Project Initiation: Starting a Successful Project  Quiz Answers Week 1

Greetings!! Today, we'll publish the complete week's worth of quiz answers from Coursera's Project Initiation: Starting a Successful Project course. This is the second of six courses that will provide you the knowledge and abilities you need to apply for entry-level project management positions. Project managers play a key role in planning, implementing, and leading critical projects to help their organizations succeed.

Project Management Scope   

Project management is a versatile field that encompasses a wide range of industries and job titles. Here are some of the most common positions related to project management and their probable earnings:

• Project Coordinator: A project coordinator is responsible for assisting the project manager in planning, organizing, and executing projects. The average salary for a project coordinator is around $55,000 to $65,000 per year.
• Project Manager: A project manager is responsible for leading and managing projects from start to finish. They oversee project timelines, budgets, resources, and team members. The average salary for a project manager is around $75,000 to $120,000 per year, depending on the industry, location, and level of experience.
• Program Manager: A program manager is responsible for overseeing multiple related projects and ensuring that they align with the organization's strategic objectives. The average salary for a program manager is around $110,000 to $150,000 per year.
• Portfolio Manager: A portfolio manager is responsible for managing a group of programs and projects and ensuring that they align with the organization's overall strategic goals. The average salary for a portfolio manager is around $130,000 to $170,000 per year.
• Director of Project Management: A director of project management is responsible for overseeing all aspects of the project management function within an organization, including project and program management, resource allocation, risk management, and stakeholder engagement. The average salary for a director of project management is around $150,000 to $200,000 per year.
• Chief Project Officer: A chief project officer is the highest-ranking project management executive within an organization and is responsible for developing and executing the organization's project management strategy. The average salary for a chief project officer is around $200,000 to $300,000 per year.

It's important to note that these salaries are estimates and can vary based on factors such as industry, company size, location, and level of experience.

About the Course:

This is the second course in the Google Project Management Certificate program. This course will show you how to set a project up for success in the first phase of the project life cycle: the project initiation phase.  You'll discover how to create and manage project goals, deliverables, scope, and success criteria by investigating the key components of this phase. You'll learn how to define project expectations and explain roles and responsibilities using tools and templates including stakeholder analysis grids and project charters. You will continue to get instruction and practical methods for doing these duties from current Google project managers as they demonstrate the most effective project management tools and resources for the task at hand.

What will you learn:

• Recognize the importance of the project life cycle's start phase.
• Create a project charter for project initiation by comprehending the key elements of project charters.
• Doing Stakeholder analysis and RACI charts should be used to specify and explain the duties of project team members.
• To satisfy the demands of the project, by using several project management solutions.

Project Initiation: Starting a Successful Project Weekly Challenge 1 Answers

Question 1)

What are two potential consequences of a project manager failing to properly initiate a project?

• Resources can be underestimated.
• Stakeholders might not agree on what success looks like
• External risks can affect project success.
• New dependencies can arise.

 

 

Question 2)

Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.

• To compare the project benefits to the costs 
• To add up the expected value, or benefits, of a project
• To outline project goals and how to accomplish them
• To set up a framework for what project work the team needs to do

 

 

Question 3)

What are the key components of project initiation?

• Goals, scope, deliverables, success criteria, stakeholders, and resources
• Goals, scope, planning, documentation, success criteria, and resources
• Findings, scope, planning, deliverables, success criteria, and resources
• Findings, scope, deliverables, monitoring progress, stakeholders, and resources

 

 

Question 4)

Imagine you’re the project manager of a new grocery delivery service. You meet with stakeholders to set an overarching framework of what is and is not included in the project statement of work and deliverables. Which project initiation component are you trying to determine?

• Scope
• Project charter
• Resources
• Success criteria

 

 

Question 5)

What term refers to the budget, people, materials, and other items necessary to complete a project?

• Resources
• Deliverables
• Success criteria
• Scope

 

 

Question 6)

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

• project charter
• risk analysis
• cost-benefit analysis
• project schedule

 

 

Question 7)

Fill in the blank: _____ are gains that are not quantifiable.

• Intangible benefits
• Yearly profits
• Ongoing costs
• Quarterly income

 

 

Question 8)

You expect that a project will bring in $25,000 USD in revenue per year. You estimate it will cost $12,000 upfront. You also estimate costs of $200 per month for the first 12 months, which equals $2,400 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?

• (25,000 - 14,400) ÷ 14,400 = 74%
• (25,000 - 14,400) ÷ 12,000 = 88%
• (25,000 - 12,000) ÷ 14,400 = 90%
• (25,000 - 12,000) ÷ 12,000 = 108%

 

Conclusion

 

With any luck, this post will help you quickly and easily uncover Week 1 assessment answers for Coursera's Project Initiation: Starting a Successful Project Quiz. If this article has been helpful to you in any way, please let your friends and family know on social media about this wonderful training. Be patient with us as we release a tonne more free courses along with the exam/quiz solutions, and keep checking our QueHelp Blog for updates.