35 Free Online PMP Practice Exam On Project Initiation

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35 Free Online PMP Practice Exam On Project Initiation

To better understand project scope, To analyze opportunities, risks and limitations,To help determine whether to go ahead

Types of feasibility analyses:
In a feasibility analysis matrix
Feasibility analysis matrix
Feasibility analysis

the potential ramifications of the system on existing laws.

Other feasibility categories - Schedule
Other feasibility categories - Operational
Other feasibility categories - Political
Other feasibility categories - Legal and Contractual

-A dollar today is worth more than a dollar tomorrow-Some of the costs and most of the benefits will occur in the future, while the development costs must be paid in the present. -Determine present values for costs and benefits to make valid comparisons

Feasibility analysis matrix ranks
Cost-benefit analysis, Ways to assess economic value
Cost-benefit analysis: How To Take into account Time Value of Money
Two key formal processes or tasks in project initiation

1. INITIATION 2. MANAGEMENT

SDLC PHASE- PLANNING
All projects
Selecting the project
Overview of Planning Goals

A portfolio is a collection of projects and or/programs and other work that are grouped together to facilitate the effective management of work to meet strategic business objectives

Project initiation
What is Project Portfolio Management
Project Portfolio Management
When is a formal process needed?

For projects that....-Are of significant size and will require a significant amount of time to complete.-Must be tightly coordinated with other active projects.-Will use new or emerging technology.-Will require a new work process.-Are intended for a new customer or unproven market.-Will impact numerous departments or organizations.-Are highly critical to the success of the business.-Are a known high risk.

At the end of project selection
What is Project Portfolio Management
When is a formal process needed?
Organizational feasibility

From Internal clients -Strategic business needs-Emerging technologies-Competitive reasonsFrom external clients-Dissatisfied users/ customersFrom top-down sources -Top management-Steering committeeFrom bottom-up sources-User departments-Development groups

At the end of project selection
Project identification:
Where do projects come from?
Project Selection Real needs/constraints
Project Review Committee PRC

Reviews the documentMay request revision or additional informationMakes an initial decision to reject or to continue investigation

Project Review Committee PRC
Other feasibility categories - Schedule
Formal system request submitted to approval committee (or PRC) who
A formal process may not be needed for...

-e.g., for operational feasibility, candidates can be ranked 1, 2, 3, etc.-Lowest total rank indicates the best - highest score

Feasibility analysis
In a feasibility analysis matrix
Feasibility analysis matrix ranks
Feasibility analysis matrix

The document that describes the business reasons for building a system and the value that system is expected to provide.

Project initiation
System request
Selecting the project
All projects

Should we build it?Cost-benefit analysisDevelopment costs: one time costs to set up a system-salaries, hardware and software, vendor installation fees, office space and equipment, dataOperational costs: ongoing costs after -system has been placed in operation -upgrades, licensing fees, hardware repairs, user communication & trainingTangible benefits: quantifiable -increased sales, reductions in staff, lower inventory and IT costs, better supplier pricesIntangible benefits: hard to quantify -increased market share, brand recognition, higher quality products, better customer service, supplier relations

Technical feasibility
Organizational feasibility
System request
Economic feasibility

Offer 24/7 availability of data serverBuild an online storefrontExtend customer support servicesDevelop a collaboration/virtual office for employeesProvide software services in additional languagesImprove network and data securityUpgrade to new mobile technology platform

Deliverables for Project Initiation phase
Deliverables for Project Management phase
What is Project Portfolio Management
Identification of project ideas:
generated on demand or continually

-Understand why an information system should be developed/redesigned-Create a plan for how the project team will develop it

Project initiation
Overview of Planning Goals
SDLC PHASE- PLANNING
Feasibility analysis

The approval committee or PRC creates a rank ordered set of feasible projectsNext step is to create a project management plan for the top priority project!

At the end of project selection
Selecting the project
Project initiation
All projects

the likelihood that all time frames and completion dates can be met.

