What does stakeholder analysis enable project managers to do? This will give you an idea of how many engaged customers are taking advantage of a particular feature youre offering. Which of the following responsibilities typically belong to the project manager? A new company project isnt going well. Q3. Three Keys to Successful Adoption 8. (. You can also create project-level OKRs to help motivate your team. Work with stakeholders on the prioritization and documentation before building a new product. Which of the key components is the projects goal? Correct 9.Question 9 How will you quantify if you're landing a project at its . Q3. The adoption (rate) of cryptocurrencies is an often-stated metric used to assess the prevalence and dissemination of these in economies and jurisdictions globally. Instead, focus on metrics that help you assess if the adoption is fulfilling your expectations or falling short of them. You will return to it once you have completed the power grid. Then indicate high (H), medium (M), or low (L) in the Interest column. However, Ria told you that the project end date is a hard deadline. This paper examines a . Which two of the following are examples of success criteria? The formula for calculating adoption rate is: Adoption rate = number of new users / total number of users. The "adoption event" should be the action in your product that best indicates a new customer is getting value from the product. An outcome is a metric that measures the impact of your work. It looks like this: Feature Adoption Rate = (New Feature Users / Total Users) x 100. Outcome-based measures such as customer satisfaction, market share, category ownership, and new product adoption rate fall into the non-financial metrics . This initiative has been nicknamed Project Move It. The RACI chart includes all of the project roles. For example, if you have 22 new users this month and the number of total users is 200: Your adoption rate is 22/200 x 100 = % 11. OKRs combine a goal and a metric to determine a measurable outcome. Data and behavior analytics are the best ways to discover where those opportunities lie. Select all that apply. Project metrics consist of the following: A stakeholder talks with two different team members and receives conflicting information on a vendor. Select all that apply. Select from the following options when determining project roles: Step 4: Determine stakeholder involvement. and write their titles in the Stakeholder column of the table. During the project weekly meeting, the project manager learns the main vendor will increase the cost of raw materials by 20% due to an international shortage. The project is intended to help improve wait times and increase ridership. The Ultimate Guide to Product Adoption 12 product adoption metrics to track for success Product adoption metrics are about more than just the numbersit's about what the numbers are telling you. Copyright 2023 - Networking Funda - All Rights Reserved, Project Initiation: Starting a Successful Project Coursera Quiz Answers, Foundations of Project Management Coursera Quiz Answers 2022. As a project manager, you're using the SMART criteria to craft goals for your team. It matters at every customer touchpoint, and has the power to impact your sales - 52% of U.S. customers have switched providers in the last year because of poor experiences.. But after signing up, they never log in to your platform or app again. Q1. Which project initiation component are you trying to determine? Select all that apply. Which of the following best describes scope creep? You are the project manager at Office Green, a commercial landscaping company that specializes in plants and greenery for offices and other businesses. a.Collecting data from a variety of sources such as mobile devices b.Analyzing data from federal, state and local agencies c.Using information to improve individual and community health d.Sharing information among individuals, providers and . While measuring engagement is similar to measuring adoption, the latter gives the percentage of key features your customers are using. In your completed RACI chart, how many stakeholders are accountable for the code the landing page task? Here is some additional information about the project: To use the template for this course item, click the link below and select Use Template., If you dont have a Google account, download the template directly from the attachment below.Activity Template_ Project Move It OKRsDOCX FileDownload file. According to a recent market assessment, the regions population is expected to double in the next five years. OEE is the measure of the productivity of a piece of equipment. Fill in the blank: In addition to a job title, many companies list project management as a desired _____. Average Session Duration. Q5. Product adoption rate is the number of users who adopt your software compared to the total number of signups or new users within a specific timeframe. Product adoption is typically the final conversion in turning a lead into a customer. