Project Management Progression - Qp2

Before starting a project, it is essential to ensure that there is a valid and compelling reason for undertaking it. This step helps to justify the allocation of resources, time, and effort towards the project. Without a good reason, the project may lack purpose and direction, leading to potential waste of resources and failure to achieve desired outcomes. Therefore, confirming the existence of a solid rationale is crucial before initiating any project.

The project plan is a dynamic document that is continuously reviewed and updated as the project progresses. This is because project requirements, resources, and constraints may change over time, requiring adjustments to the plan. Regularly revisiting and revising the project plan ensures that it remains relevant and aligned with the project objectives. Therefore, the statement "The project plan is something that will be revisited and revised throughout the project" is true.

When planning a project, it is important to identify and list the deliverables, which are the tangible outcomes or results that need to be produced. This helps to define the scope and objectives of the project, as well as provide a clear understanding of what needs to be accomplished. By listing the deliverables at the beginning of the planning process, it becomes easier to prioritize tasks, allocate resources, and track progress throughout the project. Therefore, the statement "A good place to start when planning is to list the 'deliverables' of the project" is true.

In a feasibility study, one of the key aspects to consider is the financial viability of the project. This involves evaluating whether the project's benefits outweigh its costs and if it is a worthwhile investment. By determining if the project is worth the money being spent on it, decision-makers can make informed choices about its feasibility and potential profitability. Therefore, the statement "True" accurately reflects the financial question that needs to be answered in a feasibility study.

The given correct answer is "True."

The statement is false because intangible costs are costs that cannot be easily identified or quantified. They refer to costs that are not directly related to physical materials or purchases, but rather to factors such as time, effort, and opportunity costs. These costs are often associated with things like training, research, and development, or lost productivity.

If projects take too long to complete, there is a higher chance that the technology or requirements they were based on become outdated or irrelevant. This can lead to the project becoming obsolete before it can be fully implemented. Therefore, it is true that projects will always fail if they take too long to complete.

The explanation for the given correct answer is that environmental and social feasibility does not solely focus on the technology required for a project and its availability within the budget or organization. Environmental and social feasibility also considers the impact of the project on the environment and society, including factors such as sustainability, social acceptance, and compliance with regulations. Therefore, the statement provided in the question is incorrect.

The statement is false because the feasibility study is specifically conducted to determine whether a project is worthwhile or not. It assesses the project's technical, economic, legal, operational, and scheduling aspects to determine its viability. Therefore, the organisation cannot know whether the project is worthwhile or not before conducting the feasibility study.

New ideas often emerge within business organizations and become projects due to various reasons. Changes in legislation can force organizations to adapt their ways of working or materials used in manufacturing. Economic changes can encourage organizations to find more efficient ways of working. Competition in the market can drive the development of new products or services. Closing down unprofitable or obsolete sectors or services can create opportunities for new ideas. Finally, a one-off event, product, or service can also spark new ideas within an organization.