Week 1 Understanding Key Concepts of Project Initiation

As a project manager, what is your main responsibility during the initiation phase?

• Figure out all the pieces that have to come together in order to get the work done.

• Create a budget plan with all the expenses for the project.

• Hold a meeting with the team that will execute the tasks.

• Create a project plan to list out all the tasks to complete.

As a project manager, you analyze the amount of time team members will need to spend on a project and the likely ongoing project expenses. What step of the cost-benefit analysis are you completing?

• Cost analysis

• Goals analysis

• Benefit analysis

• Expense analysis

As a project manager, you add a task to complete a new feature in the app your team is building. Which key component of project initiation are you working on?

• Resources

• Deliverables

• Scope

• Success criteria

As a project manager, you determine the budget, people, and material that you will need for an upcoming project. Which project initiation component are you trying to determine?

• Project charter

• Success criteria

• Resources

• Goals

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?

• Deliverables

• Goals

• Resources

• Scope

Fill in the blank: A _____ is a document that defines project goals and outlines what is needed to accomplish them.

• project charter

• project schedule

• cost-benefit analysis

• risk analysis

Fill in the blank: _____ are gains that are not quantifiable.

• Intangible benefits

• Quarterly income

• Yearly profits

• Ongoing costs

You expect that a project will bring in $20,000 USD in revenue per year. You estimate it will cost $8,000 upfront. You also estimate costs of $150 per month for the first 12 months, which equals $1,800 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?

• (20,000-9,800)÷9,800=104%

• (20,000-9,800)÷8,000=88%

• (20,000-8,000)÷9,800=90%

• (20,000-14,400)÷9,800=108%