16 Questions
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
What are the three phases of the Project Portfolio Management (PPM) cycle?
Preparation, Execution, Termination
Explain the first phase of the PPM timeline.
Preparation involves creating a calendar, setting strategy, objectives, rules, and assumptions.
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.
What are the key players' responsibilities in Project Portfolio Management (PPM)?
Selecting, supporting, and managing the firm's projects as a strategic portfolio.
What are the characteristics of a flexible project portfolio management system?
Effortlessly modified, self-adjusting to changes in the firm's environment.
What is the significance of ease of use in project portfolio management?
Realistically convenient, simple to employ, and comprehend.
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.
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.
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.
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.
What role does change management play in project proposals?
Change management involves outlining procedures to handle changes that may occur during the project lifecycle.
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.
Test your knowledge on project portfolio management practices focusing on numeric aspects such as cost, benefits, and resource allocation. Learn about selecting, supporting, and managing a firm's projects strategically to ensure alignment with the organization's goals.
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