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WGU C722 Project Management c questions and answers certified 2024
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WGU C722 Project Management c questions and answers certified 2024
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WGU C722 Project ManagementA Guide to Project Management Body of Knowledge (PMBOK Guide)
The project management standard developed by the Project Management
Institute.
Benefit measurement methods
A type of decision model that compares the benefits obtained from a variety of
new project requests by evaluating them using the same criteria and
comparing the results.
Co-located
When team members work together at the same physical location
Constrained optimization models
Decision models that use complex principles of statistics and other
mathematical concepts to assess a proposed project.
Cost-benefit analysis
A commonly used benefit measurement method that calculates the cost of
producing the product, service, or result of the project and compares this to
the financial gain the project is expected to generate.
,Decision model
A formal method of project selection that helps managers make the best use
of limited budgets and human resources. Includes benefit measurement
methods and constrained optimization models.
Discounted cash flow (DCF)
Compares the value of the future cash flows of the project to today's dollars.
Economic model
A type of benefit measurement method. It is a series of financial calculations
that provide data on the overall financials of the project and is generally used
as a project selection technique.
Expert judgment
A technique used in project selection, determining estimates, and determining
other related project information that relies on the knowledge of those with
expertise on the requested subject matter. Expert judgment can come from,
stakeholders, other departments, consultants, team members, vendors, or
industry groups.
Feasibility study
Undertaken to determine whether the project is a viable project, the probability
of project success, and the viability of the product of the project
,Functional organization
A form of organizational structure. Functional organizations are traditional
organizations with hierarchical reporting structures.
Internal rate of return (IRR)
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. Assumes that cash inflows are
reinvested at the IRR value.
AD
Matrix organization
An organizational structure where employees report to one functional
manager and at least on project manager. Functional managers assign
employees to projects and carry out administrative duties, while project
managers assign tasks associated with the project to team members and
execute the project.
Net present value
Evaluation of the cash inflows using the discounted cash flow technique,
which is applied to each period the inflows are expected. NPV subtracts the
initial project investment from the total cash flow in today's dollars. It is similar
to discounted cash flows.
Operations
, Operations typically involve ongoing functions that support the production of
goods or services. They don't have a beginning or an end.
Payback period
The length of time it takes a company to recover the initial cost of producing
the product or service of the project.
Program
A grouping of related projects that are managed together to capitalize on
benefits that couldn't be achieved if the projects were managed separately.
Project
Temporary in nature, with a definite start and end date; creates a unique
product, service, or result. It is completed when the goals and objectives of
the project have been met and signed off on by the stakeholders.
Project management
Applying skills, knowledge, and project management tools and techniques to
fulfill the project requirements.
Project Management Institute (PMI)
The world's leading professional project management association.
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