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WGU C783 PROJECT MANAGEMENT EXAM
LATEST 2024-2025 ACTUAL EXAM COMPLETE 3
VERSIONS ALL 400 QUESTIONS AND CORRECT
DETAILED ANSWERS
WGU C783 PROJECT MANAGEMENT EXAM A
QUESTION: Operations - ANSWER-Operations typically involve ongoing functions that support
the production of goods or services. They don't have a beginning or an end.
QUESTION: 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.
QUESTION: 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.
QUESTION: 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.
QUESTION: Project management - ANSWER-Applying skills, knowledge, and project
management tools and techniques to fulfill the project requirements.
QUESTION: Project Management Institute (PMI) - ANSWER-The world's leading professional
project management association.
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QUESTION: 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.
QUESTION: 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.
QUESTION: 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.
QUESTION: 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.
QUESTION: 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.
QUESTION: Project selection - ANSWER-Used to determine which proposed projects are
approved to move forward
QUESTION: 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 might report to the project
manager. Project managers are responsible for making project decisions and acquiring and
assigning resources.
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QUESTION: A Guide to Project Management Body of Knowledge (PMBOK Guide) - ANSWER-The
project management standard developed by the Project Management Institute.
QUESTION: 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.
QUESTION: Co-located - ANSWER-When team members work together at the same physical
location
QUESTION: Constrained optimization models - ANSWER-Decision models that use complex
principles of statistics and other mathematical concepts to assess a proposed project.
QUESTION: 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.
QUESTION: 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.
QUESTION: Discounted cash flow (DCF) - ANSWER-Compares the value of the future cash flows
of the project to today's dollars.
QUESTION: 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.
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QUESTION: 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.
QUESTION: 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
QUESTION: Functional organization - ANSWER-A form of organizational structure. Functional
organizations are traditional organizations with hierarchical reporting structures.
QUESTION: 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.
QUESTION: 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.
QUESTION: 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.
QUESTION: Scoring model - ANSWER-One of the benefit measurement methods used for
project selection. It contains a predefined list of criteria against which each project is ranked.
Each criterion has a scoring range and a weighting factor. A scoring model can also be used as a
tool to select from among competing vendors.
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