Identify the common activities and skills of a project manager
What will be an ideal response?
The project manager must be equipped with a diverse set of skills. These skills include leadership, management, customer relations, technical problem solving, conflict management, team management, and risk change management. Leadership skills involve influencing the activities of others toward the attainment of a common goal through the use of intelligence, personality, and abilities. Sample leadership skills include monitoring progress, serving as a liaison between management, users, and developers, and assigning activities. Management skills involve getting projects completed through the effective utilization of resources. Sample management skills include communicating expectations, assigning resources to activities, and monitoring outcomes. Customer relations skills involve working closely with customers to ensure project deliverables meet expectations. Examples of skills required are interpreting system requests and specifications, defining activities and their sequence, and making trade-offs between alternative solutions and designing solutions to problems.
Technical problem solving involves designing and sequencing activities to attain project goals. Examples include interpreting system requests and specifications, defining activities and their sequence, and making tradeoffs between alternative solutions. Conflict management manages conflict within a project team to assure that conflict is not too high or too low. Sample skills required are problem solving, smoothing out personality differences, compromising, and goal setting. Team management requires managing the project team for effective team performance. Sample skills required are peer evaluations, conflict resolution, self-management, and team building. Risk and change management requires identifying, assessing, and managing the risks and day-to-day changes that occur during a project. Sample skills required are environmental scanning, risk and opportunity identification and assessment, forecasting, and resource redeployment.
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Answer the following statements true (T) or false (F)
1. In a vertical analysis of the balance sheet, each line item is shown as a percentage of stockholders' equity. 2. Vertical analysis involves comparing an amount for a line item in the financial statements with a corresponding amount for the line item of the previous year. 3. In a vertical analysis of the income statement, each line item is shown as a percentage of net income. 4. Martin Company's cost of goods sold is 40% of net sales revenue. This means that for every $1 of net sales revenue, Martin has $0.60 of gross profit. 5. In 2018, Spirit Company's net income was 10% of net sales revenue. In 2019, the net income was 5% of net sales revenue. There is no need for investors to be alarmed because a drop from 10% to 5% is not significant.
Which of the following would be classified as bait-and-switch advertising?
A) advertising a cheaper brand but making only a more expensive one available to customers B) advertising the advantages of a product by comparing it to its competitors C) providing free samples of a product D) providing discount coupons with a product E) favoring certain customers over others through trade promotions
Indirect costs allocated to products using activity-based costing are more accurate than traditional allocation systems
Indicate whether the statement is true or false
The Poisson distribution is quite often used to represent arrival rates in queuing systems
Indicate whether the statement is true or false