project initiation - Week 1

Question 1

How big is the project-oriented sectors is expected to grow by 2027

Answer 1

According to the Project Management Institute, the project management labor force in seven project-oriented sectors is expected to grow by 33 percent, or nearly 22 million new jobs, by 2027

Question 2

What are some of the project manager’s responsibilities during the initiation phase? Select all that apply.

Identify project goals

Identify project resources

Determine the criteria for project success with stakeholders

Make the project plan

Answer 2

Identify project goals

Identify project resources

Determine the criteria for project success with stakeholders

Question 3

What is a cost Benefit Analysis

Answer 3

the process of adding up the expected value of a project (the benefits) and comparing them to the dollar costs.

Question 4

Questions Benefits

Answer 4

1) What value will this project create?
2) How much money could this project save our organization?
3) How much money will it bring in from existing customers?
4) How much time will be saved
5) How will the user experience be improved?

Question 5

Questions Costs

Answer 5

1) How much time will people have to spend on this project?
2) What will be the one time costs?
3) Are there any ongoing costs?
4) Long term costs?

Question 6

What questions can a project manager ask to determine a project’s benefits? Select all that apply.

What can cause the project to fail?

Has the company announced a public launch date for the project?

How much money can this project save our organization?

How much time will this project save customers?

Answer 6

How much money can this project save our organization?

How much time will this project save customers?

Question 7

6 Components to the planning phase of a project

Answer 7

1) goals
2) scope,
3) deliverables,
4) success criteria,
5) stakeholders
6) resources.

Question 8

Who determines goals?

Answer 8

senior company leaders, with your help

Question 9

Scope

Answer 9

This is the process to define the work that needs to happen to complete the project

Question 10

deliverables

Answer 10

They’re the products and services that you will create for your customer, client or project sponsor.

.Deliverables can be anything from product features and functionalities to documentation, processes and more, anything that enables the goal of your project to be achieved. Deliverables are submitted to help you reach your project goals

Question 11

success criteria

Answer 11

Success criteria are the standards by which you measure how successful a project was in reaching its goals.

Question 12

stakeholders

Answer 12

Stakeholders are key to making informed decisions at every step of the project, including the initiation phase.

Question 13

resources.

Answer 13

resources generally refer to the budget, people, materials, and other items that you will have at your disposal.

Question 14

What is a project charter?

Answer 14

A project charter is a document that contains all the details of the project.

Project charters clearly define the project and its goals and outline what is needed to accomplish them. A project charter allows you to get organized, set up a framework for what needs to be done and communicate those details to others.

Question 15

Which of the following are key components of project initiation?

Resources

Scope

Deliverables

Timeline

Goals

Answer 15

Resources

Scope

Deliverables

Goals

Question 16

Calculating costs and benefits -return on investment

Answer 16

(G-C) / C = ROI

G represents the financial gain
C represents the upfront and ongoing costs

Question 17

Example on return on investment

Answer 17

For example, imagine your project costs $6,000 up front plus $25 per month for 12 months. This equals $300 per year, but you estimate that the project will bring in $10,000 in revenue over the course of that year. Using the formula above, you calculate the ROI as: ($10,000 - $6,300) ÷ $6,300 = 0.58 = 58%

The ROI comes to 0.58, or 58%. You consider this to be a strong ROI, so you decide to pursue the project.

Question 18

To determine the benefits of a project, you might ask:

Answer 18

What value will this project create?

How much money could this project save our organization?

How much money will it bring in from existing customers?

How much time will it save?

How will it improve the customer experience?

Question 19

And to determine the costs of a project, consider questions such as:

Answer 19

How much time will people have to spend on this project?

What are the one-time costs?

Are there any ongoing costs?

What about long-term costs?

Question 20

You might also consider questions about intangible benefits.

Answer 20

Customer satisfaction. Will the project increase customer retention, causing them to spend more on the company’s products or services?

Employee satisfaction. Is the project likely to improve employee morale, reducing turnover?

Employee productivity. Will the project reduce employee’s overtime hours, saving the company money?

Brand perception. Is the project likely to improve the company’s brand perception and recognition, attracting more customers or providing a competitive advantage?

Question 21

intangible costs

Answer 21

These are costs that are not quantifiable. For example, might the project put customer retention, employee satisfaction, or brand perception at risk?