Managing Ideas in Cost Management of Capital Projects
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Managing Ideas in Cost Management of Capital Projects

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@MerryCopper

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Questions and Answers

What is one of the challenges owners and builders face when delivering capital projects?

  • Lack of creativity in suggesting improvements
  • High level of detail in project descriptions
  • Cost management (correct)
  • Difficulty in setting ambitious goals
  • Why is using a Risk and Opportunity Register important in project management?

  • To eliminate all risks completely
  • To increase financial capital
  • To manage risks transparently (correct)
  • To avoid setting ambitious goals
  • What does a Risk and Opportunity Register help project teams do?

  • Identify opportunities to enhance a project (correct)
  • Avoid entirely eliminating risks
  • Ignore risks and uncertainties
  • Increase financial capital
  • Why should risks and opportunities be identified and assessed early in a project?

    <p>To apply intellectual capital to mitigate or avoid risks</p> Signup and view all the answers

    What does effective use of a Risk and Opportunity Register help project teams avoid?

    <p>Additional value for all parties involved</p> Signup and view all the answers

    How does a Risk and Opportunity Register contribute to cost management in capital projects?

    <p>By allowing the application of intellectual capital to mitigate risks</p> Signup and view all the answers

    What is the main focus of the Lean Start up methodology?

    <p>Iterating and improving based on real-world feedback</p> Signup and view all the answers

    What is one of the key aspects to validate when following the Lean Start up approach?

    <p>Ensuring the problem your product solves is real and significant</p> Signup and view all the answers

    What is the primary goal of an Idea Challenge?

    <p>To generate ideas around a pre-defined theme in a limited period</p> Signup and view all the answers

    What is one of the parameters that can be chosen when organizing an Idea Challenge?

    <p>Choosing specific responsibilities for participants</p> Signup and view all the answers

    Who created the SCAMPER technique used for problem-solving and creative thinking?

    <p>Bob Eberle</p> Signup and view all the answers

    What does the SCAMPER technique aim to help with?

    <p>Promoting creativity and new ideas</p> Signup and view all the answers

    What method can you use to identify your competitors' strengths, weaknesses, opportunities, and threats?

    <p>Utilizing the SWOT rule</p> Signup and view all the answers

    Which method involves asking participants to record problems, frustrations, and positive experiences throughout a specified period?

    <p>Recording experiences through diary studies</p> Signup and view all the answers

    How can you determine your total market potential?

    <p>Using industry reports for your industry</p> Signup and view all the answers

    What is suggested as a cost-effective longitudinal method to study user experiences?

    <p>Conducting diary studies</p> Signup and view all the answers

    Why is it essential to consider looking at competition both narrowly and broadly?

    <p>To find root cause problems instead of just symptoms</p> Signup and view all the answers

    Which tool is recommended to evaluate the broader market?

    <p>Google Trends</p> Signup and view all the answers

    What does it mean to validate the problem in the market?

    <p>Speak to potential customers about the problem</p> Signup and view all the answers

    Why should you avoid market forecasts during the validation process?

    <p>Many forecasts are based on assumptions</p> Signup and view all the answers

    What type of data should be favored over assumptions in the validation process?

    <p>Complex data</p> Signup and view all the answers

    What is at the heart of the validation process?

    <p>Solving problems important to the market</p> Signup and view all the answers

    Why is speaking to potential customers crucial during the validation process?

    <p>To understand their problem and its importance</p> Signup and view all the answers

    What does validating the problem mean in the context of market validation?

    <p>Checking if the problem is real by speaking to customers</p> Signup and view all the answers

    What is a common mistake businesses make during customer validation?

    <p>Believing they know their target market without validating</p> Signup and view all the answers

    What is an essential piece of information to take away when speaking to customers during validation?

    <p>Their problem and its importance to them</p> Signup and view all the answers

    Why should validating the product be one of the last steps in the process?

    <p>To establish the need for the product first</p> Signup and view all the answers

    What can happen if a business stops customer validation once they receive positive feedback?

    <p>Miss critical insights for improvement</p> Signup and view all the answers

    Why are businesses afraid of changing their products according to the text?

    <p>Because they believe their products are perfect</p> Signup and view all the answers

    Why should businesses not rely too heavily on friends and family for product feedback?

    <p>Friends and family might not understand the product</p> Signup and view all the answers

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