LAPM-Quiz-060-Value Realization Management 1

Value Quantification

What are three ways we can quantify value? Choose three.

Money created either by new profits or saved costs
Threats reduced or opportunities elevated
Laws or regulations complied with
Number of scope items deployed
Meeting schedule, costs, and scope baselines for the project

Value Realization effect

Which of the following describes the effect of value realization management on other proficiency areas

Value realization management, like integration management, has effects across all other proficiency areas
Value realization management is the only proficiency are that has effects across all other proficiency areas
In terms of the proficiencies concerned with the iron triangle (i.e. performance baseline) Value Realization management is most closely aligned to schedule management
Value realization management has effects across all other proficiency areas except procurement management because that is to do with contracts

Definition of terms

Value realization management is the ability to identify, quantify, prioritize, track, measure, and realize the value a business or stakeholder receives from a solution implemented within an organization.

Associate the terms.

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To establish or recognize the existence of value
to determine an exact or specific measure of value
to arrange the order in which value will be targeted
to collect data pertaining to the realization of value
to determine the degree to which value is realized
To take the steps needed to obtain the value

identify
quantify
prioritize
track
measure
realize

LAPM-Quiz-060-Value Realization Management 1

LAPM-Quiz-060-Value Realization Management 1

Quiz Summary

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1. Question

Value Quantification

2. Question

Value Realization effect

3. Question

Definition of terms

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