FIT5057 - Week 2: Value Delivery and Project Initiation Flashcards

Question 1

What financial tool evaluates the percentage return on the cost of a project?

Accepted Answer

Return on Investment (ROI).

Question 2

What is the "Payback period" in project selection?

Accepted Answer

The amount of time it takes for the project's financial returns to pay back the initial investment.

Question 3

When evaluating economic options in a Business Case, why is "doing nothing" considered a necessary option?

Accepted Answer

Doing nothing is a real option that must be costed and formally rejected to prove that the proposed project provides better value than the status quo.

Question 4

What happens to the Business Case at project closure?

Accepted Answer

It acts as the yardstick to assess outcome success, comparing the actual benefits realized against the benefits originally promised.

Question 5

What is the difference between a Project Charter and a Scope Statement?

Accepted Answer

The Project Charter draws the high-level boundaries and authorizes the project, while the Scope Statement is created later during planning to detail the specific deliverables and acceptance criteria.

Question 6

Why is a "verbal yes" dangerous for starting a project?

Accepted Answer

Work starts without formal signature, meaning nobody holds documented authority to spend funds or sign contracts, which can collapse if the Sponsor changes roles.

Question 7

What are the four tests a Sustainability Commitment statement must pass?

Accepted Answer

1. The negative test (names a real cost or harm), 2. The measure test (attaches a number/data source), 3. The tier test (places the response on the sustainability pyramid), and 4. The owner test (names who is accountable).

Question 8

Name the five stages of the Tuckman ladder used for team development.

Accepted Answer

Forming, Storming, Norming, Performing, and Adjourning.

Question 9

According to PMBOK 8, what are three essential power skills a project management team must apply?

Accepted Answer

Emotional intelligence, critical thinking, and conflict management.

Question 10

Which project delivery approach plans the work upfront, builds to the plan, and delivers once?

Accepted Answer

The Predictive approach (best for stable requirements and physical builds).

Question 11

Which project delivery approach releases small increments early to learn from real users?

Accepted Answer

The Adaptive approach (best for evolving requirements and digital products).

Question 12

How does PMBOK 8 describe a "Hybrid" delivery approach?

Accepted Answer

A predictive governance shell with an adaptive build inside it.

Question 13

What are the five elements required in the FIT5057 AI Review Log?

Accepted Answer

1. PMBOK 8 source, 2. AI use case, 3. Level (Automation/Assistance/Augmentation), 4. Human review point, 5. X3.3 responsible-use check.

Question 14

In PMBOK 8 Appendix X3, what is the difference between the "Assistance" and "Augmentation" levels of AI?

Accepted Answer

Assistance involves medium complexity tasks (like iterative drafting) that the PM must review and refine, whereas Augmentation is for highly complex, strategic work where AI acts as a brainstorming partner.

Question 15

Why are "Bias" and "Privacy" critical X3.3 checks when using AI for project selection or scoping?

Accepted Answer

AI bias can quietly exclude certain stakeholder needs from the scope, and entering sensitive project or user data into public AI tools breaches privacy policies.

Question 16