Exam (elaborations)
Project Management C783 WGU RATED A+ 2023/2024 VERIFIED SOLUTIONS
- Course
- C783
- Institution
- Western Governers University
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Project Management C783 WGU RATED A+ 2023/2024 VERIFIED SOLUTIONS IRR (internal rate of return) The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. IRR assumes that cash inflows are reinvested at the IRR value. Operation Operation is a function that performs ongoing taks and constitutes an organization's on -going, repetitive activities such as accounting or product ion. It is used to run regular business models and is performed to achieve business goal and sustain the business Organization Organization is a process of dividing work into sections and departments. It involves allocation of authority, responsibility, an d duties among all the members of an enterprise. It is a group of individuals organized to work for some purpose or mission. Payback period The length of time it takes a company to recover the initial cost of producing a product or service of a project Performing organization performing organization is referred to as the specific enterprise or group that is viewed by all parties to be the one that is most directly and explicitly involved in all phases and aspects of doing any and all work of the given and r espective project. It is the organization that is performing the project. Portfolio management Portfolio management is the centralized management of one or more portfolios that help in identifying, authorizing, prioritizing, managing, and controlling proje cts, programs, and other related work for attaining particular business objectives in the strategic plan of the organization Process A process is defined as a set of related tasks performed for managing a certain aspect of a project, such as cost. program in management terms, a program is a group of related projects. these projects are grouped to obtain benefits and control that is not available from managing them individually. Programs are a means of achieving organizational goals and objectives Program ma nagement program management is the centralized, coordinated management or a program to achieve the program's strategic objectives and benefits. Program management involves the management Project Management knowledge areas ten project management groups that bring together common or related processes: -Project Integration Management -Project Scope Management -Project Schedule Management -Project Cost Management -Project Quality Management -Project Resource Management -Project Communications Management -Projec t Risk Management -Project Procurement Management -Project Stakeholder Management Project phase combination of associated activities that represent a distinct stage within a project. A project phase can have distinct start and finish dates and include seve ral stages of planning and work. It is a set of logically related activities that usually complete one or more major deliverables of the project Closing process group final stage of a project. It includes the formal acceptance of the project and the ending thereof Executing process group the executing process group is a stage or phase of a project. It starts after the planning phase of a project is over. It consists of the processes used to complete the work defined in the project management plan to accompl ish the project's requirements Initiating Initiating is a process group or stage that occurs at the beginning of the project. It determines the nature and scope of the development. If this stage is not performed well, it is unlikely that the project will b e successful in meeting the business needs Monitoring and Controlling Process group Monitoring and controlling consists of those processes that are performed to observe project execution, so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project Project management process groups the project management process groups progress from initiating activities to planning activities, executing activities, monitoring and controlling activities, and closing activities. The process groups are linked by the results they produce, I.e, the result or outcome of one becomes an input to another NPV (net present value) net present value evaluates the cash inflows using the discoun ted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment to determine NPV. It assumes that cash inflows are reinvested at the cost of capital. This is similar to discounted cash flow Project Processes A process is a sequence of interdependent and linked procedures consuming one or more resources to convert inputs into outputs. These outputs then serve as inputs for the next stage until a known goal or end result is reached Project Life Cycle The project life cycle is a group of sequential and related project phases that are defined by the organization and control needs of the management or organizations concerned with the project, the nature of the pro ject itself, and the application area. Project In PM, a project consists of a temporary endeavor undertaken to create a unique product, service, or result. Another definition is a management environment that is created for the purpose of delivering one or more business products according to a specified business case. Program Management Office A program management office is an organizational entity that is structured for applying program management practices to the needs of a particular program. It is respon sible for providing centralized coordinated support to the program managers managing programs and unrelated projects Functional Organization In a functional organization, team members are loyal to their department and report only to their functional manage r. The project manager is part -time on the project and reports to a functional manager; the team members are part -time as well. The project manager has only limited control over team members because they report to the functional manager Matrix Organization In a matrix organization, team members maintain a home in their department and report to both the functional manager and the project manager. The project manager is full -
time on the project, while team members are part -time. Overall, a matrix organization constitutes a complex and costly but reasonably effective project organization Organizational culture
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