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%
Shuffle Q/A 1
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
