1. What are two potential consequences of a project manager failing to properly initiate a project?
Resources can be underestimated. Stakeholders might not agree on what success looks like.
2. Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.
To add up the expected value, or benefits, of a project To compare the project benefits to the costs
3. Fill in the blank: _____ are the first thing a project manager needs to consider during the initiation phase.
Goals
4. 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?
Goals
5. 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?
Resources
6. What is the purpose of a project charter?
Defines the project and its goals and outline what is needed to accomplish them
7. Fill in the blank: _____ are gains that are not quantifiable.
Intangible benefits
8. 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?
(15,000 - 11,200) ÷ 11,200 = 34%