Other feasibility categories - Legal and Contractual
Other feasibility categories - Operational
Other feasibility categories - Political
Other feasibility categories - Schedule

If we build it, will they come?-Acceptability and alignment-Stakeholder assessment-How different from the current way things function? status-quo?-User resistance-Can it work with other relevant organizational processes and practices?-Most difficult to assess

Technical feasibility
Feasibility analysis
Organizational feasibility
Economic feasibility

1. Extend customer support services2. Improve network and data security3. Offer 24/7 availability of data server4. Build an online storefront

Project initiation
Project Selection Real needs/constraints
Project Review Committee PRC
Project Portfolio Management

Real vs. perceived needsNot all projects can be supported-Funds and resources availability are limitedNeed to prioritize the most strategic needs-Involves trade-offs-Rank the project ideas (based on feasibility analysis)-Select the bestProject portfolio management

Selecting the project
All projects
System request
Project initiation

-Reviews new projects and makes recommendations-Decides on priorities-Reviews on-going projects-Provides organizational view (via project portfolio management)

Selecting the project
Project initiation
Project Portfolio Management
Project Review Committee PRC

A repeatable process for documenting, validating, ranking and approving candidate projects within an organizationChanging conditions within a firmNeed a stable, effective and efficient process for approving projects for initiation

Project Portfolio Management
System request
All projects
Project initiation

Project name Sponsor/ champion- Provides active executive support ad directionBusiness problem- what will the system solveFunctionality needed (expected) in the solution

A formal process may not be needed for...
A standard form called System Service Request (SSR) or system request includes:
Other feasibility categories - Operational
Two key formal processes or tasks in project initiation

-Charter: formal approval-Project Plan: estimates of tasks, schedule, staff, costs

Deliverables for Project Management phase
At the end of project selection
Deliverables for Project Initiation phase
Project Portfolio Management

Projects are considered in relation to other projects; not on a stand-alone basisProjects characterized and classified in different ways:-size, cost, purpose, length, risk, scopeAttempt for balance (like a financial portfolio)

Project initiation
What is Project Portfolio Management
Project Review Committee PRC
Project Portfolio Management

Technical feasibility Economic feasibilityOrganizational feasibility Others

Types of feasibility analyses:
Feasibility analysis
Feasibility analysis matrix
In a feasibility analysis matrix

-Best rank is selected-Or highest total score is selected

Identification of project ideas:
generated on demand or continually
After ranking or scoring all candidates on each criterion, a final ranking or score is recorded in the last row.
Two key formal processes or tasks in project initiation
Other feasibility categories - Legal and Contractual

IdentificationSelection

A formal process may not be needed for...
Deliverables for Project Initiation phase
Two key formal processes or tasks in project initiation
Project initiation

Helps compare alternatives when there are multiple selection criteria and none of the alternatives is superior across the board

Feasibility analysis matrix ranks
Feasibility analysis
Feasibility analysis matrix
In a feasibility analysis matrix

the views of the proposed system held by key stockholders.

Other feasibility categories - Schedule
Other feasibility categories - Legal and Contractual
Other feasibility categories - Operational
Other feasibility categories - Political

the likelihood that the project will attain its desired functional business objectives.

Other feasibility categories - Political
Other feasibility categories - Schedule
Other feasibility categories - Operational
Other feasibility categories - Legal and Contractual

-The columns correspond to the candidate solutions-Some rows correspond to the feasibility criteria

Feasibility analysis matrix
In a feasibility analysis matrix
Feasibility analysis
Feasibility analysis matrix ranks

Net Present Value NPV-Compare the $ value of cash inflows and outflows in today's $ termsBreak-even point-Payback method; number of years before returns are positive; speed at which product will generate returnsReturn on Investment ROI-Ratio of cash receipts to outlays-Net benefits/ total costs; several limitations

Cost-benefit analysis: How To Take into account Time Value of Money
Other feasibility categories - Political
Cost-benefit analysis, Ways to assess economic value
Feasibility analysis matrix ranks

Can we build it? -Technical risk-Familiarity with technology-Size -Complexity-Compatibility with existing system

Technical feasibility
Feasibility analysis
Economic feasibility
Organizational feasibility

are feasible given unlimited resources. BUT... If its not feasible, don't do it!

Selecting the project
System request
All projects
Project initiation

Operational requestsHandled directly by IT help deskSmall initiativesRouted to IT managers for immediate scheduling and execution

Overview of Planning Goals
A formal process may not be needed for...
Project Review Committee PRC
When is a formal process needed?

-System request: Does system provide clear business value?-Feasibility study: Should we go ahead with a particular project?

Project initiation
Deliverables for Project Initiation phase
Deliverables for Project Management phase
At the end of project selection

35 Free Online PMP Practice Exam On Project Initiation