A customer asks the project manager about opportunities to create business value. What should the project manager do first in order to provide the customer with an appropriate response?
A customer asks the project manager about opportunities to create business value. What should the project manager do first in order to provide the customer with an appropriate response?
When a customer inquires about opportunities to create business value, it is crucial for the project manager to understand the project's strategic objectives and expected benefits. Meeting with the sponsor to review the business case enables the project manager to gather essential information regarding the project's goals, justification, and the specific value it aims to deliver. This foundational understanding allows the project manager to identify and communicate potential opportunities for business value accurately and effectively.
I think the answer to business value lies in the backlog. We can review with the product owner the various features that all have different business values to identify increments or MVP to be shipped early to add business value.
Reviewing the backlog helps in understanding the prioritization of features and functionalities based on their perceived business value. But option B involves a broader scope of continuously assessing the business value at different stages of the project lifecycle. It encompasses not only the backlog review but also an ongoing evaluation of the project's alignment with business objectives. Continuous assessment of business value, ensuring a more holistic view of value creation opportunities throughout the project lifecycle.
According to PMI-PMP, when a customer asks the project manager about opportunities to create business value, the project manager should take the following action: A. Meet with the sponsor to review the business case. Meeting with the sponsor to review the business case will help the project manager to understand the customer's requirements and expectations. It will also help the project manager to identify opportunities to create business value and develop a plan to deliver the expected value. Examining the business value throughout the project, meeting with the product owner to review the backlog, or asking the team to organize a spike to identify more value may not be effective in providing the customer with an appropriate response.
I think.....the reason why the answer is B is because that they never implied the project was taking an agile or hybrid approach. If this is a complete waterfall approach, the backlog review or performing a spike are not options we can considered. This question got me too.
Reviewing the business case with the sponsor allows the project manager to understand the overall objectives, goals, and expected business value of the project. It provides insights into the customer's expectations and priorities. By examining the business case, the project manager can better identify opportunities for creating business value and align the project activities with the customer's strategic objectives. This step sets the foundation for making informed decisions throughout the project to maximize value delivery.
To provide the customer with an appropriate response about opportunities to create business value, the project manager should first: 1. Review the project's objectives and expected outcomes with the sponsor. 2. Understand the sponsor's perspective on the project's value proposition. 3. Refresh their knowledge of the business case, including the expected return on investment (ROI), cost savings, or other key performance indicators (KPIs). 4. Then, armed with this information, they can engage with the customer to discuss opportunities to create business value.
A. Meet with the sponsor to review the business case.
The business case typically outlines the justification for the project, including expected benefits, costs, and strategic alignment with business goals. By meeting with the sponsor to review the business case, the project manager can ensure a clear understanding of the project's intended value and how it aligns with broader business objectives. This foundational understanding is essential for identifying and communicating opportunities to create business value. While examining business value throughout the project is important, it assumes an ongoing process rather than an initial step to address the customer's inquiry. This option is more about maintaining value focus during execution rather than providing an initial, structured response to a customer's question.
A. Meet with the sponsor to review the business case Reviewing the business case with the sponsor provides a comprehensive understanding of the project's goals, expected benefits, and opportunities for creating business value, allowing the project manager to provide an informed response to the customer.
The Business Value is usually not part of the business case. Still, it should be considered to understand why we are doing a project. The business case is a document that describes the business value and provides justification for how it's measured.
It's not agile and need to respond to the customer so you need to meet with the sponsor to review the business case.
No word about agile. Thats why B is correct. If examining the business value throughout the project (Option B) is considered the correct approach, it implies a continuous assessment and alignment of the project activities with the business value. This means regularly reviewing how each aspect of the project contributes to the overall value for the organization and customer, ensuring that the project remains on track to deliver the intended benefits. This approach allows for an ongoing evaluation and potential identification of additional opportunities to create business value.
To provide the customer with an appropriate response regarding opportunities to create business value, the project manager should examine the business value throughout the project. This involves continuously assessing and reassessing the project's alignment with the overall business objectives, ensuring that the work being performed contributes to the creation of value. By regularly reviewing and validating the business value, the project manager can identify opportunities for enhancement, optimization, or the introduction of new features that align with the customer's goals and expectations.
I think your summation indirectly refers to the Business case. (Option A)
Ans D Think differently! A customer is clearly asking for opportunities to create business value. And further question asks “what should project manager do first to provide the customer with appropriate response: I don’t know how B or C will be the right thing for an immediate and appropriate response. B is more of an ongoing thing which cannot be quantified immediately. But D, asking team to create a spike to identify value may be an appropriate answer, which may give some tangible response to the Customer.
PO is asking for opportunities for business values. Hence reviewing the backlog with PO can help identify that.