the managerial process chapter 1 and 2

1262 Words Jan 19th, 2014 6 Pages
Chapter 1
Review Questions
1. A project is defined, according to the Project Management Insitute, as a temporary endeavor undertaken to create a unique product, service, or result.

Five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization are as follows:

1. An established objective.
2. A defined life span with a beginning and an end.
3. Usually, the involvement of serveral departments and professionals.
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.

2. Some of the key environmental forces that have changed the way projects are managed are as follows:

(a) Shortening of
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2. What does this case tell you about being a project manager?
This case tells me that being a project manager is very hectic. Excellent organizational skills, communication skills, and overall knowledge of the nature of your project are needed attributes for any project manager to be successful. There is much going on throughout a project manager’s day with many snags along the way. A project manager must know how to spend her day efficiently as well as deal with issues effectively to be successful.
Chapter 2
Review Questions
1. The major components of the strategic management process are as follows:

(a) Goal-Setting: This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed.
(b) Analysis: In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow
(c) Strategy Formulation: Determine what resources the business currently has that can help reach the defined goals and objectives. Identify any areas of which the business must seek external resources.
(d) Strategy
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