Question 1

It is only in shaping the project strategy phase that the owner plays the key role.

Accepted Answer

The owner plays a key role throughout the entire project lifecycle, including initiation, planning, execution, monitoring, and closing phases, not just in shaping the project strategy.

Question 2

Any organization which invests in the development of a new facility such as a factory, in the development of a new product such as an app, or attempts to change the way it works through a formal organizational change process is:

A) Project owner
B) Research & Development
C) Business developer
D) Government

A

Accepted Answer

The organization undertaking these activities is acting as a project owner, as it owns the project of developing a new facility, product, or implementing organizational change.

Question 3

Different owners have very different purposes, and these different purposes significantly shape the criteria against which they shape their investment projects.

Accepted Answer

Different owners indeed have varying objectives for their investments, which directly influence the criteria they use to evaluate and shape their investment projects. These criteria can include financial returns, social impact, environmental sustainability, or strategic business growth, among others.

Question 4

The ability to operate resources efficiently and effectively can be defined as:&#10;A) Owner project capability&#10;B) Operational capability&#10;C) Innovation capability&#10;D) Dynamic capability

Accepted Answer

Operational capability refers to the ability of an organization to utilize its resources efficiently and effectively to perform its core business operations.

Question 5

Owners of the project could be:&#10;A) Investors&#10;B) Operators of the asset&#10;C) Government&#10;D) All of the above

Accepted Answer

All of the options listed, including investors, operators of the asset, and the government, can be owners of a project, depending on the project's nature and structure.

Question 6

The situation when decision makers within the owner domain are systematically biased towards the over-estimation of the benefits of a project and an underestimation of the costs of a project is called:

A) Dynamic uncertainty
B) Strategic misrepresentation
C) Optimism bias
D) Wrong estimation

Accepted Answer

The answer of The situation when decision makers within the...

Question 7

The use of formal analysis to define the value proposition is an important source of sense making material for project leaders and helps to identify vanity projects of various kinds.

Accepted Answer

Formal analysis helps project leaders understand the value proposition of a project, making it easier to distinguish between projects that provide real value and those that are considered vanity projects, which may not contribute significantly to the organization's goals.

Question 8

Any group or individual who can affect or is affected by the achievement of the project mission:&#10;A) Project shareholders&#10;B) External stakeholders&#10;C) Internal stakeholders&#10;D) Project stakeholders

Accepted Answer

Project stakeholders are any groups or individuals who can affect or are affected by the achievement of the project's goals, encompassing both internal and external parties.

Question 9

Only a capable owner can effectively shape the project mission, see it through delivery of the project outputs and then realize the benefits desired for the project outcomes.

Accepted Answer

A capable owner is crucial for effectively shaping the project mission, overseeing its delivery, and realizing the desired outcomes, as they provide the necessary leadership, resources, and decision-making capabilities.

Deck 5: The Owner Domain