Managing a Successful Business Project Week 1

1. What is the first phase of the project lifecycle?

• A) Execution

• B) Planning

• C) Initiation

• D) Monitoring

2. What is the role of a project manager?

• A) To perform all tasks alone

• B) To set the project vision and manage the team

• C) To approve all financial decisions

• D) To work only with external stakeholders

3. Which of the following is NOT part of the project lifecycle?

• A) Initiation

• B) Planning

• C) Execution

• D) Marketing

4. What is the main purpose of a Project Charter?

• A) To provide a high-level overview and formally approve the project

• B) To detail every single task and step of the project

• C) To replace the need for a project plan

• D) To track daily progress in a project

5. What is a common reason why projects fail?

• A) Clear goals and good planning

• B) Poor communication and unclear scope

• C) Unlimited budget

• D) Too many team members

6. In the airplane project, what was the biggest risk?

• A) Running out of materials

• B) Building a plane that doesn’t fly

• C) Having too many team members

• D) The room being to small

7. What does "scope creep" mean in project management?

• A) Sticking to the original project scope

• B) The uncontrolled expansion of project scope beyond the original plan

• C) Keeping all stakeholders happy

• D) Reducing the project's budget to save money

8. What is the most important factor in stakeholder management?

• A) Communicating effectively and managing expectations

• B) Avoiding difficult conversations

• Ignoring feedback to stay on schedule

• Letting stakeholders make all project decisions

9. What is the best way to manage project risks?

• A) Wait until a risk happens before dealing with it

• B) Identify risks early and create contingency plans

• C) Avoid discussing risks to prevent team panic

• D) Assign all risks to one team member

10. Why is project closure an important phase in project management?

• A) It allows the team to immediately move to the next project

• B) It helps the team avoid future projects

• C) It documents lessons learned and marks the project's completion.

• D) It reduces the project budget