Quizz - Business and Financial Project Management 11/11/2024

What is a stakeholder in project management?

• Someone who owns a stake in the company
• Anyone affected by the project
• Only the project manager
• The financial sponsor

Answer explanation

Stakeholders include anyone who can affect or be affected by the project.

What does ROI stand for in project management?

• Rate of Investment
• Return on Investment
• Revenue on Investment
• Risk of Investment

Answer explanation

ROI measures the profitability of an investment relative to its cost.

What is the importance of financial forecasting in project management?

• To allocate resources
• To plan for future financial needs
• To increase stakeholder engagement
• To execute daily tasks

Answer explanation

Financial forecasting helps predict and plan for future financial requirements.

Why is stakeholder analysis crucial in project management?

• To identify project tasks
• To understand stakeholder interests and influence
• To allocate project budget
• To schedule project activities

Answer explanation

Stakeholder analysis helps manage their expectations and involvement in the project.

What is company culture?

• Is a company dominated by bad practices and policies.
• Is the heart and soul of an organization—its personality and values. It is defined by a shared set of beliefs, attitudes, behaviours, and goals.
• The organizational culture is one where the values and norms are not clearly defined and communicated to the employees.
• It's the hierarchy and bureaucracy of the organisation.

Answer explanation

Company culture is about the shared norms, values, attitudes and practices that form the collective identity of your company.

What is the factor that is NOT a reason that difficult to change an organisation

• Lack of commitment, fear of change, results are valued over respect.

• Values are not defined, observable, or measurable.

• Everyone shares the same set of beliefs, attitudes, behaviours, and goals

• Lack of planning, lack of accountability and lack of culture alignment.

Answer explanation

The correct choice, 'Everyone shares the same set of beliefs, attitudes, behaviours, and goals', suggests alignment rather than difficulty in change. The other factors indicate barriers to change.

Data-driven is one of the Pillars of the Digital Culture. This afirmation is True or False?

• True
• False

Answer explanation

The pillars of Digital Culture are Collaborative, Data-driven, Customer Centric and Innovative.

To increase sales is one of the main reasons why organizations are becoming more data-driven. True of false?

• True
• False

Answer explanation

The top 5 reasons are increasing sales, enhancing customer service, improving business agility, improving/developing new products or services and lowering costs.

Which is NOT a benefit of Digital Transformation?

• Transforming Customer Experience

• Drives Data-Based Insights

• Add more processes to the system

• Greater Collaboration Across Departments

Answer explanation

Adding more processes to the system is not a benefit of Digital Transformation. Instead, it aims to streamline operations, enhance customer experience, drive insights, and foster collaboration.

What is the definition of Digital Transformation?

• Digital transformation is the process of using technology to create new ways of doing business. The concept can comprise changing existing systems or building new ones.

• Implement new technologies

• Develop new processes

• Improve collaboration methods

Answer explanation

The correct answer defines digital transformation as using technology to create new business methods, which includes modifying existing systems or developing new ones, capturing the essence of the concept.