As a project manager, what is your main responsibility during the initiation phase?

• Create a budget plan with all the expenses for the project.

• Create a project plan to list out all the tasks to complete.

• Figure out all the pieces that have to come together in order to get the work done.

• Hold a meeting with the team that will execute the tasks.

As a project manager, you investigate the value a project will create and how much time will be saved. What step of the cost benefit analysis are you completing?

• Benefit analysis

• Cost analysis

• Expense analysis

• Goals analysis

Fill in the blank: _____ are the first thing a project manager needs to consider during the initiation phase.

• Goals

• Success criteria

• Planning

• Resources

As a project manager, you define the standards to meet for the project’s success. Which key component of project initiation does this scenario concern?

• Scope

• Deliverables

• Resources

• Success criteria

Imagine that a university hires a construction company to build a new library. Before starting, the project manager outlines the building materials the project needs. They also outline the roles and amount of workers to hire. Which key component of project initiation does this scenario concern?

• uccess criteria

• Resources

• Deliverables

• Scope

Fill in the blank: A _____ is a document that defines project goals and outlines what is needed to accomplish them.

• cost-benefit analysis

• risk analysis

• project charter

• project schedule

When calculating a cost-benefit analysis for a project, what do you call gains that are not quantifiable?

• Ongoing costs

• Intangible benefits

• Yearly profits

• Quarterly income

You expect that a project will bring in $12,000 USD in revenue per year. You estimate it will cost $5,000 up front. You also estimate costs of $50 per month for the first 12 months, which equals $600 per year. Using the formula (G-C) ÷ C = ROI, how would you calculate the project’s return on investment (ROI) after the first 12 months?

• (12,000 - 5,600) ÷ 5,600 = 114%

• (12,000 - 5,600) ÷ 5,000 = 128%

• (5,600 - 5,000) ÷ 12,000 = 5%

• (12,000 - 5,000) ÷ 5,000 = 140%