Final answer:
It is true that both projects and operations are planned, executed, monitored and controlled, and closed. Projects are temporary with specific goals, while operations are ongoing aiming at sustaining the business. Both require systematic management, but their objectives and lifespans differ.
Step-by-step explanation:
The statement that both projects and operations are planned, executed, monitored and controlled, and closed is true. Both activities involve systematic planning and execution, but they differ mainly in their purpose and outcome. Projects are temporary endeavors undertaken to create a unique product, service, or result, and they have a defined beginning and end. Operations, on the other hand, are ongoing, repetitive activities aimed at sustaining the business.
In project management, components such as scope, budget, and schedules are managed to achieve specific goals within the constraints. Monitoring and controlling processes are in place to ensure that project objectives are met while adhering to the plan. Upon project completion, a closure process formalizes the acceptance of the project and ends its activities.
Conversely, operations management focuses on the efficiency and effectiveness of business processes and systems. While it also involves planning, execution, monitoring, and control, it's directed toward continuous production and quality improvement without a defined end date. Operations will only close or change significantly if the strategic direction of the organization shifts, or external factors demand it.