Question 1. During the initiation phase, you notice the resources assigned to the project will be minimal and the deadline will be extended. What is a next step to ensure project initiation success?
- Create checkpoints in the project for all milestones.
- Meet with stakeholders for sufficient understanding of project goals.
- Create an efficient project plan.
- Ensure all the tasks are assigned on the project.
Explanation: Carry out an
in-depth analysis of the project plan, paying close attention to the
limitations posed by the limited resources and the elongated time frame.
Evaluate the practicability of the project in light of these constraints and
make any required modifications to the project's scope, timetable, and
distribution of resources.
This entails reviewing the goals of the project, determining which deliverables are the most important, and prioritizing the activities based on the resources that are now available and the new timetable. The process is analogous to altering the sails of a ship in order to navigate through winds that were not anticipated; it guarantees that the project is put on a path that is reasonable in light of the new restrictions.
Question 2. What type of analysis compares the value of a project’s outcomes with the financial and time expenses of the project?
- Benefit analysis
- Cost-benefit analysis
- Goals analysis
- Visual analysis
Explanation: It seems like you need to do a Cost-Benefit Analysis on it. Comparing the benefits and drawbacks of something, but in the perspective of a company. This analysis is helpful in determining if the benefits obtained from a project's results justify the expenses and the amount of time involved in the project's implementation. It is an essential instrument for making decisions and ensuring that resources are allocated to initiatives that provide the most benefit to the business as a whole.
Question 3. Which of the following are key components of project initiation? Select all that apply.
- Goals
- Scope
- Success criteria
- Project charter
Question 4. Imagine you’re the project manager of a new grocery delivery service. You meet with stakeholders to set an overarching framework of what is and is not included in the project statement of work and deliverables. Which project initiation component are you trying to determine?
- Resources
- Scope
- Success criteria
- Project charter
Explanation: Assuming that this is the case, you are now engaged in the process of establishing the limits and limitations of the project. The Project Scope Definition is the component of the project's start that you are defining right now. It's similar to laying out the parameters of the project for the grocery delivery service, such as what will be included and what won't be included. This stage is essential for establishing clear expectations and preventing a subsequent expansion of the project's scope.
Question 5. Imagine that the main supplier for a construction project runs out of steel girders and needs to obtain more to complete the order. Which key component of project initiation does this scenario concern?
- Goals
- Scope
- Resources
- Deliverables
Explanation: This scenario
pertains to the step of the project commencement process known as
"Resource Identification." The fact that the primary supplier ran out
of steel girders is an example of a problem connected to resources that has a
direct influence on the availability of a material that plays an essential role
in the building project. An essential component of initiating a project is
locating and obtaining the required resources, which may include things like
supplies, equipment, and staff, in order to guarantee a smooth and
well-prepared execution of the project.
Question 6. Fill in the blank: A _____ is a document that defines project goals and outlines what is needed to accomplish them.
- project charter
- risk analysis
- cost-benefit analysis
- project schedule
Explanation: A document
known as a project charter describes the objectives of the project and explains
the steps that must be taken to achieve those objectives. A high-level summary
of the project's purpose, goals, stakeholders, and early restrictions are
provided in this document, which functions similarly to an identification card
for the project.
Question 7. Which of the following could be considered intangible benefits? Select all that apply.
- Brand perception
- Customer satisfaction
- Employee satisfaction
- Income earned
Question 8. You expect that a project will bring in $25,000 USD in revenue per year. You estimate it will cost $12,000 up front. You also estimate costs of $200 per month for the first 12 months, which equals $2,400 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?
- (25,000 - 12,000) ÷ 14,400 = 108%
- (25,000 - 12,000) ÷ 14,400 = 90%
- (25,000 - 14,400) ÷ 14,400 = 74%
- (25,000 - 12,000) ÷ 12,000 = 88%