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C722 Project Management questions and answers rated A+ 2024
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C722 Project Management questions and answers rated A+ 2024
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C722 Project Management - Study GuideProjects - correct answer ✔A temporary activity that creates a unique result.
Initiatives with specific goals and start and end dates. Develops a new product
or service, reduce costs, add technology, etc.
Operations - correct answer ✔Day-to-day activities in an organization.
Continuous & ongoing.
Product - correct answer ✔Something created by a project.
Business Scenario - correct answer ✔An imagined or projected sequence of
events that is representative of a significant business need or problem &
enables vendors to understand the value to the customer organization of a
developed solution.
Business Scenarios have this information:
- Past events that are relevant
- Current key information
- Expected or desired outcomes
Business Strategy - correct answer ✔The activities, methods, tactics, etc.
that will be employed to meet the business's goals. Determined by senior
management in the organization to improve the value of the company to its
stakeholders.
Subject Matter Experts - correct answer ✔SMOs. A person who is an
authority in a particular area or project.
,Program - correct answer ✔A group of related projects.
Portfolio - correct answer ✔A group of initiatives (projects and programs) that
a company engages in to improve its operations.
Charter - correct answer ✔The definition of a project according to
stakeholders. Defines how customer will determine if project met
expectations. Includes a beginning, work steps, and clear and defined end.
Business Case - correct answer ✔The justification for a project - Explains the
business need.
Project Life Cycle Phases - correct answer ✔Defining, Planning Executing,
Closing
Defining - correct answer ✔Where detailed planning occurs. Level of detail
aligns with complexity of project. Use Work Breakdown Structure to identify
outcomes needed.
Can require significant time for large projects.
Typically ends when baselines for scope, budget, and schedule are approved
by customer and/or sponsor and project team.
Executing - correct answer ✔Where most of the work is done.
Deliverables are completed. Progress is monitored and actions taken as
needed to stay on track.
,May return to planning phase as needed if objectives can't be met, to modify
budget, schedule, or scope.
Critical to be careful of scope creep—don't add functionality without
considering impact.
This phase is complete when all work activities and deliverables are ready to
be delivered to customer/sponsor.
Closing - correct answer ✔When project outcomes are delivered to the
customer and/or sponsor.
Project Manager ties up loose ends:
- Reassign project resources back to company
- Document project results and lessons learned
- Close out procurement activities
- Verify completed project is transitioned to customer
SMART Goals - correct answer ✔Specific
Measurable
Achievable
Relevant
Time Based
Project Management - correct answer ✔The act of running a project and
encompasses the use of general management or specific project
management knowledge, skills, tools, and techniques to ensure that the
project meets its goals.
, Aspects of project management - correct answer ✔Stakeholder Relations
Managing Interdependent Tasks
Managing Volatility
Communications
Schedule Development
Work Breakdown
PERT charts
Risk Management
Project Sponsor - correct answer ✔The individual (often manager or
executive) with overall accountability for a project. Primarily concerned with
ensuring project delivers agreed upon benefits.
Project Manager - correct answer ✔The people who guide projects. Need 10
competencies:
Integration management - includes processes/activities needed to identify,
define, and coordinate various processes and project management activities.
Scope management - includes the processes that ensure that all the work
required is identified to complete the project successfully.
Time management - includes the processes required to manage the timely
completion of the project.
Cost management - includes the processes involved in planning, estimating,
budgeting, managing, and controlling costs so that the project can be
completed within the approved budget.
Quality management - includes processes/activities that determine quality
policies, objectives, and responsibilities.
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