P+ Chapter 1 - Weakness Flashcards _ Quizlet

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6/30/2021 P+ Chapter 1 - Weakness Flashcards | Quizlet https://quizlet.com/93332053/p-chapter-1-weakness-flash-cards/ 1/2 P+ Chapter 1 - Weakness Terms in this set (11) A payback period is a technique used to calculate expected cash inflows over time, to determine how many periods it will take to recover the original investment. IRR is used to calculate the internal rate of return; NPV, the net present value; and discounted cash flows, the amount of cash flows in today's dollars. Which three of the following requirements are necessary to complete a pre-project setup? The steps in pre-project setup include identifying the project, validating the project, preparing a project charter, and obtaining approval of the charter. You are working in a matrix organization. Choose three responses that describe this type of structure. A matrix organization can be structured as a strong, weak, or balanced matrix. Employees are assigned to projects by their functional managers, and the project manager assigns them their tasks. The project manager has the most power in a project-based organization. The problem area in a matrix organization is availability of resources. Which of the following are required to validate a business case? To validate a business case, feasibility analysis, project justification, and strategic plan alignment are required. Your project has expected cash inflows of $7.8 million in today's dollars. The project's initial investment is $9.2 million. Which of the following is true? NPV is calculated by subtracting the total of the expected cash inflows stated in today's dollars from the initial investment. In this scenario, the initial investment is higher than the cash flows, so the resulting NPV is less than zero, thus the project should be rejected. Discounted cash flows tell you the value of cash flows in today's dollars. Which two options below define a project? A project creates a unique product, service, or result and has defined start and finish dates. Projects require resources to bring about their results, and they must meet the quality standards outlined in the project plan. Interrelated activities are not projects because they don't meet project criteria. Project management processes are the means to manage projects, and are used to generate profits or increase market share, and thus don't fit the definition of a project. Processes are typically ongoing; projects start and stop. P+ Chapter 1 - Weakness Study

6/30/2021 P+ Chapter 1 - Weakness Flashcards | Quizlet https://quizlet.com/93332053/p-chapter-1-weakness-flash-cards/ 2/2 You've been given an idea for a project by an executive in your organization. After writing a business-case analysis, you submit it to the executive for review. After reading it, he determines that the project poses a significant amount of risk to your organization. What do you recommend next? The best step to take next in this situation is to perform a feasibility study. Feasibility studies are typically undertaken for projects that are risky, new to the organization, or highly complex. Projects of significant organizational risk shouldn't be brought to the selection committee without first performing a feasibility study. Writing the project plan doesn't make sense at this point, because you don't know whether the project will be chosen. You also can't reject the project because there isn't enough information to determine whether to do so until the feasibility study is completed. Which two of the following should always be included in a business case analysis? A business case analysis may include a feasibility study but should always include justification for a project and alignment to the strategic plan. It's a good idea also to include high-level timelines and estimated budgets. Your project has expected cash inflows of $7.8 million in today's dollars. Which cash flow technique was used to determine this? The discounted cash flow technique compares the total value of each year's expected cash inflow to today's dollar. IRR calculates the internal rate of return, NPV determines the net present value, and cost-benefit analysis determines the cost of a project versus received benefits. Frederico, the director of the marketing department, has approached you with an idea for a project. What three steps will you take for the pre- project setup? The steps in pre-project approval are identifying the project, validating the project, and writing and obtaining approval for the project charter. A business case is part of the project validation process, the strategic opportunity or business need is typically documented in the business case, and project selection methods are used after pre-project setup, not as part of it. You receive a request from customer service to develop and implement a desktop management system for customer-support staff. What type of project request is this? A request to develop a product for use by an internal department is a business need. Market demands are driven by the needs of the market, legal requirements come about because of rules or regulations that must be complied with, and technological advances are because of improvements in expertise or equipment. P+ Chapter 1 - Weakness Study

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