Project Management Concepts and Principles

The video tutorial explains the concept of projects, their temporary nature, and reasons for initiation, such as market demand and technological advances. It covers project management, including its processes and constraints like scope, time, and cost. The tutorial also highlights the components of project success: people, processes, and technology. Finally, it distinguishes between projects and operations, emphasizing their differences in purpose and duration.

What is a key characteristic of a project?

• It is a temporary endeavor.

• It is always intangible.

• It has no specific goals.

• It is permanent.

Which of the following is NOT a reason for starting a project?

• Market demand

• Strategic opportunity

• Routine maintenance

• Technological advance

When does a project typically end?

• When the project objectives are achieved

• When the budget is exhausted

• When the market conditions change

• When the team decides to stop

Which of the following is NOT one of the five groups of project management processes?

• Initiating

• Planning

• Executing

• Budgeting

What is the 'triple constraint' in project management?

• People, processes, and technology

• Quality, risk, and resources

• Initiating, planning, and executing

• Scope, time, and cost

Which additional constraint is included in the 'quadruple constraint'?

• Risk

• Quality

• Benefits

• Resources

What are the three core components of project success?

• Scope, time, and cost

• People, processes, and technology

• Budget, schedule, and quality

• Planning, executing, and closing

How are projects different from operations?

• Projects are functional, operations are cross-functional.

• Projects have a unique purpose, operations are repetitive.

• Projects are ongoing, operations are temporary.

• Projects have no defined objectives, operations do.

Which of the following is an example of a project?

• Managing a supermarket

• Daily accounting tasks

• Routine maintenance of a building

• Designing a new car model

What happens to the end product of a project?

• It becomes part of the organization's operations.

• It is used only once.

• It is discarded after completion.

• It is sold to a third party.