Certified Supply Chain Professional (CSCP) Practice Exam

What are the two main components of project initiation?

1. Defining success criteria and identifying resources

2. Developing the project charter and identifying stakeholders

3. Conducting a feasibility study and preparing budgets

4. Establishing timelines and defining project scope

The correct answer is: Developing the project charter and identifying stakeholders

The two main components of project initiation are developing the project charter and identifying stakeholders. The project charter is a critical document that outlines the project's vision, objectives, and the overall direction. It formally authorizes the project and provides the project manager with the authority to use organizational resources for project activities. This document serves as a reference that keeps the project aligned with stakeholder expectations and organizational goals. Identifying stakeholders is equally important in the initiation phase, as it involves recognizing everyone who will be affected by the project or who has something to gain or lose. Understanding their interests, influence, and expectations helps in managing relationships and ensuring consistent communication throughout the project's lifecycle. This contributes to building a foundation for stakeholder engagement, which is essential for project success. The other options mentioned involve elements related to project planning and execution but do not encompass the fundamental components of project initiation as comprehensively as the correct answer.