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WGU DD324 PROJECT MANAGEMENT EXAM QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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WGU DD324 PROJECT MANAGEMENT EXAM QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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WGU D324 PROJECTMANAGEMENT EXAM
QUESTIONS &
ANSWERS SOLVED
100% CORRECT!!
D324
Evatee 10/8/24 D324
,WGU D324 PROJECT MANAGEMENT EXAM
QUESTIONS & ANSWERS SOLVED 100%
CORRECT!!
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.
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