WGU Project Management exam with complete solutions
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Course
WGU MGT
Institution
WGU MGT
A 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 us...
WGU Project Management exam with
complete solutions
A Guide to Project Management Body of Knowledge (PMBOK Guide) - ANSWER-
The project management standard developed by the Project Management
Institute.
Benefit measurement methods - ANSWER- 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 - ANSWER- When team members work together at the same physical
location
Constrained optimization models - ANSWER- Decision models that use complex
principles of statistics and other mathematical concepts to assess a proposed
project.
Cost-benefit analysis - ANSWER- 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 - ANSWER- 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) - ANSWER- Compares the value of the future cash
flows of the project to today's dollars.
Economic model - ANSWER- 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 - ANSWER- 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 - ANSWER- 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 - ANSWER- A form of organizational structure. Functional
organizations are traditional organizations with hierarchical reporting structures.
Internal rate of return (IRR) - ANSWER- 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.
Matrix organization - ANSWER- 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 - ANSWER- 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 - ANSWER- Operations typically involve ongoing functions that
support the production of goods or services. They don't have a beginning or an
end.
Payback period - ANSWER- The length of time it takes a company to recover the
initial cost of producing the product or service of the project.
Program - ANSWER- 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 - ANSWER- 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 - ANSWER- Applying skills, knowledge, and project
management tools and techniques to fulfill the project requirements.
Project Management Institute (PMI) - ANSWER- The world's leading professional
project management association.
Project management knowledge areas - ANSWER- The nine project management
groupings, or Knowledge Areas, that bring together common or related
processes. They are Integration, Scope, Time, Cost, Quality, Human Resource,
Communications, Risk & Procurement.
Project management office (PMO) - ANSWER- Established by organizations to
create and maintain procedures and standards for project management
methodologies to be used throughout the organization.
Project manager - ANSWER- The person responsible for applying the skills,
knowledge, and project management tools and techniques to the project
activities to successfully complete the project objectives.
Project performance indicators - ANSWER- Measures that the project manager
uses to determine whether the project is on track, such as any deviation from the
baseline schedule or the baseline budget.
Project plan - ANSWER- A document, or assortment of documents, that
constitutes what the project is, what the project will deliver, and how all the
processes will be managed. Used as the guideline throughout the project
Executing and Controlling phases to track and measure project performance and
to make future project decisions. Also used as a communication and information
tool for stakeholders, team members, and management.
Project selection - ANSWER- Used to determine which proposed projects are
approved to move forward
Project-based organization - ANSWER- An organizational structure focused on
projects. Project managers generally have ultimate authority over the project, and
sometimes supporting departments such as human resources and accounting
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