projectized divisions coexist in a firm,this would result in the ______ organizational structure.
A)composite
B)objective
C)encompassing
D)free-form
Q4) Identify the statement that is not a major disadvantage of placing a project within the pure project organization.
A)The project manager has full line authority over the project.
B)Projects duplicate effort because resources are not shared across projects.
C)Projects attempt to stockpile resources.
D)Policies and procedures of the organization are inconsistently used and enforced.
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Chapter 6: Activity Planning: Traditional and Agile
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) This project plan element describes both the managerial and the technical approaches to the work.The technical discussion describes the relationship of the project to available technologies.
A)Overview
B)Objectives
C)General approach
D)Contractual aspects
Q2) Planning a project should result in a number of outputs.Which of the following is not one of those outcomes?
A)Technical scope is established
B)Basic areas of performance responsibility are accepted by the participants
C)Every possible risk is identified and a contingency plan is developed
D)Any tentative delivery dates or budgets and their tolerances set by the parent organization are clearly noted
Q3) The physical items to be delivered from a project are called __________.
A)materials lists
B)deliverables
C)milestones
D)risk factors
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Page 8
Chapter 7: Budgeting and Risk Management
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55 Verified Questions
55 Flashcards
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Sample Questions
Q1) __________ states that adding manpower to a late software project makes it later.
A)Brooks' Law
B)Murphy's Law
C)Smith's Law
D)The Rule of Thumb
Q2) Which of the following is not one of the risk management subprocesses?
A)risk identification
B)qualitative risk analysis
C)work breakdown schedule
D)risk response planning
Q3) Identify some of the common problems faced by the project budgeter.
Q4) If a project budget is over funded,it will often __________.
A)produce waste
B)encourage slack management
C)improve morale
D)produce waste and encourage slack management
Q5) Suggest some reasons why an organization would support projects that show a significant incremental profit over direct costs but are not profitable when costs fully accounted for.
9
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Chapter 8: Scheduling
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56 Verified Questions
56 Flashcards
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Sample Questions
Q1) With simulation,the model is repeated many times and the model's output for each repetition is used to construct a statistical distribution of all the outcomes.This shows the _____ of the decision
A)risk profile
B)critical path
C)maximum completion time
D)average completion time
Q2) Explain the meaning of slack in a network.
Q3) In CPM,an activity can be conducted at a normal pace or an expedited pace,known as ________,at a greater cost.
A)floating
B)crashing
C)arcing
D)condensing
Q4) The line connecting two nodes is referred to as a(n)
A)arc
B)bridge
C)critical node
D)milestone
Q5) Explain the difference between total slack and free slack in a network.
Page 10
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Chapter 9: Resource Allocation
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53 Verified Questions
53 Flashcards
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Sample Questions
Q1) List the factors that lead to strong optimistic bias.
Q2) Using Goldratt's meaning of the word "dependent," the activities of a project can be ordered into paths based on their resource dependencies as well as on their technological precedence requirements.The longest of these paths of sequentially time-dependent activities is known as the ______________.
A)priority chain
B)critical chain
C)dependency path
D)heuristic path
Q3) In some situations,two activities are scheduled to be carried out in parallel and using the same scarce resource.If the supply of the scarce resource is not sufficient to allow both activities to be carried out simultaneously,then whichever of the two is given priority immediately lengthens the other activity's path but not its actual __________.
A)duration
B)slack
C)float
D)buffer
Q4) Describe the basic procedure for resource leveling.
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Chapter 10: Monitoring and Information Systems
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53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/48297
Sample Questions
Q1) Identify some of the benefits when timely reports are delivered to the proper people by the project management information system.
Q2) If EV = $500,AC = $450,PV = $475; SPI = __________.
A)1.05
B)1.11
C).95
D).90
Q3) Unfortunately,it is common to focus monitoring activities on data that are easily __________ but not necessarily important.
A)gathered
B)purchased
C)analyzed
D)reported
Q4) Describe the three common difficulties in designing project reports.
Q5) What is the relationship between management level and report details?
A)Senior management receives more reports than lower levels
B)Senior management receives the reports as lower levels
C)Senior management receives fewer reports than lower levels
D)There is no relationship
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Chapter 11: Project Control
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48 Verified Questions
48 Flashcards
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Sample Questions
Q1) When performing control,project managers need to be attentive to __________.
A)maintaining laissez faire leadership
B)avoiding directive behaviors
C)regulation and conservation equally
D)regulation more than conservation
Q2) The two fundamental objectives of control are the regulation of results and the __________.
A)procurement of organizational assets
B)distribution of organizational assets
C)stewardship of organizational assets
D)refurbishing of organizational assets
Q3) Which of the following is the key feature of cybernetic control systems?
A)Manual operations
B)Directional controls
C)Automatic operation
D)Specific preconditions
Q4) Describe the information requirements of a cybernetic controller.
Q5) Identify some of the factors that can cause a project to require control of cost.
Q6) What are the two fundamental objectives of control?
Page 13
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Chapter 12: Project Auditing
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63 Verified Questions
63 Flashcards
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Sample Questions
Q1) If the audit report is to serve as a communication device,there should be a __________ for such documents.
A)repository
B)predetermined distribution list
C)stakeholder register
D)communication manager
Q2) The stated project objectives,including funder satisfaction,are part of the project's __________ goals
A)indirect
B)ancillary
C)secondary
D)direct
Q3) During the audit,the auditor / evaluator must maintain __________ and treat all materials gathered as confidential until the audit is formally released.
A)political and technical independence
B)political independence
C)technical independence
D)technical dependence
Q4) Discuss the differences between a project audit and a financial audit.
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Chapter 13: Project Closure and Benefits Realization
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51 Verified Questions
51 Flashcards
Source URL: https://quizplus.com/quiz/48300
Sample Questions
Q1) A common mistake in project management is to appoint as project manager an individual with excellent _______ skills but weak __________skills.
A)technical; managerial
B)managerial; technical
C)technical; social
D)social; managerial
Q2) Closure by __________ happens when decrements to the budget are large enough to prevent further progress on the project and to force the reassignment of many project team members.
A)starvation
B)addition
C)murder
D)integration
Q3) Describe the subjects that should be addressed in the final report.
Q4) Identify a few of the fundamental reasons why some projects fail to produce satisfactory results.
Q5) Briefly describe the four fundamentally different ways to close out a project.
Q6) Discuss the conditions where it can be said that a project has been closed.
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