Managing Ideas in Cost Management of Capital Projects

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?

To apply intellectual capital to mitigate or avoid risks (C) Signup and view all the answers

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

Additional value for all parties involved (A) Signup and view all the answers

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

By allowing the application of intellectual capital to mitigate risks (A) Signup and view all the answers

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

Iterating and improving based on real-world feedback (A) Signup and view all the answers

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

Ensuring the problem your product solves is real and significant (C) Signup and view all the answers

What is the primary goal of an Idea Challenge?

To generate ideas around a pre-defined theme in a limited period (A) Signup and view all the answers

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

Choosing specific responsibilities for participants (A) Signup and view all the answers

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

Bob Eberle (A) Signup and view all the answers

What does the SCAMPER technique aim to help with?

Promoting creativity and new ideas (C) Signup and view all the answers

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

Utilizing the SWOT rule (C) Signup and view all the answers

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

Recording experiences through diary studies (B) Signup and view all the answers

How can you determine your total market potential?

Using industry reports for your industry (C) Signup and view all the answers

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

Conducting diary studies (B) Signup and view all the answers

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

To find root cause problems instead of just symptoms (B) Signup and view all the answers

Which tool is recommended to evaluate the broader market?

Google Trends (B) Signup and view all the answers

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

Speak to potential customers about the problem (C) Signup and view all the answers

Why should you avoid market forecasts during the validation process?

Many forecasts are based on assumptions (B) Signup and view all the answers

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

Complex data (A) Signup and view all the answers

What is at the heart of the validation process?

Solving problems important to the market (B) Signup and view all the answers

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

To understand their problem and its importance (B) Signup and view all the answers

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

Checking if the problem is real by speaking to customers (A) Signup and view all the answers

What is a common mistake businesses make during customer validation?

Believing they know their target market without validating (A) Signup and view all the answers

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

Their problem and its importance to them (D) Signup and view all the answers

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

To establish the need for the product first (C) Signup and view all the answers

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

Miss critical insights for improvement (D) Signup and view all the answers

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

Because they believe their products are perfect (C) Signup and view all the answers

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

Friends and family might not understand the product (B) Signup and view all the answers