Fundamentals of Business Intelligence (FBI) Practice Exam

In project management, which term describes the phase after identifying successes and failures?

1. Implementation

2. Planning

3. Evaluation

4. Closure

The correct answer is: Evaluation

The term that describes the phase after identifying successes and failures is Evaluation. This phase is critical in project management as it involves analyzing the overall performance of the project, assessing what worked well, and what did not. Evaluation allows stakeholders to understand the effectiveness of the strategies employed during the project, measure outcomes against objectives, and glean insights that inform future projects. During the Evaluation phase, key performance indicators (KPIs) and metrics are often reviewed, and feedback is collected from team members and stakeholders. This process culminates in a thorough assessment that can influence future projects and help in developing best practices. While Closure signifies the finalization of all project activities, including administrative closure and capturing lessons learned, it typically follows the Evaluation phase. Planning involves setting objectives and strategies for the project, which occurs much earlier in the project lifecycle and does not specifically address the analysis of successes and failures. Implementation refers to executing the project plan, which also precedes the Evaluation phase. Thus, Evaluation is the most fitting term for the phase focused on assessing project outcomes.