project initiation starting a successful project weekly challenge 1 answers
1.Why is it important to initiate a project? Select all that apply.
- Help the project manager establish a good reputation
- Provide a strong foundation and set the stage for success
- Determine if the project’s benefits outweigh the costs
- Solidify the scope of a project
2. What two questions can a project manager ask to determine a project’s costs?
- How will the user experience be improved?
- What are the ongoing project costs?
- What value will the project create?
- How much time will people have to spend on the project?
3. What are the key components of project initiation?
- Goals, scope, planning, documentation, success criteria, and resources
- Goals, scope, deliverables, success criteria, stakeholders, and resources
- Findings, scope, planning, deliverables, success criteria, and resources
- Findings, scope, deliverables, monitoring progress, stakeholders, and resources
4. Imagine you’re the project manager of a new grocery delivery service. You meet with stakeholders to set an overarching framework of what is and is not included in the project statement of work and deliverables. Which project initiation component are you trying to determine?
- Scope
- Resources
- Project charter
- Success criteria
5. What term refers to the budget, people, materials, and other items necessary to complete a project?
- Deliverables
- Resources
- Scope
- Success criteria
6. A project charter adds value to projects in what three ways?
- Sets up a framework for what project work the team needs to do
- Allows project managers to get organized
- Includes a plan to mitigate potential risks
- Helps project managers communicate project details to others
7. Fill in the blank: _____ are gains that are not quantifiable.
- Quarterly income
- Ongoing costs
- Intangible benefits
- Yearly profits
8. You expect that a project will bring in $25,000 USD in revenue per year. You estimate it will cost $12,000 up front. You also estimate costs of $200 per month for the first 12 months, which equals $2,400 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?
- (25,000 – 14,400) ÷ 14,400 = 74%
- (25,000 – 12,000) ÷ 12,000 = 108%
- (25,000 – 12,000) ÷ 14,400 = 90%
- (25,000 – 14,400) ÷ 12,000 = 88%
9. Fill in the blank: Project initiation includes determining resources, documenting key components, and _____.
- solidifying scope
- establishing a schedule
- finalizing budgets
- onboarding the team
10. As a project manager, you investigate the value a project will create and how much time will be saved. What step of the cost benefit analysis are you completing?
- Expense analysis
- Goals analysis
- Cost analysis
- Benefit analysis
11. Which of the following are key components of project initiation? Select all that apply.
- Scope
- Success criteria
- Project charter
- Goals
12. As a project manager, you define the standards to meet for the project’s success. Which key component of project initiation does this scenario concern?
- Resources
- Success criteria
- Deliverables
- Scope
13. Imagine that the main supplier for a construction project runs out of steel girders and needs to obtain more to complete the order. Which key component of project initiation does this scenario concern?
- Resources
- Goals
- Scope
- Deliverables
14. What is the purpose of a project charter?
- Determines project roles and assign associated tasks
- Establishes communication channels and record preferred methods
- Defines the project and its goals and outline what is needed to accomplish them
- Outlines how to mitigate potential risks
15. When calculating a cost-benefit analysis for a project, what do you call gains that are not quantifiable?
- Yearly profits
- Intangible benefits
- Ongoing costs
- Quarterly income
16. You expect that a project will bring in $15,000 USD in revenue per year. You estimate it will cost $10,000 up front. You also estimate costs of $100 per month for the first 12 months, which equals $1,200 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?
- (15,000 – 11,200) ÷ 11,200 = 34%
- (15,000 – 10,000) ÷ 11,200 = 45%
- (11,200 – 10,000) ÷ 15,000 = 8%
- (15,000 – 11,200) ÷ 15,000 = 25%
17. In the initiation phase, a project manager performs research, consults with stakeholders, and clearly documents key project components. What does going through this process help them solidify?
- Project tasks
- Project scope
- Project delivery dates
- Project closeouts
18. As a project manager, you add a task to complete a new feature in the app your team is building. Which key component of project initiation are you working on?
- Success criteria
- Deliverables
- Scope
- Resources
19. As a project manager, you determine the budget, people, and material that you will need for an upcoming project. Which project initiation component are you trying to determine?
- Project charter
- Goals
- Resources
- Success criteria
20. As a project manager, you complete the stages in the project initiation phase. Who do you meet with to get project approval?
