Project Management Basics: Project, Program, and Portfolio

Test your understanding of the fundamentals of project management, including the differences between project, program, and portfolio management. Learn how to distinguish between these concepts and how they relate to each other within an organization.

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Questions and Answers

What is the primary advantage of using the ranking method in project evaluation?

Its quick approach that enables identification of top priorities.

Under what conditions may the ranking method be considered too simplistic?

When evaluating complex projects with multiple selection criteria.

What is the key difference between the ranking method and the scoring model in terms of selection criteria?

The ranking method considers one or two criteria, while the scoring model considers multiple criteria or groups of factors.

How are the weights assigned in the scoring model?

Each group of factors is given a weight, such as benefits having a factor of 1.5 and risk having 0.75. Signup and view all the answers

What is the purpose of assigning weights to each group of factors in the scoring model?

To compute the weighted average score for each project. Signup and view all the answers

When would the scoring model be a better fit than the ranking method?

When evaluating complex projects with multiple selection criteria and projects that are significantly different. Signup and view all the answers

What is the limitation of the ranking method in terms of the number of selection criteria?

It considers only one or two selection criteria. Signup and view all the answers

What is the outcome of computing the weighted average score in the scoring model?

The final project score is arrived at. Signup and view all the answers

How does the scoring model address the complexity of project evaluations?

By considering multiple criteria or groups of factors, with each group assigned a weight. Signup and view all the answers

What is the benefit of using the scoring model in project evaluation?

It allows for a more nuanced evaluation of each project's strengths and weaknesses. Signup and view all the answers

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Project Management Basics: Project, Program, and Portfolio

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Questions and Answers

What is the primary advantage of using the ranking method in project evaluation?

Under what conditions may the ranking method be considered too simplistic?

What is the key difference between the ranking method and the scoring model in terms of selection criteria?

How are the weights assigned in the scoring model?

What is the purpose of assigning weights to each group of factors in the scoring model?

When would the scoring model be a better fit than the ranking method?

What is the limitation of the ranking method in terms of the number of selection criteria?

What is the outcome of computing the weighted average score in the scoring model?

How does the scoring model address the complexity of project evaluations?

What is the benefit of using the scoring model in project evaluation?

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