HPM ODL - Week 2

What is the primary purpose of the initiation phase in a project's lifecycle?

• To finalize the project's budget.

• To select the project's location.

• To articulate the benefits of the project idea and see how it aligns with the organization's strategic objectives.

• To determine the final team members for the project.

What tool do project managers use to define and compare project opportunities?

• Project timeline chart.

• Stakeholder analysis matrix.

• Project concept canvas.

• Opportunity-to-option converter.

Which technique involves inviting a selected group of experts to answer targeted questions in multiple rounds, with each round followed by an anonymous summary of the experts' responses?

• Free brainstorming.

• Delphi technique.

• Structure brainstorming.

• Feasibility study.

What are the two fundamental questions a feasibility study aims to answer regarding a project option?

• Is this something people want, and is this something that can be done?

• Is the project financially viable and is there a location for it?

• Will the project be completed on time, and will it be under budget?

• Is the project innovative, and will it disrupt the market?

Imagine you're a project manager at a game show, and you have to choose between two projects: Project X and Project Y. If Project X promises a jackpot of $25,000 and Project Y offers a prize of $20,000, what's the "prize money" you'd miss out on by choosing Project X?

• $5,000

• $45,000

• $25,000

• $20,000

Imagine you're a hotel tycoon on a game board, and you've just landed on a square that says "Get a Grant!" Which of the following benefits does this magical square give you?

• You receive funding for your hotel, and the best part? You don't have to pay it back!

• You get a pile of cash, but you have to pay it back with interest.

• You get to rent a fancy hotel property for a few years.

• You get a 10-year loan to renovate your hotel.

Imagine you're on a game show called "Business Case Bonanza!" and you've just spun the wheel. It lands on a segment called "Milestones." What fun question will the game host ask you about this segment?

• "How much money do you need for your project?"

• "Who are the end users of your project?"

• "What's the unique selling point of your project?"

• Can you tell us the start and finish dates and list some key milestones for your project?

You're on a game show called "Charter Challenge!" and the host hands you a mysterious envelope. Inside, you find a document that gives you the green light to start planning a project. What's the name of this magical document that can range from a formal report to a simple email?

• Project Blueprint

• Project Charter

• Project Scroll

• Project Manifesto