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PMP Certification All-in-One For Dummies, 2nd Edition by Cynthia Snyder

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Chapter 1: OMG! It’s a Project!

Exam Objective

arrow.png Meet with the sponsor, customer, and other subject matter experts and review available information to evaluate the feasibility of new products or services, keeping in mind given assumptions and constraints.

It seems that everything is a project these days, whether you are reorganizing the company, launching a new product, or even having a holiday party.

Where do all these projects come from? In this chapter, I discuss the internal and external factors — such as business needs and market demands — that initiate the need for a project.

Next, I talk about the methods that organizations use to select the right projects, given that there are usually more projects than there are resources to do them. Some variables that organizations look at include strategic alignment, funding, and project risk.

I wrap up the chapter by describing some of the metrics — such as return on investment (ROI), net present value (NPV), and payback period — that are commonly used to evaluate the financial impact of investing in projects.

Quick Assessment

1. The seven reasons for initiating a project are ______ ______, ______ ______, ______ ______, ______ ______, ______ ______, ______ ______, and ______ ______.

2. A business process improvement project is an example of starting a project because of a/an ______ ______.

3. Retrofitting your electrical system ...

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