Chapter 2 - exam Review

Question 1

The process of evaluating potential projects, and then deciding which of these should move forward to be implemented

Answer 1

Project selection

Question 2

Why choose to start a project?

Answer 2

Sometimes organizations identify several or many needs, but have limited funds and people available to pursue potential projects to address all of those needs. In such cases the company must go through decision making process to prioritize and select those projects that will result in the greatest overall benefit

Question 3

List the project selection process

Answer 3

1. Develop a set of criteria against which the project will be a evaluated
2. List assumptions that will be used as the basis for each project
3. Gather data and information for each project to help ensure an intelligent decision regarding the project selection
4. evaluate each project against the criteria.

Question 4

Who decides to take a project?

Answer 4

The final decision may be the responsibility of the company owner, president, or department head. Having a well understood evaluation and selection process and a well-rounded committee will increase the chances of making the best decision that will result in the greatest overall benefit

Question 5

In this document, the sponsor provides approval to go forward with the project and commits the funding for the project. This document also summarizes the key conditions and parameters for the project and establishes the framework for developing a detailed baseline plan for performing the project.

Answer 5

Project charter

Question 6

A document prepared by the sponsor or customer which defines the project requirements and is used to solicit proposals from potential contractors to do the project

Answer 6

Request for proposal (RFP)

Question 7

Who is an RFP for?

Answer 7

An external resource (contractor)