1. Improving customer service can improve a customer's whole experience, and thus is an example of the value creation portion of innovation. Choices B and D are process innovation aspects (new products/services developed through creative processes), while options C and C are technological/business model innovation elements.
2. The budget is created by dividing the expected project cost by the projected project completion time. A project manager's additional responsibilities include identifying and minimizing project hazards. This person is in charge of making sure the project is completed on schedule and on budget. The project manager also collaborates with the team to keep everyone up to date on any budget-related adjustments.
3. Setting expectations, defining roles and responsibilities, and keeping track of the project's progress are all part of project management. It's critical to spell out the project's objectives as well as the steps required to get there. By regularly monitoring the development of their initiatives, project managers can avoid costly and time-consuming blunders.
4. Effective project management guarantees that any future resources required to support the product or service are available. Project accounting reconciliation, producing reports and analyses, gathering any lessons learned, meetings with stakeholders, and other tasks must all be accomplished before the project is concluded.
5. With the help of previous lectures, a project can be designed and budgeted. Creating a clear project plan is a crucial component of finishing a project. The fifth lesson aids in keeping track of the project's development and ensuring that it remains on schedule. The sixth lesson instructs students on how to create a team communication plan.

Step-by-step explanation

Question 1

• Because each project's documentation requirements are unique, there is no single answer to this topic. These methods include meeting minutes, producing task lists and status updates, as well as employing project management software to keep track of progress. Attendees, topics addressed, and decisions made are all documented in meeting minutes. 
• Using a task list, you can keep track of who is in charge of what, and when it is due. Using status reports, you can keep tabs on the status of each project and determine whether or not it is running according to plan. It is possible to generate Gantt charts in project management software to display the progress of individual tasks and the relationships between them.
• The minutes of a meeting, for example, could record who was there, what was discussed, and any decisions that were made as part of a project to establish a new website. Using the task list, you can keep track of who's in charge of what aspects of the website's design and development, as well as when those aspects are due. 
• There may be a status report that shows how many pages have been developed and whether or not they are on schedule. As each work was completed, the Gantt chart could show how they were related to one another.

Question 2

• To properly plan and budget a project, it is necessary to first estimate the total cost of the project. Anticipated completion time and estimated resource costs are used to arrive at this number. Estimated completion time: The budget is established by allocating the projected project cost over the estimated project completion time once the estimate has been created. The project's budget will be created as a result of this.
• In order to ensure that the project is on track and under budget, the project's budget is reviewed and updated. Whenever there is a change to the project that affects the budget, a new version of the budget is created. The budget is also used to keep track of the project's actual costs in comparison to its expected costs. This enables for a more accurate estimate of the project's final costs.
• Work on a project plan is done in conjunction with the team, and each member has a specific role to play to ensure success. Using this plan, the team can keep tabs on the project's development and make sure it stays on course.
• The project manager also works with the team to develop a communication plan that defines how information will be communicated with the team and with stakeholders. The purpose of this strategy is to keep everyone informed of the project's progress and to address any difficulties or complaints as fast as possible.
• Together with the team, the project manager develops a risk management strategy. This strategy lays out the steps used to identify and mitigate any potential hazards. Using this strategy, any potential threats to the project's success can be detected and mitigated as fast as possible.
• This person is responsible for making sure the project is finished on time and on budget. The project manager works with the team to keep track of the project's progress and to ensure that everyone is informed of any changes that could affect the budget or the timeline. Identifying and mitigating project risks is another responsibility of the project manager and his or her team. It is the project manager's job to plan, budget, track and oversee the entire process of the project.

Question 3

•  Projects are managed by creating expectations, defining roles and responsibilities, and keeping track of the progress of the project.
• When it comes to managing expectations, it's important to clearly define the project's goals, as well as the measures necessary to get there. Helps everyone involved in the project understand their roles and responsibilities. Project managers can avoid costly and time-consuming mistakes by closely monitoring and tracking their projects' progress.
• Gantt charts, milestone charts, and earned value analysis are just a few of the project management tools and methodologies at your disposal.

Question 4

• Because it completes all open ends and officially transfers ownership and responsibility to the business process owner, project closure is the most critical step of the project life cycle. Good project management ensures that any resources needed to support the product or service in the future will remain in place. 
• Project accounting reconciliation, finalizing reports and analysis, collecting any lessons learned, lessons learned meetings with stakeholders, etc. will still need to be completed before the end of the project. These procedures must not be forgotten, as they serve as documentation of the project's completion.

Question 5

• A project can be planned and budgeted with the help of prior lectures. 
• It is useful in determining an overall project budget. In the second lesson, you'll learn how to generate a project budget by dividing the projected project cost by the estimated project completion time. 
• The third lesson teaches students how to keep track of the project's actual costs in comparison to the project's estimated costs. This enables for a more accurate estimate of the project's final costs. 
• An important part of completing a project is creating a detailed project plan that identifies all of the steps that must be taken. 
• The fifth lesson helps to keep track of the project's progress and verify that it is on track.
•  The sixth lesson teaches students how to build a communication plan for the team and stakeholders. 
• The seventh lesson assists in identifying and managing any project hazards.

References

D'Andrea, A., Di Lillo, A., Laino, A., & Pesaresi, P. M. (2019). DOCUMENTING LARGE ARCHAEOLOGICAL SITES, MANAGING DATA, PLANNING CONSERVATION AND MAINTENANCE: THE HERCULANEUM CONSERVATION PROJECT EXPERIENCE. International Archives of the Photogrammetry, Remote Sensing & Spatial Information Sciences.

Choi, E., Raymond, J., & Hentschel, M. (2018). Facilitating Course Connections With Service Learning and Smooth Transitions to Project Closure. Journal of Experiential Education, 1, 14.