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FPM Week 2 - Project Initiation
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FPM Week 2 - Project Initiation

Created by
@FasterMistletoe

Questions and Answers

Which of the following is a step in the project strategy selection process?

  • Lessons learned
  • Project completion
  • Project initiation (correct)
  • Project denial

    • Which of the following project selection techniques evaluates projects based on Strengths, Weaknesses, Opportunities, and Threats?

  • Weighted Scoring
  • Business Case
  • Payback Analysis
  • SWOT Analysis (correct)

    • What is the purpose of the four-stage planning process in project selection?

  • Focus on resource allocation
  • Develop a project scope
  • Select the right project at the right time (correct)
  • Manage project risks

    • In a SWOT analysis, which factors are external to the organization?

    <p>Opportunities and Threats</p> Signup and view all the answers

    In the weighted scoring method, what must the total weight of all criteria add up to?

    <p>100%</p> Signup and view all the answers

    Which of the following is not a financial method used to justify projects?

    <p>SWOT Analysis</p> Signup and view all the answers

    In the payback analysis, when does payback occur?

    <p>When cumulative benefits exceed cumulative costs</p> Signup and view all the answers

    Which of the following is a common element in a business case?

    <p>Budget estimate and financial analysis</p> Signup and view all the answers

    What is the purpose of a Benefits Management Plan?

    <p>To define how and when project benefits will be delivered</p> Signup and view all the answers

    What type of analysis calculates the expected net monetary gain or loss by discounting future cash flows to the present time?

    <p>Net Present Value (NPV)</p> Signup and view all the answers

    Which of the following is used to make decisions under uncertainty by calculating the expected value of various outcomes?

    <p>Decision Trees</p> Signup and view all the answers

    Which of the following is an example of a strategic objective for project selection?

    <p>Launch a new product</p> Signup and view all the answers

    What is the typical format of a project charter?

    <p>A formal document that authorizes the existence of a project</p> Signup and view all the answers

    Which of the following is not a component of a project charter?

    <p>Stakeholder register</p> Signup and view all the answers

    What does the product vision describe in adaptive project initiation?

    <p>The future state achieved by deploying the product</p> Signup and view all the answers

    Which of the following statements about payback analysis is true?

    <p>Payback occurs when cumulative benefits equal or exceed cumulative costs</p> Signup and view all the answers

    What is the main purpose of the project kickoff meeting?

    <p>To recap the project charter and discuss roles and responsibilities</p> Signup and view all the answers

    In weighted scoring, what is done after criteria are assigned weights?

    <p>Score each project option for each criterion</p> Signup and view all the answers

    Which financial method evaluates how quickly a project can recover its initial investment?

    <p>Payback Analysis</p> Signup and view all the answers

    What does the 'assumptions' section of a project charter contain?

    <p>Conditions believed to be true without proof</p> Signup and view all the answers

    What is the role of the project manager in developing the project charter?

    <p>Taking a major role in developing the charter and seeking approval</p> Signup and view all the answers

    What is the goal of conducting a SWOT analysis in project selection?

    <p>To identify both internal and external factors affecting the project</p> Signup and view all the answers

    Which of the following is an example of an opportunity in a SWOT analysis?

    <p>New technology available for the project</p> Signup and view all the answers

    Which of the following is used to quantify and evaluate the financial benefits of a project over time?

    <p>Net Present Value (NPV)</p> Signup and view all the answers

    What is the main purpose of creating a business case for a project?

    <p>To justify the project's need and alignment with business goals</p> Signup and view all the answers

    What is a key consideration when using a weighted scoring approach?

    <p>The total weight of criteria must add up to 100%</p> Signup and view all the answers

    What is the primary purpose of the Benefits Management Plan?

    <p>To define how project benefits will be measured and delivered</p> Signup and view all the answers

    What is the expected monetary value (EMV) of a project based on?

    <p>Probability and potential outcomes</p> Signup and view all the answers

    Which of the following is not part of a project brief in adaptive project management?

    <p>Detailed project schedule</p> Signup and view all the answers

    In a decision tree analysis, what is the expected monetary value of an outcome?

    <p>The outcome’s probability multiplied by its potential value</p> Signup and view all the answers

    Which document is typically used to formally authorize the start of a project?

    <p>Project Charter</p> Signup and view all the answers

    In which project selection method do senior executives develop the strategic plan?

    <p>Four-stage planning process</p> Signup and view all the answers

    Which document outlines the project’s goals, scope, deliverables, and stakeholders' approval?

    <p>Project Charter</p> Signup and view all the answers

    What does ROI stand for in project financial analysis?

    <p>Return on Investment</p> Signup and view all the answers

    Which of the following criteria would not be included in a weighted scoring matrix?

