Exam 1C

What is the main goal of stakeholder management?

• To increase project costs
• To manage stakeholder expectations and engagement
• To allocate project resources
• To define project scope

Answer explanation

Effective stakeholder management ensures that stakeholders' needs and expectations are met, contributing to project success.

What does ROI stand for in project management?

• Rate of Investment
• Return of Investment
• Revenue on Investment
• Risk of Investment

Answer explanation

ROI measures the profitability of an investment relative to its cost.

What is a key characteristic of a successful start-up?

• Large initial funding
• Innovative business model
• Established market presence
• Numerous employees

Answer explanation

Start-ups often succeed by introducing new and innovative business models.

Why is stakeholder analysis crucial in project management?

• To identify project tasks
• To understand stakeholder interests and influence
• To allocate project budget
• To schedule project activities

Answer explanation

Stakeholder analysis helps manage their expectations and involvement in the project.

Which of the following best describes 'lean organisations'?

• Organisations with minimal hierarchy
• Organisations that focus on continuous improvement and waste reduction
• Organisations that heavily invest in digital technologies
• Organisations with a large workforce

Answer explanation

Lean organisations aim to improve efficiency and reduce waste through continuous improvement.

What is the purpose of a project budget?

• To define project scope
• To allocate financial resources for project activities
• To manage project risks
• To schedule project tasks

Answer explanation

A project budget allocates financial resources to various project activities, ensuring that the project is completed within the allocated funds.

What is the Business Model Canvas?

• Is a problem-solving method that involves the spontaneous contribution of creative ideas and solutions.
• Is a tool to help map existing business models, improve them and invent new ones.
• It's a cause and effect diagram to help identifying possible causes of a problem and in sorting ideas into useful categories.
• Is an organizational tool used to explore a topic and generate ideas to push our creative thinking further, leading to greater insight and innovation.

This is NOT a reason why digital transformation fails

• Lack of clear, shared organisational, goals backed by leadership
• Poor collaboration and communication between teams
• Getting the people involved and engaged with the projects
• Poorly adopted agile mindset

Which is a characteristic of an agile leadership.

• Uses power through position
• Command and control
• Empowerment and collaboration
• Follows processes and procedures

What is company culture?

• Is a company dominated by bad practices and policies.
• Is the heart and soul of an organization—its personality and values. It is defined by a shared set of beliefs, attitudes, behaviours, and goals.
• The organizational culture is one where the values and norms are not clearly defined and communicated to the employees.
• It's the hierarchy and bureaucracy of the organisation.

Answer explanation

Company culture is about the shared norms, values, attitudes and practices that form the collective identity of your company.