Intro to Project Initiation

Question 1

Project Initiation is ….

Answer 1

the phase that allows ideas to come together and from the beginnings of a plan for a project.

Question 2

Identify the different components of initiation

Answer 2

Initiating the project
identifying project scopes, goals, deliverables
measure the success of a project
identifying stakeholders
scoping project tools and resources

Question 3

Initiation begins…

Answer 3

After a problem or opportunity has been identified within an organization. Often, stakeholders like senior leaders at a company will initiate a project to address a a specific need for the business. /for example, perhaps the company would like to increase sales for the parts, service and accessories department.

Question 4

In the initiation phase, it is your responsibility as the project manager to

Answer 4

Help identify the project goals, resources, and other details based on initial discussions with the project stakeholders. Even though someone else might come up with an idea for the project, it’s still your job to figure out all the important pieces that need to come together in order to get the work done.

Question 5

Proper initiation also helps ensure that the benefits of the project outcomes will outweigh the costs of the project. To determine this, you need to do a…..

Answer 5

Cost benefit analysis. Which is the process of adding up the expected value of a project (the benefits) and comparing them to the dollar costs.

Asking stakeholders the right questions will help to identify the benefits of the project.

Question 6

What are some questions to ask stakeholders to figure out the benefit of a project?

Answer 6

What value will this project create?
How much money could this project save our organization?
How much money will it bring in from existing customers?
How much time will be saved?
How will the user experience be improved?

Question 7

What questions to ask stakeholders to determine the cost of the project?

Answer 7

How much time will people have to spend on this project?
What will be the one-time costs?
Are there any ongoing costs?
What about long-term costs?

Question 8

The benefits of a project should….

Answer 8

always outweigh the costs.

Question 9

What are the key components of initiation that you need to consider in order for your project to be successful?

Answer 9

Goals
Scope
Deliverables
Success Criteria
Stakeholders
Resources

Question 10

What is the first thing to consider when initiating the project?

Answer 10

Goals. The goal is what you’ve been asked to do and what you’re trying to achieve.

Question 11

After identifying what the goal is for the project. What comes next?

Answer 11

Consider the project scope. This is the process to define the work that needs to happen to complete the project.

Question 12

The goals and scope are now completed for a new project. What comes next?

Answer 12

Project deliverables. They’re the products and services that you will create for your customer, client or project sponsor. Deliverables can be anything from product features and functionalities to documentation, processes and more, anything that enables the goal of you or project to be achieved. Deliverables are submitted to help you reach your project goals.

Question 13

Once goals, scope and deliverables are determined. You need to consider…

Answer 13

Success criteria. They are the standards by which you measure how successful a project was in reaching its goals.

Question 14

_____ are key to making informed decisions at every step of the project.

Answer 14

Stakeholders. They’re the people who both have an interest in, and are affected by, the completion and success of a project.

Question 15

Resources generally refer to….

Answer 15

Budget
People
Materials

Question 16

After you’ve established your goals, scope, deliverables, success criteria, stakeholders and resources, it’s time to create a ….

Answer 16

Project Charter.
A Project Charter is a document that contains all the details of the project. Project charters clearly define the project and its goals and outline what is needed to accomplish them. A project charter allows you to get organized, set up a a framework for that needs to be done and communicate those details to others.

Question 17

What do you do after you have drafted the project charter?

Answer 17

Review the document with key stakeholders to get their approval to move into the planning stage.

Question 18

What are the benefits to a cost benefit analysis?

Answer 18

A cost-benefit analysis can minimize risks and maximize gains for projects and organizations. It can help you communicate clearly with stakeholders and executives and keep your project on track. Because this type of analysis uses objective data, it can help reduce biases and keep stakeholder self-interest from influencing decisions.

Question 19

What are some intangible benefits?

Answer 19

These are gains that are not quantifiable, such as:

Customer satisfaction. Will the project increase customer retention, causing them to spend more on the company’s products or services?

Employee satisfaction. Is the project likely to improve employee morale, reducing turnover?

Employee productivity. Will the project reduce employee’s overtime hours, saving the company money?

Brand perception. Is the project likely to improve the company’s brand perception and recognition, attracting more customers or providing a competitive advantage?

Question 20

What are some intangible costs?

Answer 20

These are costs that are not quantifiable. For example, might the project put customer retention, employee satisfaction, or brand perception at risk?

Question 21

he process of calculating costs and benefits is also called

Answer 21

calculating return on investment, or ROI

Question 22

One common ROI formula is:

Answer 22

(G-C) /C=ROI
In this formula, G represents the financial gains you expect from the project, and C represents the upfront and ongoing costs of your investment in the project.

For example, imagine your project costs $6,000 up front plus $25 per month for 12 months. This equals $300 per year, but you estimate that the project will bring in $10,000 in revenue over the course of that year. Using the formula above, you calculate the ROI as: ($10,000 - $6,300) ÷ $6,300 = 0.58 = 58%

The ROI comes to 0.58, or 58%. You consider this to be a strong ROI, so you decide to pursue the project.