What is configuration management and why is it important?
What will be an ideal response?
The Project Management Body of Knowledge defines configuration management as "a system of procedures that monitors emerging project scope against the scope baseline. It requires documentation and management approval on any change to the baseline." The baseline is the project's scope fixed at a point in time and is viewed as the project's configuration. Configuration management is the systematic management of project change. Since complex projects may be composed of many elements that are being created by a large number of different teams or subcontractors, configuration management is a means of keeping all of these pieces fully informed about any changes that occur along the way. These changes may come at the request of the customer or one of the project teams or even from an external stakeholder.
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A prospective buyer knows that the owner is considering accepting an offer from another party. He asks you, the listing broker, the amount of the offer so that he can exceed it. You should
A. tell him, because it is in the owner's best interests. B. tell him, because you must reveal all known facts to a buyer. C. notify the owner of the request. D. refuse to tell him or to accept any offer unless the present offer is rejected.
A capital budgeting project that calls for a replacement decision:
A) normally does not increase the volume of a firm's operations. B) results in total cash flows that are equal to incremental cash flows. C) has no initial period cash flows. D) None of the above