Project Selection Techniques

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What is the primary purpose of conducting a SWOT analysis?

To develop a comprehensive business strategy and plan.
To assess the feasibility and risks of a specific project.
To allocate resources and assign responsibilities for a project.
To identify a company's internal strengths and weaknesses, as well as external opportunities and threats. (correct)

Which of the following is NOT a typical element of a SWOT analysis?

Constraints (correct)
Weaknesses
Strengths
Opportunities

How can project managers and stakeholders use the insights from a SWOT analysis?

To identify potential impacts on a project's success and develop strategies to improve outcomes. (correct)
To establish a weighted scoring model for evaluating project alternatives.
To determine the appropriate project management approach and create a project charter.
To align the project's balanced scorecard with the organization's strategic goals.

Which of the following is an example of an external factor that would be considered a 'Threat' in a SWOT analysis?

Increased competition from new market entrants. (A) Signup and view all the answers

What is the primary benefit of using a weighted scoring model when evaluating project alternatives?

It enables project managers and stakeholders to objectively compare and prioritize different project options. (D) Signup and view all the answers

Which of the following is a key element of a project charter?

The project management approach to be used. (D) Signup and view all the answers

Which of the following is NOT one of the five common techniques for selecting projects as mentioned in the text?

Performing risk analysis (C) Signup and view all the answers

What is the primary purpose of categorizing IT projects?

To respond to a problem, an opportunity, or a directive (C) Signup and view all the answers

Which of the following is a primary method for determining the projected financial value of projects, as mentioned in the text?

Net Present Value (NPV) analysis (A) Signup and view all the answers

The text mentions that projects addressing broad organizational needs are more likely to be successful. What is the primary reason for this, according to the passage?

They are more likely to be important to the organization (D) Signup and view all the answers

What is the primary purpose of a weighted scoring model?

To provide a systematic process for selecting projects based on multiple criteria (C) Signup and view all the answers

Which of the following is not a component of a balanced scorecard?

Payback period analysis (D) Signup and view all the answers

What is the primary purpose of a project charter?

To formally recognize the existence of a project and provide direction on its objectives and management (C) Signup and view all the answers

Which of the following is not a method discussed in the text for evaluating project feasibility?

Monte Carlo simulation (C) Signup and view all the answers

What is the primary difference between return on investment (ROI) and payback analysis?

ROI is expressed as a percentage, while payback analysis is expressed in units of time (D) Signup and view all the answers

Which of the following best describes the project management approach discussed in the text?

Weighted scoring model approach (D) Signup and view all the answers

Project Selection Techniques

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