A research and development department is planning to develop a product that will introduce a new line of business for the organization. What should the project manager do to increase the project's chances of success?
A.
Plan a working session focusing on the scope, vision, and mission of the initiative
B.
Start developing the project management plan based on a previous project template from the project management office (PMO)
C.
Conduct benchmarking to determine the business viability of the initiative
D.
Conduct an impact analysis of the new initiative to determine how the project should be rolled out
This project introduces a new line of business, meaning business viability is critical.
Benchmarking (part of business analysis and feasibility studies) helps compare the initiative against industry best practices and competitors to ensure feasibility, market demand, and success potential.
According to PMBOK, before fully planning or executing a project, due diligence through feasibility studies, market research, and benchmarking is necessary.
PMBOK Key Process Referenced:
Conduct Feasibility Studies (Business Case Development, Project Initiation)
Perform Benchmarking (Business Analysis, Stakeholder Management)
Ans A or D.
C is ruled out. Question is not about business viability i
or value. That decision is made. Question is how can the project manager make the roll out a success. So both answers A and C seem to be appropriate
A. Plan a working session focusing on the scope, vision, and mission of the initiative.
In the early stages of a project aimed at introducing a new line of business, it's crucial to have a clear understanding of the project's scope, vision, and mission. Planning a working session with key stakeholders can help define and align these critical aspects of the initiative. This session can facilitate discussions, gather input, and ensure that everyone involved shares a common understanding of the project's purpose, objectives, and direction. It sets the foundation for a successful project by clarifying its scope, goals, and strategic alignment with the organization's objectives.
A working session is a concentrated type of meeting in which a small group or team gathers to accomplish a specific goal or objective.
Benchmarking is a process of measuring the performance of a company's products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.
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