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37 Free Online PMP Exam Prep Questions On Initiating Project

03/30/2015 Marie Hall 0 Comment

37 Free Online PMP Exam Prep Questions On Initiating Project

37 free online PMP exam prep questions on initiating project are accessibly developed to test out your understanding level of project selection and initiation. Its coverage features such terms and concepts as realism, capability, flexibility, comparability, discounted cash flow analysis, to name a few. That’s not all, to facilitate your best grip of such knowledge and free your stress during the exam practice, those free sample PMP questions useful are friendly formatted to shine out on the simply white background and for your focus riveting. After you’re done answering those multiple choice quizlets, you can check out your answers and score, define which knowledge you’re more proficient and the other way around by hitting the handy ‘submit’ button at the end of the test. Overall, it’s worthy of your time as a result of its user friendliness and tightly focused coverage adherent to PMI’s expectations.

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37 Free Online PMP Exam Prep Questions On Initiating Project

• Most popular of the financial models• Estimates the change in the firm's value if a project is undertaken.• Positive NPV indicates that the firm will makemoney and its value will rise.• Also employs the discounted cash flow analysis by discounting future streams of income to estimate the present value of money.
The model itself should be cost effective (bothtime money)
analyzes questions as to whether the technology needed exists, how difficult it is to build/acquire the technology, etc...
answers questions pertaining to time availability & resource availability
determine what type of economical impact the concept will have on a given area
high level description of work that is to be accomplished
• Discounted cash flow analysis• Net present value• Internal rate of return
document that formally authorizes the existence of a project- Establishes a partnership between the performing organization and requesting organization- Contains: top level scope statement (project purpose), measurable project objectives and related success criteria, high level requirements, high level risks, high level schedule, high level budget, project approval requirements,name of proj. mgr/team members, name of sponsor- Short document; often only 1 page
Money earned today is worth more than money we expect to earn in the future, due to inflation & inability to invest the money
such as, policies, procedures, templates, historical information from a lessons learned knowledge base
• Each criterion is ranked according to importance• Weights are assigned to each criteria• The choice project reflects a desire to maximize the impact of certain criteria on the decision• Solves trade-off issue• Procedure:1. Assign importance weights to each criterion2. Assign score values to each criterion (High=3,Medium=2, Low=1)3. Multiply importance weights by scores to =weighted scores4. Add the weighted score to find the overall projectscore5. Accept project with the highest acceptance score
The model should be simple enough so that people from all areas of the organization can utilize it
provides information from a businessstandpoint to determine if the project is worth therequired investment (utilize feasibility study)
Ability to apply the model to multiple projects
• Allows for plotting of risk/return options• Select the project that maximizes returns whilestaying within a certain range of minimalacceptable risk.
• Management's opportunity to review and accept/reject the project• Power point slides (to the point not too wordy)• Highlight major project points and any findings from the feasibility and needs assessment studies• Capture elements of the project charter• Include a copy of the stakeholder register
• Simplest method of project screening & selection• A list of criteria that pertain to choice projects• ex. Cost & Speed to Market• Screen each project against criteria• Select project with best fit• Drawbacks: subjective in nature, fail to resolvetrade-off issues
• Feeds into statement of work (SOW), outcome of needs may be funded via other monies• Purely identifies gaps in knowledge, skills, or processes• An analysis of a process, group, or person that measures the knowledge, skills, interest, attitude, and/or abilities relevant to a particular issue, organization, goal, or objective
Realism, Capability, Flexibility, Ease of Use, Cost, Comparability
• Alternative method for evaluating the expectedoutlays and income associated with a new project• Asks: what rate of return will the project earn?• Required "hurdle" rate must be met• IRR = discount rate that equates the presentvalues of a project's revenue and expense streams
such as organizational structure, marketplace conditions, gov't or industry standards
model should be flexible to consider alternatives, and robust enough to accommodate new criteria and constraints
used to measure "gaps" btwn what currentlyexists and what should exist for project to take place- Gaps identified could be infrastructure, technology, processes, or knowledge- i.e. certain test equipment, actors with a specific acting ability, animation specialist etc...
Project portfolio management: the systematic process of selecting, supporting, and managing a firm's collection of projects• projects managed under a single umbrella, maybe either related or independent of one another• Key is that a firm's projects share a commonstrategic purpose & the same scarce resources• Entails: decision making, prioritization, review,realignment, & reprioritization of a firm'sprojects.
available as an input if the project is beingcompleted for an external customer (for the class you could utilize the syllabus as the contract)
Using financial analysis to make project selection decisions
measures the impact of various actions on the local general culture
Contains all details related to identified stakeholders including, identificationinformation (name, org, etc), assessment information, stakeholder classification (internal/external)
• Payback period: an estimate of the amount of timethat it will take the project to "pay back" its initialbudget and begin to generate a positive cash flow.• Discounted cash flow analysis is used to determinethe payback period.• goal: to estimate cash outlays and expected cashinflows resulting from investment in the project• a discount rate based on the firm's cost of capital isweighted and applied to the the calculation• Payback period = investment/annual cash savings
Top level scope statement, Statement of Work (SOW), Business Case, Contract, Enterprise Environmental Factors, Organisational Process Assets
• Feeds into the business case• Preliminary study undertaken to determine and document a projects viability• Allows organization to make an informed decision about weather or not to proceed w/ a project• Used to ascertain the likelihood of a projects success before "real work" begins• Provides alternative solutions to a problem andrecommendation on the best choice to resolve the issue• Ex. Determining best site to build a new firm
model should be easy to adjust. ex.exchange rate changes
narrative description of products or services to be delivered by the project- contains: scope, location of work to be performed,period of performance, deliverables schedule including key milestones, applicable standards (ex.ISO), quality requirements, specialized requirements
model should reflect the organizations objectives, goals, & mission. Must be reasonable in terms of resource constraints & must take intoaccount performance, cost, and time
• Address technical & managerial problemsassociated with scoring models• Increasingly popular method for project selection• 4 steps involved• Step 1: Structure the hierarchy of the criteria• Decide on criteria (first level) then decide onsubcriteria (second level)• Step 2: Allocate weights to the criteria and split amongsubcriteria• Step 3: Assign numerical weights to evaluationdimensions (ex. poor=0, fair=.1, good=.3, very good=.6,excellent=1.0)• Step 4: Evaluate the projects: multiply the numericevaluation of the project by the weights assigned to thecriteria and then add up the results and compareprojects
Organizational guidelinesselection models: save time & money, maximizelikelihood of success
the initiating process group consists of thoseprocesses performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase- Initial scope is defined (top level)- Initial financial resources are committed- Internal & external stakeholders are identified- 2 Outputs:- project charter- project stakeholder register

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