Project Initiation Flashcards

Project Initiation Flashcards
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Completing a Feasibility Study in Project Initiation
You can take this step to make sure you're aware of any constraints or alternatives on your project.
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Appointing the Project Team in Project Initiation
At this step in project initiation you will need to pick employees who have the necessary skills to work on the project.
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Creating a Business Case in Project Initiation
This is the 1st step in project initiation. It involves describing why a project is needed and how it should be carried out.
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The Recommendations Section of a Business Case
The final section of a business case. You should include information on how the project should be completed and reasons why the project should proceed.
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The Project Description Section of a Business Case
A part of a business case that covers how a project will be completed, how much it will cost and information about a company's return on investment (ROI) to show what the project will be worth
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The Benefits Section of a Business Case
A very important section of a business case that offers reasons for a business to complete the proposed project
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The Executive Summary of a Business Case
This represents the 1st section of a business case. It contains a synopsis of the project and why the project is important. It can also include summaries of other sections of the business case.
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Business Case
This document tries to justify a proposed business project. In order to create one you must research and justify why a company should proceed with the potential project.
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Equation for calculating opportunity cost
End Result of Task 1 = End Result of Task 2. The opportunity cost will be the end result of whatever task you don't choose to complete.
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How to calculate opportunity cost
Compare the possible end results of different tasks. For example, if you can clean 10 pans in the time it would take to make 20 beds, this means you could clean 1 pan for every 2 beds made.
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Opportunity Cost
If you must choose between two options then this term refers to the value you would have gained from the option you didn't choose. Calculating it can help you make sound economical choices.
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Flashcard Content Overview

Use this set of flashcards to review the sections of project feasibility studies and business cases, two important documents used during project initiation. You'll also be able to focus on important steps in project initiation, such as setting up a project team, developing a project charter, creating a business plan, identifying stakeholders and gaining approval for a project. Furthermore, these cards will cover the value of opportunity cost and how it's calculated.

Front
Back
Opportunity Cost
If you must choose between two options then this term refers to the value you would have gained from the option you didn't choose. Calculating it can help you make sound economical choices.
How to calculate opportunity cost
Compare the possible end results of different tasks. For example, if you can clean 10 pans in the time it would take to make 20 beds, this means you could clean 1 pan for every 2 beds made.
Equation for calculating opportunity cost
End Result of Task 1 = End Result of Task 2. The opportunity cost will be the end result of whatever task you don't choose to complete.
Business Case
This document tries to justify a proposed business project. In order to create one you must research and justify why a company should proceed with the potential project.
The Executive Summary of a Business Case
This represents the 1st section of a business case. It contains a synopsis of the project and why the project is important. It can also include summaries of other sections of the business case.
The Benefits Section of a Business Case
A very important section of a business case that offers reasons for a business to complete the proposed project
The Project Description Section of a Business Case
A part of a business case that covers how a project will be completed, how much it will cost and information about a company's return on investment (ROI) to show what the project will be worth
The Recommendations Section of a Business Case
The final section of a business case. You should include information on how the project should be completed and reasons why the project should proceed.
Creating a Business Case in Project Initiation
This is the 1st step in project initiation. It involves describing why a project is needed and how it should be carried out.
Appointing the Project Team in Project Initiation
At this step in project initiation you will need to pick employees who have the necessary skills to work on the project.
Completing a Feasibility Study in Project Initiation
You can take this step to make sure you're aware of any constraints or alternatives on your project.
Setting Up a Project Charter in Project Initiation
Completing this step in project initiation ensures you have authority and authorization to pursue the project.
Getting Approval to Continue in Project Initiation
At this stage in project initiation you send project documents to the customers or sponsors involved with the project to get their permission to move forward.
Identifying Stakeholders in Project Initiation
This step in project initiation deals with picking out individuals who are involved with the project in some way and determining how much influence they have.
Project Feasibility Study
A document that includes detailed information about a project, such as if the project is technically feasible, how risky it is, if it will make a profit and if it can be completed in budget
Organizational/Managerial Feasibility Section of a Project Feasibility Study
This part of a project feasibility study ensures a company has employees who have the skills necessary to actually finish the project.
Financial/Economic Feasibility Section of a Project Feasibility Study
A section of the project feasibility study that is valuable before it determines if a company's financial assets can support the project
Technical Feasibility Section of a Project Feasibility Study
You can look at this section of a project feasibility study to see if the hardware and software resources exist to complete a project.
Market Feasibility Section of a Project Feasibility Study
Examining this section of a project feasibility study will show if customers are interested in a potential product.
Project Charter
This document gives authorization to begin a project. It also contains information about the objectives and deliverables of a project as well as the project's scope.
Project Organizational Chart

You can use this tool to show the hierarchy for reporting information in a project. It displays this information graphically.

Statement of Work

This details what a project's deliverables will be in a narrative fashion. It contains information on the project's scope and your strategic plan.

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