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Project Management Weekly Challenge 5_Updating

 

Project Initiation: Starting a Successful Project


1. Why is it important to initiate a project? Select all that apply.

A:
- Provide a strong foundation and set the stage for success
- Determine if the project’s benefits outweigh the costs

2. Fill in the blank: A cost-benefit analysis weighs the potential value of a project against money, resources, and _____ required.

A: Time

3. Which of the following are key components of project initiation? Select all that apply.

A: 
- Scope
- Success criteria
- Goals
- Resources
- Deliverables

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?

A: Scope

5. Imagine that a university hires a construction company to build a new library. Before starting, the project manager outlines the building materials the project needs. They also outline the roles and amount of workers to hire. Which key component of project initiation does this scenario concern?

A: Resources

6. A project charter adds value to projects in what three ways?

A:
- Sets up a framework for what project work the team needs to do
- Helps project managers communicate project details to others
- Allows project managers to get organized

7. When calculating a cost-benefit analysis for a project, what do you call gains that are not quantifiable?

A: Intangible benefits

8. You expect that a project will bring in $12,000 USD in revenue per year. You estimate it will cost $5,000 up front. You also estimate costs of $50 per month for the first 12 months, which equals $600 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?

A: (12,000 - 5,600) ÷ 5,600 = 114%

9. What are two potential consequences of a project manager failing to properly initiate a project?

A:
- Resources can be underestimated.
- Stakeholders might not agree on what success looks like.

10. Why is it important to perform a cost-benefit analysis during the initiation phase?

A:
- To compare the project benefits to the costs
- To add up the expected value, or benefits, of a project
- To set up a framework for what project work the team needs to do

11. What term refers to the budgets, people, materials, and other items necessary to complete a project?

A: Resources

12. _______is a document that defines project goals and outlines what is needed to accomplish them.

A: Project charter

13. Imagine you're the project manager of a new grocery delivery service. You meet with stakeholders to decide how to measure project success. Which project initiation component are you trying to determine?

A: Success criteria


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