Difficulty: Easy
Correct Answer: A project evaluation presenting costs, benefits, risks, and recommendations
Explanation:
Introduction / Context:Securing executive sponsorship requires more than enthusiasm; it demands a rigorous, decision-ready document. Management needs a balanced view of value, cost, risk, and strategic alignment to authorize funding and resources. This is the role of a structured project evaluation (often called a feasibility or business case report).
Given Data / Assumptions:
Concept / Approach:A project evaluation synthesizes the problem statement, proposed alternatives, economic analysis (cost–benefit, ROI, payback), technical feasibility, operational impact, risks, and mitigation plans. It is more actionable than a mere problem summary and broader than a financing method. Purchasing procedures are downstream tasks once the project is approved.
Step-by-Step Solution:
1) Define the decision: should management authorize the project?2) Identify required content: business need, options, costs/benefits, risks, and recommendation.3) Recognize the document that integrates all these elements: a project evaluation (business case/feasibility report).4) Select the corresponding option.Verification / Alternative check:Portfolio and PMO practices require business cases or feasibility reports before allocating capital, confirming this as the key artifact.
Why Other Options Are Wrong:
Method for financing: important but insufficient alone.Problem summary: necessary, but it lacks analysis and recommendation.Procedure for purchase: relevant only after approval.None: incorrect because a definitive best choice exists.Common Pitfalls:Presenting technical details without business value; omitting risk and change-management costs; failing to compare credible alternatives.
Final Answer:A project evaluation presenting costs, benefits, risks, and recommendations
Discussion & Comments