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Exam 4: Project Initiation

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Question 1

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Projects should be selected based on the value they will bring to the organization. Explain what value means in this sense.

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The value of a project relates...

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Question 2

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A project ________ is a document composed of a set of project characteristics - costs, benefits, risks, etc. - that aid organizational decision makers in deciding what projects to work on.

A) plan
B) charter
C) contract
D) business case

E) B) and C)
F) A) and C)

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Question 3

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The reason we create financial models for project selection analysis is to ascertain whether the ________ outweigh the costs and to what degree.

The contents of a business case do not change depending on the size, cost, level of risk, or strategic importance of the project.

With respect to putting a business case together, what are the benefits of building a team representative of all affected stakeholders?

The payback period is the amount of time it will take a project before the accrued costs surpass the accrued benefits.

Subject matter expert judgments, "sacred cow" decisions, and mandates are examples of quantitative project selection models.

The project charter is the last tangible work product created in all projects.

SMEs are individuals either within a company or outside the company who possess expertise or unique knowledge in a particular facet of business.

Models allow you to emphasize key parts of the puzzle and see them more clearly.

The balanced scorecard approach to project valuation suggests that the organization be viewed from four perspectives. List and explain those four.

The real options theory is widely acknowledged as achieving poorer results than traditional valuation methods.

Net present value is a method of calculating the net monetary gain or loss from and investment (project) by discounting all future costs and benefits to the present time.

IT portfolio management organizes a group of IT projects into multiple portfolios consisting of reports that capture project goals, costs, time lines, accomplishments, resources, risks, and other critical factors.

The project charter template has three main sections: project identification, key project characteristics, and resource responsibilities and approvals.

________ rate of return is the discount rate at which NPV is zero.

The two stakeholder analysis deliverables, as described by PMBOK, are the stakeholder register and the stakeholder analysis matrix.

Which of the following is NOT a key component of a business case?

The development of strategies involves an analysis of the ________ environment to identify economic, social, and technological opportunities and potential threats.

Selecting the right projects to work on is not important but sometimes difficult for an organization.