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Here are the top metrics to track. The adoption (rate) of cryptocurrencies is an often-stated metric used to assess the prevalence and dissemination of these in economies and jurisdictions globally. Project managers should follow which three best practices when assigning tasks to complete milestones? Create a new product feature that will satisfy customers. Which of the following scenarios best represents a project that is going out-of-scope? Who makes final decisions about the task? Measuring product and user adoption give you deeper insight into how you connect with your customers and audience. This is a joint decision between IT leadership, program management leads, and user adoption specialists. A high number of daily users means your audience base is engaged and benefits from using your platform. So if time is a constraint, what areas might Ria adjust to reduce the time in the project? Outputs are the things that we producefor product teams this usually means features, initiatives, or programs. For example, if the objective of an educational technology company was to provide products that consistently meet new educational standards, a project objective might be: Successfully launch version 2.0 of our early learning app in time for the national curriculum conference., Next, write at least three key results for your objective next to KR1, KR2, and KR3. (You may add up to five key results for each objective, but only three are required for this activity.). Q6. An increase in customer satisfaction score. Actively and meaningfully engage the public to generate buy-in and project support. Q5. YouTube Add Comment Engagement. Are you ready? Major brands accepting cryptocurrency; Major exchanges users Monthly active users (MAU) is typically used to measure platforms or products that might not be necessary to check in every day. Youd then ask your users to rate their likelihood on a scale of 1-10. You need to align with the clients Vice President (VP) of Design, Ria. The action should show that the user is getting value from your product. Record this information in the Impact column. How do you manage this additional scope? Although they might still be considered a user, they havent adopted the product because theyre not using it. Ready to start measuring product and user adoption KPIs? No. For example, a stakeholder with a medium level of interest would straddle the high and low interest quadrants. Who is invested in task completion, but not directly involved in the work? Select all that apply. CFA Institute does not endorse, promote or warrant the accuracy or quality of ExamTopics. In 1-2 sentences, describe how you can use the tool. which of the following is an adoption metric? To find time-to-first action, you first need to identify what action youre measuring. Even if youre replacing those customers who left, if your churn rate is too high, it will become nearly impossible to grow at a sustainable rate. As a project manager, its important to understand how each stakeholder relates to your project. Ignore the requests because the project is already underway. To find your product adoption rate, use the following formula: Product Adoption Rate = (New Active Users / Total Signups) x 100. Adoption is generally a one-time occurrence. Implement the initial stakeholders requests and then ban all future requests. Previously, you worked with your project team as they developed a marketing plan, wrote promotional copy, designed marketing assets, and created a sales plan for customer outreach. Now that youve placed your stakeholders in the grid, go back to the Engagement column in the stakeholder analysis table. They reach value when they start to see a return on their investment. Be sure to address the following criteria in your completed stakeholder analysis table: Be sure to address the following criteria in your completed power grid: Q1. the most common User Engagement Metrics, like DAU, WAU, MAU, the DAU/MAU Ratio, Day 1, Day 7, & Day 30 User Retention. Note: Consult slides 3-5 for a demonstration of how to place your stakeholders. This often goes hand-in-hand with DAU or MAU but looks at individual accounts instead of your user base as a whole. In your inbox. If time-to-value is too long, you risk users becoming disinterested and moving on to a competitor. Q5. Yes. The team members you need to build the landing page include: To build and launch a landing page for Plant Pals, the team needs to accomplish the following tasks: If you dont have a Google account, you can download the exemplar directly from the attachment below.Activity Template_ RACI Chart Phase 2XLSX FileDownload file. Engagement is an internal metric. Agile metrics are the quantifiable measures to determine the parameters around the agile project including the quality of work, productivity, progress and level of success of the project and the performance and well being of the Agile team. Think about where each stakeholder falls in the grid: monitor, show consideration, keep satisfied, or manage closely. Write 2-3 sentences. What roles do your stakeholders play in the project? 1 second ago. Your Net Promoter Score (NPS) is a customer experience metric that helps predict business growth. