PMG202c - Chap2 Final Exam Questions & Answers.
Why is it important to initiate a project? Select all that apply.
a. Determine if the project's
... [Show More] benefits outweigh the costs
b. Provide a strong foundation and set the stage for success
c. Solidify the scope of a project
d. Help the project manager establish a good reputation
a, b, c
What two questions can a project manager ask to determine a project's costs?
a. What value will the project create?
b. How will the user experience be improved?
c. What are the ongoing project costs?
d. How much time will people have to spend on the project?
c, d
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Fill in the blank: _____ are the first thing a project manager needs to consider during the initiation phase.
a. Goals
b. Resources
c. Planning
d. Success criteria
a
Imagine you're the project manager of a new grocery delivery service. You meet with the owners to discuss what outcomes they'd like to ultimately achieve with the project. Which project initiation component are you trying to determine?
a. Resources
b. Budget
c. Scope
d. Goals
d
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?
a. Goals
b. Scope
c. Deliverables
d. Resources
d
A project charter adds value to projects in what three ways?
a. Includes a plan to mitigate potential risks
b. Sets up a framework for what project work the team needs to do
c. Helps project managers communicate project details to others
d. Allows project managers to get organized
b, c, d
Fill in the blank: _____ are gains that are not quantifiable.
a. Yearly profits
b. Intangible benefits
c. Ongoing costs
d. Quarterly income
b
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?
a. (25,000 - 12,000) ÷ 14,400 = 90%
b. (25,000 - 12,000) ÷ 12,000 = 108%
c. (25,000 - 14,400) ÷ 14,400 = 74%
d. (25,000 - 14,400) ÷ 12,000 = 88%
c
Fill in the blank: Project initiation includes determining resources, documenting key components, and _____.
a. solidifying scope
b. finalizing budgets
c. onboarding the team
d. establishing a schedule
a
Imagine that a university hires a construction company to build a new library. Before starting, the project manager outlines the building materials the project needs. They also outline the roles and amount of workers to hire. Which key component of project initiation does this scenario concern?
a. Resources
b. Deliverables
c. Success criteria
d. Scope
a
Fill in the blank: A _____ is a document that defines project goals and outlines what is needed to accomplish them.
a. project charter
b. risk analysis
c. cost-benefit analysis
d. project schedule
a
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?
a. (15,000 - 11,200) ÷ 11,200 = 34%
b. (15,000 - 10,000) ÷ 11,200 = 45%
c. (15,000 - 11,200) ÷ 15,000 = 25%
d. (11,200 - 10,000) ÷ 15,000 = 8%
a
Fill in the blank: A cost-benefit analysis weighs the potential value of a project against money, resources, and _____ required.
a. competitors
b. time
c. policies
d. expectations
b
When calculating a cost-benefit analysis for a project, what do you call gains that are not quantifiable?
a. Ongoing costs
b. Yearly profits
c. Quarterly income
d. Intangible benefits
d
Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.
a. To set up a framework for what project work the team needs to do
b. To add up the expected value, or benefits, of a project
c. To outline project goals and how to accomplish them
d. To compare the project benefits to the costs
c, d
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?
a. Goals
b. Resources
c. Scope
d. Success criteria
d [Show Less]