Project Management Module 3

What is the purpose of using models in project evaluation and prioritization?

• To increase the company's market share

• To focus on profit or return on investment

• To reduce the number of employees

• To improve customer satisfaction

Which of the following is a characteristic of a realistic model?

• It uses factors irrelevant to the company

• It is not suitable for the company's resources

• It accurately reflects the way the company does business

• It ignores the external environment

What is an example of a capable model?

• Using a profitability model for market share growth

• Using a model that covers all dimensions of a project

• Using a model that ignores future cash flows

• Using a model that focuses only on short-term gains

What is a key characteristic of a flexible model?

• It provides results quickly.

• It is cost-effective for small projects.

• It allows for changing conditions.

• It is easily comparable across projects.

What is an example of a low-cost model?

• A model that requires hiring a consultant.

• A model that is flexible for changing conditions.

• A model that provides quick results.

• A model that is easily comparable.

What does a comparable model allow?

• It allows for changing conditions.

• It provides results in a reasonable amount of time.

• It allows outcomes to be used to compare projects.

• It is cost-effective for smaller projects.

What is one way a company can increase its revenue by 10% according to the document?

• Open a new location

• Reduce employee salaries

• Decrease product quality

• Limit advertising

Why are non-numeric models important in project selection?

• They focus solely on financial viability

• They incorporate flexibility for strategic goals

• They are less accurate than numeric models

• They only consider profit and revenue

What is the primary consideration of operating necessity in project evaluation?

• Cost of the project

• Ensuring ongoing operations

• Time required for completion

• Availability of resources

What is required for projects evaluated under the competitive necessity model?

• Only cost estimates

• Justification, cost, and time estimates

• Only documented outcomes

• Only time estimates