Assess your project-related business skills by answering these 10 multiple choice questions!

Project-related Business Skills Assessment

Progress:

The ______ articulates the costs, benefits, risks and other key areas of a proposed project solution, or solutions, to provide decision makers with enough information to make informed and effective decisions on whether to launch, proceed with, or even terminate a project.

In establishing ______ metrics, you can better determine the true current state, as-is environment that your project is trying to improve. Leveraging ______ data can assist you in determining where you can be and are standards or references by which current state metrics can be measured or judged.

Management has handed you a bunch of business cases that were produced by consultants and strategy teams. You are expected to manage projects and deliver the forecasted results as outlined in these documents. In reviewing the business cases, you see some major flaws in the results. Which one of the following scenarios is the only one where the results may be reasonable and accurate. (Note: all others should be dismissed as inaccurate and erroneous and sent back for re-work).

You built out cash flow models for competing vendor project solutions. The vendor solutions have different cost structures and varying timeframes for benefit realization. You know you need to incorporate the time value of money concept to convert future cash flows to today’s dollars in order to accurately compare the vendor solutions. To do this, you call the finance department to find out what ______ to use, which is usually determined by the ______.

______ forecasts the amount of money your company will make or lose as a result of your project, while the ______ forecasts the yearly rate at which your company can expect to recover its investment for your project (the annual compound interest rate that can be gained from the money that was invested in your project).

Depreciation is a(n) ______ that reduces the value of an asset over a period of time as a result of wear and tear, age, or obsolescence. You should be cognizant of the depreciable assets associated with your project because they can reduce the amount of cash (on the books) coming into your organization, thus reducing the ______ for your company -- a real financial benefit.

Basic ______ is expressed as a ______ and is based on financial returns over a pre-determined time period, usually the useful life of your project. It compares the magnitude of investment gains directly with the summation of all of the investment costs.

You are trying to understand and reign in all of the costs associated with your project. All of the following are examples of variable costs EXCEPT which one?

You find yourself at family picnic describing your complex and very expensive project to your relatives when your grandmother asks a very simple question, “How does your company pay for this expensive project?” You find yourself scratching your head with this very basic, yet puzzling question. How should you answer her?

Payback periods can never be calculated when ______ do not eventually outweigh ______:

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