D3; T2 Evaluate and deliver project benefits and value Flashcards
Which of the following enablers is used to confirm that benefits are identified properly in a project right from the early days?
1. Stakeholder Analysis
2. Business Case Development
3. Lessons learned repository
4. Responsability assigment matrix
- Business Case Development
The enabler “Investigate that benefits are identified” can be accomplished through business case development. The business case outlines the expected benefits of the project, including both tangible and intangible benefits, and serves as the basis for evaluating the project’s value and alignment with organizational objectives.
What is the purpose of documenting agreement on ownership for a particular benefit for ongoing benefit realization?
1. Identify project dependencies
2. To establish project governance
3. To allocate project ressources
4. To ensure accountabilities for benefits
- To ensure accountabilities for benefits
he purpose of documenting agreement on ownership for ongoing benefit realization is to ensure accountability for benefits. By clearly defining and documenting the roles and responsibilities of stakeholders in realizing and sustaining the benefits, the project manager establishes a framework for ongoing benefit realization and accountability.
Which processes is used to verify that a measurement system is in place to track benefits?
Monitoring and control process
The enabler “Verify measurement system is in place to track benefits” can be accomplished through the quality management plan. The plan includes provisions for establishing metrics, measurement methods, and tracking mechanisms to monitor and assess the realization of project benefits and value.
When evaluating project delivery options to demonstrate value creation, which of the following should be considered to plan that effectively?
1. Project milestones and deliverables
2. Project team member’s skills
3. Stakeholders communications preferences
4. Organizationnal change management
- Project milestones and deliverables
When evaluating delivery options to demonstrate value, consideration should be given to project milestones and deliverables. The delivery options should be assessed based on their potential to showcase the project’s value and benefits, as well as their alignment with the project’s objectives and timeline.
Which of the following is an example of a management tool to quantify that benefits are identified and the associated costs to be incurred for achieving those benefits?
1. Conducting a stakeholders analysis
2. Developping a communication plan
3. Performing a cost-benefits analysis
4. Creating a project schedule
- Performing a cost-benefits analysis
Performing a cost-benefit analysis is an example of an activity to investigate that benefits are identified and the associated costs to achieve those benefits via the project. This analysis helps identify and quantify the potential benefits of the project, comparing them to the associated costs, and determining if the project is financially viable and beneficial.
What should be documented to ensure agreement on ownership for ongoing benefit realization?
Project roles and responsibilities
To ensure agreement on ownership for ongoing benefit realization, project roles and responsibilities should be documented. This documentation clarifies the roles of different stakeholders in realizing and sustaining the benefits, ensuring that everyone understands their responsibilities and is accountable for their contribution to benefit realization.
When evaluating communication channels to demonstrate value creation to stakeholders, what is the primary consideration?
1. Project member’s skills
2. Stakeholders preferences and needs
3. Project budget and cost constraints
4. Compliance with project milestones
- Stakeholders preferences and needs
The primary consideration when evaluating delivery options to demonstrate value is stakeholder preferences and needs. The delivery options should align with the stakeholders’ expectations, requirements, and desired outcomes, ensuring that the chosen option effectively showcases the project’s value and benefits.
What should be done to ensure that an effective measurement system is in place to track benefits realized during a project?
1. Develop a stakeholders engagement plan
2. Define project success criteria
3. Implement a project management software
4. Establish clear benefit metrics and targets
Establish clear benefit metrics and targets
To ensure that a measurement system is in place to track benefits, clear benefit metrics and targets should be established. These metrics define how the benefits will be measured, what constitutes successful realization, and provide benchmarks to track progress and assess the effectiveness of benefit delivery.
Which of the following is an example of an activity to appraise stakeholders of value gain progress during a project ?
1. Conducting project status meetings
2. Analyzing cost performance metrics
3. Updating the project management plan
4. Documenting lessons learned
Conducting project status meetings
Conducting project status meetings is an example of an activity to appraise stakeholders of value gain progress. These meetings provide a platform to communicate the progress, updates, and realization of project benefits and value to stakeholders, fostering transparency and engagement.
