MEM Cheat Sheet 2026

The 30 highest-yield MEM facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Order-to-delivery time is lead time. → TRUE
2. What are three popular project management methods? → agile, scrum, and waterfall
3. Which document in systems engineering defines the high-level technical requirements a system must satisfy? → System requirements specification (SRS)
4. In the context of MEM financial management, what does 'leverage' refer to? → Using debt financing to amplify returns on equity
5. How to eliminate project risks? → It is impossible to avoid project risks completely, all projects have inherent risks
6. early market entrants who weren't the first → early followers
7. What is the 'time value of money' principle in engineering financial management? → A dollar today is worth more than a dollar in the future
8. Choose a waterfall-compatible project. → Expanding a highway
9. What is a 'risk register' in engineering project management? → A document that identifies, analyzes, and records responses to project risks
10. Design or customer-set control chart limits → FALSE
11. In Six Sigma, what role does a 'Black Belt' typically perform? → A full-time project leader who leads complex DMAIC improvement projects and mentors others
12. Which depreciation method results in higher depreciation expense in early years of an asset's life? → Double declining balance depreciation
13. This is a collection of widely held ideals and ideas. → Paradigm
14. Which risk response strategy involves transferring the financial consequence of a risk to a third party? → Risk transfer
15. An engineering manager evaluates two projects with identical NPVs. Project A has a 2-year payback; Project B has a 5-year payback. Which is generally preferred? → Project A, because shorter payback reduces risk and improves liquidity
16. when various stages of the creation of a new product happen at once. → parallel development process
17. In financial analysis, what does 'sensitivity analysis' examine? → How changes in key assumptions affect project outcomes
18. Without a formal title, a person can become a leader in business if they have the aptitude to ____ and ____ followers. → Motivate; inspire
19. A firm's competitive advantage is called: → Competitive advantage
20. expenses (or advantages) that are paid for (or enjoyed) by people other than the ones who caused them. Everyone is impacted by the company's pollution. → externalities
21. Which capital structure theory suggests that an optimal debt-equity mix minimizes WACC and maximizes firm value? → Trade-off theory
22. Time-based business concepts aim to speed up essential tasks. time reductions: → All of the above
23. The 'order-to-delivery cycle time' metric in supply chain management measures: → Time from receiving a customer order to delivering it
24. Technologies, vehicles, differentiators, staging, and economic logic comprise the strategy diamond. → FALSE
25. Which project management approach enables more frequent communication with the client? → agile
26. What is 'functional decomposition' in systems engineering? → Breaking down system functions into smaller, manageable sub-functions
27. In the context of supply chain risk for engineering managers, what does 'single-source dependency' risk refer to? → The vulnerability created by having only one supplier for a critical component
28. Which is not part of international strategy lifecycle? → Diversification Strategy
29. Which knowledge area covers project product purchases? → Project Procurement Management
30. When constructing a business case for a new engineering initiative, which financial document best demonstrates how cash will flow in and out monthly? → Cash flow forecast