    <p>Stakeholder identification</p> Signup and view all the answers

    What is a potential benefit of live streaming a conference as part of a project?

    <p>Increased membership and sponsorship revenue</p> Signup and view all the answers

    What is the purpose of the product roadmap in adaptive project management?

    <p>To break down the product vision into specific business goals and development priorities</p> Signup and view all the answers

    Which financial metric looks at the time it will take to recover the investment made in a project?

    <p>Payback Analysis</p> Signup and view all the answers

    Which of the following is typically included in the 'assumptions' section of a project charter?

    <p>Conditions considered true without proof</p> Signup and view all the answers

    What is a key difference between a predictive project and an adaptive project?

    <p>Predictive projects use a fixed plan, while adaptive projects are flexible</p> Signup and view all the answers

    What is a project vision typically used for in an adaptive project?

    <p>To describe the future state of the product or service being developed</p> Signup and view all the answers

    Which financial method involves discounting future cash flows to their present value?

    <p>Net Present Value (NPV)</p> Signup and view all the answers

    What type of project typically uses an agile or adaptive approach?

    <p>Projects that require flexibility and frequent stakeholder input</p> Signup and view all the answers

    Which of the following is an example of a 'constraint' in a project charter?

    <p>Budget limitations</p> Signup and view all the answers

    In the context of project selection, which of the following is an internal factor that can affect project success?

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

    What type of project typically involves a high degree of uncertainty and requires flexibility?

    <p>Adaptive (Agile) project</p> Signup and view all the answers

    Which of the following tools is commonly used in predictive project management to manage tasks and track project progress?

    <p>Gantt Chart</p> Signup and view all the answers

    What is the primary benefit of using a decision tree in project analysis?

    <p>It quantifies risks and calculates expected monetary value</p> Signup and view all the answers

    In a project selection process, what is the purpose of resource allocation?

    <p>To allocate the appropriate resources to approved projects</p> Signup and view all the answers

    What is the main advantage of using a project brief in an adaptive project?

    <p>It outlines specific acceptance criteria and defines team collaboration</p> Signup and view all the answers

    Study Notes

    Project Strategy Selection Process

    • Project initiation is a crucial step in selecting the right project strategy.
    • The main goal of the four-stage planning process is to choose the right project at the right time.

    SWOT Analysis

    • SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
    • Opportunities and Threats are external factors; Strengths and Weaknesses are internal.
    • It helps identify both internal and external factors impacting project success.

    Project Selection Techniques

    • SWOT Analysis evaluates projects based on their Strengths, Weaknesses, Opportunities, and Threats.
    • Weighted scoring requires all criteria weights to total 100%.

    Financial Analysis Methods

    • Financial methods include Net Present Value (NPV), Payback Analysis, and Return on Investment (ROI); SWOT Analysis is not a financial method.
    • Payback occurs when cumulative benefits exceed costs, indicating investment recovery.
    • NPV calculates the expected net monetary gain or loss by discounting future cash flows.

    Business Case and Project Charter

    • A business case justifies the need for the project and aligns it with business goals.
    • The project charter formally authorizes the project and includes the project manager's name and success criteria, but not the stakeholder register.

    Benefits Management Plan

    • The plan defines how and when the project's benefits will be delivered while measuring success.
    • Key assumptions in a project charter include conditions accepted as true without proof.

    Project Kickoff and Team Roles

    • The project kickoff meeting is essential to recap the project charter and clarify roles.
    • The project manager plays a significant role in developing the project charter and gaining approval.

    Decision-Making Tools

    • Decision trees assist in making decisions under uncertainty, calculating expected outcomes' values.
    • Expected Monetary Value (EMV) relies on probability and potential outcomes.

    Project Objectives and Constraints

    • Strategic objectives such as launching a new product are vital for project selection.
    • Constraints, like budget limitations, significantly impact project execution.

    Adaptive vs. Predictive Projects

    • Adaptive projects require flexibility and can adjust to changing circumstances, while predictive projects follow a fixed plan.
    • Adaptive projects typically involve high uncertainty and seek frequent stakeholder input.

    Financial Metrics and Evaluation

    • Key financial metrics in project analysis include Payback Analysis, NPV, ROI, and EMV.
    • A project's ROI measures the return generated from the investment in the project.

    Resource Allocation and Project Brief

    • Effective resource allocation involves assigning appropriate resources to approved projects.
    • In adaptive projects, a project brief outlines acceptance criteria and team collaboration without setting a fixed timeline.

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    Description

    Test your knowledge of project management concepts and strategies with this quiz. It covers key principles such as project initiation, evaluation techniques like SWOT analysis, and planning processes. Ideal for students and professionals looking to enhance their understanding of project management.

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