Question

Classification of a Project Consists as ________. (Portfolio System).

1) Initiating, Planning, Executing, Monitoring and Controlling, Closing
2) Scope, Time, Cost, Quality, Human Resources, Communications, Risk, Procurement, Stakeholder
3) Portfolio, Program, Project
4) None of the above

Answer 1

The classification of a project in a portfolio system consists of various components including scope, time, cost, quality, human resources, communications, risk, procurement, and stakeholders.

Step-by-step explanation:

The correct answer is 2) Scope, Time, Cost, Quality, Human Resources, Communications, Risk, Procurement, Stakeholder.

Classification of a project in a portfolio system typically consists of various components such as scope, time, cost, quality, human resources, communications, risk, procurement, and stakeholders. These components are considered essential for effective project management and monitoring.

For example, the scope component defines the objectives, deliverables, and boundaries of the project, while the time component involves developing a schedule and timeline for completing the tasks. Cost component focuses on budgeting and resource allocation, while quality component ensures that the project delivers the desired outcome. Human resources involve managing the team members, and communication component emphasizes the importance of effective communication throughout the project. Risk management involves identifying and mitigating potential risks, and procurement component deals with acquiring necessary resources or services. Lastly, stakeholder management focuses on identifying and addressing the needs and expectations of project stakeholders.