Delivering Project Benefits and Value
Project teams need to consider different methods to verify tangible benefits to their stakeholders. Which methods can be used for measuring tangible benefits?
-Benefit cost ratio -Payback period -Internal rate of return -Net present value
Which goals should be set to inspire and guide an entire organization toward value delivery?
-Employee satisfaction -Customer satisfaction -Product innovation
A project benefits management plan supports the business case, project charter, and project management plan. What does the benefits management plan include?
-Expected benefits and value -Benefits owner -Metrics -Timeframe for realizing benefits -Alignment of benefits to business strategies
Cost benefit analysis of features has given a project team data on some features. Which features should they prioritize based on the information provided?
-Feature C has a cost of $1,500 and is expected to deliver $5,000 in benefits -Feature A has a cost of $5,000 and is expected to deliver $8,000 in benefits -Feature E has a net value of $4,000, considering costs and benefits
Executive leadership can influence value and guide an organization using a variety of value drivers. Which drivers can be useful?
-Financial drivers -Promotion of growth-To promote growth, the organization can participate in a joint venture, enter a new market, or introduce new products. This in turn will help maximize stakeholder value. -Increased efficiency-Matching the right skills to tasks also helps in optimizing the usage of talent in an organization.
Organizations need to verify and validate the value created for stakeholders. Match each value with the type of benefit it represents. Benefit types may have more than one match.
-Intangible Brand recognition Goodwill Trademarks -Tangible Monetary assets Property stockholder equity, or utility.
Match characteristics to the project selection methods they describe. Each method may have more than one match.
-Net present value Considers time value of money Expresses profitability as amount of money in today's terms -Benefit cost ratio Divides the benefit by cost -Payback period Considers how long it will take to recover your initial investment Considers neither value of money over time nor overall return
What are the principles that differentiate performance-based earned value management, or EVM, from traditional EVM?
-Risk management is integrated -Product scope and quality requirements are included -Product quality requirements are also used to measure performance -Schedule -Technical performance
At the end of a Sprint, there is a demonstration of the latest increment of finished work. What are the different aspects of this Sprint Review meeting?
-Stakeholders, the development team, the Scrum Master, and the product owner are in attendance -It elicits feedback and fosters collaboration -The product owner inspects the deliverables -The development team gives a product demo
Information radiators, which are highly visible information displays, can help a team make their progress visible to stakeholders. Which statements about information radiators are true?
-They involve burnup and burndown charts -They help find the number of Sprints needed in a project -They show how much work can be done in a Sprint -They serve as communication tools
Agile works through iterative and incremental value delivery. What are some of the key aspects of Agile value delivery?
-Value is delivered frequently -Responding to change is key -The highest value features are delivered first -The team focuses on minimum viable product
Value stream mapping aims to identify opportunities to become more efficient. Identifying and removing waste is key to improving that efficiency. What are the different types of wastes?
-Waiting or delays -Extra production or features -Knowledge loss -Task switching -Defects
Which Agile techniques contribute to improving value delivery?
Cross-training team members Improving throughput systematically Reducing task switching Limiting work in progress Focusing on small work packages