Project Initiation - Chapter 7 Quiz

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What is a detailed description of the problem or opportunity with headings?

Business Case

What is one way of considering profits in relation to capital invested?

Return on Investment

Define Project Risk.

A risk is anything uncertain that may occur that will reduce or decrease the chances of project success.

What is the role of supplier management in project initiation?

To manage and coordinate suppliers to ensure timely delivery of goods or services. Signup and view all the answers

How can customer demographics influence project decisions?

By understanding the demographics, preferences, and needs of the target customers. Signup and view all the answers

Why is faculty involvement important in project management?

To provide guidance, expertise, and support throughout the project. Signup and view all the answers

What is a constraint in project management?

Anything that limits the range of solutions or approaches. Signup and view all the answers

How does limited student availability during school hours impact project planning?

It restricts the timing for project meetings and collaboration. Signup and view all the answers

What is the business need or opportunity that led to the creation of the project in the example provided?

To provide income for the Rice Student Centre while offering necessary items to students and faculty at competitive prices. Signup and view all the answers

How does the project benefit students according to the example?

By providing a convenient on-campus store for necessary supplies. Signup and view all the answers

Explain how risks are defined in project management.

Risks are uncertain events that may impact project success. Signup and view all the answers

What is the role of the procurement team in controlling project costs?

They assemble a proposal based on expected costs for review by relevant stakeholders. Signup and view all the answers

What are some examples of major deliverables that will result from the project?

Supplies procured, Operations, procurement, marketing, and other teams established, Store supplies stocked and displayed, Store staffing completed, including work schedules, Store operations policies, including hours of operation, established Signup and view all the answers

What are some assumptions outlined in creating the project?

Only computer supplies will be sold in the store, Customers will be the Rice University student body and faculty, Rice University students will manage the project and be responsible for ongoing operations, A store sponsor from the university faculty or staff will be assigned to mentor students and provide oversight Signup and view all the answers

Why is it important to define constraints in a project charter?

Constraints help set boundaries, manage expectations, and guide decision-making throughout the project. Signup and view all the answers

How does faculty involvement impact the project?

Faculty involvement provides mentorship, oversight, and support to the students managing the project, enhancing the project's success and learning experience. Signup and view all the answers

What role do assumptions play in project management?

Assumptions act as guiding principles that help project managers make decisions and plan for uncertainties. Signup and view all the answers

Explain the significance of supplier management in project implementation.

Supplier management ensures timely delivery of necessary resources, maintains quality standards, and helps in cost control for the project. Signup and view all the answers