Project Initiation: Starting a Successful Project Week 1 Quiz Answers

Project Initiation: Starting a Successful Project

Week 1 Quiz Answers

Weekly Challenge 1

Question 1)

What are two potential consequences of a project manager failing to properly initiate a project?

External risks can affect project success.
New dependencies can arise.
Resources can be underestimated.
Stakeholders might not agree on what success looks like.

Question 2)

Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.

To compare the project benefits to the costs
To outline project goals and how to accomplish them
To add up the expected value, or benefits, of a project
To set up a framework for what project work the team needs to do

Question 3)

What are the key components of project initiation?

Findings, scope, planning, deliverables, success criteria, and resources
Goals, scope, deliverables, success criteria, stakeholders, and resources
Goals, scope, planning, documentation, success criteria, and resources
Findings, scope, deliverables, monitoring progress, stakeholders, and resources

Question 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?

Project charter
Resources
Success criteria
Scope

Question 5)

What term refers to the budget, people, materials, and other items necessary to complete a project?

Deliverables
Success criteria
Scope
Resources

Question 6)

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

project charter
risk analysis
cost-benefit analysis
project schedule

Question 7)

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

Yearly profits
Ongoing costs
Intangible benefits
Quarterly income

Question 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?