Project+ Study Notes 4

Question 1

Market Demand, Strategic Opportunity/Business Need (a project for a particular business or org. need), Customer Request, Technological Advance, Legal Requirement, Environmental Considerations, Social Need (project for a new vaccine or clean water filtering system etc).

Answer 1

Projects come about for these needs/demands :

Question 2

is a written document or report that helps executive management and key stakeholders determine the benefits and rewards of the project. It documents the business need or justification for the project and will often include high-level details regarding estimated budgets and timelines for completing the project.

Answer 2

The business case

Question 3

describes the benefits to the organization for undertaking the project. These benefits can include tangible and intangible benefits and should include the reasons for bringing about the project. ??? can be a section within the business case or an independent document.

Answer 3

Validating the Business Case (Justification)

Question 4

can also be included within the business case, and it should describe how the project and its outcomes will align to the organization’s overall strategic plan. If the reason for the project doesn’t support the strategic plan, there’s really no reason to undertake the project.

Answer 4

Validating the Business Case (Alignment to the strategic plan)

Question 5

This should include a high-level description of costs, the feasibility of implementing each alternative, the expected results of each alternative solution, and a description of any impacts to the organization as a result of this solution.

Answer 5

Validating the Business Case (Alternative Solutions)

Question 6

is undertaken for several reasons. ??? can determine whether the project is doable and likely to succeed. They examine the viability of the product, service, or result of the project. They may also examine technical issues related to the project and determine whether it’s feasible, reliable, and easily assimilated into the organization’s existing infrastructure.

Answer 6

Validating the Business Case (Feasibility Study)

Question 7

are usually conducted when the proposed project is highly complex, has a high potential for risk, or is a new type of project the organization has never undertaken before. ??? may be conducted as separate projects, as subprojects, or as a preproject phase. It’s best to treat this activity as a project when the outcome is uncertain.

Answer 7

Feasibility studies

Question 8

are anyone who has a vested interest in the project. Stakeholders can include individuals as well as organizations, and both the project sponsor and the project manager are considered stakeholders.

The ??? is the executive in the organization who authorizes the project to begin and is someone who has the ability and authority to assign funds and resources to the project. Identifying stakeholders is also a component of the project charter.

Answer 8

Stakeholders / Project Sponsor

Question 9

After the business case is created, you’ll need some method to decide how you or the project selection committee will choose among competing projects.

Answer 9

Info

Question 10

are used to determine which proposed projects should receive approval and move forward. This process usually includes the allocation of high-level funding as well. ??? may take place using formal documented guidelines, or it may be informal, requiring only the approval of a certain level of management.

Answer 10

Project Selection Methods