Numeric Project Portfolio Management (PPM) Practices Quiz

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What is the four-stage process of project selection?

Appraising, selecting, prioritizing, analyzing

Describe the generic process of project selection.

Appraising projects or groups, deciding to execute some, realizing organization objectives

What are some non-numeric criteria used in choosing a project model?

Strategic fit, risk assessment, resource availability

What is numeric Project Portfolio Management (PPM) used for?

To prioritize projects based on quantitative analysis Signup and view all the answers

What are the three phases of the Project Portfolio Management (PPM) cycle?

Preparation, Execution, Termination Signup and view all the answers

Explain the first phase of the PPM timeline.

Preparation involves creating a calendar, setting strategy, objectives, rules, and assumptions. Signup and view all the answers

What activities are included in the execution phase of PPM?

Naming projects, categorizing them, assembling into groups, investigating options, labeling decision units, writing project descriptions. Signup and view all the answers

What are the key players' responsibilities in Project Portfolio Management (PPM)?

Selecting, supporting, and managing the firm's projects as a strategic portfolio. Signup and view all the answers

What are the characteristics of a flexible project portfolio management system?

Effortlessly modified, self-adjusting to changes in the firm's environment. Signup and view all the answers

What is the significance of ease of use in project portfolio management?

Realistically convenient, simple to employ, and comprehend. Signup and view all the answers

What is the purpose of the 3rd phase of PPM timeline, PERFORMANCE MANAGEMENT?

To spell out project performance markers that permit contrasting predicted and real performance, aside from observing and reporting schedules. Signup and view all the answers

What components are included in the technical approach outline of a business project proposal?

Cover letter, executive summary, methodology, test and inspection procedures, plan for implementation, approximates of time, cost, and materials, major milestones, equipment and administrative cost, contingency plans, reports, change management, termination procedures. Signup and view all the answers

What is the purpose of the cover letter in a business project proposal?

To act as an important marketing instrument, making clear the primary nature and general benefits of the project using simple technical language. Signup and view all the answers

Why is it important to include a plan for logistic support and administration in a project proposal?

To ensure smooth operations during the implementation phase, covering aspects like equipment, overhead, and administrative cost control. Signup and view all the answers

What role does change management play in project proposals?

Change management involves outlining procedures to handle changes that may occur during the project lifecycle. Signup and view all the answers

What is the significance of setting major milestones in a project proposal?

Major milestones help break the project into phases, facilitating better monitoring and control over the project progress. Signup and view all the answers