Question

1. The four primary phases of a project are

a. Concept, development, implementation, & close-out

b. Concept, exploration, design, & implementation

c. Concept, elaboration, implementation, & post-mortem

d. Concept, development, design & close-out

e. None of the above

2. MacKay was a strong supporter of the notion of the Wisdom of crowds.

True

False

3. A decision market (from the Wisdom of Crowds) is an elegant and well-designed method for capturing the collective wisdom.

True

False

Answer 1

1)

The four primary phases of a project are  Concept, development, implementation, & close-out. The project starts out with a concept which is carefully analyzed to arrive at a development model to suit the needs of the client or the company. The development phase involves the definition of the project objectives also. In the implementation stage, the execution of the project starts and monitoring of the process and the budget starts. Closing the project involves the task of calculating the overtimes and overburdens and the cost control mechanisms for future projects.

2)

False. MacKay was not a strong supporter of the notion of the Wisdom of crowds. In fact, he authored the book " Extraordinary Popular Delusions and the Madness of Crowds ", which speaks about delusions of the crowds.

3)

True. A decision market (from the Wisdom of Crowds) is an elegant and well-designed method for capturing the collective wisdom.