- The vendors working on the project
- The developing team
- The project stakeholders
- The project resources
21. Which document allows project managers to get organized, sets up a framework for what needs to be done, and communicates the framework to stakeholders?
- A project charter
- A risk log
- A retrospective document
- A budget plan
22. In the initiation phase, a project manager performs research, consults with stakeholders, and clearly documents key project components. What does going through this process help them solidify?
- Project tasks
- Project scope
- Project delivery dates
- Project closeouts
23. As a project manager, you analyze the amount of time team members will need to spend on a project and the likely ongoing project expenses. What step of the cost benefit analysis are you completing?
- Benefit analysis
- Goals analysis
- Cost analysis
- Expense analysis
24. As a project manager, you work with key stakeholders to define what needs to be completed and achieved for a project . Which key component of project initiation does this scenario concern?
- Resources
- Deliverables
- Goal
- Success criteria
25. What type of document needs approval from key stakeholders in order to move to the planning stage?
- A risk log
- A retrospective document
- A project charter
- A budget plan
26. You expect that a project will bring in $20,000 USD in revenue per year. You estimate it will cost $8,000 up front. You also estimate costs of $150 per month for the first 12 months, which equals $1,800 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?
- (20,000 – 8,000) ÷ 9,800 = 90%
- (20,000 – 9,800) ÷ 9,800 = 104%
- (20,000 – 9,800) ÷ 8,000 = 88%
- (20,000 – 14,400) ÷ 9,800 = 108%
27. What are two potential consequences of a project manager failing to properly initiate a project? Select all that apply.
- Stakeholders might not agree on what success looks like.
- External risks can affect project success.
- New dependencies can arise.
- Resources can be underestimated.
28. Fill in the blank: A cost-benefit analysis weighs the potential value of a project against money, resources, and _____ required.
- policies
- time
- expectations
- competitors
29. As a project manager, you meet with stakeholders to set what products and services you will complete for the project. Which project initiation component are you trying to determine?
- Success criteria
- Resources
- Deliverables
- Scope
30. Which of the following could be considered intangible benefits? Select all that apply.
- Customer satisfaction
- Brand perception
- Income earned
- Employee satisfaction
31. Fill in the blank: A cost-benefit analysis weighs the potential value of a project against money, resources, and _____ required.
- policies
- competitors
- time
- expectations
32. What key component in the project management cycle is a meeting scheduled with staff to train on a new product?
- Scope
- Deliverable
- Resource
- Success Criteria
33. As a project manager, what question will you ask to determine the brand perception of a project?
- Is this project likely to improve the company’s image and attract more customers?
- Will the project increase customer retention and cause them to spend more time on the product?
- Will this project reduce employee’s overtime hours and save the company money?
- Is this project likely to improve employee morale and reduce turnover?
34. Fill in the blank: _____ are the first thing a project manager needs to consider during the initiation phase.
- Planning
- Success criteria
- Goals
- Resources
35. In a project, what group of people are instrumental to determine goals and the success criteria of a project?
- Project vendors
- Project caterers
- Project developers
- Project stakeholders
36. Imagine you’re the project manager of a new grocery delivery service. You meet with stakeholders to decide how to measure project success. Which project initiation component are you trying to determine?
- Goals
- Scope
- Success criteria
- Resources
37. During the initiation phase, you notice the resources assigned to the project will be minimal and the deadline will be extended. What is a next step to ensure project initiation success?
- Meet with stakeholders for sufficient understanding of project goals.
- Create an efficient project plan.
- Create checkpoints in the project for all milestones.
- Ensure all the tasks are assigned on the project.
38. What type of analysis compares the value of a project’s outcomes with the financial and time expenses of the project?
- Goals analysis
- Cost-benefit analysis
- Benefit analysis
- Visual analysis
39. You expect that a project will bring in $12,000 USD in revenue per year. You estimate it will cost $5,000 up front. You also estimate costs of $50 per month for the first 12 months, which equals $600 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?
- (12,000 – 5,600) ÷ 5,000 = 128%
- (12,000 – 5,600) ÷ 5,600 = 114%
- (5,600 – 5,000) ÷ 12,000 = 5%
- (12,000 – 5,000) ÷ 5,000 = 140%
40. Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.
- To add up the expected value, or benefits, of a project
- To outline project goals and how to accomplish them
- To compare the project benefits to the costs
- To set up a framework for what project work the team needs to do