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