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Q5. With Whatfix, product teams can create in-app NPS prompts as well as other, targeted, in-app user survey prompts with no development support, to collect feedback in real-time. Which of the following is an adoption metric? Foundations of Project Management Coursera Quiz Answers, Project Initiation: Starting a Successful Project Coursera Quiz answers, Project Planning: Putting It All Together Coursera Quiz Answers, Project Execution: Running the Project Coursera Quiz Answers, Agile Project Management Coursera Quiz Answers, Capstone: Applying Project Management in the Real World Quiz Answers, Your email address will not be published. Q2. Adoption is generally a one-time occurrence. Q9. Q5. You will not be able to access the exemplar until you have completed this activity. Select all that apply. They reach value when they start to see a return on their investment. Q6. The interdisciplinary study of the design development, adoption, and application of IT based innovations in the health care industry is called Health informatics High costs of initial acquisition and implementation are seen as common barriers to adopting HIT true Common financial metrics include earnings, profit margin, average order value, and return on assets. Fill in the blank: _____ are items you need to help get the project done. Start by reading the scenario: As the project manager of a new project, you decide which scheduling, productivity, collaboration, and work management tools the team will use. Each key result should address the following questions: Your key results should build on the scenario and additional project information, but its up to you to determine your success criteria. Decision: Select an enablement strategy that will best support your business outcomes for Microsoft Teams and that can be enabled by your technical implementation team. Task Success. Customer churn rate refers to the number of customers or users who stop using your product or platform during a specified time period. To pass this practice quiz, you must receive 100%, or 1 out of 1 point, by completing the activity below. . You must also assign roles and responsibilities for each of the project tasks and identify stakeholders impacted by the project. During these meetings, you organized your thoughts by writing down project key components that the stakeholders have requested. A 20% boost in recurring customer traffic and referrals. Provide examples to help illustrate your explanations. To find your NPS, youll need to survey users with the following question: How likely would you recommend [brand] to a friend or colleague? Q1. Subscribe to the Digital Adoption Insider now! Q3. Youve determined that the following people will be involved: To develop and execute the marketing strategy and sales, your team must complete the following tasks: If you dont have a Google account, you can download the template directly from the attachment below.Activity Template_ RACI chart Phase 1XLSX FileDownload file. In this specific example, you should notify the internal stakeholders, so that they can make decisions about what to do about the changes in the project, while considering the Triple Constraint. There's significant turnover in the project management field. The CES is the summation of all the total event values. In this quiz, you will practice applying the Triple Constraint (budget, time, scope) to the following project scenario: Imagine you are a User Experience (UX) Program Manager at a small design agency. Q1. SUBSCRIBE Quality product content. Adoption requires more expensive tools. You arent sure how this will affect the teams tasks. NPS is an easy way to measure customer satisfaction, but its usually not specific enough as a standalone survey. Which two of the following are adoption metrics? Write one sentence. As such, the user adoption metrics that matter should address issues such as whether your product or service is helping your customer complete their work more efficiently. Request a demo to see how Whatfix empowers organizations to improve end-user adoption and provide on-demand customer support, Empowering Individuals and Organizations Through Digital Adoption. You meet with stakeholders to set an overarching framework of what is and is not included in the project statement of work and deliverables. Measuring time-to-value cant be done with a set formula. The company hires outside evaluators to review the project. Have the designer begin to implement the logo design changes immediately. Which of the following are key components of project initiation? What can you do to determine if a goal is relevant? The RACI chart includes all of the project roles from the scenario. The consent submitted will only be used for data processing originating from this website. Active users tell you how many users are engaging with your platform or service within a specific time period (in this case, daily or monthly). A low completion rate could also indicate that your sales team isnt reaching the right audience. You can place stakeholders anywhere on the power grideven between quadrants. January 24, 2023. Customer service is a core component of excellent customer experience (CX). 1 / 1 point Number of customer sign-ups for a subscription. In others, you could leave some cells in your RACI chart blank for certain tasks. Replace Task/Deliverable with the name of each task. Q10. Engagement is an internal metric. Compare it to the project goals of the organizations three closest competitors. In this activity, you will use a RACI chart to assign roles and responsibilities to project stakeholders. Add your team members to the template. Youll make decisions aligned with your audiences long-term needs, so you can build sustainable relationships that help your company grow and scale. How will each stakeholder participate in the project? Engagement requires less expensive tools. Q9. UK Lunchtime Results which of the following is an adoption metric? Wonder City is a mid-sized city where increasing growth and traffic are impacting quality of life. Explore intriguing customer success stories, videos, webinars and podcasts. Its short and to the point, increasing the likelihood that users will engage, but without follow-up questions or context, its hard to know exactly. 