Project Management Fundamentals

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What is the primary goal of project selection in a business organization?

To identify the most feasible projects that align with the business's strategic objectives and also provide the best return on investment.

What is the purpose of cost-benefit analysis in project evaluation?

To estimate the costs and benefits associated with a particular project and discover the most cost-effective way to execute it.

What is one of the key criteria used in project selection?

Strategic Alignment

What is the purpose of project timeline in project management?

To lay out the project from start to finish, including the duration of each phase and the tasks within it, milestones, etc. Signup and view all the answers

What is the primary consideration in resource allocation during project selection?

The availability and distribution of resources Signup and view all the answers

What is the relationship between project costs and budget in project management?

Project costs detail all the costs, including resources, required to complete the project, and the budget shows how those costs will be spent over the course of the project. Signup and view all the answers

What is the primary purpose of the project background section in a project proposal?

To explain the problem the project will solve and provide a brief history of the business to put the project in context. Signup and view all the answers

What should be included in the project vision and success criteria section of a project proposal?

The goal of the project, how it aligns with the company's goals, and the metrics used to measure success. Signup and view all the answers

What is the purpose of identifying potential risks and mitigation strategies in a project proposal?

To detail potential risks and outline strategies to mitigate their negative impact and take advantage of positive risks. Signup and view all the answers

What does the acronym SMART stand for in the context of project goal setting?

Specific, Measurable, Achievable, Relevant, and Time-bound. Signup and view all the answers

What is the primary purpose of the project scope and deliverables section in a project proposal?

To define the work that needs to be done and how it will be done. Signup and view all the answers

What should be included in the project resource requirements section of a project proposal?

A list of resources needed to execute the project if approved. Signup and view all the answers

What is the primary purpose of conducting a cost-benefit analysis in business or project proposals?

To have a systemic approach to figure out the pluses and minuses of various business or project proposals. Signup and view all the answers

What is the cost-benefit ratio used to compare in a project or investment?

The present value of the estimated costs and benefits of a project or investment. Signup and view all the answers

What does a cost-benefit ratio of less than 1 indicate about a project?

The project is not a good investment as its expected costs exceed the benefits. Signup and view all the answers

What is the benefit of using cost-benefit analysis in project budgeting?

It offers the best project budgeting approach to achieve your goal while saving on investment costs. Signup and view all the answers

When should a cost-benefit analysis be conducted?

When decision-makers need to choose the best investment opportunities in different scenarios. Signup and view all the answers

What does a larger cost-benefit ratio indicate about a project?

The project will generate more financial benefits for the organization. Signup and view all the answers

Project Management Fundamentals

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