Six Sigma Global Institute (SSGI) Project Management Professional Certification Practice Exam

What is the framework called that describes how firms search for new project ideas?

1. Project Development Plan

2. Project Search Matrix

3. Innovation Strategy Framework

4. Project Evaluation Model

The correct answer is: Project Search Matrix

The correct choice refers to a systematic approach that organizations use to identify and evaluate new project ideas, helping to ensure that the projects they pursue align with their strategic goals and innovation capabilities. This framework typically encompasses various dimensions, such as market analysis, technological trends, and organizational capabilities, enabling firms to effectively explore and assess potential project opportunities. A Project Search Matrix serves as a valuable tool for prioritizing and categorizing ideas based on specific criteria, ensuring that the firm not only identifies new opportunities but also aligns them with their overall mission and market demands. By employing such a matrix, organizations can streamline their ideation process and focus on viable projects that can deliver maximum value. The other options do not accurately reflect the specific framework for searching new project ideas. The Project Development Plan focuses more on the execution and management of a project once it has been identified. The Innovation Strategy Framework is broader, encompassing the entire organizational strategy for fostering innovation, rather than specifically focusing on the search for new project ideas. The Project Evaluation Model is generally concerned with assessing the feasibility and viability of existing projects rather than generating new ideas.