15,000 new downloads within first quarter post launch, 75,000 new downloads within first year post launch, 25% of monthly downloads from new customers, The objective defines what needs to be achieved and describes a desired outcome, The key results are ambitious, specific, measurable, and define success for the objective, Post the goal on a project management forum for feedback. Here are a few questions to help identify whether someone should be consulted: Informed: Who should be kept informed about task progress or project decisions? Select all that apply. Select all that apply. Send out feedback surveys to team members, Ask the clients if theyre happy with the result. Adoption - Offers an all-up summary of adoption trends. What step could the company have taken to avoid scope creep? The Microsoft 365 overview report contains the following reports. You can use it for further practice or in your own personal or professional projects. Q3. TechnipFMC now sees a path for upward of 650 basis point expansion in the adjusted EBITDA margin to 18% and adjusted EBITDA of approaching $1.4 billion by 2025, more than 100% higher from the 2022 . List at least one type of project management softwarealso called work management toolsto plan, track, and complete work. In this example, 50% of your sign-ups have not been active and are likely to end their relationship with you. which of the following is an adoption metric? You have been hired as the project manager for this initiative. Challenges, Example (2023), How to Conduct a Cohort Analysis (Types, Tools). 1 / 1 point Adoption requires more expensive tools. Which three of the following best practices can help you choose tools for your project? Usage frequency looks at how often a specific account is used. What are some tactics to handle external scope creep? Suppose that as a project manager, you speak with stakeholders to determine which tasks the team should complete first. Q5. Within the software development process, there are many metrics that are all related to each . Multiply that number by 100% to get the engagement rate of your post. Setting your product adoption benchmark to be a behavior beyond just signing up helps you track clients getting real value from your product. These metrics are valid for the month, year, and product selected and are defined as follows. You can use them to work through your thought processes as you demonstrate your experience to potential employers. Which of the following are typical responsibilities of project team members? Who should review the work to confirm it is complete? Q9. Q1. Make the investors adopt the companys project expectations. An adoption metric might tell you, for example: all project managers have kept their schedules up-to-date. Limit communication outside the team once the project begins. Once a team launches a project, theres still work to be done. Compare it to goals the organization set in previous years. This metric is the percentage of time that a service or system is available. Fill in the blank: After the stakeholders assign the project manager, the goals of the project have to be approved, as well as the scope of the project and its _____. Identifying the gaps in your company's knowledge sharing efforts will help you make a strong case for adopting a new knowledge management platform. What is the correct order of tasks in a stakeholder analysis? Be sure to address the following criteria in your completed OKR card: Q1. Q5. Duration of adoption - How long do people keep using the product or feature after adopting it? Q3. Onboarding completion rate tells you the number of users who reach the end of your onboarding process. Each tab displays one or more of the Project or Resource Adoption Metrics. Using the right metrics can help you keep tabs on where you are now, where you're doing well with customers and how you need to improve. Because the project manager doesnt have all the projects details, they ask a current team member to onboard the new team member. electronic gold scrap buyers; is one foot island beach in the southern hemisphere What does the acronym RACI stand for? Select all that apply. The adoption phase is your opportunity to nurture your customer relationship and establish a recurring revenue cycle driven by a commitment to customer growth. Q2. You can learn more about the graded and practice items in the Course Overview. For example, if you have 100 sign-ups within your designated time frame, but only 50 of them are active, your product adoption rate would be 50%. Microsoft 365 usage analytics contains additional adoption metrics related to active users to show adoption of the products over time. This decision often rests with the executive stakeholder who is the . It shows the comparison of how well distinct creative executions View the full answer For example, if you started a new quarter with 500 customers but ended with 400 customers, your churn rate would be 20%. Q8. The project sponsor plays a vital leadership role but does, Meet with stakeholders to make major project decisions, Identify stakeholders and determine their involvement in a project, Determine which stakeholders to exclude from a project, Talk to stakeholders and learn about their interests, Determine which stakeholders should be excluded from the project, Assess each stakeholders reputation and level of experience, Assess each stakeholders level of interest and influence, Responsible, Accountable, Consulted, Informed, Responsible, Accountable, Considered, Informed, Responsible, Appeased, Consulted, Interested, Responsible, Accountable, Considered, Interested, Gives