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Mod4 P - Initiation1

PMP Module 04 (Prism) - Project Initiation (1 of 2)

QuestionAnswer
What is the most important thing to do in Initiation? evaluate the Business Case and determine feasibility (within constraints)
What is the purpose of the Business case? Define the need (for the Project) and justify the investment
What is used to support Project Selection? Business Case
In what document can you find why the project was selected? Business Case
What are the 2 main Project Selection families? Benefit Analysis and Constraint Optimization
What are the 3 types of Benefits Measurements used in Project Selection? Economic Models. Cost-Benefit Analysis, and Scoring Models
Why are Economic Models used? to assist in Project Selection
What are the 3 Economic Models? PV (or NPV), IRR, and Payback Period
What is Net Present Value in Project Selection? Calculating all project cash flows (in/out) and adjusted back to today's value for comparison.
You should select a project with the __ (higher/lower) NPV Higher Net Present Value
IRR in Project Selection stands for _________ Internal Rate of Return
What is Payback Period in Project Selection? Calculating how long until the investment (cost) is recovered
You should select a project with a __ (higher/lower) Payback Period Lower (shorter) period
You should select a project with a _____ (higher/lower) IRR Higher. It is the ROI of the project over time
What is a Cost-Benefit Analysis? Project Selection method that compares project costs (cons) with benefits (pros)
What is the Benefit Cost Ratio? BCR = Benefits / Costs (higher is better)
You should select a project with a _____ (higher/lower) BCR Higher, since = Benefits / Costs
A project with a BCR of 0.89 should be __ (selected / avoided) Avoided. BCR < 1 means Benefits are less than Costs
Projects A and B have BCRs of 5.2 and 6.1. Which should be selected? Project B (6.1) since Benefit Cost Ratio is higher.
What are Scoring Models in Project Selection? Projects are scored against weighted criteria (could be objective or selective). Max score is best.
What is a Project Charter? Formal authorization of a project and includes (high-level) Objectives, Constraints/Risks, Stakeholders, and Reasons/Benefits
Where does the PM get formal authority and responsibility to conduct the project? from the Sponsor in an Approved Project Charter
Created by: anjp
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