Project Management Fundamentals
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Questions and Answers

What is one way to provide value to customers?

  • Better quality (correct)
  • Lower demand
  • Less available products
  • Higher prices

    • Understanding customer tastes and desires is essential for project success.

    True

    What two types of supplies should be studied regarding suppliers?

    Raw materials and production supplies

    Studying a person's capabilities is essential for a commercial project's __________.

    <p>success</p> Signup and view all the answers

    What is the first cornerstone to establish any business project?

    <p>Identifying the target segment</p> Signup and view all the answers

    Match the following project findings with their descriptions:

    <p>Some people are needed = Recruit skilled team members A good reputation is needed = Establish trust with customers Innovation is needed = Develop creative solutions Technology properties = Analyze quality and maintainability</p> Signup and view all the answers

    Introducing improvements to an existing product is considered an alternative to innovation.

    <p>True</p> Signup and view all the answers

    What is a crucial step before committing to a commercial project?

    <p>Evaluating the project</p> Signup and view all the answers

    The preliminary study aims to assess administrative capabilities and predict demand.

    <p>True</p> Signup and view all the answers

    Name one way to distinguish your products from your competitors' products.

    <p>By providing different characteristics and specifications.</p> Signup and view all the answers

    What is one key reason for identifying problems and obstacles during project evaluation?

    <p>To mitigate potential risks.</p> Signup and view all the answers

    Competitors are individuals and companies that compete with a project by providing the same __________ or __________.

    <p>goods, services</p> Signup and view all the answers

    A project's success relies heavily on predicting its potential ________ for its product or service.

    <p>demand</p> Signup and view all the answers

    Match the following concepts with their descriptions:

    <p>Market size = The size of competitors' market share and their offers Performance evaluation = Assessing the quality of competitors’ products or services Product/service distinctiveness = Unique characteristics that set offerings apart Pricing = Determining the cost of your products to attract buyers</p> Signup and view all the answers

    Match the evaluation aspect with its importance:

    <p>Predicting demand = Determines potential market interest Identifying problems and obstacles = Mitigates risks Analyzing project inputs = Ensures resource availability Assessing administrative capabilities = Confirms delivery specifications</p> Signup and view all the answers

    Which of the following is NOT a key factor influencing financing requirements for a commercial project?

    <p>Marketing Strategy</p> Signup and view all the answers

    Quality is an aspect that needs to be studied when examining the technology for a project.

    <p>True</p> Signup and view all the answers

    List two possible financing sources for a commercial project.

    <p>Personal savings and trade credit from suppliers</p> Signup and view all the answers

    A good reputation and strong social ties are considered as important as _______ in financing a commercial project.

    <p>capital</p> Signup and view all the answers

    Match the following financing sources with their characteristics:

    <p>Personal savings = Own funds saved from income Community funds = Support collected from local groups Microfinance = Small loans provided to entrepreneurs Zakat Office support = Assistance based on charitable giving principles</p> Signup and view all the answers

    What is a key factor influencing the demand for a product?

    <p>The price of competing products</p> Signup and view all the answers

    Customers must have the financial ability to purchase a product for their desires to be considered in market demand.

    <p>True</p> Signup and view all the answers

    What is one critical aspect of customer analysis?

    <p>Identifying customer segments</p> Signup and view all the answers

    The market consists of individuals who wish to buy a commodity or service at a specific price and __________.

    <p>time</p> Signup and view all the answers

    Match the demand factors with their descriptions:

    <p>Current demand = Existing quantity of goods desired at the moment Future demand projections = Estimates of how demand may change over time Number of consumers = Total individuals desiring the product Consumer preferences = Likes and dislikes influencing purchasing decisions</p> Signup and view all the answers

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