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?
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?
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.
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?
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