feedback according to their subject matter expertise, Carries out the work to complete the tasks, Learns about tasks when they are complete, Whether the project has a strong business case, Quickly communicate with teammates and stakeholders. Stops along the new bus lines must connect neighboring suburbs to downtown and public resource facilities. Finally, be sure to save a blank copy of the OKR template you used to complete this activity. To find your total number of active users, first identify the time period you want to measure and track how many unique individuals log on or engage with your platform that day. The manufacturer of one of the project deliverables just lost power after a large storm. Tweaking your product to align with your customers needs and expectations encourages sustainable growth but updating and changing your product is expensive and time-consuming. Which of the following demonstrates a project manager keeping the project in scope? Whats a strategy to determine if a goal is attainable? Reddit Which tools are best for communicating? You can use them to talk through your thought processes as you demonstrate your experience to potential employers. When building a team for a new research project, you create a power grid to help you figure out which stakeholders to prioritize. What are two potential consequences of a project manager failing to properly initiate a project? For example, if a customer spends $2,000 with your company over their lifetime and it costs you $400 to acquire and service that customer, the CLV of that customer would be $1,600. You can find insights in the upper right-hand corner of the board, backlog, and deployments view of Jira. Developing a product that users love depends on constant refinement and improvement. These metrics can be used to track both technical capabilities and team processes. Question: Which of the following is an engagement metric? Q7. Double the amount of time participating within an app. business outcomes) or represents a behavior your customer does in your product (e.g. This can be expressed as a direct proportion (for example, 9/10 or 0.9) or as a percentage (for example, 90%). Correct A 35% increase of first-time customers. Fill in the blank: Objectives and Key Results (OKRs) combine both a goal and a _______ to determine a measurable outcome. Correct A 20% boost in recurring customer traffic and referrals. Q2. Q1. However, its common to lose a customer here and there. Engagement is an internal metric. Imagine that the main supplier for a construction project runs out of steel girders and needs to obtain more to complete the order. Scores can range from -100 to 100. In this exercise, you will read a scenario and identify the six key components of project initiation: Imagine you are a project manager at an educational software company. As a project manager, you need to determine how best to communicate with stakeholders across the company. Starting of Project in Autocad (Video-13) | Complete autocad tutorial for Civil Engineers, Explain Scatterplots and correlation in Details, List out Quality of service [QoS] attributes in UMTS, Conceptual Framework for Internet of Things (IoT), Characteristics of Internet of Things (IoT), Introduction to the Internet of Things (IoT), Creating Toolpaths for a CNC Lathe Quiz Answers Networking Funda, Introduction to User Experience Design Coursera Quiz Answers, Introduction to Digital Transformation Part 1 Quiz Answers, Team: can add one member from the school IT department, Platform should allow teachers to enter grades and allow students/parents to view grades, Need full teacher buy-in at high school: 100% adoption within next nine months, Project should focus only on the digital grading platform and NOT impact other digital platforms (ex. In some cases, you might choose to inform all stakeholders who arent responsible, accountable, or consulted. Q1. To find your NPS, youll need to survey users with the following question: How likely would you recommend [brand] to a friend or colleague? A work management software, such as Asana, A productivity tool, such as Microsoft Word. Q3. which of the following is an adoption metric? The switch reduces the costs associated with event space, travel, and people resource time. "Average session time is one of the most telling website engagement metrics and holds great value in understanding how effectively your site meets the intent of users," Kyle Kasharian of 9Sail added. Many SaaS businesses track access in the last 7 days as a User Adoption Metric - but of course, by itself, this doesn't give you any information in that critical first week. For example, if your user was active every day when they first signed up, but their usage fell off recently, this could indicate that theyve permanently solved the problem your platform was designed to fix or that theyve moved on to a competitor. 3. If they are interested in one, but not the other, a medium rating might be appropriate. You can use it for further practice or in your own personal or professional projects. Finally, be sure to save a blank copy of the RACI chart template you used to complete this activity. During the process, you ask yourself if a goal is aligned to the organization or the companys goals. Write one sentence. Imagine you are a project manager for a healthcare company. Does the project sponsor fund the project? The table includes all five stakeholders and groups from the scenario.
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