Chapter 2 Project Management
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Questions and Answers

What is the primary focus during the Initiation Phase of a project?

  • Creating a detailed project schedule
  • Identifying project team members
  • Analyzing project risks
  • Determining if the project should be started (correct)
  • What is a primary component of the Business Case?

  • Description of opportunities (correct)
  • Team member assignments
  • Project charter
  • Detailed project budget
  • Which of the following is NOT typically included in the Business Case?

  • Recommended solution and implementation process
  • List of possible solutions
  • Brief analysis of each alternative
  • Description of the project timeline (correct)
  • How should estimated costs in the Business Case be categorized?

    <p>Tangible and intangible costs</p> Signup and view all the answers

    What question should be asked before launching a project?

    <p>Should the project be started?</p> Signup and view all the answers

    What does the brief analysis of alternatives in the Business Case typically include?

    <p>Costs, benefits, and risks of each alternative</p> Signup and view all the answers

    What is likely to happen if the answer to 'Should the project be started?' is yes?

    <p>Various options or paths may be considered for the project</p> Signup and view all the answers

    What is a potential risk mentioned for the project?

    <p>Errors in the product launch materials</p> Signup and view all the answers

    What is the primary objective of the full product launch option?

    <p>To create a more significant brand presence</p> Signup and view all the answers

    Which option offers the lowest risk of product launch delays?

    <p>Soft product launch</p> Signup and view all the answers

    Which promotional method is included in the full product launch?

    <p>Creation of a promotional video</p> Signup and view all the answers

    What benefit does the soft product launch primarily provide?

    <p>Maintain current market share</p> Signup and view all the answers

    Who is primarily responsible for selecting the desired product launch option?

    <p>The Project Manager and stakeholders</p> Signup and view all the answers

    Which option includes no promotional activities beyond minimal updates?

    <p>Soft product launch</p> Signup and view all the answers

    Study Notes

    The Initiation Phase

    • The first decision in a project is whether it should be started.
    • Different options or “paths” should be considered before launch.
    • The Business Case is developed to evaluate various approaches for the project.

    The Business Case

    • A Business Case presents options to project sponsors for approval.
    • It includes:
      • Description of opportunities
      • Possible solutions/alternatives
      • Benefit, cost, and risk analysis for alternatives
      • Recommended solution and implementation process
      • Project requirements
      • A short implementation plan
    • Estimated costs can be tangible (e.g., higher expenses) or intangible (e.g., increased risk).
    • Estimated benefits include tangible (e.g., increased sales) and intangible (e.g., improved brand recognition).

    Developing Options

    • A case study by Deco Productions presented three launch options:
      • Soft product launch: Minimal promotion relying on word-of-mouth.
      • Moderate product launch: Soft launch plus extra promotion through existing channels.
      • Full product launch: Moderate launch plus promotional video and trade show materials.

    Estimating Costs

    • Cost estimates are rough and include:
      • Required budget (e.g., salaries, materials).
      • Risk of delay in product readiness.
    • Cost estimates for Deco Productions' options:
      • Soft launch: $10,000, 1% risk of delay.
      • Moderate launch: $25,000, 5% risk of delay.
      • Full launch: $60,000, 10% risk of delay.

    Estimating Benefits

    • Benefits estimations are also rough, focusing on:
      • Increase in market share.
      • Increase in brand recognition.
    • Benefits estimates for each option:
      • Soft launch: No increase in market share or brand recognition.
      • Moderate launch: 3% market share increase, moderate brand recognition.
      • Full launch: 6% market share increase, significant brand recognition.

    Selecting the Option

    • The final decision involves key stakeholders, including the Project Manager and Project Sponsor.
    • For the case study, Option C (Full Product Launch) was selected due to its potential for higher market share and brand recognition.

    Launching the Project

    • The Project Charter is created to officially announce the project and authorize the Project Manager.
    • Project Charters should contain:
      • Project goals and objectives.
      • Project budget.
      • Identification of stakeholders and sponsors.
      • Key project milestones.
      • Overall project risks.

    Project Charter Example

    • Project Name: DCV4Launch—DecoCam V4 Product Launch
    • Project Budget: $60,000
    • Key Stakeholders include Vice-Presidents of various departments and the CEO.
    • Project Milestones establish timeline for project approval, completion of trade show materials, and final project completion.

    Kickoff Meeting

    • A kickoff meeting is necessary to bring together key stakeholders, allowing for interaction and addressing concerns before entering the Planning Phase.

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    Quiz Team

    Description

    This quiz tests your understanding of the initiation phase of project management, specifically focusing on the development of a Business Case. You will explore various options, their benefits, costs, and the recommended solutions for project approval. Assess your knowledge of project launch strategies and implementation planning.

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