444 ch.2 Identifying and Selecting Projects

A set of Question-and-Answer flashcards covering key ideas about identifying, selecting, chartering, and outsourcing projects, including RFPs, proposal processes, and related success factors.

What is the purpose of a project charter?

Provides sponsor approval, commits funding for the project, summarizes key conditions and parameters, and establishes the framework to develop the baseline plan.

Name some elements that may appear in a project charter.

Project title; purpose; description; objective; success criteria or expected benefits; funding; major deliverables; acceptance criteria; milestone schedule; key assumptions; constraints; major risks; approval requirements; project manager; reporting requirements; sponsor designee; approval signature.

What is a Request for Proposal (RFP) used for?

Outsourcing a project to an external resource by describing requirements, allowing contractors to prepare proposals, and providing criteria for evaluation.

What should guidelines for developing an RFP include?

State objective or purpose; statement of work; customer requirements; expected deliverables; acceptance criteria; customer-supplied items; approvals required; type of contract; payment terms; schedule and milestones; format and content instructions; due date; evaluation criteria; level of effort or funds available.

What is the purpose of preparing an RFP in the outsourcing process?

To enable contractors to develop thorough proposals and to facilitate objective evaluation criteria.

What does the proposal solicitation process involve?

Notify potential contractors; advertise to maintain a competitive situation; provide equal information to bidders; hold bidders’ meetings to answer questions; note that conditions are sometimes communicated verbally.

What are Critical Success Factors for the RFP process?

Clearly define the need; select the project with the greatest benefit-to-cost ratio; use a well-understood evaluation process and committee; establish quantitative success criteria; ensure the RFP includes SOW, requirements, deliverables, and evaluation criteria; provide clear proposal instructions; avoid giving unfair advantage by sharing information with only some contractors.

What is the role of the Project Charter in project governance?

Provides sponsor approval, commits funding, and establishes a baseline plan framework.

What is the relationship between a Project Charter and external outsourcing (RFP)?

The charter authorizes the internal project; outsourcing may involve an RFP to solicit external proposals when external resources are needed.

What is Project Identification in the initiating phase?

Recognizing a need, problem, or opportunity and identifying potential projects; aligns with strategic planning and can respond to unexpected events; clear identification helps determine if pursuing is worthwhile.

How is Project Selection performed?

Evaluate needs, costs, benefits; determine which ideas are projects; develop criteria; gather data; evaluate opportunities; combine gut feelings with quantitative information to decide.

What PMBOK knowledge areas are referenced in these notes?

Project Integration Management and Project Procurement Management.

What is the 'Summary' about in these notes?

Initiating phase starts with recognizing a need; organizations may have multiple needs but limited funds; must prioritize to select the projects with greatest overall benefit; project selection leads to a project charter and possible outsourcing via an RFP; some lifecycles move directly to planning/performing.

What is the 'Proposal solicitation process' used for?

Part of the chapter concepts describing how proposals are solicited and evaluated after an RFP is issued.

What is the Learning Outcome for this content?

Discuss how projects are identified; explain how projects are prioritized and selected; identify and describe at least eight elements of a project charter; prepare a project charter; prepare a request for proposal.